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Fed Up


 

If you're looking for a word to describe the GOP presidential field, "subdued" isn't it. From Rep. Michele Bachmann (Minn.) to Gov. Rick Perry (Texas), the candidates have been anything but restrained in their criticism of the man whose job they seek. Yesterday, on a conference call with bloggers, pizza mogul Herman Cain suggested a short cut to the White House: impeaching the President. "...It would be a great thing to do, but because the Senate is controlled by Democrats, we would never be able to get [them] to take up that action... on a whole list of things such as... ordering the Department of Justice to not enforce the Defense of Marriage Act -- that's an impeachable offense right there. The President is supposed to uphold the laws of this nation... and to tell the Department of Justice not to uphold the laws of this nation is a breach of his oath." Although FRC has never called for his impeachment, President Obama did walk away from his constitutional duty, frustrating every American who believes in order and justice.

Meanwhile, on just his second day in the race, Gov. Perry didn't waste any time stirring the pot. Like most Americans, he's frustrated by the Federal Reserve's latest policies and wants to bring Chairman Ben Bernanke's agency under some form of accountability. For decades, the Fed has been in complete control our nation's monetary policy, and there are some suspicions that the agency has been in collusion with the White House to keep America from hitting the debt wall. For the last two years, Bernanke has been flooding the economy with new money that no one is assuming the debt for. It's called "quantitative easing," or QE. I call it defrauding America. QE may keep the government spending, but it makes our money more worthless in the process. Since 2009, the Fed has embraced this QE idea, printing almost $2 trillion in hopes of boosting the economy. "We owe the Fed $1.6 trillion in treasury bills," Rep. Ron Paul (R-Texas) said last Thursday. "Where'd they get the money to buy it? They created it out of thin air." While that logic may help federal rates in the short-term, it devalues every dollar Americans earn and save. And Rick Perry isn't the only one disgusted by it. On Monday, he told an Iowa crowd, "Printing more money to play politics at this particular time in American history is almost treasonous in my opinion." Despite the controversy his t-word sparked, Perry says he stands by his remark. "I am just passionate about the issue," he told CNN.

And the other candidates can't blame him. Iowa Straw Poll champ Michele Bachmann piled on the Fed too. "The Federal Reserve is not subject to transparency. The Federal Reserve has made terrible, grievous errors," she said. "...[T]he dollar has lost 12% of its value, according to experts, since President Obama came into his position." She, like Newt Gingrich, Rick Perry, and Ron Paul (R-Texas) -- who actually authored legislation to the effect -- thinks Bernanke's office should be audited. "It's a scandal that the Federal Reserve is a secret," Gingrich said in last Thursday's debate. "And I think, frankly, that their monetary policy since the late 90s has been a major factor... in the economic pain we're now going through." Former Fed Chairman Alan Greenspan certainly thinks so. He told the press that there is "no evidence" that the Bernanke's strategy, these two waves of "quantitative easing" (QE1 and QE2) worked. At the very least, it deserves some congressional inquiry. If that means auditing the Fed -- so be it. Auditing means oversight -- and right now, there is none.

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Tags: FED, bachmann, bernanke, cain, debt, inflation, money, perry, policy, president, More…spending, treason

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