Republican Presidential contender Ron Paul today (Thursday) called for a full audit of the Federal Reserve system as part of his plan to overhaul the U-S economy and reduce Federal Government spending by $1-Trillion during his first year in office. Speaking before an overflow crowd in Atlantic at the Cass County Community Center, the Congressman from Texas also said a new monetary system is needed in this country.

Ron Paul (R) - TX speaks at the Cass County Community Center

He says there is no oversight of the Fed. Congress, according to Paul can spend Trillions of dollars and hundreds of millions, but the Fed spent $15-trillion on the bank and mortgage company bailouts without any oversight by Congress. That errant spending, he says, is what contributed to the current financial crisis, and why he wants an audit of the Fed Reserve. Paul said one of the ways we could reduce spending is by eliminating the Education Department. Another, is reducing the role our military plays overseas. He says he would start by cutting spending overseas first, which can be accomplished by changing foreign policy.

His policy would include stepping back from being the world’s policeman, and nation building. The money that would be saved by reducing those roles, he says, would allow a strengthening of our country’s defense at home. He says he would bring all of our troops home, from wherever they may be. He says he sees no purpose for troops to be maintained overseas, when they could be here at home and spending money here. He said also, there needs to be changes in the tax code to bring U-S companies who have moved their operations overseas, back to America.

That would also include an elimination of the inheritance tax. Paul said he would protect Social Security however, and keep the checks coming to those who need it most, such as the elderly and poor who are dependent on it for medical care. Paul spoke for about 45-minutes before answering a few questions, and moving on to Council Bluffs.