As soon as I heard that Mnunchin was coming in I knew we were headed for trouble on this point.
Goldman Sachs is arguably the most crony company in the world and they do quite well with the Fed system the way it is. Not to mention the nice bailout the Fed oversaw from which Goldman benefited immensely. Might not want to look too closely there. Don’t want to uncover anything that causes a headache for the bank,
Well, we’ll believe it only when we see it. It looks like Trump is using the issue to pry away Nevadans with a libertarianish disposition from Cruz.
Libertarians are kind of a wandering constituency right now.
Here’s another list to cross check with whether your senator voted “yea” on the Omnibus bill.
I look at it this way. We are starting to get a very clear picture of who is on what side of the great crony debate. Those who think that the status quo can continue, even at this late date, need a wake up call in November.
We have a few really liberal (the American “modern” kind) favorites and Ralph Nader is one of them.
We like him not because he agrees with us on everything, he certainly doesn’t, but he has a moral compass. He has a deeply developed sense of right and wrong. This is something too many in the political world both on the Left and Right simply do not have.
I’ll believe this only when I see it. This could be more chaff shot by the Fed to quell “audit the Fed” efforts in Congress. But maybe it indicates real tumult behind the doors of the Federal Reserve. It’s too early to tell.
I will also say that it appears the citizenry has an ally in Congressman Jeb Hensarling who is the chairman of the House Financial Services Committee. Not only is Hensarling publicly open to this new proposal from Richard Fisher,
What is of particular note is that this paper comes from a Brookings Institution scholar. Brookings is generally liberal in its disposition.
I am not keen on the prescription. Notice that the author comes short of calling the Fed itself unconstitutional. But at least there is some criticism of the Fed coming from the lefty camp. The excuses for the Fed have gotten embarrassing of late.
The Fed is gearing for battle.
Let’s hope this isn’t what she is saying when she says that scrutiny of the Fed (ha!) in the 1970s was the reason for stagflation. I mean they must be REALLY scared of an audit to float that line. I’m actually surprised.
The Federal Reserve, as we have noted, is the Prime Mover of crony capitalism. It is a politburo. It is a central planning committee. It is a tool by which the big banks are backstopped with the wealth of the American people. It should be audited. It should be opened.
This is what the dollar has done under the Fed.
If you want to read the piece to which Senator Paul is responding it is HERE.
Basically the bankers are coming with all guns for the guy who might expose the central bank racket they’ve been running for a very very long time. If everyday people were to actually learn of the things the Federal Reserve has done, indeed why it exists (to backstop the big banks – with the wealth of the American people –
Scalise discusses a number of things in the attached interview, including the Keystone Pipeline, the minimum wage, and “bipartisanship” (fear bipartisanship). But the most important nugget is that it looks like Congress will force a Fed audit onto Obama’s desk and he will have to sign it or veto it.*