patrick.net

No one has created more money out of thin air than Fed Chairman Ben Bernanke. That makes him the "world's greatest counterfeiter in history" according to Congressman Ron Paul. I happen to agree with him. Inflation is the silent tax that politicians love. Its effects are gradual, but inflation continues to eat away like a cancer at people's pensions, life savings, dollar denominated investments and future. It often hurts those that can afford it least; the lower economic classes. The cost of heating a home, the gas for your car, the food on your table and the clothes on your back along with much more, are all effected directly by inflation. In large part, the economic mess we are in now is a direct result of Fed policies. Unlike Paul Volker, Alan Greenspan (and now Bernanke) continued to pump money into the supply at the slightest hint of an economic downturn, forgoing the necessary cleansing effects brought about by mild recessions. The Fed's continual monetary expansion not only allowed, but encouraged, debt on an unprecedented scale which further created artificial and unsustainable markets. Housing is the most visible bubble the Fed created (with a lot of help from our politicians, Fannie & Freddie, mortgage lenders, Wall Street, the housing industry, etc.). The removal of equity from homes via refinancing along with enormous credit card debt has furthered the economic danger Americans find themselves in. At the very least, the Fed should be audited with all the books opened for all to see exactly how they operate. Secrecy, after all, is no friend to liberty. Thomas Jefferson knew the dangers that Hamilton's central bank philosophy held and fought desperately against it. He lost. So did America. Andrew Jackson fought the central bankers as well and heroically spent much of his time and energy and was successful in defeating it. After Jackson's victory over the bank, the United States government, for the only time in its entire history, had zero debt. The biggest monetary beneficiaries of governmental deficit spending are the central bankers. Resurrecting this beast by secretly creating the Federal Reserve at Jekyll Island has been a disaster for this nation, and the world. The time has come for a complete audit. I hope the time has also come to end the Fed as we know it.

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