By Trey Johnson | United States
President Donald Trump and Ron Paul actually agree on something: Americans need to audit the fed. Trump has said recently, “I really disagree with what the Fed is doing” on the topic of raising interest rates. Of course, both political leaders have reasons for concern: the U.S. dollar has lost over 96% of its value since the inception of the Federal Reserve in 1913.
Paul has also repeatedly called for an audit of the Federal Reserve. His son, too, shares this same belief. Rand Paul has put forth legislation to audit the fed and it indeed includes an exception for cryptocurrencies.
The first steps are passing the Audit the Fed bill, allowing people to use alternative currencies, and exempting all transactions in precious metals and cryptocurrencies from capital gains taxes and other taxes. -Ron Paul
Spending cuts are probably the next thing Americans need, next to aggressive tax cuts. The inclusion of these tax cuts, however, will not entice Democrats standing on the opposite side of the aisle, preparing to resist. Generally in favor of higher taxes than Republicans, their support for capital gains exemptions may be low.
The Federal Reserve has never had an audit before, in its more than 100-year history. In past votes, Democrats have shown little support for the plan. However, some have dissented and shown support, including left-leaning Independent Bernie Sanders.
Federal Reserve Danger
Ron Paul is able to point out the apparent near danger that the Fed’s fiat currency manipulation has caused:
In contrast to market money, government-created fiat currency is anything but stable. Central banks constantly increase and decrease the money supply in an attempt to control the economy by controlling the interest rates. This causes individuals to misread market conditions, and … eventually, reality catches up to the Federal Reserve-created fantasies.
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