Barney “The Gay Dinosaur” Wants Runaway Inflation

Yes, you heard that right.  Barney Frank wants runaway inflation! 

Why?  Well, first answer me this:  What happens when the Fed increases interest rates?  Historically, inflation ratchets up.  Currently, there are several members on the Federal Reserve Board who are “hawkish.”  That means, with all this monetizing of the debt under the enigmatic title of Quantitative Easing, they are VERY concerned about runaway inflation if the Fed increases the interest rates. 

Right now, since the Fed and Congress have mucked around too much with the economy, it’s a game of plugging holes in the economic dam as fast as you can to keep it from bursting and drowning Americans in a tidal wave of rapid inflation.  Obviously, keeping interest rates low is paramount to keeping the structural stability of a damaged economic dam in check.  Barney Frank wants to pull that emergency plug by getting rid of those hawkish board members.

So, back to my original question:  Why?  Well, considering that Barney Frank championed ACORN until it became a political liability and was, quite literally and figuratively, in bed with Fannie Mae which began the financial collapse of our economy in 2008, one can only conclude that Barney Frank continues to embrace the Cloward-Piven Strategy to effect Change you can believe in.  Either that, or he has been smoking way too much ganja:

Rep. Frank targets Fed hawks
Wants to strip regional bank presidents of FOMC vote
May 3, 2011, MarketWatch

Under its current structure, 12 of the Fed’s 19 members vote at interest rate setting meetings. The seven members of the Fed’s board of governors in Washington, who are appointed by the president and confirmed by the Senate.

The regional Fed presidents are picked by their individual boards of directors, often regional bankers and local business leaders. While the president of the key Federal Reserve Bank of New York also always has a vote on the FOMC, the remaining eleven Fed bank presidents rotate as voting members.

In a discussion on CNBC of his bill, Frank said the current Fed structure is undemocratic. He noted that regional Fed bank presidents are not picked by elected officials, so they should not vote on key public-policy issues such as setting the level of interest rates.

In other words, Barney Frank wants to strip control from the board members on the Fed and give absolute control over the interest rates to the government!  More government, more control, more economic disasters.  Does anyone care to guess as to which ideological path this is heading down?  I’ll help you out:  Communism!

Regional Fed bank presidents are picked by their boards of directors, made up of regional bankers and local business leaders.

“I think it is fine for them to sit in and make recommendations,” but when it comes to voting they should be excluded, Frank said.

Their presence as voting members “it totally inconsistent with any kind of theory of democracy,” Frank said.

“It undermines legitimacy when you have literally people who are in the financial industry picking people to vote on setting interest rates,” Frank said.

Uh…  Okay, let’s all pause for a moment and let the hypocrisy of Barney’s statements really sink in…

Mark Calabria, director of financial regulation studies at the Cato Institute, a libertarian think-tank said Frank doesn’t like that some regional bank presidents are raising questions about inflation.

“It is a shot across the bow — shut up, I don’t like what you are saying,” Calabria said.

Frank’s legislation is expected to be resisted fiercely by the regional bank presidents and their allies on Capitol Hill.


Explore posts in the same categories: Abuse of Power, By Doctor Bulldog, Cloward-Piven Strategy, congress sucks, Economics, Economy

2 Comments on “Barney “The Gay Dinosaur” Wants Runaway Inflation”

  1. ciccio Says:

    Just in case you did not notice, you have some major inflation already. To put economics in the most simple terms, if your country is doing well, everyone wants a piece of it, they want your money rather rather than their own. The health of most economies can be determined by the cumulative differential in the rates of exchange. Just looking at last year should give you the picture, these are May 10 versus May 11 figures and rather than giving actual exchange rate which are often fractions of pennies and may not look to different I have shown the relative rise of the currency in question against the dollar. For example, in 2010 one dollar would buy you 94 Japanese yen, today it would only buy you 84. All the currencies I list have gone up against the dollar, you can figure out how much your money has inflated.

    2010 2011
    Swiss 86 109
    Euro 131 148
    £ 152 165
    Brazil 58 63
    India 44.7 46.9
    Sweden 14 17
    Singapore 73 82
    Russia .o3 .o4
    Canada 99 104
    Malaysia 31 34
    Pakistan 83.9 84.3
    South Africa 6.62 7.42
    Burma 1768 1901
    Poland 33 37
    Indonesia 8549 9048
    Iceland 124.6 128.8
    Central Africa F80 90

    As little as the US seems willing to accept the fact that they are at war with Islam will they accept the fact the they are at war with China. Different tactics, different objectives. In that same year that the rest of the world is going past the dolllar, the Chinese yuan has gone from 15 cents to 15 cents. The whole of Asia is booming, China more than anyone yet they will hold the yuan at the same rate, to hell the free market, they want the US market and they are not going to give it up.

    In all this there is one bit of good news, the Vietnamese Dong has gone from 19 to 20,000 to the dollar.

    The dollar is better than the dong!

    More good news, only 39 US banks went bust this year.

  2. Big Frank Says:

    BTW during runaway inflation the poor and the middle class struggle to survive and exist while those in positions of wealth and power grow richer and stronger. These scurrilous knaves IMHO are crafting this inflation as a means to greater control the markets,economy, and the population. One only has to look at history.

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