Ron Paul is trying to get a bill passed in Congress that will require the GAO to audit the Federal Reserve. Many Americans do not realize that the Federal Reserve (Fed), which prints the US dollar, is NOT a government agency but an unregulated private company. By law, the GAO cannot audit the Federal Reserve so the US government really does not know the activities of the Fed. Congress wants to know what involvement the Fed played with the housing bubble burst.
Peter Schiff, who predicted the housing bubble burst in 2006, and Tom Woods, who wrote a book explaining the stock market crash, were also interviewed which can be viewed below or by this link:
[youtube width=”333″ height=”250″]http://www.youtube.com/watch?v=2oFKIjP4P4I[/youtube]
If you are curious to see how the US dollar is created, view the first part of Zeitgeist Addendum (roughly the first three clips will explain how money is created in the US, it should surprise most of you). The US dollar bill is backed by nothing, not even gold. Peter Schiff argues that the US needs to return to the gold standard since nations have started to lose faith in the US dollar which has already lost 96% of it’s value since 1913.