December 12, 2009
THE RIGHT IS THE LEFT (via Rod):
End The Fed: Ron Paul’s Moment (Patrick J. Buchanan on December 11, 2009, Taki's Magazine)
Such is the cast for Fed independence.
But if true, what does this say about our republic?
Is it not an admission that, though Congress was created by the Constitution, and the Fed is a creation of Congress, our elected representatives cannot be trusted with the money supply, cannot be trusted with control of the nation’s central bank? To have decisions made in the national interest, we need folks who do not have to answer to voters.
If this be true, the republic is closer to its end than its beginning, when Thomas Jefferson said, “In questions of power, let us hear no more of trust in men, but rather bind them down from mischief with the chains of the Constitution.”
Others contend that were it not for the independence and vision of Fed Chair Ben Bernanke, the economy might have gone over the cliff and into the abyss after the Lehman Brothers collapse in October 2008.
What opponents of Paul’s audit are thus saying is that elected legislators must be kept out of the temple where the great decisions about the economy are made, that these decisions must rest with bankers and economists answerable, as is the Supreme Court, to themselves and no one else.
The Fed, like the WTO, is useful to precisely the degree that it is anticonstitutional. It does frequently make mistakes, but it makes them honestly while fighting against the threat of inflation, which is a virulent social solvent. The specter of a temporary governing majority getting to control the money supply and interest rates is so frightening that the intellectually unsatisfying arrangement that makes the Fed independent is justified by political realities.
But you have to love the spectacle of the same folks who claim Barack Obama is a socialist dictator in the making trying to hand him power he doesn't want.Posted by Orrin Judd at December 12, 2009 7:09 PM