By Stephen Z. Nemo:
With the US economy continuing to contract and job creation declining rapidly, Federal Reserve Chairman Ben Bernanke announced that his agency will begin quantitative easing part four. The Fed’s efforts to meet the economic crisis of 2008, triggered by the Fed’s easy money policies and Congress’ subprime lending, will attempt to save us by expanding debt to levels not seen in human history.
“Our intention is to keep monetary policy highly accommodative for the foreseeable future,” Bernanke told Congress, “and the reason that’s necessary is because inflation is below our target and unemployment is still quite high.” In other words, three rounds of massive, “stimulative” currency printing by the Fed have failed to inflate the dollar. Deflationary (Great Depression II) pressures continue.
Bernanke’s announcement triggered an impressive rally on Wall Street. That’s because, for all intents and purposes, the United States government IS the US economy — in total. That means the entity that mismanages the US Postal Service, Social Security and Medicare – and is about to unleash the “train wreck” known as ObamaCare – is in command of capital outflows to favored industries, like the now bankrupt solar-panel manufacturer Solyndra.
In my opinion, establishment Republicans worry about a government shutdown because they fear a budget impasse will disrupt the government-run economy, sending the nation into a full-blown economic meltdown.
“The president is going to cause a showdown, whether it be on the sequester, whether it be on the debt ceiling or whether it be on the health care law,” said Heritage Foundation President Jim DeMint during an appearance on Fox News, “The Congress is going to need to stand up to this president – he’s out of control, he’s on pace to double the [national] debt during his time in office, and he’s expanding spending at every turn. So, if the Congress doesn’t stand up in some way, this president is going to continue to roll all over them.”
The current debate raging within the Republican Party over defunding ObamaCare illustrates the profound folly of the GOP’s big-government wing: By acquiescing for decades to the big-spending agenda of the Democratic Party, establishment Republicans are caught in the gravitational pull of big government’s black hole. That gravitational force not only threatens the financial stability of our economy and its ability to create good-paying jobs, it threatens the structure of government itself; with the White House now replacing the House of Representatives as the constitutionally established arm of government solely responsible “for raising revenue.”
Forget today’s phony, symbolic House vote to “defund” ObamaCare. I believe House Speaker John Boehner will ultimately reach an accommodation with the president, the Democratically controlled Senate and House Democrats to pass a continuing resolution funding ObamaCare and raising the debt ceiling. That’s because as pushers of addictive big-government, it’s far too late for tainted GOP establishment leaders to play the role of policeman.
That is why I continue to press the point that the GOP’s leadership will never change. It’s up to you to vote them out of office in the coming Republican primaries. You must ask yourself if loyalty to party trumps your loyalty to the future of your family and your nation.
If you vote for incumbent establishmentarians, you are voting for the continued erosion of our Constitutional Republic and in favor of the growing totalitarian monster in Washington.
And soon, it won’t matter who you elect to a Congress whose true masters sit in the White House and on the shadowy Open Market Committee of the Federal Reserve.