What About the Fed?

Via Charles Goyette: 

“What About the Fed?

Once again, there was not a word about the Federal Reserve (in the debate), and not a word about QE III.

It’s like Perot’s description of the crazy aunt kept down in the basement. “All the neighbors know she’s there, but nobody wants to talk about her.”This is a most-peculiar oversight.

The country is mired in an economic malaise, and both candidates wish to be seen as holding the keys to our recovery. But neither candidate uttered a word about monetary policy or the monetary authorities.

Since money is half of every commercial transaction, the failure to address the subject is more than a casual oversight. It means that there is a taboo against addressing 50% of the nation’s economic activity.

The only conclusion that can be drawn from this studious avoidance of monetary policy is that, regardless of the election’s outcome, the fundamental policies that boom and bust the economy will still be decided by the Federal Reserve on behalf of the banking cartel.

So-Called Debates Yield So-Called Solutions

I watched the debate remembering the words of Ron Paul this week, when he suggested that our future could hold results more-severe than what we’ve seen in the streets of Greece.

That’s why, Congressman Paul says, he gets so annoyed with “the so-called debates” that are going on now.

“They are not talking about anything important,” said Paul. “Absolutely nothing. How often have you heard in the last couple of weeks or couple of months of the campaign about the seriousness of the debt and the debt crisis, the dollar crisis, the financial crisis?”

In the 1992 debates, Perot said that “giant sucking sound you hear” is jobs leaving this country. Today we have Depression-era levels of unemployment and our manufacturing base has been hollowed out.“We’re at the end of the line when it comes to debt. When the markets recognize this, we won’t be able to print money” to get out of it.

Back then Perot was the only one of the candidates to address the nation’s growing debt seriously. “The facts are,” he said, “we have to fix it.”

Still Broke …

That was 20 years ago. Nothing has been fixed.

Twenty years ago, Perot concluded that, since the Republicans and Democrats were both shirking and disclaiming responsibility for the nation’s debt, it must all have been the doing of extra-terrestrials.

Must be. The debt has quadrupled since then and nobody else has been in charge except Republicans and Democrats.

Clearly, we need a third man in the debates again.”

_____________________

The Federal Reserve is a HUGE component of our economy and our government, but most of us don’t know much about it.  Those that do are proposing bills to regulate it and even abolish it. 

Read what the NY Times has to say about the Federal Reserve, what it does, and the QE3.

- The Vocal Libertarian