End the Fed? Or End the Market Economy?Submitted by LatinsforPaul on Wed, 12/09/2009 - 13:29
Rebuttals for this Socialist greatly appreciated.
End the Fed? Or End the Market Economy?
By Shamus Cooke
When Republican Congressman Ron Paul recently introduced legislation to audit the Federal Reserve, diverse sections of the political spectrum applauded. And rightfully so. The Fed’s role in the still-developing bank bailouts is one of utter secrecy; the total cost of which — as estimated by the bailout’s Special Inspector General, Neil Barofsky — could cost taxpayers $23.7 trillion. The fact that legislation needed to be introduced to raise the question of the whereabouts of these funds points to a larger breakdown in U.S. democracy.
Ron Paul’s legislative maneuver is consistent with his larger political philosophy, which he attributes to the Austrian school of economics. Central to this economic outlook is a focus on monetary policy, and the blaming of central banks for much of our economic troubles. Paul’s popularity has increased exponentially, rising in consequence to the bank bailouts and the Federal Reserve’s role in the Great Recession. The title of his recent book, End the Fed, was also used as the slogan of protests held around the country — many organized by Ron Paul supporters — outside of central banks.
As elite-controlled as the Federal Reserve system is, it’s “ending” cannot be the final goal of a progressive political movement. Larger social/economic forces must be considered too — and be dealt with.
For instance, a cursory glance at the history of the Federal Reserve shows its inadequacy as a goal for any social movement. After Andrew Jackson abolished the U.S. Central Bank in 1833, the market-economy [capitalism] continued to
evolve; small companies out-competed and incorporated others, continued growing, and soon morphed into the giant corporations that we know today — driving down wages, boosting profits, and increasing social inequality.
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