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Janet Yellen to parrot the same old lines and lies.

posted 11/16/2013 10:25:26 AM |
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Yesterday, Janet Yellen, President Obama's nominee to replace Ben Bernanke as Chair of the Federal Reserve, appeared before the Senate Banking Committee.

Her testimony reinforced the importance of Campaign for Liberty's efforts to pass Ron Paul's Audit the Fed bill (S 209).

For almost three hours, Janet Yellen not only defended failed Fed polices such as Quantitative Easing (QE), but she promised more of the same until the Fed finally "fixes" the economy.

And, when Senator David Vitter asked Yellen if she supports Ron Paul's Audit the Fed bill (S. 209), she parroted the old straw man response about how Audit the Fed would compromise the Fed's independence.

I wonder if Yellen has actually read the Audit the Fed bill, or if she was merely just repeating tired and discredited talking points given to her by the Fed's anti-transparency staff, as there is nothing in the bill that gives Congress any authority over monetary policy.

Audit the Fed simply authorizes a full Government Accountability Office (GAO) audit so the American people can at last learn the full truth about the Federal Reserve's operations.

But since Janet Yellen has been at Bernanke's side as Vice Chair of the Federal Reserve since 2010 and was President of the Federal Reserve Bank of San Francisco for ten years before that, it is understandable why she might oppose opening the Fed's books.

Yellen does not want the American people to learn about the Fed's actions to bail out Wall Street, the "too-big-to fail" banks, and even foreign central banks.

Yellen also does not want the people to learn the full details about how, in the words of former Fed official Andrew Huszar, the Fed lost "any remaining ability to think independently from Wall Street" under the Bernanke-Yellen regime.

Watching Yellen repeat discredited "arguments" against auditing the Fed, as well as parrot tired defenses of the Fed's inflationary polices, has made me more determined than ever to ensure Campaign for Liberty can do everything possible to support Senator Rand Paul's hold on her nomination as part of his efforts to convince Senate Majority Leader Harry Reid to hold a vote on Audit the Fed.

After today's hearing, the Senate Banking Committee will likely vote on Yellen's nomination next week, with the full Senate debating it shortly after Thanksgiving.

So Campaign for Liberty needs to finalize its plans as soon as possible to make sure our efforts have maximum effect.

Today's hearing removes any doubt that Yellen will continue the same pro-Big Bank, pro-Big Government policies she helped Ben Bernanke implement.

Which is why the K Street lobbyists have launched their own all-out push to get Yellen confirmed and block our efforts to pass Audit the Fed.

P.S. Janet Yellen parroted the same old lines and lies we have gotten used to hearing from the Fed and its apologists, including claiming Audit the Fed would somehow give Congress new authority over monetary policy.

But anyone who has actually read the bill knows there is nothing in the legislation that gives Congress any authority over monetary policy!

Yellen's hearing shows why the special interests and their K Street lobbyists are pulling out all the stops to get her confirmed without the Senate first having an up or down vote on Ron Paul's Audit the Fed legislation.

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Nov 17 @ 10:47PM  
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Janet Yellen to parrot the same old lines and lies.