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US Senator Slams Washington Post Defense Of Fed Secrecy
Sanders: "Absolute power corrupts absolutely"
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Senator Bernie Sanders (I-VT), sponsor of S 604, the Federal
Reserve Sunshine Act of 2009, has slammed a recent Washington
Post editorial that contends the Federal Reserve should not
be subject to a general audit.
Sanders vented his opinions in a letter
to the editor which was published in the Post today.
"We must not equate 'independence' with secrecy."
Sanders writes in response to the Post's Friday editorial entitled
"Focus
on the Fed" which attacked his own and Congressman
Ron Paul's efforts to enact the Federal Reserve Transparency
Act, a move that would allow the American people to find out
for the first time where trillions in taxpayer funded bailout
dollars have been used.
"No matter how intelligent or well-intentioned the Fed
chairman and his staff may be, it isn't appropriate to give
a handful of people the power to lend an unlimited supply of
money to anyone it wants without sufficient oversight."
Sanders writes.
"Absolute power corrupts absolutely. The American people
have a right to know what is being done with their hard-earned
taxpayer dollars. This money does not belong to the Fed; it
belongs to the American people." Sanders urges.
The Washington Post's editorial angered many readers late last
week by essentially advocating the continuation of non-accountability
in government.
"Though the bill has attracted 276 co-sponsors in the
House and 17 in the Senate, it is wrongheaded in the extreme."
the Post's anonymously written piece stated.
"By opening up the Fed's most sensitive interest rate
and credit policies to public second-guessing, the bill would
create a risk -- real and perceived -- of monetary policy bent
to suit congressional overseers. This would destroy financial
markets' faith in the Fed and, by extension, the value of the
U.S. dollar, just as surely as a political 'audit' of the Supreme
Court's deliberations would undercut public faith in the justice
system." the piece claimed.
(Article continues below)
"This article makes comparisons that are
utterly dissimilar." Libertymage
writer Robin Grammer succinctly points out.
"Not only does our justice system make available
verdicts and vote counts the same day that the court votes on
the issue, they also make public the dissenting parties with
the articulated minority opinion. This is a a world of difference
from the transparency policy of the Federal Reserve, who graciously
offers us meeting transcripts five years after the meetings
occur. The transparency policies of these two groups are in
no way similar and making such a comparison is disingenuous
at best." he concludes.
Furthermore, as Ron
Paul himself explained during the Financial Services
Committee hearings last week, the bill would do nothing to further
politicize the Fed's decision making given that the Fed is already
overtly politicized anyway.
"Just the fact that they can issue a lot
of loans and special privileges to banks and corporations, that's
political. This idea that it would be political because we know
what happened afterwards just doesn't seem to add up."
Paul beseeched.
The bill would not give anyone in Congress or
elsewhere the authority to sit in on Fed hearings, thus it would
have no impact monetary policy. All it would do is provide answers
to the American people as to where their hard earned money is
being spent.
The Federal Transparency Act would also expose
the fact that it is the Federal Reserve that is responsible
for the artificial inflation of the debt bubble and the issuing
of credit out of thin air, the driving force behind the financial
crises.
The Truth is that the Washington establishment
knows that an audit would set the stage for a return of honest
money and fiscal policies, in which the privately run Federal
Reserve can play no role.
It comes as little surprise therefore to see
the establishment media in Washington advocating a continuation
of unaccountability and blanket secrecy.
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