Now that Benghazi has Obama back-on-his-heels,
its time to AUDIT THE FED and stop
the wild print-n-spendathon...
A cause initially championed by Ron Paul (HR1207) -and dear to all libertarians- that is currently finding wider support on the American right is the idea that we really ought to be having an audit of the Federal Reserve: with so much done in secrecy there -and a ruthless, radical president that has a habit of exploiting any unlit corner of government- the insane amount of funny money being cranked-out is indeed the last straw.
Since reasoned debate hasn't worked -and the Fed's money games have run out of gas anyway- perhaps we can disinfect Helicopter Ben's dubious management of the US money supply with some sunlight. Considering that Gee Oh Pee 'leadership' don't have the balls to defund Obamacare, etc, why not utilize the SHOCKING results of a Fed audit to stop the printing...
then Barry's cut-off.
then Barry's cut-off.
Rand Paul is of course a great enthusiast of the idea- and even Romney touched on it in last year's campaign. But unlike Mitt, the freshman Kentucky Senator made sure he got himself in a position where he could actually do something about it. Sen. Paul is now throwing his Campaign for Liberty organization behind a renewed effort at getting some answers from a Fed that is behaving recklessly, while suspiciously servile to the Obama Administration's fiscal brinkmanship (to say the least).
As the group's president John Tate said in a letter to donors-
'For years, the Federal Reserve, Chairman Ben Bernanke, and his cronies on Wall Street have been engaged in the worst plundering of a country's wealth in the history of civilization. It began with the bailouts, moved on to QE1 and QE2, and is now at "QE Infinity." Because of the actions of the Federal Reserve, our dollar is being devalued at an alarming rate. The cost of food, gas, and other goods is being inflated, while you and I are left holding the bag...'
As the group's president John Tate said in a letter to donors-
'For years, the Federal Reserve, Chairman Ben Bernanke, and his cronies on Wall Street have been engaged in the worst plundering of a country's wealth in the history of civilization. It began with the bailouts, moved on to QE1 and QE2, and is now at "QE Infinity." Because of the actions of the Federal Reserve, our dollar is being devalued at an alarming rate. The cost of food, gas, and other goods is being inflated, while you and I are left holding the bag...'
Opponents might be asked 'what's to hide' in an audit... though even I'm afraid to find out (and endure world markets' reaction to any revelations).
Libertarian tech entrepreneur,
TEA Party founding member, and economic blogger (out of Chicago)
Karl Denninger became politically active in the wake of the 2008 economic crisis, this born out of his opposition to the bailouts- and of investment bank Bear-Stearns in particular.
Just listen to what the man has to say about the Fed's unparalleled bloating of the US money supply -and for all it's risks, how it's not working- some real solid support for what Rand Paul is trying to do:
TEA Party founding member, and economic blogger (out of Chicago)
Karl Denninger became politically active in the wake of the 2008 economic crisis, this born out of his opposition to the bailouts- and of investment bank Bear-Stearns in particular.
Just listen to what the man has to say about the Fed's unparalleled bloating of the US money supply -and for all it's risks, how it's not working- some real solid support for what Rand Paul is trying to do:
- What you see when you look at.. the indices... is a deteriorating picture... (of) what you will see in the formal press 3-6 mos out.
- What we've seen is deteriorating employment, deteriorating final demand... deteriorating basically everything.
- You have a soft economy, you have NO pricing power... and now you're seeing wages and hours drop, although employment counts are not yet falling precipitously (as hours are simply being cut to <29/wk to get under the Obamacare wire).
- We're seeing the leading-edge of a great deal of softness... and what this means is the Federal Reserve's money-printing games have run out of gas: that the temporary lift that you get in asset prices from this is now not reflected into the broader economy...
- 'The common chestnut is that the Fed can compensate for fiscal stupidity and government mistakes and errors... it's false... there's no such thing as a free lunch
- Ben Bernanke can lift the price of the S+P 500... for a while. Is there a long-term macroeconomic stability process that comes out of this? Absolutely not!
- It is a certainty that when you have trillion$ of flows that are unsupported by real value... that they will revert back to the mean -reverse- that is a truism, that's going to happen
- We are sowing the seeds of the next crash . . . and yes, there will be losses