Lux Lucet

In this CNB Squawk Box interview, Ron Paul continues to press his case for an audit of the Federal Reserve. But with the exception of Rick Santelli, he is opposed by all of the panelists.  An audit, they say, is a threat to the independence of the Federal Reserve and will hamper its ability to effectively manage the dollar and the economy.

These poor folks just don’t get it.  But Paul counters their argument and exposes its foolishness by commenting that when people talk about Fed independence, “what they’re really talking about is secrecy.  What I’m talking about is transparecy.” 

There’s nothing in Paul’s bill (now admendment) that would involve Congress in monetary policy. Paul’s aim is to enable people to see what’s being done with their money, and the Wall Street community doesn’t like it.

Boo hoo.