Ron Paul’s Fed audit idea: Are there any economists in favor?

August 4, 2009

I have taken a lot of heat about my coverage of Ron Paul’s idea to audit the Federal Reserve.  I would love to do a piece on economists in favor of the bill. So I am looking for names.  Now these have to be professional economists, people making a living from teaching or consulting. No self-taugt experts. Please leave names in the comment section below. And here is a bit from the good doctor himself on his bill:

The big guns have lined up against HR 1207, the bill to audit the Federal Reserve. What is it that they are so concerned about? What information are they hiding from the American people? The screed is: transparency is okay except for those things they don’t want to be transparent.

Federal Reserve Chairman Ben Bernanke, argues that HR 1207, the legislation to audit the Federal Reserve, would politicize monetary policy. He claims that monetary policy must remain independent, that is; secret. He ignores history because chairmen of the Federal Reserve in the past, especially when up for reappointment, do their best to accommodate the president with politically driven low interest rates and a bubble economy.

Bernanke argues that the knowledge that their discussions and decisions will one day be scrutinized will compromise the freedom of the Open Market Committee to pursue sound policy. If it is sound and honest and serves no special interest, what’s the problem?

He claims that HR 1207 would give power to Congress to affect monetary policy. He dreamt this up to instill fear, an old statist trick to justify government power. HR 1207 does nothing of the sort. He suggested that the day after an FOMC meeting, Congress could send in the GAO to demand an audit of everything said and done. This is hardly the case. The FOMC function under HR 1207 would not change.

The detailed transcripts of the FOMC meetings are released every 5 years, so why would this be so different and what is it that they don’t want the American people to know? Is there something about the transcripts that need to be kept secret, or are the transcripts actually not verbatim?

Fed sycophants argue that an audit would destroy the financial markets’ faith in the Fed. They say this in the midst of the greatest financial crisis in history brought on by none other than the Federal Reserve. In fact, Chairman Bernanke stated on November 14th 2007, “A considerable amount of evidence indicates that Central Bank transparency increases the effectiveness of monetary policy and enhances economic and financial performance”.

They also argue that an audit would hurt the value of the U.S. dollar. In fact, the Fed, in less than a 100 years of its existence, has reduced the value of the 1914 dollar by 96%.

They claim HR 1207 would raise interest rates. How could it? The Fed sets interest rates and the bill doesn’t interfere with monetary policy. Congress would have no say in the matter and besides, Congress likes low interest rates.

It is argued that the Fed wouldn’t be free to raise interest rates if they thought it necessary. But Bernanke has already assured the Congress that rates are going to stay low for the foreseeable future. And again, this bill does nothing to allow Congress to interfere with interest rate setting.

Fed supporters claim that they want to protect the public’s interest with their secrecy. But the banks and Wall Streets are the opponents of HR 1207, and the people are for it. Just who best represents the public’s interest?

The real question is: why are Wall Street and the Fed so hysterically opposed to HR 1207? Just what information are they so anxious to keep secret? Only an audit of the Federal Reserve will answer these questions.


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William K BlackL. Randall WrayJames I. SturgeonDean BakerYves SmithThomas Ferguson

