Monetary Policy

Ron Paul Wins At Last

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It's not as big a prize as going back to the gold standard, but Ron Paul can claim victory now that Mitt Romney is publicly in favor of an audit of the Federal Reserve:

On the platform committee’s website, proposals to audit the Federal Reserve are among the most popular. Representative Ron Paul of Texas, a longtime Fed critic who made opposition to it a major theme of his failed bid for the Republican presidential nomination, has said that if Romney’s backers resist the effort, it could result in a political battle at the convention.

Romney has chosen his words on the issue carefully, stopping short of siding with Paul even as he seeks support from him and his supporters.

“I would like to see the Fed audited,” Romney said today. Still, he cautioned that Congress shouldn’t be given the authority to run the central bank.

“I want to keep it independent,” he said. “There are very few groups that I would not want to give the keys to. One of them is Congress.”