It was enlightening to see the pathetic “editorial” in The Washington Post which attacked the idea the Federal Reserve needs to be reined in, and that an audit of the Fed, as proposed by an amendment introduced by Texas Republican Ron Paul, would be devastating to the ability of the secretive and arrogant organization to do its job.
The problem is the reasons listed are anemic, and in reality, it’s just a bunch of demagoguery on the part of the writer and the Washington Post to parrot the talking points of Federal Reserve Chairman Ben Bernanke. Of course the Washington Post will probably need a bailout to temporarily survive, so it’s understandable why they’re courting the favor of the Fed.
Here’s how the editorial describes why Ron Paul’s amendment has gained so much traction:
This is so untrue, that anyone who follows economic news at all knows it’s historically inaccurate. The attack by Ron Paul on the Federal Reserve wasn’t born of crisis or emotion (in the sense the writer states), but has been going on methodically for decades by the Texas Senator.
In other words, this hysterical writer is making it sound like hysterics on the part of politicians are the reason auditing the Federal Reserve. I guess the writer believes the over 300 lawmakers supporting auditing the Fed are all victims of their emotions.
The ongoing false mantra that the Federal Reserve must be independent to do its job is the only thing writers like these are able to come up with, and that’s in connection to if some time the Federal Reserve will have to tighten the money supply in order to fight inflation. The assumption is politicians would resist allowing that to happen for political reasons.
Evidently this writer isn’t bothered by the interference of the Federal Reserve in the auto industry, bailing them out by taking actions beyond what they’ve been mandated to do. And that includes AIG as well, which is beyond the authority of the Federal Reserve to take action on.
In other words, the Obama Administration obviously had a hand in dealing out the money via the Federal Reserve to its favored businesses, but of course that has nothing to do with independence of the Fed. Does it? The Fed being independent is an illusion, and any argument attempting to make it look like they are immediately goes up in smoke, as I said, simply from the actions taken on behalf of the Obama Administration by the Fed toward its favored industries and businesses.
The most bizarre assertion from this editorial is this:
“Trust in the Fed, and, by extension, the dollar, will evaporate if markets believe that the Fed is courting the approval of Congress’s auditors.”
Does this writer count on talking to the economic illiterate when making this assertion!
Let’s just look at the comment, “Trust in the Fed.” Trust in the Fed? If this writer hasn’t figured out yet that the Fed is no longer trusted, they don’t even belong writing anything about them. There is no trust in the Fed, that’s why a full audit needs to be undertaken on a consistent basis in order to dig out the dirt and what they have to hide concerning their secretive actions.
You don’t even have to have a general understanding of economics to know the Federal Reserve is a disaster and can’t be trusted.
It gets worse with this writer though, as the idea that trust in the U.S. dollar will also evaporate based upon markets believing it has to cater to the auditors of the General Accountability Office, is simply stupidity and ignorance.
This is the same U.S. dollar that has lost about 95 percent of its value since the Federal Reserve was brought into being. But somehow now we’re going to start losing confidence in a dollar based on the idea the GAO will audit the Fed?
The Federal Reserve and its horrid actions and policies are what are destroying the value of the U.S. dollar, not anything else. They just keep the printing presses running, creating money out of thin air to implement their dubious policies, causing the dollar to continue to decline in value.
As a matter of fact, auditing the Fed will bring more confidence to the people, as it will bring much needed checks and balances to an organization granted almost unlimited power in a way they don’t want to give up.
It seems to me the Washington Post needs more editors, as you look at this silly nonsense allowed to run on behalf of the outlet. Oh, I forgot, they’ve been laying people off right and left in order to survive, so they’ve evidently got a shortage of editors, as this ignorant piece obviously shows.