HR 1207 Meets Panicked ResistanceJurriaan MaessenInfowarsAugust 4, 2009As the campaign to audit the Fed is picking up momentum in the halls of Congress, reflective of the majority support by the people, several mainstream media outlets have taken their familiar positions to fulfil the role of compliant corporate lackeys they have become accustomed to. But it is to no avail. The campaign for liberty has clearly grown wings that spread far and wide, outflanking both the left and the right as it ascends to ever greater heights. Whatever happens next, the enemies of liberty will be hard put to it, trying to sprinkle sleeping dust into the eyes of the giant who stretches his arms to meet the dawn.James Pethokoukis.In a recent attempt at discrediting Ron Paul’s bill HR 1207, Reuters columnist James Pethokoukis strings together ludicrous straw men arguments to convince the sheeple that everything is fine so go back to sleep.“Most Americans”, Pethokoukis states, “surely don’t realize that the non-policy aspects of the Fed are already audited by the GAO, nor have they watched the Fed chairman’s twice-a-year testimony, (…), in front of House and Senate committees.”This is a hilarious argument, for the incidental testimonies provided by the Fed boss usually raise more questions than they answer; and besides, the ones demanding a proper audit of the Fed are usually the same ones prone to dissecting its cryptic musings with their hands in their hair. The columnist goes on to claim that both the occasional congressional grilling as well as the minutes published by the Fed provides enough transparency to satisfy critical observers: “Bernanke”, he states, “is clearly not operating in the shadows from some undisclosed location.”You have to love the logic behind his curious little trifle, far exceeding the usual allowance of stupidity. It is no different than claiming someone standing in a shadowy corner of a dark alley at noon is actually standing in the full light of day. As the author moves from fallacy to fallacy, he predictably arrives at his final and most ludicrous position: “The effect on the economy might not be beneficial, either. Even if the result of the Fed bill is only more aggressive congressional questioning and criticism, financial markets might well fear the bank would start taking congressional wishes into account when making policy.”We can’t have that, now can we. According to James Pethokoukis, it will be absolutely detrimental if the people’s representatives in Congress would be able to influence the actions of a private central banking cartel. Telling enough, the author then quotes none other than JPMorgan’s house economist Michael Feroli who was heard to remark that an audit “could immediately push up borrowing costs even if the audits are only a symbolic increasing of congressional oversight of monetary policy.”If the bill, God forbid, should evaporate in the senate, then a great victory will have been achieved nonetheless. A recent Rasmussen poll has showed a staggering 75 percent agreeing with Dr. Paul’s stance on the Federal Reserve. Never before has the pressure been building up against the secretive banking cartel in the current measure, so even the entire effort should fail to reach its conclusion, it will not have been in vain. With more and more light shining upon the Federal Reserve and its secretive operations, and an increasing amount of people realizing that all is not well, the push for liberty will be victorious any way you slice it.

Posted by joe | Report as abusive

The Fort Knox Gold has not been audited in over 50 years.That alone should wake Americans up.

Posted by Ron | Report as abusive

the need for secrecy and the full out effort to avoid an audit and misrepresent the intent of H.R. 1207 is a result of the Central Banks need to perpetuate this confidence game.A crisis of confidence is coming. And with it am implosion of the US dollar. Seems to me when not if.How about an article on competing currencies ? Why is it that we do not have competing currencies in the USA .. let the market decide.

Posted by Jim | Report as abusive

so, 100% agreement that we SHOULD audit the fed?

Posted by Joe | Report as abusive

Gerald O’Driscoll, former VP of the Dallas Fed supports an audit – he talks about it in this video: Io

Posted by Evan | Report as abusive

The purpose of auditing the Fed is to see which parties are getting the freshly created money. If a counterfeiter is sending money to various parties, the FBI does not seek advice from economists before tracking down the recipients.There is no economic theory that can shed light on the question of whether some given operation should be audited.

Posted by Jasper | Report as abusive

“No self-taugt(sic) experts”?Yes, because somebody that takes the initiative and time to study a subject on their own could in no way be as much of an expert as somebody that sat in a classroom and had somebody else tell them what to think. My parents taught me that self-study and self-learning was the key to true education, not listening to lectures and passing a multiple-question or true/false test.Would not a better criterion be for it to simply be “experts” employed in the field? Why the need to add this little quip at the end?

Posted by specs | Report as abusive

Hello I’m a biased Reuters reporter, please give me a list of economists that I can forever ignore in any future articles for not supporting our Reuters goal of socialism around the globe.

Posted by Bill Moore | Report as abusive

After reading the above comments, it’s pretty obvious HR1207 should be law. I’ll be contacting my congressmen ASAP.

Posted by James Orleans | Report as abusive

There are many economists who support the audit as shown above, but that doesn’t really matter because 75% of the American people support a Fed audit according to a recent Rasmussen poll.If the lawmakers are representatives of the people then it should be a no-brainer.

Posted by Marc | Report as abusive

There have already been hundreds of economists posted in the commentary in the section, but I’d again like to add Marc Faber.It is so ironic that these noted columnists continue to push information from economists who had no clue what was coming a few years ago, and laugh at those who predicted this mess (derivatives unwinding, housing bubble, etc.)James, I _know_ you have the ability to think for yourself, so please take advantage of it! The public at large is catching on to the game – it’s amazing that those who are more educated are still blind to it.The only people who are against Paul’s bill are those who want to keep the Ponzi scheme going. Those with any values and morality whatsoever know it’s the proper thing to do. Of course we’ll suffer a lot if the audit goes through, but we’ll take the medicine and get thru it. The more we delay, the more pain we’ll endure. We’ve seen that already with this bubble popping, and now they’re just trying to blow it up even more with ever-increasing debt.

