Although they consider themselves to be a "conservative" magazine, the truth about the National Review is ... they love the State!
Here's an example:
Sweating the Fed
by the Editors
Bernanke, who is being sweated by senators soon to vote on retaining him as chairman of the Federal Reserve, is the principal architect of the government’s interventions in the banking industry during the financial crisis. That intervention probably represented the best available course of action in the circumstances, and it very likely averted a much worse recession than the one we’ve experienced.
Sorry Editors, but "that intervention" probably represented the worst of all available courses of action. Please read Meltdown. See also:
- Year After TARP: $700 Billion Down the Drain
- The Bailout of Abominations
- Federal Reserve
- Economy
Prudent it may have been, it is not popular, which makes Bernanke an attractive target. Members of Congress, who resent the Fed’s clout and its independence are using Bernanke’s hearings to grandstand for their own narrow interests, which range from Democrats’ appetite for a second helping of stimulus spending, on top of the $787 billion they already have served up, to Ron Paul and Barney Frank’s odd-couple campaign to involve Congress in the Fed’s interest-rate decisions.
Prudent? You call a corrupt system printing fairy money out of thin air, backed by nothing, and producing nothing but more government, prudent?
You may want to review your dictionary.
- wise or judicious in practical affairs; sagacious; discreet or circumspect; sober.
- careful in providing for the future; provident: a prudent decision.
But of course ... that evil Ron Paul ...
It is also a little dishonest: Ron Paul does not want merely to audit the Fed, but to abolish it. Paul, a puritanical libertarian whose commitment to such antediluvian projects as outlawing fractional-reserve banking and disbanding the military have made him a figure of fun, says he simply wants to have a look at the Fed’s books. But the Fed already is audited by both government and private auditors. It is not, however, audited by Congress — because it is by design independent of Congress. But apparently even the libertarians in Congress believe that there is no corner into which legislators’ many hands and long noses should not reach.
Ron Paul has been forthright about wanting to abolish the Federal Reserve since his political career began back in the 1970s. He also just published an excellent book titled End the Fed. Your attempt to label him as "hiding" this fact is foolish. Anyone who even hears the name Ron Paul knows he wants to abolish the Federal Reserve for crying out loud.
And no Editors. The Federal Reserve is not audited. But if it does get audited, you're right ... The Federal Reserve would be shut down.
[T]he Fed’s main job is to maintain price stability. For the past many decades, that has come to mean keeping a damper on inflation, a critically important task. We have severe unemployment and jaw-dropping deficits that Democrats are laboring mightily to make worse. The dollar and the creditworthiness of the U.S. government are objects of skepticism, and a serious spike in inflation would exacerbate that.
Actually, their stated goal is a stable dollar ... Yet the dollar has wasted away ... Why do you think that is?
The "dollar and the creditworthiness of the U.S. government" should be "objects of skepticism." They're printing magic money out of thin air! (Then putting us, "we the people," on the hook for it to boot!)
Sweet deal. The real question is, why should anyone work for dollars they know the government is going to deliberately devalue?
The Federal Reserve doesn't keep "a damper on inflation," the Federal Reserve creates inflation!
Given these delicate circumstances, it is no time to go mucking about with the central bank. The question is not so much the particular one of Bernanke’s leadership — he has been a very able public servant in our estimate but is by no means indispensable — but rather one of the institutional continuity of the Fed and its mission. Even those who share Ron Paul’s suspicions of the independent central bank must, if they are sober, conclude that a central bank in thrall to the short-term political needs of congressmen would be a catastrophe.
And right here, you tell us what Sweating the Fed is really all about. Protecting central power and authority.
The "delicate circumstances" we're in today, were created by Congress and the central bank. By printing trillions of dollars out of thin air, they created an Internet bubble, then a real estate bubble, then a credit bubble, and coming soon to a theater near you ... the Bailout Bubble!
Yet, you're worried about the "institutional continuity" of our ultimate central planner? The "institution" that controls a complete monopoly on our money in spite of its track-record of losing 96% of our dollars value? ... a creature of the "progressive era?" ... is what you wish to protect?
There is absolutely nothing conservative about supporting the single most powerful government central planning organization in America. A central planner who deliberately dilutes the value of the dollars for which you labor.
Neither the Fed nor the Treasury nor the FDIC has functioned flawlessly throughout this crisis, but together they have functioned well enough: better, even, than many had expected, and Bernanke’s clear thinking has helped to unify and coordinate their efforts. Independence is the Fed’s characteristic virtue, as solvency is the FDIC’s and creditworthiness is the Treasury’s.
There is nothing "independent" about the Fed! You've been reading too many conspiracy stories.
The dollar is falling because your hero Bernanke (a Keynesian), has diluted its value with useless pieces of paper. Bernanke did exactly everything wrong. Well, unless, your ultimate goal is to expand the federal government.
Sorry, but again, there is nothing conservative about defending a counterfeiting central planner.
Power is full of danger; therefore the good state is one in which power is checked and balanced, restricted by sound constitutions and customs. - Russell Kirk
It's time to give liberty a try, and End the Central Bank!
Besides ... the people want it!
Barry Goldwater’s Revenge: The Libertarian Shift Among American Republicans
As the Tea Party movement continues and many Americans grow more concerned by government expansion, the interest and support for Libertarian style Republicanism is knocking loudly at the front door of conservatism. The GOP would be wise to answer.
WASHINGTON – Leaders on opposite sides of the political spectrum joined forces today on a letter to the Senate demanding that Congress mandate an audit of the Federal Reserve Bank before voting to reappoint Federal Reserve Chairman Ben Bernanke for a second term. Although the groups may not agree on all the elements of financial reform, they do agree that the Federal Reserve should be held accountable to taxpayers.
79% of Americans Want an Audit of the Fed, Only 21% are in Favor of Confirming Bernanke, and Only 20% Think Geithner is Doing a Good Job
79 percent of the American public is in favor of auditing the Fed, according to a new poll by Rassumussen. Because another 14% are not sure, that leaves only 7% opposed to an audit. And as Rassumussen, the support for auditing the Fed is nonpartisan and very widespread ...
Everyday, more and more people are waking-up to the reality of these Establishment boot-lickers (of which a large portion of the staff at National Review has become). Their lame plea to protect the State will fall on deaf ears.
Besides, your beloved central planner has gone done us in ... We're Entering the Greatest Depression in History ...
A wonderful Fisking of Rich ‘Twinkle Toes’ Lowry and the Editors at the National Review.
Quoted from and Linked to at:
WALKING IN A FISKING WONDERLAND
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It’s Time To ROC ‘N’ ROLL:
Restore Our Constitution & Restore Our Lost Liberties