The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

End The Godforsaken Fed

Posted on | February 10, 2010 | 13 Comments

by Smitty

The unflappable Ron Paul has been sporting camel hair and partaking of locusts and wild honey for nearly four decades now. Everyone ought to lay hands on End the Fed and see what dedication to a real cause looks like.

In this Fox Business clip, Ron phones in how the Federal Reserve could be phoning it (your cash) to Greece:

Representative Paul mentions the Monetary Control Act 1980. Sorry Ronnie, the Wikipedia writeup doesn’t look entirely bad, but we have a cancer in our government. That cancer is vast power in the hands of the few and the unelected.

Ron Paul speculates that the Federal Reserve may be taking action in Greece. Ben Bernanke would probably neither confirm nor deny a query on the topic. Like the US military used to do when questions of nuclear armaments were raised. Like the stuff in your wallet is fissile material. There is no transparency. As if currency was an ongoing military operation with national security implications.

I cannot grasp how the country has tolerated such a blatantly anti-Democratic organization as the Federal Reserve for nearly a century now. 2013 marks

fed

Federal Reserve Bank

100 years of a little group of folks handing out breadcrumbs while wrecking the economic vitality of the country. For a truly stimulating stimulus project, let’s decorate the Federal Reserve buildings as vampires and let people pay to crew wooden battering rams, and put stakes in the vampire’s heart, medieval-style. Silly, yes.

Setting aside the passion, what needs to happen is that Americans in the Tea Party Movements need to understand that Bernie Madoff was a mere hors d’œuvre compared to the swindle afoot here. I’d go so far as to argue that, if we’re not fixing the Federal Reserve, we’re really not doing much. You might as well slap Stacy’s cousin into office, for all re-arranging the name plates on the doors shall have mattered. Any tool of the machine who is sworn into office with the Sword of Damocles-Bernanke hanging over the head will look the other way as the secretive, un-elected, unaccountable Federal Reserve continues to despoil our country.

I have no trouble believing that the Federal Reserve perceives some higher reality than you or I, some trans-national vision in which they labor to do the Right Thing. No personal harm is meant to Ben Bernanke by this post; he’s likely an admirable chap in person.

But this noise has got to stop.

Update: (h/t MacGhil) Rachel Maddow, in maximum snark overdrive, attempts to contrast Ron Paul with the Tea Party.

Rachel seems strangely coherent in the presence of Ron. She tries to sew dissent between Ron Paul and Governor Palin over the Rand Paul endorsement, and he parries like a pro.

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Category: End The Fed

Comments

  • http://the-classic-liberal.com/ theCL

    Big government requires the ability to counterfeit at will. This truth is as old as history itself. End the Fed … and you end the progressive state. For without it … Reid, Pelosi, McCain, Graham and the rest of the progressives, would be rendered virtually harmless.

  • http://the-classic-liberal.com/ theCL

    Big government requires the ability to counterfeit at will. This truth is as old as history itself. End the Fed … and you end the progressive state. For without it … Reid, Pelosi, McCain, Graham and the rest of the progressives, would be rendered virtually harmless.

  • http://www.redstateeclectic.com AngelaTC

    Thank you for writing this.

  • http://www.redstateeclectic.com AngelaTC

    Thank you for writing this.

  • Chuck Cross

    Excellent post, Smitty.

    As someone who has earned a living off a policy of inflation, easy credit and being one of the first in line for credit, it’s not easy to attack the Federal Reserve.

    I don’t think Bernanke and those guys mean harm either, but their policies of trying to soften the peaks/valleys of capitalism by smoothing out rough-patches is just passing the buck down the road for what will one day be a Reckoning of the system. Those heavily invested in the system will scoff at the idea that the market should set the cost of credit/risk (the interest rate), as opposed to the Federal Reserve. I believe they are wrong, and have a vested interested in cheap credit as they are first in line.

    If you ever want to read amazing critiques of the Federal Reserve beyond Congressman Paul, I suggest newsletter publisher James Grant who publishes Grant’s Interest Rate Observer. He’s made a lot of people on wall street a lot of $$$ with his ideas.

  • Chuck Cross

    Excellent post, Smitty.

    As someone who has earned a living off a policy of inflation, easy credit and being one of the first in line for credit, it’s not easy to attack the Federal Reserve.

    I don’t think Bernanke and those guys mean harm either, but their policies of trying to soften the peaks/valleys of capitalism by smoothing out rough-patches is just passing the buck down the road for what will one day be a Reckoning of the system. Those heavily invested in the system will scoff at the idea that the market should set the cost of credit/risk (the interest rate), as opposed to the Federal Reserve. I believe they are wrong, and have a vested interested in cheap credit as they are first in line.

    If you ever want to read amazing critiques of the Federal Reserve beyond Congressman Paul, I suggest newsletter publisher James Grant who publishes Grant’s Interest Rate Observer. He’s made a lot of people on wall street a lot of $$$ with his ideas.

  • http://theothermccain.com smitty

    @Chuck,
    The idea of managing a monetary system, and “trying to soften the peaks/valleys” is not intrinsically evil.
    Doing it in an opaque, unrepresentative manner is.

  • http://theothermccain.com smitty

    @Chuck,
    The idea of managing a monetary system, and “trying to soften the peaks/valleys” is not intrinsically evil.
    Doing it in an opaque, unrepresentative manner is.

  • Chuck Cross

    I agree not intrinsically evil, but just like how we refuse to look more than 5-10 years in the past when looking to “history,” our officials legislate/decide for the NOW and can barely see past the next election when making decisions. And as you rightly point out, we have no say with respect to the FRS, an organization with the power to wittingly or more likely unwittingly, debase the savings/wealth of a great deal of our citizens.

  • Chuck Cross

    I agree not intrinsically evil, but just like how we refuse to look more than 5-10 years in the past when looking to “history,” our officials legislate/decide for the NOW and can barely see past the next election when making decisions. And as you rightly point out, we have no say with respect to the FRS, an organization with the power to wittingly or more likely unwittingly, debase the savings/wealth of a great deal of our citizens.

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  • http://the-classic-liberal.com/ theCL

    Ending the Fed has been on the front-burner of mine, ever since I learned how it worked back in my college economics classes … 20 years ago.

    The free market, or capitalism, does not create peaks and valleys. The Fed does. Hayek won the Noble Prize in ’74 by proving this fact! Economists have written about this for centuries, but it took the Austrian school, specifically Hayek, to finally bring it recognition.

    It is therefore difficult for me to believe smart guys like Bernanke, really have the best interests of the people at heart. That’s a matter of faith I cannot grasp. And considering that the “management” of the monetary system is Statist by definition, I cannot accept that it’s not “intrinsically evil” either.

  • http://the-classic-liberal.com/ theCL

    Ending the Fed has been on the front-burner of mine, ever since I learned how it worked back in my college economics classes … 20 years ago.

    The free market, or capitalism, does not create peaks and valleys. The Fed does. Hayek won the Noble Prize in ’74 by proving this fact! Economists have written about this for centuries, but it took the Austrian school, specifically Hayek, to finally bring it recognition.

    It is therefore difficult for me to believe smart guys like Bernanke, really have the best interests of the people at heart. That’s a matter of faith I cannot grasp. And considering that the “management” of the monetary system is Statist by definition, I cannot accept that it’s not “intrinsically evil” either.

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