Posted by John | Report as abusive

Wow !If James does not get the message from you all, he never will. I am speechless & happy.Good Job everyone !

Posted by Terry Conspiracy | Report as abusive

Peter Schiff and company (many named in previous entries within this comment section) firmly support Ron Paul’s efforts- and what makes the branch of economists who support him impressive is that they are the same people who accurately predicted this economic crisis in the first place. The sort of economists you site have virtually never shown any special predictive capability which demonstrates the validity of their theories; in fact, they were about as dead wrong as conceivably possible with their cheery “economy-is-bullet-proof” refrain right up until the actual economic collapse.Meanwhile, a guy like Peter Schiff was out there actively putting the word out as best he could (the media was quick to marginalize and censor him) that we were headed straight for an economic collapse, and he was accurately predicting that it would start with a housing crisis resulting from artificial interest rates and inflationary monetary policy; see his book “Crash Proof,” about the “coming economic crisis,” which was published in 2007. Note, further, that Ron Paul himself also very precisely predicted the imminent economic maladie we were facing, not least of all when he singled out Fannie Mae and Freddie Mac BY NAME in an address to the House financial committee in September of 2003- see here: htmlNow, whose advice should we reasonably follow; the corporate shill economists who told us that left was right and up was down right up until it came back to hit our country in the face last year, or the economists who were giving us the straightforward, hard truth and prescribing ways out of it? It seems to me that Schiff, Paul, Block, etc. have a MUCH better understanding of how our monetary and general economic system functions than do any of the folk the mainstream media canonizes with its magic wand of perceived credibility.

Posted by C. Wendt | Report as abusive

Love all the comments. I am newly active in politics since the elections, and my feeling is that this is the most important legislation pending in our generation. My new hobby is contacting my Congress critters weekly, urging the holdouts to co-sponsor HR1207. I have participated in two End The Fed Marches, including one with Dr. Paul in MN. I urge people who would like to learn more about the Fed to read or listen to E. Griffin. He wrote Creature From Jekyll Island: A Second Look at the Federal Reserve. Jefferson and Jackson both abolished the Central Bank/ or Fed of their day, and they would be rolling in their graves, knowing it came back again in 1913 under shady circumstances in Congress. End the Fed for good this time…Third time’s a charm! Let’s drive a stake in its heart for good measure.

Posted by Debbie | Report as abusive

yes, please interview Robert Higgs! :)

Posted by Prudence Wright | Report as abusive

Bankers are gangsters. The present economic situation is a consequence of the looting of America.

Posted by althusius | Report as abusive

all you pualtards are freaking hysterical. Well James it looks like there all coming out of the wood work and out of there moms basements to. you people dont know anyhting about ecanomics and your fake lists of ‘ecanomists’ is freaking stupid . if theres any ‘ecanomist’ who supports paul then they are not even worth calling an ‘ecanomist.’ any EDUCATED person (NOT selftaught as James said) would tell you that editing the fed is a dumb idea. hes saying to tell him any ecanomist that is in favor of it and all you people can do is list selftaught gold wackos. do you know what would happen if we got wrid of our cenrtal bank! i cant even beleive you guy s are aloud to breath! go some where else do to your ranting. tell em James!

Posted by Dan Phillips | Report as abusive

@Dan PhillipsWow, your post was illuminating. Please do share more so that we may bask in your intelligence.

Posted by ChrisCZ | Report as abusive

“all you pualtards are freaking hysterical. Well James it looks like there all coming out of the wood work and out of there moms basements to. you people dont know anyhting about ecanomics and your fake lists of ‘ecanomists’ is freaking stupid . if theres any ‘ecanomist’ who supports paul then they are not even worth calling an ‘ecanomist.’ any EDUCATED person (NOT selftaught as James said) would tell you that editing the fed is a dumb idea. hes saying to tell him any ecanomist that is in favor of it and all you people can do is list selftaught gold wackos. do you know what would happen if we got wrid of our cenrtal bank! i cant even beleive you guy s are aloud to breath! go some where else do to your ranting. tell em James!”Wow this is the strongest argument for auditing the FED. The only people against it can’t even spell. We want to AUDIT the FED not EDIT. They are ECONOMISTS not ECANOMITS.What you just said is one of the most insanely idiotic things I’ve ever heard. At no point were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it.

