Saturday, September 26, 2009

In Support of H.R. 1207

Some months back I expressed reservations about Congressman Ron Paul's 'Audit the Fed' Bill (H.R. 1207). Since it was clear that many around President Obama wanted to "reform" the Federal Reserve and and the entire financial sector, I felt that H.R. 1207 would be used as the wedge to start discussions about financial "reform".

Since I have raised those concerns, it is clear that the interventionists don't need a wedge to go in and "reform" the financial sector. They are going to use a bulldozer, and major league new interventions on the financial sector are coming regardless of H.R. 1207. There is no danger that H.R. 1207 will unlock the gate for interventionists, they are in the process of knocking down the gate.

Thus, H.R. 1207 can do nothing at this point but shed light on activities that the Fed chooses to keep secret. It can do no harm.

I hasten to add, this does not mean that I believe Financial Services Committee Chairman Barney Frank has been won over by Ron Paul's free market arguments. He remains a tool of elite banking interests. However, H.R. 1207, under current conditions of growing interventionism anyway, will not provide any type of tool that elite banking interests will need to advance their agenda. Under present conditions, H.R. 1207 will simply be a tool by which free market advocates can harass elite banking interests.

I, thus, come out in full support of H.R. 1207.

Audit the Fed!

1 comment:

  1. Robert
    This is just wishful longing for it to be true - you cannot enter a den of thieves and expect an argument based on truth to prevail. Well, I guess you can do that but it will make no difference to reality.

    Reminds me of Reagan and his "free market" rhetoric. Reagans actual policies simply laid the groudwork for our current crisis. And so it goes...

    Until we establish a true competitor to the federal government, HR1207 and all similar efforts will fail to enhance freedom.

    Like the old carpenter's saying: when the only tool in the toolbox is a hammer, all your problems look like nails,,,,the government's only tool is force so all its problems look like war which is exactly what we currently have. The only way to change this is to eliminate the government's monopoly on the use of force. There is some truth in the cold war policy of mutual assured destruction. We need a domestic application.