The Congress shall have power to[..]
To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;
To provide for the punishment of counterfeiting the securities and current coin of the United States; -Constitution of the United States of America, Article one, section eight.
Ron Paul, in a recent speech before Congress, has pointed out that the Chairman of the Federal Reserve in his stated opposition to the bill requiring an audit of that same body that such an audit would "politicize monetary policy" and allow Congress to SET monetary policy. Dr. Paul goes on to say that his bill does no such thing.
Now, even though I think he's tilting at windmills, I usually admire Dr. Paul. He's a believer. A man who thinks that the constitution means what it says, and that a minimal state is both possible and desirable. As an anarchist, I completely disagree and thus could not support him or any other Statist.
But this time he fuckin' blew it. His response SHOULD have been to tell Mr. Bernanke straight out:" CONGRESS ALREADY has that authority, you mealy mouthed, arrogant, scum sucker!"
Of course, Dr. Paul is much more polite than this, but he's never really held back before on issues where congress' mandate is obvious, such as this case. While I suppose it could be argued that Congress made no legal transgression in outsourcing one of their duties, the idea that the contractor can keep itself separate and secret from the body FROM WHICH IT SOLELY DERIVES IT'S AUTHORITY TO EXIST is outrageous.
The moment the Federal Reserve started objecting to this, they should have been fired. Yes, that's right, FIRED. Terminated. Sorry, but your services are no longer required due to demonstrated incompetence and malfeasance, nevermind that part that you've hidden.
Central banking schemes have never worked, even when they are transparent. Secret banking schemes such as the Fed have ONLY one purpose: The absolute denial of the free market.