Posted by Chris | Report as abusive

wow, Dan. For an EDUCATED man, you sprinkled your comments with so many spelling, grammatical, and punctuation errors, I nearly lost my “breathe”Yes, “there” coming out of “there” mom’s basements, even though they don’t know much about “anyhting”, they “beleive” we should ultimately get “wrid” of the Fed. At the moment, they are just asking that the GAO to be “aloud” to fully “edit” the “cenrtal” bank. Why is that asking “to” much?Please Dan, tell us in your humble, not self taught opinion, what you think would happen if we got “wrid” of the Fed! Look forward to your post….

Posted by Debbie | Report as abusive

Dear Mr. Pethokoukis,I applaud your efforts to present the views from economists who understand economics. It is sad to see so much vitriol directed against your attempt. I suspect it is due to comments you have written in other pieces. However, I think it is only fair to take your request as respectful and curious.So far, I think you have a wonderful list of names interspersed with the unhelpful ad hominem attacks against you.One name I would very much like to see interviewed would be Lew Rockwell himself. He is very well spoken, easy to understand, and lays out his arguments in an easy to follow manner. May I suggest you find some of his podcasts and have a listen?May I also suggest that you pick up and read “What has government done to our money?” by Murray Rothbard. It is short. I promise. But it really lays out the reality behind all of the myths. At least that is my view, you may see it differently. I don’t think you can properly interview people on a topic until you understand their viewpoint. That book will give you a terrific basis as a start to understanding why the Fed is a problem.Rothbard also wrote a very tiny book called the “Case against the Fed”. That should also help illuminate.If you want more names:Walter Block Loyola Univ.Jefferey Herbener Grove City CollegePeter G. Klein University of MissouriRalph Raico State U. College at BuffaloThomas Woods The Mises InstituteThomas DiLorenzo Loyola CollegeHans-Hermann Hoppe UNLVRoderick T. Long AuburnJorg Guido Hulsmann (forgive my lack of umlauts) Univ. of AngersYuri N. Maltsev Carthage College

Posted by Alex | Report as abusive

More names for you:Adams, Charles Williamsville, New YorkAllen, Ward Auburn UniversityAnderson, Marti Stanford UniversityAnderson, William L. Frostburg State UniversityArmentano, Dominick University of HartfordArnold, Roger Cal State University, San MarcosArthur, Terry Institute of ActuariesInstitute of Economic AffairsBarnett, Andy Auburn UniversityBarnett, William Loyola UniversityBarry, Norman University of Buckingham, UKBarth, James Auburn UniversityBassani, Marco University of Milan;Bellante, Donald University of South FloridaBennett, James T. George Mason UniversityBenson, Bruce Florida State UniversityBernardini, Paolo Boston UniversityBittlingmayer, George University of KansasBjornsson, Olafur University of IcelandBostaph, Samuel University of DallasBouillon, Hardy Centre for the New EuropeBoykin, Scott Birmingham, AlabamaBracewell-Milnes, J.B. Surrey, EnglandBramoullé, Gérard Université de Droit, d’Economie et des Sciences d’Aix-MarseilleBrandly, Mark Ferris State UniversityBrown, Pamela Cal State University, NorthridgeBrzeski, Andrzej Univ of California, DavisBurton, David R. The Argus GroupBurton, John Birmingham Business School, EnglandCalcagno, Peter College of CharlestonCallahan, Eugene London School of EconomicsCalzada, Gabriel Rey Juan Carlos UniversityCampan, Gaël University of ParisCantor, Paul University of VirginiaCarden, William Art Rhodes CollegeCarilli, Anthony Hampden-Sydney CollegeCarlson, Allan The Howard CenterCleveland, Paul Birmingham-Southern CollegeCochran, John P. Metro State College of DenverColombatto, Enrico Universita’ di TorinoComanescu, Dan Cristian University of BucharestConway, David Middlesex University, UKCordato, Roy E. The John Locke FoundationCox, Jim Georgia Perimeter CollegeCoyne, Christopher Hampden-Sydney CollegeCubeddu, Raimondo University of Pisa rcubeddu@dsp.unipi.itCurrier, Elizabeth Committee for Monetary Research and EducationCuzan, Alfred G. University of West FloridaCwik, Paul Mount Olive CollegeDalton, Allen Boise State UniversityDempster, Gregory Hampden-Sydney CollegeDenson, John V. The Mises InstituteDeRosa, Marshall Florida Atlantic UniversityDesrochers, Pierre University of TorontoEbeling, Richard Trinity CollegeEgger, John Towson State UniversityEkelund, Robert B. Auburn University

