Fed Audit Bill Passes House: Throws Ron Paul A Bone

The big news yesterday was that the House passed Ron Paul’s audit the Fed bill, but you would have a hard time finding the story in the media. The Wall Street Journal had a piece today in the Real Time Economics column, and Bloomberg had a story yesterday but I had to do a search to find it.

The USA Today story was my source and it said:

The bill stands no chance of becoming law because the Democratic-controlled Senate will not take it up. The vote served as a symbolic swan song for Paul, who is not seeking re-election. It is also an indicator of how Paul’s economic views have gone more mainstream, particularly within the Republican Party, in the wake of the 2008 financial crisis that shook Americans’ confidence in Wall Street and the federal government.

In fact this was the theme for each story, portraying Dr. Paul as a kind of harmless crank who is retiring. The most objectionable article was that of the Journal which suggested the House was wasting their time:

A decelerating economy, sky-high budget deficits and a ‘fiscal cliff’ that could spell recession. Given these significant economic problems, the U.S. House of Representatives on Wednesday voted to take another run at Federal Reserve monetary policy independence by passing a law that would allow after-the-fact audits of central bank decisions. Naturally.

While some people in the free market spectrum believe we are heading in a positive direction because of the “Ron Paul Revolution”, the reality is that his ideas are far from mainstream conventional wisdom. Our most prominent politician is relegated to the dustbin despite the growing support of his ideas. Which begs the question of where we are going. While some believe that “the truth will out” it is hard to see at this point. 

Chin up! We here keep the torch burning. This isn’t over.