Ben Bernanke has just announced another round of “quantitative easing” to boost economic growth. “Quantitative easing” is, of course, his codename for printing money. In addition to purchasing $40 billion in mortagage-backed securities a month, the Fed will now buy $45 billion in U.S. Treasury securities.

The first three rounds of easing failed to lower unemployment and it’s unlikely the new round will succeed. Money printing doesn’t create wealth. New money enriches the first receivers before it reaches the rest of the public. That’s why Senate Majority Leader Harry Reid has to be pressured into supporting a bill to audit the Federal Reserve to see who exactly benefits from the central bank’s monetary policy. Georgia Congressman Paul Broun has just reintroduced audit legislation in the House of Representatives. If it should pass in 2013, Reid should allow debate in the Senate.

Harry Reid used to want to audit the Fed. On the Senate floor in 1995 he stated “I think it would be interesting to know about the Federal Reserve. I think we should audit the Federal Reserve.”

He is right. The Federal Reserve has been operating in secret for too long. It’s monetary policy benefits the big banks over the American people. Tell Harry Reid to support a bill to audit the Federal Reserve before the country is hit by another financial crisis.

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