Posted by Alex | Report as abusive

Eshelman, Larry J. Ossining, New YorkFand, David George Mason University dfand@gmu.eduFernandez-Morera, Dario Northwestern UniversityFleming, Thomas Rockford InstituteFlew, Antony G.N. University of Reading, England (emeritus)Foss, Nicholai Juul Copenhagen Business SchoolGallaway, Lowell Ohio UniversityGamble, Richard Palm Beach Atlantic CollegeGarrison, Roger Auburn UniversityGlahe, Fred R. University of ColoradoGoldberg, Steven City University of New YorkGottfried, Paul Elizabethtown CollegeGreaves, Bettina Bien Foundation for Economic EducationHabermann, Gerd Unternehmer Institute, GermanyHabsburg, Otto von Schlarbaum LaureateHabsburg-Lothringen, Karl von Pocking, Germanyamowy, Ronald Univ of Alberta, emeritusHanke, Steve Johns Hopkins UniversityHarris of High Cross, Lord Institute of Economic Affairs, LondonHarriss, Lowell Columbia UniversityHebert, Robert F. University of Louisiana -Higgs, Robert Independent ReviewHoff, Ole-Jacob Tjome, NorwayHolcombe, Randall Florida State UniversityHorowitz, Irving Louis Rutgers UniversityHuerta de Soto, Jesus Universidad Rey Juan CarlosHughes, Arthur University of MarylandIkeda, Sanford SUNY, Purchase CollegeJeffrey, Christina Limestone CollegeJewell, Jason Faulkner UniversityJones, Madison Auburn UniversityKaplan, Edward Western Washington UniversityKee, James R. St. Mary’s Univ, San AntonioKlein, Sandra University of MissouriKrecke, Elisabeth University of Law, Economics, and Science of Aix-MarseilleKurrild-Klitgaard, Peter Univ of Southern DenmarkLaband, David Auburn UniversityLarkin, James University of AdelaideLawson, Robert Auburn UniversityLepage, Henri University of ParisLeube, Kurt Hoover Institution, StanfordLilley, Floy Mises InstituteLipkes, Jeff University of South FloridaLittlechild, Stephen O. University of Birmingham, EnglandLivingston, Donald Emory UniversityLopez, Franklin A. University of New OrleansLottieri, Carlo University of SienaLuckey, William Christendom CollegeMachovec, Frank Wofford CollegeMahony, David O University College, CorkMathews, Donald Coastal Georgia College Maxey, Margaret University of Texas, AustinMcCallie, John Michigan State UniversityModugno, Roberta Adelaide University of Roma 3Moini, Mostafa Oklahoma City UniversityMoldofsky, Naomi Univ of Melbourne, AustraliaMontgomery, Michael University of MaineMoore, Thomas Gale Hoover InstitutionMoorhouse, John Wake Forest UniversityMoots, Glenn Northwood UniversityMoses, Michael Valdez Duke UniversityMoss, Laurence Babson CollegeMueller, Antony P. University of Erlangen-Nuremberg, Germany, and University of Caxias do Sul, BrazilMurata, Toshio Yokohama College of CommerceMurphy, Robert New York UniversityNataf, Philippe University of Paris–DauphineNorth, Gary American Bureau of Economic ResearchOkon, Hiroyuki Kokugakuin UniversityOstaszwski, Krzysztof University of LouisvilleOstrowski, James Buffalo, New YorkOverbeek, Johannes Univ of the Virgin IslandsPadilla, Alexandre Metro State College of DenverPasour Jr., E.C. North Carolina State UnivPeterson, William Heritage FoundationPeyser, Thomas Randolph-Macon CollegePolleit, Thorsten Frankfurt School of Business and Barclays CapitalPowell, Benjamin Suffolk UniversityPrentice, Paul T. Univ of Co at Colorado SpringsQuirk, William Univ of South CarolinaRashid, Salim Univ of IllinoisReed, Lawrence Foundation for Economic EduReekie, W. Duncan University of WitwatersrandReisman, George Pepperdine UniversityReynolds, Morgan Hot Springs Village, ArkansasRichey, Clyde University of CO at BoulderRidgway, Terry UNLVRitenour, Shawn Grove City CollegeRoberts, Carey M. Arkansas Tech UniversityRoberts, Paul Craig Hoover InstitutionRobinson, Steve Univ of N.C. at Wilmington

