Senator Corker (R-TN): "Federal Reserve should remain independent"
I can't imagine a greater catastrophe for our country... for folks like us (in Congress), or in the Administration, getting involved in monetary policy. I urge you to do everything you can to stay independent, and hope that we will enable that to happen." The video URL: ______________________________________________________________ Whether there is any relation to his position on this issue or not it is interesting to note that some of Sen Corker's top contributors consist of PACs and employees from the following companies: UBS/AG Also worth noting is that the financial / insurance sector was the largest of all the sectors giving to Sen Corker's campaign at $3 million; again no relation to his position is implied. See http://www.opensecrets.org for more details on who is backing Sen Corker and others. ______________________________________________________________ TN's other Senator (Lamar Alexander) made similar comments about The Fed:
The way I understand what Sens Alexander and Corker are trying to say is that they don't want to politicize monetary policy. Opening up the Fed to debate, in their minds, would allow Congress to politicize monetary policy. One of the stated reasons the Federal Reserve was created was so that monetary policy would be in the hands of an independent 3rd party away from the fleeting and fickle whims of Congress. Perhaps a good idea, except that it's unconstitutional because the Constitution does not grant Congress the authority to delegate that specific power to an external entity, especially one that is non-governmental. The Constitution also does not grant the US government the power to create (fiat) currency out of thin air. The Constitution says: "Congress shall have the power to coin money, and regulate the value thereof... and to *fix the standard of weights and measures" [*Setting standards for weights and measures is important so that everyone knows how much an "ounce" of gold is. Since the Constitution does not allow for fiat currency defining an "ounce" is critical to ensure that specie and bullion are measured using consistent standards.] While Sens Corker and Alexander may be correct that Congress will not be responsible enough to handle the power to manage monetary policy, allowing that responsibility to remain pawned off to an independent, unscrutinized, unopen, unaccountable, and non-transparant, 3rd party is not the solution either. The solution is for Congress to actually become responsible and fulfill it's Constitutional obligations as spelled out in our founding document.
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Matt Collins
Categories: Ron Paul, Law, Domestic Policy, Republican Party, Action Item, US Constitution, Current Events, Revolution, Economy, Monetary Policy, Congress Tags: hr1207, audit the fed, Fed, Federal Reserve, 1207, audit, corker, bob corker, Tennessee, tn Showing comments 1—2 of 2
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