Speaking of Rep. Paul, it's been obvious for a long time how much he dislikes the Federal Reserve System. The title of his most recent book, after all, is "End the Fed."
But the Texas Republican lobbed a new accusation at the central bank last week by suggesting it was "hiding" some of the country's gold reserves.
During a hearing, Paul said that the Federal Reserve Bank of New York, which has 5% of the U.S. gold reserves, has the ability to secretly sell or swap gold with other countries without anyone knowing, according to a story posted on CNN's website. "The Fed is pretty secret, you know," Paul said, according to CNN.
As a result, Paul would like the Treasury Department to open up Fort Knox and other reserves and count the gold bars manually to ensure they are all still there. (Currently, audits are based on samples.)
Administration officials say a recount is not necessary. "We know where it is," said Treasury Inspector General Eric Thorson, according to CNN.