Posted by Alex | Report as abusive

It’s economists that got us into this mess. The Obama administration has many economists. Ben Bernanke is an economist. So much for “professional economists”, though you might consult Peter Schiff. Ron Paul himself has never had any professional economic training. He has read a great deal and applied common sense. In the same way that one might consider Ron Paul to be an economist, there are 534 other “professional economists” elected to Congress. Economics is not a complex subject. It is made to appear complex so that we have to hire “professional economists” to help us understand it. They tell create complex investment & saving programs like IRA’s & 401K’s and Social Security. But really economics breaks down to supply & demand and what is moral. It is immoral for a collective majority to decide that part of an individual’s wages or a business’s profits belong to the collective majority. That’s simply socialism, just a step away from communism. We would be much better off without the “professional economists”. Enough of them already. Just use your common sense.

Posted by Bill Goode | Report as abusive

Rodriguez de Ampuero, Dora Institute of Political Economy, EcuadorRowley, Charles K. George Mason UniversityRozeff, Michael University at BuffaloSabrin, Murray Ramapo CollegeSalin, Pascal University of ParisSchohl, Frank Friedrich Schiller Univ, GermanySciabarra, Chris New York UniversityScott, Carole State Univ of West GeorgiaScott, Jeff Wells Fargo, San FranciscoSeldon, Arthur Inst. of Econ. Affairs, LondonSelgin, George West Virginia UniversityShah, Parth Institute for Civil Society, IndiaShanahan, Edmund Edmund Burke InstituteShapiro, Milton Claremont Graduate SchoolShearmur, Jeremy Australian National UniversitySima, Josef Prague University of Economics & Liberalni InstitutSimpson, Barry University of South AlabamaSmiley, Gene Marquette UniversitySmith, Barry State U. of New York, BuffaloSmith, T. Alexander University of TennesseeSocher, Karl Institut Wirtschaftstheorie, AustriaSommer, John W. Urban Inst., UNC, CharlotteSophocleus, John Auburn UniversityStringham, Edward Trinity CollegeSunwall, Mark University of HyogoTabarrok, Alexander Independent InstituteTaylor, Thomas C. Wake Forest UniversityTerrell, Timothy Wofford CollegeThommesen, Sven N. Auburn UniversityThompson, Henry Auburn UniversityTooley, Hunt Austin CollegeTrask, Arthur Scott Mises InstituteTrivoli, George Jacksonville State Universityvan Dun, Frank University of GhentVedder, Richard Ohio UniversityVeryser, Harry University of Detroit MercyVieira Jr., Edwin National Alliance for Constitutional MoneyWalker, Deborah Loyola UniversityWalstad, Allan University of PittsburghWestley, Christopher Jacksonville State UniversityWeymouth, Theodore Lake Forest Graduate SchoolWilcke, Richard University of LouisvilleWilliams, Frank Augusta State UniversityWilson, Clyde University of South CarolinaYamshon, Steven UCLAYanochik, Mark Georgia Southern UniversityYates, Steven Univ of South Carolina UpstateYoon, Bong Joon State Univ of NY, BinghamtonYounkins, Edward W. Wheeling Jesuit UniversityYu, Tony University of New South WalesZlabinger, Albert Carl Menger Institute, Vienna

Posted by Alex | Report as abusive

Please forgive my absurdly long post, but these were the names I could come up with quickly. I didn’t want to print the names of every single economist who agrees with HR 1207, mostly because I don’t know every single economist out there. But I hope that list should give you plenty to work with.

