According to Bloomberg and The Hill, Frank plans to submit a bill that would remove the votes of the five regional Federal Reserve presidents from the 12-member Federal Open Markets Committee (FOMC), which sets interest rates, and replace them with five appointees that would be nominated by the President and confirmed by the Senate.
Via Maxed Out Mama, who shares a preview. But read the whole thing – it’s worth signing up for.
Barney Fuwank wants to fully politicize the Fed by eliminating those pesky regional boards manned by businessmen, people such as Herman Cain. This is so he can more easily, do to the monetary system what he did so successfully to the housing sector.
America voted for it; now they’re going to get it… in the neck.
The US only has one way out of its current mess: inflate the hell out of the dollar. This has been clear for years now. Just listen to guys like Frum (i.e. people who represent the vested interests of America’s ruling class) and their position on spending and taxes leaves no other option. Eventually, it will catch up with them cause they won’t be able to control what they are unleashing but there are no options left. At least, no options either party will seriously consider.
It’s still in private hands that are more concerned with what sticks to those private hands than anything else. Power, and control, included.
What’s needed, is another Andrew Jackson to shake things up.
Maybe I am seeing things, but to me it is becoming more apparent every day that the radical left, the Marxists, are making a concerted effort to take over the economy by way of public protest and legislative stealth.
I don’t know why Barney Frank isn’t in jail for racketeering yet.
Again, if you’re really interested in monetary reform, try F.A. Haykek’s little book: Denationalisation of Money: The Argument Refined.
(An Analysis of the Theory and Practice of Concurrent Currencies).
I threw the book (figuratively speaking) across the room on first reading when he talked about the thousand hounds of the press. But then I realized he wasn’t talking about Chris Matthews and Keith Olberman (sp?). I RTWT a few weeks back.
Interestingly, Hayek wasn’t a big gold standard fan. HOWEVER, if government was to retain its monopoly over money he would demur in its favour.
He favoured privately-issued currencies competing in the free market like any other commodity. The difference would be that the issuer has a strong life-death self interest in maintaining the value of the currency: not letting it increase (bad for borrowers) or decrease (bad for creditors) in value.
If you’d really like to pay more that lip-service to “thinking outside the box” read this book. And I mean it. Get it as mises.org.
When you’ve delved into monetary stuff as I have you will soon get to see that all this partisan political punditry is for nought. Absent root-and-branch monetary reform — nothing less than the denationalisation of money — we can expect to get the same gubment over and over again no matter who we vote for. For, human nature is immutable.
Barney Frank is Nero reincarnated.
Barney Frank is for the full politicisation of the Federal bank system…
This is why federal bank govenors get 14 year terms, so that they typically outlive any particular political regime.
Barney’s proposal should be deep sixed for very obvious reasons to anyone who is thinking. Checks and balances folks…but Barney wants to write cheques and create imbalances!
Cheers
Hans Rupprecht, Commander in Chief
1st Saint Nicolaas Army
Army Group “True North”
I’m waiting to see what they come up with for Kristallnacht. So far they’re right on the classic totalitarian glidepath.
You mean Frank, as in Barney Frank? The one who allowed his sex partner to run a prostitution ring out of Barney’s townhouse?
The motivation for this becomes clear when you recall that Herman Cain was president of the KC Fed, and you read the comments of the president of the Dallas Fed, which are an indictment of Bernanke’s policies. This also fits Obama’ Chicago MO: he started each campaign by trying to have his opponent’s name struck from the ballot. It helps an immensely inept clown like Obama to silence all opposing voices of any stature.
we can expect to get the same gubment over and over again no matter who we vote for. For, human nature is immutable.
I expect they would rather not be assassinated like Lincoln and Kennedy, who were intent on removing the central banks powers.
http://proamerican.info/6thefederalrese.html
…the inability of the colonists to get the power to issue their own money permanently out of the hands of George III and the international bankers was the PRIME reason for the Revolutionary War.
Ben Franklin answering a question about the booming economy of the young colonies: “That is simple. In the colonies we issue our own money. It is called Colonial Scrip. We issue it in proper proportions to the demands of trade and industry” (Colonial Scrip had no debt or interest attached).
International bankers saw that interest-free scrip would keep America free of their influence, so by 1781 banker-backed Alexander Hamilton succeeded in starting the Bank of America. After a few years of “bank money”, the prosperity of “Colonial Scrip” was gone. Benjamin Franklin said, “Conditions were so reversed that the era of prosperity had ended and a depression set in to such an extent that the streets of the Colonies were filled with the unemployed!”
Thanks for the link, fiddle.
Hamilton: Check out Thomas diLorenzo’s Hamilton’s Curse. Also his The Real Lincoln.
Whatever else they were, Lincoln and Kennedy were in agreement with Jefferson regarding the monetary system. Returning the control where the Constitution says it should be, in the hands of the People. Not the central bankers.
“…and replace them with five appointees that would be nominated by the President and confirmed by the Senate.”
No, “…and replace them with five hard left crony appointees that would be yet more recess appointments, thereby evading Senate review and hearings”, in another Obama subversion of the US Constitution, aided and abetted by Barney Frank and the other heads of the Democratic Party..