Monday, September 28, 2009

The Ron Paul smear campaign continues

Either former pseudo-libertarian-turned-neocon Bruce Bartlett is completely ignorant of economics, or he's blatantly lying about the consequences of auditing the Fed. Bartlett says it is Ron Paul's meddling with the Fed's so-called "independence" that would induce Zimbabwe-style hyper-inflation, when in fact it is the Fed's economic policies - massive money creation, loose credit - that will be the culprit. This is the sort of excrement you have to wade through when a private cartel has a monopoly on money creation, and buys the media, buys economists, buys the education system - in other words, buys out the entire establishment. Or, perhaps, at least in this instance, Bartlett is just a complete idiot.

    The Daily Dish (Andrew Sullivan, The Atlantic) -

    Bruce Bartlett calls Ron Paul's attempt to audit the fed a "crackpot idea":

      Whatever one thinks of the Fed's policies in recent years--and there certainly are grounds for criticism--there is no reason whatsoever to believe that undermining its independence and putting the Congress in control of monetary policy--Ron Paul's goal--would improve matters at all. Indeed, there is every reason to believe that full congressional control of monetary policy would be a disaster. Instead of getting Switzerland-like stability, as Paul foolishly imagines, the more likely result would be Zimbabwe-like hyperinflation.