August 22, 2012
If elected, Mitt Romney’s team will make sure the Federal Reserve and Ben Bernanke finish the job of destroying the economy.
Glenn Hubbard, Romney’s economic adviser, told Reuters he would advise the Republican presidential candidate that Bernanke should “get every consideration” and stay at the helm of the private bankster owned Federal Reserve.
“Ben is a model technocrat. He gets paid nothing for getting kicked around all the time. I think they ought to pat him on the back,” Hubbard said of his long-time pal. “I may or may not agree with him, but that’s very different from saying I question his motives. I wish politicians would stop doing that,” he added, making an indirect reference to Ron Paul, who has questioned Bernanke on numerous occasions as a member of the House Committee on the Financial Services.
Mr. Hubbard is a life member of the Council on Foreign Relations, a former Deputy Assistant Secretary at the Department of the Treasury, and was chairman of the Council of Economic Advisors under Bush, so his fondness for the Federal Reserve system is quite understandable. In fact, he was considered for the position of chairman of the Federal Reserve when Alan Greenspan retired, but his buddy Bernanke ended up with the job.
In April of last year, Romney said he wouldn’t waste time concentrating on the Fed. “I think Ben Bernanke is a student of monetary policy,” Romney said, “he’s doing as good a job as he thinks he can do.”
“I’m not going to spend my time going after Ben Bernanke. I’m not going to spend my time focusing on the Federal Reserve.”
During an interview in 2010 (see video below) , Romney said the Federal Reserve is audited and he does not want Congress to call the shots on economic policy.
He said this despite the fact the Constitution grants to Congress the authority to coin money and regulate the value of the currency and does not give it the authority to delegate control over monetary policy to a central bank or empower the federal government to erode the American standard of living via an inflationary monetary policy (see Ron Paul, Abolish the Fed).
“Congressional oversight of the Fed amounts to about twelve hours of hearings per year, and that’s as far as it goes,” Paul said in October. “Of those twelve hours, no more than five or ten minutes goes to any one Congressman, who has the opportunity to ask at most one question of Chairman Bernanke every six months. To claim that this is effective oversight is laughable.”
Naturally, nothing will change if Romney is selected. He claims to support an audit of the Fed, but that is merely politics as usual and a grindstone approach to the Republican platform, which grudgingly changed after Ron Paul’s audit bill passed.