Herman Cain believes the Federal Reserve used to promote sound money

At the September 12, 2012 CNN/Tea Party debate in Florida, Herman Cain was asked if the Federal Reserve should be audited. The answer he gave was contradictory to his previous statements that the Federal Reserve does not need to be audited.

When Herman Cain hosted the Neil Boortz show on December 29, 2010 he stated about the need to audit the Federal Reserve:

We don’t need to waste money with another comission or an audit that’s not necessary.

Contrast that with his answer in the Republican debate:

Wolf Blitzer: You were once with the Kansas City Federal Reserve, should it be audited?

Herman Cain: Yes, it should be audited, and secondly I believe that its focus should be narrowed. I don’t believe in ending the fed, I believe in fixing the fed. For many many decades the fed did its job when it was singularly focused on sound money. When we wake up in the morning we expect 60 minutes to be in an hour. Now, when we wake up because of some of the actions of the current fed, we don’t know what the value of the dollar’s gonna be. In 1988 it took 1.2 dollars in order to be able to convert from Canadian to US. It is now totally reversed because of the current policies of the fed.

The Federa Reserve was never focused on sound money. From the beginning, by taking the dollar off of the gold standard the Fed was inevitably focused on destroying the value of the dollar which they have successfully done. It is not the Federal Reserve that has changed, it is Herman Cain that has “totally reversed” his position on the Federal Reserve since now it is popular to be in favor of auditing the Fed thanks to Ron Paul.

2 thoughts on “Herman Cain believes the Federal Reserve used to promote sound money

  1. TRADING TERM OF THE DAY: Federal Reserve- The central bank of the U.S., a.k.a “The Fed.” They decide the interest rates that impact the USD.

  2. CNN “Debate” Wolf Blitzer “We apologize to viewers, we anointed Rick Perry but the other Candidates still decided to show up for Debate.”

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