A bill proposed by Congressman Ron Paul would shine a light on the mysterious goings-on at the Federal Reserve.

The Fed has been sopping up many billions in toxic assets, creating money hocus-pocus, loaning vast fortunes to central banks in other countries, and in general behaving as if its actions cannot have bad consequences.

HR 1207, introduced in February, would authorize the GAO to audit the Fed’s various funding facilities, used with such abandon over the last year. Look under the hood, see what’s going on in nitty-gritty detail.

Doesn’t sound very radical. But the Fed is accustomed to being “independent,” i.e., unaccountable. Yet as Jim Grant, editor of a publication that monitors interest rates, has observed, if the Fed had to accept the auditing it requires of others, it would be regarded as insolvent.

Except, of course, for that whole create-money-out-of-thin-air thing.

President Obama, a.k.a. Mr. Transparency, has said zilch to support the bill. Still, with over 150 Republicans and over 50 Democrats cosponsoring the legislation, it now has enough votes to pass if congressional leadership allows a vote.

An audit with a negative outcome would not force the Fed to shut down.

But it would provide more ammo for those interested in slowing or stopping fiscal insanity.

And that, too, should be bipartisan. Transpartisan. Universal.

This is Common Sense. I’m Paul Jacob.

Add one more news story to all the others about how your private data is not secure in any database.

In May, a gang of hackers demanded $10 million ransom in exchange for not posting the personal information of millions of Virginia residents on the Internet.

Yikes, I’m from Virginia!

The Virginia Department of Health Professions confirms that there was indeed a recent breach of its servers.

If marauders get your name, birthday, and social security number, they can make life a living hell for you. Some of these jokers commit crimes in the name of the identity they stole. Guess who ends up getting arrested.

No, the databases are not secure. Still, Big Brother keeps trying to compel us to stick all our private data in one huge database to be tethered to a national ID card. The latest approach is to require all state ID cards to follow federal data and biometric protocols. And then link every state database together until it’s all one big database. The fate of this federal project is uncertain, since — thank goodness — some state governments are refusing to play along. But the feds will keep trying.

If the government succeeds, cyber terrorists would need to pull off only one big hack attack to jeopardize the privacy and security of every card-carrying American.

I’m against being forced to be a sitting duck. How about you?

This is Common Sense. I’m Paul Jacob.

Government subsidies give government officials a license to order the recipients around:

• Spend on this.
• Merge with that.
• Get rid of this CEO.

You take our money, you take our orders. Strings definitely attached.

But there are other kinds of bullying, often more subtle than formally enacted laws and regulations applied to otherwise independent firms.

Some government goons toss their weight around in the private sector entirely outside any legislative or regulatory process. How? By “conversing” with private firms about how they conduct business.

Recently we witnessed Senator Chuck Schumer chatting with Time Warner Cable about its test of broadband metering in Rochester, New York. The cable company’s notion was to price different levels of service. Customers using huge amounts of bandwidth were charged extra for that extra usage.

In normal markets, buyers constantly communicate happiness or unhappiness with what sellers are selling, both verbally and through buying patterns. No politician had to chat with Coca Cola to convince it to bring back “Coca Cola Classic.”

But politicians like scoring political points. And companies subject to such persuasive efforts know that more than persuasion is involved. There’s also the threat of force if the company doesn’t knuckle under to the politician. So Time Warner dropped its price-tier trial.

And we’re all just a little less free today than we were yesterday.

This is Common Sense. I’m Paul Jacob.

On April 15, more than 2,000 Tea Parties were held across the country, many with thousands in attendance. These weren’t dainty luncheon ceremonies. They were protests, named after our revolutionary Boston Tea Party.

In Washington, D.C., it rained like the dickens, but people still came out to say “Enough.” Regular folks sounded off. They work hard, and they’ve had enough of paying the bills for politicians and favored political interests.

Some big media personalities and major political figures showed up. Governor Rick Perry of Texas spoke at the Austin, Texas event. He’s called the federal government “oppressive.” In South Carolina, Governor Mark Sanford told folks that “Real change begins in the hearts and minds of people who are willing to stand . . . against an ever-encroaching government.”

Meanwhile, much of television news media behaved badly, trying to marginalize or even demonize the protests as “anti-government.” CNN correspondent Susan Roesgen was particularly argumentative, suggesting to one guy that he should be grateful for the $50 billion President Obama was sending to his state.

When a woman protester accused Roesgen of slanted coverage, she asked the woman why she was there. “We’re here,” the woman responded, “because we are sick and tired of the government taking our money and spending it in ways that we have no say in. We have no say whatsoever.”

And that’s what has to change. The people must be heard. Not just on one day, but every day.

This is Common sense. I’m Paul Jacob.

Politicians in Washington constantly tell us we’re in a serious crisis. But if it’s as serious as our solons say, surely it’s affected their own behavior, right?

Many CEOs of bailed out companies have sacrificed their normal salaries, accepting pay of only $1 for this year.

Members of Congress? They gave themselves a pay raise.

CEOs have been attacked for using their corporate jets. Heads of Detroit automakers were so browbeaten that they actually drove to Washington to plead for bailouts. On the other hand, after obtaining and reviewing emails between Speaker Nancy Pelosi and the Air Force, Judicial Watch’s Tom Fitton says that “Speaker Pelosi treats the Air Force like her personal airline.”

But what about substance? Faced with tough times ahead and with taxpayers on the hook to pick up trillions in new spending, Congress might stop larding on extra pork, right?

Well, how important to our nation’s survival is a million dollars to study swine odor; $800,000 for oyster rehab; $200,000 for tattoo removal; $4 million to improve a street in Hattiesburg, Mississippi?

Leaders are supposed to lead. But, even in times of crisis, our so-called leaders can only follow their oldest habit: spend.

This is Common Sense. I’m Paul Jacob.