Conspiracy theories are the greatest comedic art form on the planet earth. And, if that is true, Representative Ron Paul is the Jerry Lewis of Conspiracy theorists.

My favorite Ron Paul conspiracy theories all involve money. Did you know the Constitution forbids the printing of paper money? Ron Paul says so.

He also says the Federal Reserve System (Fed) is a ponzi scheme. One blogger on the Gainesville Times supports this point of view. He, like Ron Paul, wants an audit of the Fed for “restoration of sound monetary policies, direct Congressional responsibility and accountability, and the return of economic self-determination, national independence and a renewed inviolability for property rights.”

Dang. Sounds dire. The “There’s no audit of the Fed” conspiracy balloon busts everytime it gets inflated. The Fed is audited. It’s audit results are public documents available to every conspiracy buff.

The Board of Governors, the Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review. The Board’s financial statements, and its compliance with laws and regulations affecting those statements, are audited annually by an outside auditor retained by the Board’s Office of Inspector General. The Office of Inspector General also conducts audits, reviews, and investigations relating to the Board’s programs and operations as well as to Board functions delegated to the Reserve Banks.

The Reserve Banks’ financial statements are audited annually by an independent outside auditor retained by the Board of Governors. In addition, the Reserve Banks are subject to annual examination by the Board. As discussed in the chapter ‘‘Federal Reserve Banks,’’ the Board’s examination includes a wide range of ongoing oversight activities conducted on and off site by staff of the Board’s Division of Reserve Bank Operations and Payment Systems. Federal Reserve operations are also subject to review by the Government Accountability Office.

Those are the facts. If the Gainesville Times would allow it, a response would be posted to that blogger.

Among the research needed, the Aldrich Plan (rejected), Paul Warburg of the Kuhn, Loeb Investment House, and the Federal Reserve Act and here.

It takes lots of effort to bebunk a conspiracy theory. More than Ron Paul and his followers want to expend.