"But a Constitution of Government once changed from Freedom, can never be restored. Liberty, once lost, is lost forever." - John Adams

Tuesday, November 23, 2010

Ron Paul to be new head of Monetary Policy

The times, they are a-changin’. Unthinkable only a year or two ago, the prospect that Congressman Ron Paul may actually receive the long-deserved chairmanship of a House subcommittee grows brighter by the day. And Paul’s longtime nemesis, Federal Reserve Chairman Ben Bernanke, may soon find his chief congressional detractor in a position to do a good deal more than mere finger-wagging.

By all accounts, the congressman from Texas, who, as expected, handily won re-election earlier this month, is in line to chair the House Domestic Monetary Policy and Technology subcommittee. In recent years, the subcommittee has, in Dr. Paul’s words, “basically been a committee that deals with commemorative coins,” its members too cowed by the majesty of the Fed to actually contemplate delving into serious monetary reforms. But if Dr. Paul is permitted by House party leadership to ascend to the chairmanship, there is little doubt that he will soon be using his new platform to push for more transparency at the Fed, more congressional oversight of the central bank, and a phased-in return to the gold standard. (Given the ferocity of the Tea Party insurgency, it is hard, although not impossible, to imagine that they would risk alienating the movement by dissing its founding father.)

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