Friday, March 20, 2009
Audit the Federal Reserve
I've been so busy trying to make some money during these peculiar times in the markets...I have not had much time to read or write. I have though been consistently critical of all the knee jerk reactions by Congress and government overall as they bailout one after another of incompetent, failed companies many of whom were at the root of the financial devastation our systems are going through to begin with. The main problem for me has always been government intervention in areas they know less about than those who caused these problems.
My other big concern is the ongoing growth of "socialism" on a global basis that is becoming more and more accepted by the common person as the only answer to global dilemmas. We are taking all personal responsibilities off our own shoulders and placing them in the hands of government bureaucrats, global corporate powers and even religious leaders. The masses are being herded as if we were all programmable clones with no hope but to "follow our leaders" and respect authority. Even the President has to go on media tours and show up on Jay Leno in order to be heard and get support when his own Congress is in disarray on these matters.
In the midst of all the morass, iconic political hero Representative Ron Paul once again sponsors a bill and speaks out as "a lone voice in the wilderness" on fiscal responsibility and the political reality that our government has no money of their own to fund bailouts of the failed...and they are immoral to just commit our money blindly to patching up the dikes of failed thinking and misdeeds. The witch hunt is on to take down all the Bernie Madoffs of the world while not recognizing EVERYONE'S responsibility to watch and manage their own financial affairs. And we are surprised when the wolves eat the chickens we have given them to care for?
I thought Federal Reserve Chairman Bernake did a nice job in the 60 Minutes interview last week in opening up the veil of the Federal Reserve at least for a peak. He comes off as a "next door" kind of guy who really cares about what happens to us and our financial systems. The only problem is, he doesn’t seem to be so forthcoming on how much money is in the system and how its value will be supported. It doesn’t take a doctorate in finance to realize that when you just print more money in a broken system, you continue to undermine the supporting currency and drive up inflation during a time when people's credit is over limit. We don’t need any more credit. We need savings and cash...yet our government and Federal Reserve chairman are campaigning for us to SPEND SPEND SPEND. After all...that is what THEY are doing. In my opinion, they are giving it to the wrong people...but understandably the people who got them elected and finance their campaigns to begin with. What a crock...
So...I must once again join Ron Paul's chorus calling for an audit of the Federal Reserve. At the same time I have to wonder why it would take an act of Congress to demand that. Shouldn't they be subject to the same financial reporting rules as every other institution of Government? Amazing actually. SO yes...please do your part if you are an American to support the bill H.R.1207 by following the directions at Ron Paul's website.