From Ron Paul at The Ron Paul Institute for Peace and Prosperity:
I recently proposed that the liberty movement capitalize on Brexit with “Fed-exit”: a campaign to “secede” from the Federal Reserve. Fed-exit could be accomplished with a few simple policy changes.
Passing Audit the Fed is a good first step toward Fed-exit. Contrary to the Federal Reserve’s propaganda, auditing the Fed will not reduce the Federal Reserve’s mythical “independence.” It will simply allow Congress and the people to learn the full truth about the Fed’s conduct of monetary policy.
However, the desperation with which the Fed fights the audit bill suggests it believes increased transparency will boost support for Fed-exit. Considering what we discovered from the limited audit of the Fed’s activities during the 2008 financial crisis, the Fed’s fears may be justified. That audit revealed that between 2007 and 2008 the Federal Reserve loaned over $16 trillion — more than four times the annual