Saturday, November 28, 2009

Head vampire says: 'Leave the fangs alone.'

by Smitty (h/t HillBuzz)

Bernanke, and the rest of the bloodsuckers, need to go.
Federal Reserve Chairman Ben S. Bernanke said curbing the central bank’s authority to supervise the banking system and tampering with its independence would "seriously impair" economic stability in the U.S.
Because $12 Trillion in debt doesn't, you know, count.
A number of the legislative proposals being circulated would significantly reduce the capacity of the Federal Reserve to perform its core functions," the Fed chairman said in a commentary released yesterday on the Web site of the Washington Post. The measures "would seriously impair the prospects for economic and financial stability in the U.S.."
And Heaven favor Ron Paul's economic efforts. Do read End the Fed, by the way.
Bernanke has presided over the most expansive use of Fed powers since the Great Depression. While the 55-year-old Fed chairman has said he averted a financial meltdown, lawmakers have voiced concern about taxpayer-sponsored bailouts and proposed the most sweeping dismantlement of Fed authority since the creation of the institution in 1913.
There are no good reasons that an honest broker fears an audit. If you're the Climate Research Unit or the Federal Reserve, there may be some other motives. One cannot fathom, in a purportedly free society, why we've allowed the Federal Reserve to live as long as it has, given the ruinous policies correlated with its existence.

Or is the value the Federal Reserve adds akin to BHO's "jobs created or saved" nonsense?

How we allow an organization such as the Federal Reserve to exist under our Constitution remains a mystery. If we allow Bernanke's billet to exist un-elected, then why do we bother with the rest of the rituals for Congress and the Executive? No. The Federal Reserve Act was the kind of major change to the fabric of the country that should not have been brought in as mere legislation. Like Social Security, if we want this sort of vampire, we should have a Constitutional Amendment to bare the neck.

1 comment:

  1. Peter Santelli: "We want a financial audit, not a psychological audit."

    tampering with its independence

    The Fed is hopelessly politicized now, especially under Zimbabwe Ben.

    "While we could possibly stave off an inflationary spiral if we enacted the correct policy right now, the reappointment of "Helicopter" Ben Bernanke all but destroyed any hopes of a stable currency. The inflationary spiral of the late 70's and early 80's was brought to a halt through the politically unpopular actions of Paul Volcker. It's counterintuitive, but central bankers that are denigrated politically are doing their job correctly. Celebrated central bankers like Ben Bernanke are succumbing to political pressure, making decisions based on expedience rather than prudence. The inherent deficiencies in our system virtually guarantee that long-term implications of massive debt will be ignored. Unfortunately, the "long-term" may finally be upon us, and a dollar collapse of shocking proportions is increasingly likely. This Depression is just getting started."

    "A number of the legislative proposals being circulated would significantly reduce the capacity of the Federal Reserve to perform its core functions..."

    Ben finally got something right (not that the Fed is performing its core functions now...). I believe we will see the Fed abolished in our lifetimes, which absolutely will significantly reduce its capacity to steal our wealth and create economic crises like the one we're in now. It will happen shortly after the audit.