{"id":16341,"date":"2016-01-11T22:43:20","date_gmt":"2016-01-12T03:43:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=16341"},"modified":"2016-01-11T22:43:20","modified_gmt":"2016-01-12T03:43:20","slug":"sen-rand-paul-the-fed-is-crippling-america","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=16341","title":{"rendered":"Sen. Rand Paul: The Fed Is Crippling America"},"content":{"rendered":"<header class=\"article-header\">\n<h3 class=\"article-title\"><a href=\"http:\/\/time.com\/4170969\/sen-rand-paul-audit-the-fed\/?xid=tcoshare\" target=\"_blank\">Sen. Rand Paul: The Fed Is Crippling America<\/a><\/h3>\n<\/header>\n<section class=\"article-body article-collapse-body\">\n<figure class=\"article-hero landscape\">\n<div class=\"article-hero_wrapper\"><img decoding=\"async\" src=\"https:\/\/timedotcom.files.wordpress.com\/2016\/01\/fed.jpg?quality=75&amp;strip=color&amp;w=1100\" alt=\"The Federal Reserve Building in Washington, D.C., on Oct. 27, 2014.\" data-srcset=\"https:\/\/timedotcom.files.wordpress.com\/2016\/01\/fed.jpg?quality=75&amp;strip=color&amp;w=1100 800w, https:\/\/timedotcom.files.wordpress.com\/2016\/01\/fed.jpg?quality=75&amp;strip=color&amp;w=1100 800w 2x\" data-loaded=\"true\" \/><\/div><figcaption class=\"image-caption\"><span class=\"credit\">Anadolu Agency\u2014Getty Images<\/span><span class=\"caption\">The Federal Reserve Building in Washington, D.C., on Oct. 27, 2014.\u00a0<\/span><\/figcaption><\/figure>\n<p class=\"contributor-authors\">Rand Paul is a U.S. senator from Kentucky and a Republican presidential candidate. Mark Spitznagel is the chief investment officer of Universa Investments and senior economic adviser to the Paul campaign.<\/p>\n<p class=\"article-excerpt\"><strong>The country deserves to understand the extent of its balance sheet<\/strong><\/p>\n<div class=\"clipper-content clipper--loaded clipper--is-clipped\">\n<aside class=\"right-rail__container right-rail__container--ad\">\n<div class=\"right-rail__ad__wrapper right-rail__module\">\n<div id=\"right-rail__ad-4170969\" class=\"right-rail__ad\">\n<div id=\"tim_3\">\n<div id=\"google_ads_iframe_\/8484\/tim\/ideas_3__container__\">On Jan. 12, Congress is scheduled to\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/senate-to-vote-on-audit-the-fed-bill-in-january-1450483894\">vote<\/a>\u00a0on the \u201cAudit the Fed\u201d legislation (H.R. 24\/S. 264), which, if passed, would bring to an end to the Federal Reserve\u2019s unchecked\u2014and even arguably unconstitutional\u2014power in the financial markets and the economy.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<p>We aren\u2019t the first to be wary of the powers of central banks. Founding Father Thomas Jefferson viewed the powers of central banks as being contrary to the protections of the Constitution. As Jefferson\u00a0<a href=\"https:\/\/www.monticello.org\/site\/jefferson\/private-banks-quotation\">wrote<\/a>: \u201cI sincerely believe that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.\u201d<\/p>\n<p>In a similar vein, the great Austrian economist Ludwig von Mises also recognized that limiting government power in the realm of money was a matter of liberty, not merely economics. Mises\u00a0<a href=\"https:\/\/mises.org\/library\/principle-sound-money\">explained<\/a>\u00a0that \u201cthe idea of sound money \u2026 was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments. Ideologically it belongs in the same class with political constitutions and bills of rights.\u201d<\/p>\n<div class=\"article-video right-rail-adjacent\">\n<div class=\"video-wrapper brightcove-size-large\" data-pos=\"3\" data-continuous=\"1\" data-playlist=\"0\"><object id=\"bc-video-4491696012001-3\" class=\"BrightcoveExperience\" data=\"http:\/\/c.brightcove.com\/services\/viewer\/federated_f9?&amp;width=100%25&amp;height=100%25&amp;flashID=bc-video-4491696012001-3&amp;bgcolor=%23000000&amp;playerID=1847503743001&amp;isVid=true&amp;isUI=true&amp;dynamicStreaming=true&amp;videoSmoothing=true&amp;linkBaseURL=http%3A%2F%2Fti.me%2F1MVGklB&amp;includeAPI=true&amp;templateLoadHandler=Time.application.brightcoveFacade._onTemplateLoad&amp;templateReadyHandler=brightcove%5B%22templateReadyHandlerbc-video-4491696012001-3%22%5D&amp;wmode=opaque&amp;htmlFallback=true&amp;%40videoPlayer=4491696012001&amp;autoStart=&amp;debuggerID=&amp;originalTemplateReadyHandler=Time.application.brightcoveFacade._onTemplateReady&amp;startTime=1452569963374\" type=\"application\/x-shockwave-flash\" width=\"100%\" height=\"100%\"><\/object><\/div>\n<\/div>\n<p>How far we have come as a country that these words from Jefferson and Mises sound so foreign today. Perhaps we have all been blinded by the credit and equity bubbles that surround us. But what better wake-up call to rally support for legislation that would shine a bright light on the government institution that today has created these bubbles, subsidizes small subsets of the population (thus amplifying wealth inequality), and enables endless government debt?<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Sen. Rand Paul: The Fed Is Crippling America Anadolu Agency\u2014Getty ImagesThe Federal Reserve Building in Washington, D.C., on Oct. 27, 2014.\u00a0 Rand Paul is a U.S. senator from Kentucky and a Republican presidential candidate. Mark Spitznagel is the chief investment officer of Universa Investments and senior economic adviser to the Paul campaign. The country deserves [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3416,4914,303,305,966,11633,2305,8816,1796],"class_list":["post-16341","post","type-post","status-publish","format-standard","hentry","category-economics","tag-audit-the-fed","tag-civil-liberty","tag-fed","tag-federal-reserve","tag-ludwig-von-mises","tag-mark-spitznagel","tag-rand-paul","tag-sound-money","tag-us-congress"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16341"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16341\/revisions"}],"predecessor-version":[{"id":16342,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16341\/revisions\/16342"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}