No Taxation without Representation: the Move to Audit the Fed

Independence Day. Despite tough times that may damper the celebration in a few cities, Americans are ready for barbecues and fireworks this weekend. Some will celebrate the entrepreneurs that keep the US humming. Others will look back and commemorate the Patriots who kicked off the great American experiment.
So it's fitting that the revolutionary rallying cry, "No Taxation without Representation" is back in the news this week. Ron Paul, the Republican Presidential contender (whether he is a principled statesman or a Libertarian loon is another debate), has finally earned substantial support for his bill to audit the Federal Reserve.
In Paul's view, the Federal Reserve causes inflation by printing money --and that's a hidden tax because your hard earned cash is then worth less. Furthermore, Paul believes the Federal Reserve is an unconstitutional and unaccountable entity.

But the Obama administration wants to increase the regulatory powers of the Fed without adequately addressing transparency concerns. Expect another looming showdown in Washington over the federal government's ability to regulate the economy and bailout big companies.

Whether you support this particular bill or not, it's worth noting that it probably wouldn't have collected 244 co-sponsors, 74 of which are Democrats, if regular folks hadn't bombarded their Congresspeople with petitions. At least when it comes to matters of the wallet, the American spirit is as strong as ever. Happy Fourth of July!

Photo by Flickr user "everett taasevigen," CC 2.0.