Wednesday, August 24, 2011

Time To Reign In The Federal Reserve

The Federal Reserve, as managed by Fed Chairman Ben Bernanke, appears to be completely out of control, functioning as an unelected fourth branch of government with no transparency.   The Fed is so independent in managing our money supply that Bernanke is free to print money at will, which is destroying the value of the dollar and will lead to incredible inflation in the near future.  It should be no surprise that the price of gold is at record levels because the dollar is becoming worthless.  

In order to prevent another Great Depression as his reasoning, Bernanke implemented Quantitative Easing, that is the printing of money to inject into the banking system.   QE1 was for $900 billion.   QE2 was for $600 billion.   There is now speculation that Ben Bernanke will announce QE3 in the near future.   Why is any of this necessary.  Banks in the US are very profitable as a result of their credit card and other fee earnings.  The banks dumped their bad debt on to the FED.  The banks have plenty of money to lend out if they choose to make loans.   And, US companies are sitting on $2 trillion in cash, which will only be invested to create jobs in the US after job killers President Obama and his Socialists pals in Congress are thrown out of office in 2012 and 2014. 

We also find out now that Mr. Bernanke provided $1.2 trillion in secret loans to banks around the world during the Panic of 2008 that somehow found their way to Fat Cats on Wall Street.  What is that all about?   It is becoming very clear that the it is time to reign in the Federal Reserve.  Bernanke answers to no one.  And, while the Federal Reserve should not be politicized, neither should this agency be completely out of control.   Most important,  the US cannot be the banker to the whole world.   And,  just printing money is destroying the value of the dollar.   It has to stop.   It is time for more Congressional Oversight of the Federal Reserve.   There is no other way for the American people to exercise any authority over the Federal Reserve that touches every aspect of our lives. 

Governor Rick Perry of Texas recently said that if Bernanke implements QE3, it would be an act of treason.  While it may not be treason, it could be criminal to print more money to devalue the dollar even further.  Instead, it is time to get our deficit spending under control and put a plan in place to pay off our soon to be $16.7 trillion National Debt.  Politicians of both political parties that refuse to put our fiscal house in order are the enemy within our country, far worse than any foreign enemy, or threat.   The definition of treason is the betrayal of our country.   Intentionally bankrupting our country is in fact an act of treason, no matter the excuse.   It is what it is. 

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