Ron Paul's message brought to NY Times readers!

[Sematary]

First this quote:

"Representative Ron Paul of Texas won committee approval of a far-reaching amendment that would give Congress vast new authority over the Federal Reserve. The Fed has long enjoyed Lone Ranger autonomy, but that will quickly end if the final bill passes."

Which is a great thing, of course, but then the writer turns on the fear mongering with this:

"The Federal Reserve, which has printed money in exchange for assets from the nation's banks, has long operated opaquely. It is virtually impossible to size up its balance sheet.

So on its face, the Paul amendment seems well intended. After all, who can argue with a little more sunlight?

But consider these words of caution from Senator Judd Gregg, Republican of New Hampshire: "Congress has demonstrated time and again its inability to manage the nation's fiscal policy, illustrated by our staggering national debt in excess of $12 trillion. So how can anyone think that its involvement in monetary policy would be good for the country?"

So any unintended consequences of the amendment -- what Senator Gregg calls "a dangerous move by this Congress to pander to the populist anger" -- could indeed lead to less independence for the Federal Reserve, and the result ultimately may not be good for the economy."

Read the whole thing here:
http://finance.yahoo.com/banking-budgeting/article/108232/beware-the-result-of-outrage;_ylt=AqxHe9Ow56jXlXYKLbq_fMm7YWsA;_ylu=X3o DMTE1dHMyam9sBHBvcwM2BHNlYwN0b3BTdG9yaWVzBHNsawNiZ XdhcmV0aGVyZXM-?sec=topStories&pos=4&asset=&ccode=

[specsaregood]

Welcome back Sematary! Don't be a stranger now, ya hear?

[StilesBC]

Gregg's argument is a red herring.

First, the Fed is by no means independent now. It is influenced heavily by politicking. One need only see the cozy relationship they have with Treasury. Were they truly independent, the Fed and Treasury would be squabbling constantly.

Second, the bill has nothing in it that seeks to influence monetary policy. It is an audit. If secrecy is required for effective monetary policy, then the only conclusion is that the policy is intentionally malicious to certain actors in the economy and beneficial to others - something the Fed has no authority to undertake without disclosure.

[Sematary]

Welcome back Sematary! Don't be a stranger now, ya hear?

I'll try not to be.
Gotta get up to speed on the Peter Schiff campaign for one thing....