Posted by Alex | Report as abusive

Well unfortunately Carl Menger, Ludwig Von Mises, F.A. Hayek (1974 Nobel Prize), and Murrey Rothbard are all dead now, but the following list of living economists might help:1) Jesús Huerta de SotoProfessor of Political Economy at Rey Juan Carlos University of Madrid, Spain.2) Steven HorwitzMercatus Center Affiliated Senior Scholar, Charles A. Dana Professor of Economics, St. Lawrence University3) Christopher CoyneMercatus Center Associated Research Fellow, Assistant Professor of Economics, West Virginia University4) Peter BoettkeBB&T Professor for the Study of Capitalism, Mercatus Center, Vice President for Research and Principal Investigator for the Gulf Coast Recovery Project, Mercatus Center, University Professor of Economics, George Mason University5) Peter LeesonMercatus Center Senior Scholar, BB&T Professor for the Study of Capitalism, George Mason University6) Jim Rogersco-founder of the Quantum Fund, and is a college professor, author, world traveler, economic commentator, and creator of the Rogers International Commodities Index (RICI).7) Peter SchiffPresident of Euro Pacific Capital, forseer of current economic collapse.8) Marc FaberStudied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude. Founder of GBD report.9)Block, Walter Loyola University, New Orleans wblock@loyno.eduDiLorenzo, Thomas Loyola College of Maryland tdilo@aol.comGordon, David The Mises Review dgordon@mises.orgHerbener, Jeffrey M. Grove City College jmherbener@gcc.eduHoppe, Hans-Hermann University of Nevada, Las VegasDistinguished Fellow, The Mises Institute Hoppe@Mises.comHülsmann, Jörg Guido University of Angers jgh@guidohulsmann.comKlein, Peter G. University of Missouri pklein@missouri.eduLong, Roderick T. Auburn University rlong@mises.orgMaltsev, Yuri N. Carthage College yuri@propertyandfreedom.orgRaico, Ralph State University College at Buffalo rraico@mac.comSalerno, Joseph T. Pace University and Vice President for Academic Affairs jsale@earthlink.netThornton, Mark Mises Institute mthornton@mises.orgWoods, Thomas Mises Institute

Posted by dave | Report as abusive

Anyone not in favor of a FED audit, “economist” or not, are either shills, inept, have an agenda or are simply naive sheep. There is NO reasonable explanation for not supporting true transparency of the very entity that controls the economy, monetarily speaking. It defies commonsense to appose an audit. The FED is the only financial institute in America VOID of ANY regulations whatsoever. Think about that for a second. With their soon to be new sweeping authorities the FED will have the power to regulate all private business (even the power to dictate the amount of fat Burger king can use in their hamburgers) but they themselves have absolutely no one to answer to. It’s insane. They only thing more insane is the position that some take that an aduit of the FED isn’t warranted. Truly mind boggling.

Posted by Ed | Report as abusive

Thomas Sowell

Ludwig Von MisesLew RockwellThomas WoodsMurray RothbardLouis T. McFadden (murdered by the Fed)Henry Ford

Posted by Yeah Right | Report as abusive

For a moment I thought to start perusing known pro-audit articles I have read in order to enumerate authors known to be professional economists. However, it seems to me that a sufficient number have already been supplied. So I’ll use that as a rationalization to avoid the work.I do have a comment if you care to listen. You are obviously looking to frame the matter in terms of an academic debate between professional economists. I would respectfully suggest that you be cautious is this approach.Despite the fact that economists use mathematical models to support and justify their conclusions the reality is that economics as it exists today is hardly a hard or predictive science. Moreover it is often driven by ideological or moral considerations as much as by anything else (I am thinking of the socialistically inclined P. Krugman as I write this but the same could be said of the pro-liberty economists).Finally, it is hard for me to be too impressed with the cadre of ivy-league economists arrayed against the bill. In many cases they were the authors of the very policies that proved to be catastrophic. I have no doubt that Bernanke could beat me at scrabble; that does not mean that I want him deciding what I should or not know about the nation’s monetary policy.

Hello:My name is Olivier Ledoit. I am Permanent Research Fellow at the Institute for Empirical Research in Economics of the University of Zurich, Switzerland. I hold a Master’s Degree in Economics from the Ecole Nationale de la Statistique et de l’Administration Economique (ENSAE) in Paris, France. I also hold a PhD in Financial Economics from M.I.T. I taught Financial Economics at UCLA. I have published several research articles in top peer-reviewed journals, including one in the Journal of Political Economy. My latest working paper is on monetary policy.I am in favor of HR1207.Best regards,Olivier Ledoit.

