Liberal Star and Supposed Hero of the Middle Class Won’t Audit the Fed

My, oh my. The hypocrisy dribbling out of Senator Elizabeth Warren (D-MA) sure is gross. Warren is the current Liberal du jour among grassroots Democrats and a rising star in her party. Her claim to fame (other than being a “Native American”) is that she is supposed to be a champion of the little guy and a warrior in the fight against Wall Street.

Except that it’s all a crock. Of course.

We have definitive proof of this now that Warren has chosen to come out against Senator Rand Paul’s (R-KY) “Audit the Fed” bill.

Senator Paul (like his father Rep. Ron Paul before him) has a deep-seated distrust of the Federal Reserve bank, which is an unelected, unmonitored private organization that controls our nation’s monetary policy. In the perspective of those who buy into the Chicago School of Economics (or the Austrian School), the Federal Reserve, while created to protect American financial interests, has actually caused much more harm than good. In light of this, Senator Paul has written a bill that the majority of the country supports to audit the Federal Reserve so that we can see exactly what is happening with our money.

This bill would be a definite win for the little guy. In fact, the only people who oppose Auditing the Fed are the Wall Street banksters and crony capitalists who need the cloud of mystery around the Fed so that they can keep making their money!

Elizabeth WarrenSen. Elizabeth Warren (D., Mass.), a member of the Banking Committee and an outspoken critic of the Fed’s oversight of big banks, said she does not support Mr. Paul’s proposed legislation, which she said could have “dangerous” implications for monetary policy.

“I strongly support and continue to press for greater congressional oversight of the Fed’s regulatory and supervisory responsibilities, and I believe the Fed’s balance sheet should be regularly audited – which the law already requires,” Ms. Warren said in an emailed statement. “But I oppose the current version of this bill because it promotes congressional meddling in the Fed’s monetary policy decisions, which risks politicizing those decisions and may have dangerous implications for financial stability and the health of the global economy.”

 

The folks at Reason.com have noticed the hypocrisy pouring out of Senator Warren but they aren’t surprised.

 

This news will not surprise anyone who has paid attention to the discrepancies between Warren’s deceptively populist rhetoric and her partisan actions. She talks a good game bringing a modicum of fair play to the mega corporations and their allies in Washington, but when push comes to shove, she reliably supports their cronyist practices. She supports the Export-Import Bank, for example.

So the next time anyone talks about Warren in the context of a populist hero, remind them that the senator from Massachusetts believes the activities of the most powerful money-related institution in the country should be hidden from public scrutiny.

See, while Warren may like to paint herself as a “populist,” the truth of the matter is that she is a pure socialist. She will talk about supporting the lower socio-economic classes and fighting against the big-moneyed special interests, but the truth is in socialism you need both. So while Warren rants and raves against the banks and against the cronies on Wall Street… she will also give them everything they want and more. She NEEDS their money. She NEEDS them.

If we want to get rid of the corruption that flows from these special interest groups we need bills like Audit the Fed to bring their criminality into the light. As long as the Federal Reserve is allowed to operate without any oversight and behind closed doors… the criminals who pay for political favors (and the criminals who give political favors) will continue to do what they do without concern about ever being punished.