“Audit” The Fed Is All Right If It Will Not Trigger Economic Collapse

Since Barack Hussein Obama occupied the Oval Office, the politically bastardized Media, that helped, ushered in the new liberal administration had a ball in running banner stories of the Left attacking the nation’s central banking system.

Surf the Web and the imprimatur of the radical left in those vicious attacks like name-calling and derision of the person of the victim more than meet the eye.

For instance, badmouthing is an admitted expertise, and the use of foul language could come only from the gutter, not from the intellect because from the mind nothing is there for intellectual attraction. Their paper soldiers in the Media only argue their cause in cloud nine, mostly a rancorous display of emotional hang ups. The idea is to blind and destabilize the American public for the glory of the politically correct Democrat president and his political subalterns in Congress who would give an arm for publicity at the expense of their prey – the Federal Reserve.

In politics, the prostitution of the Media supports the grand design of Liberal extremists and the agenda of the underground left — who by the way their combined forces and resources had reportedly helped Obama become president — foment anarchy to bring down Capitalism in this country for a promised change.

Part of this electoral covenant for change made public is this trillion-dollar stimulus package. In this gigantic bailout spendathon, the radical left found a brand new whip for the poor against the rich.

It is not just a murmur in the vine that the suspicious and disquieted public is reportedly second-guessing the clandestine agenda behind the massive infusion of government funds to selected private enterprises and financial institutions on the red. This gargantuan stimulus spending is viewed as a calculated move to create a welfare state … not necessarily legislation for economic recovery as loudly touted by the Obama administration.

So far, the stimulus package is not stimulating any economic healing; instead, it is succeeding in firing up a nationwide protest. To feather their nests, politicians talked a lot for and against it, while the Media they bought catches the fireworks and throws gasoline into it thereby creating a conflagration of economic confusion and class hatred across the land.

The bone of contention is that Obama’s economic recovery plan is a program with a hidden function that causes damage while appearing to perform a valid purpose. It is hard for anyone including myself, to deny this accusation of publicly declared treachery, more so when this planned economic recovery creates an unsustainable funding debt … a financial burden badly perceived as a sky-is-the-limit I.O.U coming from the sale of the next generation’s future to the devil, just to enable Obama to drive us down the road to socialism.

Demonstrations of political opportunism are now catching fire in Congress and fanned by members of the Media that walk by night. The power of the Obama government is being harnessed to establish a state-run economy. The role of Media accomplices is to publicize the administration’s populist aims and expect millions of Americans to accept and swallow any propaganda the government dishes out to cripple the opposition.

For example, when the proposed anti-Fed bill [H.R. 1207] becomes law, politicians in Congress, Democrats and Rinos [Republican in name only] alike, will take over the financial, fiscal and monetary functions of the Federal Reserve under the guise of federal "audit". Most likely, they will create their own Central Bank in Congress to neutralize the Fed whom prostitute members of the Media sensationalized as a private entity run by banking "thieves"!

When confronted by publicity-starved politicians in Congress who were competing against each other to be the first in line to ask crazy questions in front of the TV camera, Fed Chairman Ben Bernanke who came to a congressional committee hearing to be "roasted", expressed "shock" when commanded to state what he thinks if H.R. 1207 that several House representatives had co-sponsored, becomes a law. Bernanke said it would destabilize [destroy] – the country’s financial system!

Democrat and Rino sponsors of the "audit" bill were also shocked by Bernanke’s answer. They believed that the Chairman of the Federal Reserve of the United States is a "financial terrorist". Their paper soldiers in the Media are using the revolutionary language of the Left in launching their attack.

The electrifying shock that came from the mind of the Fed Chairman is that the so-called "audit" of the Federal Reserve is actually a "takeover" by Congress of the nation’s Central Bank. Considering that most if not all "talk-talk only" politicians knows nothing about the nation’s central banking operations, I am one of those who would be extremely surprised if the politicians’ "takeover" of the Fed would not trigger economic collapse.

With regards to this dangerous takeover, Bernanke was quoted nationwide of what he said:

"My concern about the legislation [H.R. 1207] is that if the GAO is auditing not only the operational aspects of the programs and the details of the programs but making judgments about our policy decisions would effectively be a takeover of policy by the Congress and a repudiation of the Federal Reserve would be highly destructive to the stability of the financial system, the Dollar and our national economic situation." Bernanke.

