MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘audit the Fed’

The Ron Paul Institute for Peace and Prosperity : Bill Dudley’s Noble Lie

Posted by M. C. on September 10, 2019

http://ronpaulinstitute.org/archives/featured-articles/2019/september/09/bill-dudley-s-noble-lie/

Written by Ron Paul

Former Federal Reserve official Bill Dudley’s recent op-ed calling for the Federal Reserve to implement policies that will damage President Trump’s reelection campaign states that such action would be unprecedented. Dudley claims the Federal Reserve bases its policies solely on an objective evaluation of economic conditions. This is an example of a so-called noble lie — a fiction told by elites to the masses supposedly for the people’s own good, but really designed to maintain popular support for policies that benefit the elites. Dudley’s noble lie is designed to bolster a rapidly (and deservedly) eroding trust in the Federal Reserve. The truth is the Federal Reserve has always been influenced by, and has always tried to influence, politics.

President George H.W. Bush and other members of his administration blamed his 1992 defeat on then-Federal Reserve Chairman Alan Greenspan’s refusal to reduce interest rates. Greenspan was more cooperative with Bush’s successor, Bill Clinton. Lloyd Bentsen, Clinton’s first Treasury secretary, wrote in his autobiography that the Clinton administration and the Federal Reserve had a “gentleman’s agreement” regarding support for each other’s policies. Greenspan also boosted President George W. Bush’s “ownership society” agenda by lowering interest rates after 9-11 and the collapse of the tech bubble, thus creating a housing bubble.

Ben Bernanke, Greenspan’s successor, facilitated both Bush W. Bush and Barack Obama’s bailouts, “stimulus” spending, and massive welfare-warfare spending with record-low interest rates and quantitative easing. Speculation that the Fed was keeping interest rates low during the 2016 presidential campaign in order to help Hillary Clinton was fueled by the revelation that a Federal Reserve governor donated to Clinton’s campaign.

Presidents have always tried to influence the Fed — usually pushing for lower rates to (temporally) boost the economy. President Richard Nixon was recorded joking with then-Fed Chair Arthur Burns about Fed independence. President Lyndon Johnson shoved Fed Chair William Martin against a wall after an interest rate increase. Johnson’s frustration may have been because he realized that the success or failure of his guns and butter policies was largely out of Johnson’s control. The success or failure of presidents’ agendas is often determined by a secretive central bank’s manipulations of the money supply. No wonder presidents spend so much time trying to influence the Fed.

The Fed’s history of influencing, and being influenced by, presidents is one more reason why Congress should pass the Audit the Fed bill. Auditing the Fed is supported by almost 75 percent of Americans across the political spectrum, including such leading progressives as Bernie Sanders and Tulsi Gabbard.

My Campaign for Liberty is leading a major push to get a majority of Congress members to cosponsor Audit the Fed in order to pressure House and Senate leadership to hold a vote on the bill. The American people have had enough of noble lies about the Federal Reserve. It is time for truth; it is time to audit the Fed.

Be seeing you

 

 

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The Last Fed Chairman?

Posted by M. C. on January 30, 2018

Let’s hope so.  Why do the biggest money creator and the biggest spender (pentagram) are never pressured for audits? Because the only ones not making out are you and me.

http://ronpaulinstitute.org/archives/featured-articles/2018/january/29/the-last-fed-chairman/

The economy may seem to have recovered, but the recovery is not built on a firm foundation. Instead it rests on Fed-created bubbles in areas such as automobile sales, credit cards debt, student loan debt, stocks, and even a new housing bubble.

The most dangerous bubble is the government debt bubble. The Fed facilitates deficit spending by monetizing the federal debt… Read the rest of this entry »

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A State’s Right to Honest Money – LewRockwell

Posted by M. C. on March 6, 2017

https://lewrockwell.com/2017/03/ron-paul/states-right-honest-money/

Audit the Fed is not the only focus of the growing anti-Fed movement. For example, this Wednesday the Arizona Senate Finance and Rules Committees will consider legislation (HB 2014) officially defining gold, silver, and other precious metals as legal tender. The bill also exempts transactions in precious metals from state capital gains taxes, thus ensuring that people are not punished by the taxman for rejecting Federal Reserve notes in favor of gold or silver. Since inflation increases the value of precious metals, these taxes give the government one more way to profit from the Federal Reserve’s currency debasement.
The American West is still wild, if wild is what you call freedom loving. Washington has another word for freedom, treason.

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