Just a few names as suggestions for your use. In no specific order. Each can be easily reached.H H HoppeW BlockT DiLorenzoR HiggsJ TuckerR RaicoL RockwellM RozeffT WoodsJ T SalernoIf you wish specific contact numbers, probably best to contact the Mises Institute, or reply to me and it will be taken care of.c r sebrell

Posted by Charles Sebrell | Report as abusive

your best bet is walter block (loyola) or robert higgs (independent institute).

Posted by jon | Report as abusive

James, from the comments here, it’s safe to say you’re in bigger mess now, hahaha!

Posted by Fabian Rivera | Report as abusive

Lew RockwellPeter SchiffJim RogersRobert MurphyWalter BlockGary North

Posted by Jason | Report as abusive

Jim RogersPeter SchiffHoward Baetjer, Professor of Economics at Towson University.

Posted by John | Report as abusive

James Pethokoukis is asking for names of \”professional economists, people making a living from teaching or consulting,\” not, \”self-taught experts\”. Most Americans, myself included, are neither. But who among us needs to be a \”professional economist\” or a \”self taught expert\” to suspect that we are being ripped off by those who claim to be \”professional economists\” or \”self taught experts\”?Isn\’t it just a little bit \”fishy\” when our so-called \”elected representatives\” and \”public servants\” claim that it is a bad idea to be audited by those whom they claim to represent and serve? I\’m asking for names too. Who are these people?PS, thank you James for asking the question and for posting so many great replies.

Perhaps a more significant question would be to ask if there are any economists not dependent on the federal government for their livelihood.

Posted by Will | Report as abusive

The list here – – is long, but distinguished. To that list I would also add:Robert HiggsPeter SchiffJim Rogers

I remember when journalism meant actually going out and doing research. To ask if there are really any economists who support Ron Paul’s Audit the Fed bill is laughable, and if I was the editor, you’d be fired.

Posted by GH | Report as abusive

Interview Robert HiggsProfessor of Economics, University of Washington, RetiredSenior Fellow Political Economy, Independent InstituteEditor, Independent Review

Posted by Jennifer Hill | Report as abusive

I am a professional economist, I suppose. My Ph.D. in economics is from Columbia University (1972), and I am Harold E. Wirth Eminent Scholar Endowed Chair and Professor of Economics, Joseph A. Butt, S.J. College of Business, Loyola University New Orleans.I’m only luke warm in my support of Ron Paul’s bill to audit the Fed. I see it, merely, as a first step (Ron, I know, agrees with me on this.) Rather, I favor the ENDING of the Fed, and its replacement with the gold standard, 100% reserve banking, no fiat currency, no legal tender laws, in all, a complete removal of government from the monetary field (just as we separate church and state, we should separate money and state)

The writer is a tool of the state.

Posted by Jack | Report as abusive

For those of you who may not know who Walter Block is, follow that link that he posted. Dr. Block is one of the foremost free-market economists living and teaching today.If anyone reading this has failed to learn the lessons of the first and second great depressions, do yourselves a favor and read what Dr. Block has to say. You have nothing to lose but your illusions.-jcr

Posted by John C. Randolph | Report as abusive

Hi Jim, I’m an economist ( B.S. / M.S. in Economics )who supports Ron Paul and this bill. Please feel free to contact me

Posted by Don Cooper | Report as abusive

Hey James!There have already been several great suggestions about professional economists to seek out who would likely be in favor of HR 1207, but I wanted to make a statement about professional economists in general. I am a recent economics undergraduate, and it struck me as I went through my program that all economists essentially work like this: they have a specific specialty that they have studied intensely, and are extremely knowledgeable about. Like, for example, commercial fishing economics. For almost all other topics that are not their specialty, they more-or-less blindly trust the economists whose specialty it is.Case in point: I had a economics professor who specialized in international development, especially pre-Soviet economies transitioning toward market economies. One day in class he said “Well it seems to me like the Fed’s actions are a bad idea, but Bernanke is a smart guy, so I trust him.” I think this example is indicative of the fact that since Bernanke is a renowned, trusted professional economist, he has de facto support from most professional economists.

Posted by Geoffrey | Report as abusive

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

Posted by Henry Ford | Report as abusive

I am for auditing the fed.Kirby R. Cundiff, Ph.D. CFA, CFP(R)Associate Professor of Finance