The radical Media that kowtows to the whims and caprices of politicians in Congress immediately attacked Bernanke for unleashing "an alarming veiled threat of financial terrorism", whatever that means, just because he saw the danger the proposed audit bill would create.

Article I, Section 8 of the U.S. Constitution was used in launching this leftist attack on the person of the Chairman of the Fed [the Left is noted for name-calling when rational argument fails], and also for justifying the politicians’ coup of the Fed. A portion of this Section says: "The Congress shall have power… To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures …"

Obviously, Bernanke’s attackers are hardly aware that under the U.S. Constitution, Congress can "delegate" its own legislating power to a government body created by law, e.g. the formulation of fiscal and monetary policies is delegated to its congressional extension – the Federal Reserve created by law.

Part of that power in Section 8 Article I of the Constitution was delegated to the expertise of the Federal Reserve which politicians in Congress do not have. Devoid of financial, fiscal and monetary expertise to run the economy, elected politicians cannot make a Central Bank out of Congress.

This political coup — for the "audit" and control of the Fed — by

politically correct politicians backed up either by their respective Media "concubines" or partners in "crime", gives us — we the American people — two choices:

Option 1. To give back to politicians in Congress — especially surrendering to the agenda of every politician who wants to get re-elected to Congress — the Fed’s power they covet, and let their politically correct vote-buying "expertise" in economics determine and implement what kind of fiscal and monetary policies they want for the economy.

Option 2. Get those politicians in Congress out of the Federal Reserve and let this independent economic body specially created by Congress to run the economy through the study and planning of economic measures as they relate and respond to global and domestic crises, and leave the determination and implementation of financial, fiscal and monetary policies to the Central Bank as the Fed’s central banking expertise sees fit for stability and long term economic development.

Summary: In option 1, the politicians will use their politically correct "expertise" to win support and patronage to stay in power … and this is obvious. To them nothing else matters but their own personal interest, which is second to none.

Since every political opportunist has its own version of fiscal and monetary policy, expect a protracted war in Congress that would create chaos and anarchy because this costly confrontation that will dig a hole in the taxpayers’ pocket is going to spill over to opposing constituencies in the parliament of the street.

Let us picture that inescapable situation in our mind while vultures in Wall Street are picking our eyeballs, and the blood streaming down our face would create a tsunami of financial catastrophe we have never seen before that would wash the economy down the tube.

When this happens, the authors of audit-the-Fed Trojan Horse in Congress get their revolt against the Fed successfully carried out – and that’s all what the political sponsors want. Co-authors of the proposed statute just join in and co-sign the bill without looking. They are just there for the ride. Remember, they are opportunistic politically correct politicians who like moths to the lamp cannot resist the attraction of publicity even if it means the destruction of the country.

There is much more to say for Option 2. Not that I am beholden to this much-written-about historical success of banking institutions in this country run by bankers with murky reputation, but in my own honest opinion, Bernanke is not just more than 110% correct but his concerns hit the bulls eye. I do not blame him if he is terrified once Option 1, which politicians want, blinds a lot of Americans who like them are also there just for the ride.

If in Option 2 we assume the premise as true that the Fed is run by "crooks" whose operations should be audited by Congress – an assumption similar to that expression of frustration that with a single punch we could knockout the Moon – we do not need a congressional audit. That’s too pompous and ostentatiously flaunting in attracting the attention of the Media, which the politicians need.

Our justice system and our law enforcement agencies throughout the land are awash with civil and criminal laws under which those wrongdoers can be canned for life. We don’t need an "audit". All what we need is a handcuff to haul those crooks to jail.

Since politicians see "crooks" like Bernanke allegedly running the Fed and those political limelight-huggers don’t want — or don’t know how – to grab Bernanke and his cohorts by the neck, charges of banking thievery that pollute the air is just a pinwheel of publicity to cover their selfish design to project their sagging image to the American public.

We can entertain no doubt that Option 2 will lead us back to the pre-Federal Reserve era – back to chaos opportunist politicians had created, and with H.R. 1207, are once again attempting to create. #

© Copyright Edwin A. Sumcad. NWS access June 29,2008.

The writer is an award-winning journalist. Go to NWS homepage, click on the columnist button to know more about the author or you may e-mail your comment at ed.superx722@yahoo.com.sg. This e-mail address is being protected from spam bots, you need JavaScript enabled to view it.

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