Tuesday, August 4, 2009

HR 1207 Meets Panicked Resistance

As the campaign to audit the Fed is picking up momentum in the halls of Congress, reflective of the majority support by the people, several mainstream media outlets have taken their familiar positions to fulfil the role of compliant corporate lackeys they have become accustomed to. But it is to no avail. The campaign for liberty has clearly grown wings that spread far and wide, outflanking both the left and the right as it ascends to ever greater heights. Whatever happens next, the enemies of liberty will be hard put to it, trying to sprinkle sleeping dust into the eyes of the giant who stretches his arms to meet the dawn.

In a recent attempt at discrediting Ron Paul’s bill HR 1207, Reuters columnist James Pethokoukis strings together ludicrous straw men arguments to convince the sheeple that everything is fine so go back to sleep.

“Most Americans”, Pethokoukis states, “surely don’t realize that the non-policy aspects of the Fed are already audited by the GAO, nor have they watched the Fed chairman’s twice-a-year testimony, (…), in front of House and Senate committees.”

This is a hilarious argument, for the incidental testimonies provided by the Fed boss usually raise more questions than they answer; and besides, the ones demanding a proper audit of the Fed are usually the same ones prone to dissecting its cryptic musings with their hands in their hair. The columnist goes on to claim that both the occasional congressional grilling as well as the minutes published by the Fed provides enough transparency to satisfy critical observers: “Bernanke”, he states, “is clearly not operating in the shadows from some undisclosed location.”

You have to love the logic behind his curious little trifle, far exceeding the usual allowance of stupidity. It is no different than claiming someone standing in a shadowy corner of a dark alley at noon is actually standing in the full light of day. As the author moves from fallacy to fallacy, he predictably arrives at his final and most ludicrous position: “The effect on the economy might not be beneficial, either. Even if the result of the Fed bill is only more aggressive congressional questioning and criticism, financial markets might well fear the bank would start taking congressional wishes into account when making policy.”

We can’t have that, now can we. According to James Pethokoukis, it will be absolutely detrimental if the people’s representatives in Congress would be able to influence the actions of a private central banking cartel. Telling enough, the author then quotes none other than JPMorgan’s house economist Michael Feroli who was heard to remark that an audit “could immediately push up borrowing costs even if the audits are only a symbolic increasing of congressional oversight of monetary policy.”

If the bill, God forbid, should evaporate in the senate, then a great victory will have been achieved nonetheless. A recent Rasmussen poll has showed a staggering 75 percent agreeing with Dr. Paul’s stance on the Federal Reserve. Never before has the pressure been building up against the secretive banking cartel in the current measure, so even the entire effort should fail to reach its conclusion, it will not have been in vain. With more and more light shining upon the Federal Reserve and its secretive operations, and an increasing amount of people realizing that all is not well, the push for liberty will be victorious any way you slice it.



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