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Bernanke Lobbying Hard for Status Quo Federal Reserve

Gary Howard
Campaign For Liberty [1]
Thursday, Nov 12th, 2009

In today’s New York Times [2], reason enough for increased scrutiny of the Federal Reserve’s practices is illustrated. 

In response to growing public and congressional support for H.R. 1207 [3], Fed Chairman Ben Bernanke did what the Fed seems to do so well– operate in secret to manipulate outcomes.

Fed officials say they were alarmed, but focused on making their case in private rather than in public. Mr. Bernanke met privately with dozens of House and Senate members, even taking calls at home on weekends, and won praise for his willingness to listen and answer their questions.

Bernanke comes off as an elitist who is simply apoplectic in reaction to the prospect of the Federal Reserve having to actualy answer to the people whose money it deals and degrades on a daily basis. So he smartly stopped defending the Fed in public, and began working the system as usual:

Last summer, the central bank hired an experienced Democratic hand and former lobbyist, Linda Robertson, to help deal with members of Congress. Mr. Bernanke alone has met privately with about 40 senators and many House members in the last few months, sometimes to dissect arcane policy issues and sometimes just to explain what he does in plain English.


To re-translate in plain-er English: Bernanke hired a former Enron lobbyist [5] to grease the wheels in Congress so that Americans can continued to be screwed by an unbeholden, unaccountable,unelected central bank.

The problem is, Bernanke still has not made a plausible case against a Fed audit. He and the other Fed supporters go on about nightmare scenarios where an audit:

“…could lead to a Congressional “takeover” of monetary policy that would be “highly destructive to the stability of the financial system, the dollar and our national economic situation.”

Hold on, isn’t that what has already happened [6]–with the Fed at the helm! I don’t believe you Mr. Bernanke, but maybe I am not as sophisticated as your little club that has secret meetings, maybe I am not privy to the same information that you are. Audit The Fed-now.