The Congress

Rep. Duncan questioned Federal Reserve chairman Ben Bernanke on Thursday about what his opinion of a majority in Congress who have co-sponsored Ron Pauls bill to audit the Federal Reserve. Bernanke clearly regarded the bills intent as hostile to the institution he represents: “My concern about the legislation is that if the GAO is auditing not only the operational aspects of the programs and the details of the programs but making judgments about our policy decisions would effectively be a takeover of policy by the Congress and a repudiation of the Federal Reserve would be highly destructive to the stability of the financial system, the Dollar and our national economic situation.” The brunt of Bernankes statement is as crystal clear as a threat from a common street thug back off from the Fed, or the economy gets it. The chairman clearly implies that any attempt to restore monetary powers constitutionally granted to the Congress would be seen as a “takeover” and that the defensive and “repudiated” Fed would respond destructively. Of course Congress constitutional power over money is in the US Constitution: The Congress shall have power To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures; Bernankes open use of financial terrorism in the face of Congress blatant Constitutional authority is absurd and despicable.