Federal Reserve chair utilizes financial terrorism while rebuking attempt by Ron Paul, Congress to hold the independent organization accountable
June 26, 2009
Federal Reserve chairman Ben Bernanke unleashed an alarming veiled threat of financial terrorism when he was questioned by Rep. Duncan on Thursday about his response to the fact that a majority of Congress co-sponsoring Ron Paul’s H.R. 1207 bill to audit the Federal Reserve.
Bernanke clearly regarded the bill’s intent as hostile to the institution he represents:
"My concern about the legislation is that if the GAO is auditing not only the operational aspects of the programs and the details of the programs but making judgments about our policy decisions would effectively be a takeover of policy by the Congress and a repudiation of the Federal Reserve would be highly destructive to the stability of the financial system, the Dollar and our national economic situation."
[efoods]The brunt of Bernanke’s statement is as crystal clear as a threat from a common street thug– back off from the Fed, or the economy gets it.
The chairman clearly implies that any attempt to restore monetary powers constitutionally granted to the Congress would be seen as a "takeover" and that the defensive and "repudiated" Fed would respond destructively.
Of course Congress’ constitutional power over money is enumerated in Article I, Section 8 of the U.S. Constitution:
The Congress shall have power… To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;
Bernanke’s open use of financial terrorism in the face of Congress’ blatant Constitutional authority is absurd and dispicable.
Greenspan, Bernanke and other Fed-related cronies have already bad-mouthed the Dollar and signaled it’s decline as the world’s currency. So what else is new?