Friday, April 24, 2009

The next Federal Reserve Board Chairman - Ron Paul?

Robert Schmidt and Hans Nichols reporting for Bloomberg News:

President Barack Obama fully backs U.S. Federal Reserve Chairman Ben S. Bernanke, White House Chief of Staff Rahm Emanuel said.

“The president has 100 percent confidence” in the Fed chief, Emanuel said in an interview on Bloomberg Television’s “Political Capital with
Al Hunt,” airing this weekend.

That's too bad and, frankly, incomprehensible. President Obama claims to champion transparency, yet - using a "national security and trade secrets" clause in the Federal Reserve Act - the Federal Reserve has been stonewalling credible journalists for six months on their quest to learn the beneficiaries of the $2 trillion printed by The Fed over the past twelve months. So seems to be a disparity between the President's words and his actions.

I'm not alone though in lacking confidence in Bernanke. Even self-avowed Democratic Socialist Senator Bernie Sanders (Populist - VT) wants to know more about the Fed bailouts, but Bernie doesn't seem to be getting any help from President Transparency.

Regardless, I hope the President soon realizes the err of his ways and begins demanding good government. If we're lucky, he may not only fire Bernanke... he could appoint Congressman Ron Paul as the next Chairman of the Federal Reserve! Now that would be history in the making.

Tim White

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