Will this powerful, nearly century old cabal of wealth handlers finally succumb to their own hubris and malfeasance, or will the lure of their riches quiet the dissent, buying them more time in the temple?
“My concern about the legislation is that if the JFGAO is auditing not only the operational aspects of our programs and details of the programs, but is making judgments about our policy decisions, that would effectively be a takeover of monetary policy by the Congress; a repudiation of the the independence of the Federal Reserve which would be highly destructive to the stability of the financial system, the dollar, and our national economic situation.” Ben Bernanke, Federal Reserve Chairman
Point 1:
This statement by the Chairman is purposely misleading and would be laughable if it weren’t for the fact that many people do not know the underlying facts which make Bernanke’s statement specious. I refer you to Article 1. Section 8. of the United States Constitution.
The Congress shall have power to … coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures…
Who has staged a “takeover” of monetary policy? Congress or the Fed? If Bernanke perceives that an audit of the Federal Reserve would constitute a takeover of monetary policy by the Congress, then an audit would achieve a secondary purpose of returning this function to Congress where it rightfully belongs and has been absent from since the formation of the Fed in 1913.
Point 2:
Is Bernanke suggesting great stability in the current condition of “the financial system, the dollar, and our national economic situation?” The last person to suggest this publicly lost his bid for the presidency. This man is the controller of our currency. One would hope he has a better grasp of our situation than this statement suggests. Or, is it more likely he is throwing out the “if you don’t do what I say, something really, really bad will happen” card that seems to work so well for his peers? Probably a card better played when people actually believe things could get a lot worse. I predict people are tired of this particular power play.
*Point of correction to Rep. Grayson’s remarks. This is a Constitutional Republic, not a Democracy.
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1 Comment
July 14, 2009 at 4:58 pm
AUDIT THE FED NOW!! And yes, this IS a Republic, and the original design was nothing less than AWESOME, but since the “progressives” moved into our school systems after the war (yes, the BIG war), and since “Little Jimmy Commie Carter” got the federal gov’t and unions involved, the electorate has been dumbed down to the point that they vote on 30 second sound bites (and that may be too long for many of them to grasp ). They have no idea how things really work (or don’t work). It has me bummed out. They can’t even look at simple science and history (like ice core samples) and see that Global Warming is BAD science, or undecided science at the very most. So what can be done about these voting MORON ZOMBIES? I have pushed at least a dozen kids into private schools by showing and convincing their parents how bad the US educational system has become beyond the 5th grade (and maybe even before that). But I am only one person. We need help. Where is Superman when you really need him?