From the Washington Independent today, a story here showing that Texas Rep. Ron Paul is gaining traction with several enthusiastic converts to his economic theory prowess and defense of Austrian economics. The story points out the interesting fact that Dr. Paul occasionally has lunch with 10 or so members of congress. While dining, the group listens to an author or expert that Paul thinks is notable. These informal and off the record meetings have been host to several speakers on a variety of topics, one of the more interesting is Dr. Thomas Woods, conservative author of the best-selling book “Meltdown,”, a free-market account of what actually led up to the recent economic calamity, pointing out ways in which the New Deal contributed and how the Federal Reserve is responsible for the current economic crisis. Also a senior fellow at the Ludwig von Mises Institute, he is an expert on Austrian theory. Definitely a clarion voice in the fight for liberty.

Which leads me to the next person of notable interest, not a speaker or author but Rep Michele Bachmann of Minnesota. A frequent attendee of Ron Paul’s meetings, and an acolyte free market thinkers, she is the same Rep that was made famous in the blogosphere,(see video below), with her tongue lashing toward Ben Bernanke and Treasure Secretary Geithner . A rising star in the conservative/libertarian wing of the Republican Party, Rep Bachmann represents that which Ron Paul has clamoured for year after year – transparency in the Federal Reserve, a sound dollar policy, and a return to Constitutional economic basics. If you haven’t already done so, you need to sign the “Audit the Fed” petition, (HR 1207), over at the Campaign for Liberty here. Amazingly, this bill now has 124 cosponsors, including some Democrats.


As I said, definitely an acolyte of Ron Paul. American need voices like this in Congress. Simple, concise, Constitutional points. Notice how both Geithner and Bernanke drop the ball on basic Constitutional restraint? Where in the Constitution are there powers are listed?

Leading to the Great One himself. At a congressional hearing yesterday Paul questions Federal Reserve Chairman Ben Bernanke on a variety of topics, notable points –
“We are in the midst of inflation, just because prices haven’t gone up doesn’t mean that we don’t have the distortion, it was that system that gave us the financial bubble, artificially low interest rates….now we are trying to correct all of that by doing the very same thing.”

“I see this as the real problem, we practice economic planning….socialism always fails because they do not have a pricing structure, interventionism and inflationism fails because we don’t have a free market pricing system of money…..it fails, inevitably it leads to a more socialized economy….” Dr. Paul then goes on to give a defense for HR 1207 and the fact that the books for the Fed need to be open to the public so that the Federal Reserve could perhaps be more transparent and accountable.