Saturday, January 3, 2015

Will New GOP Senate Leader Mitch McConnell Really Allow Fed Audit?

The news that Harry Reid - who was just ousted as Senate Majority Leader - was injured during an “exercise accident” is a perfect metaphor for the Democratic party being hit by a truck in the November mid-terms. The former Nevada Gaming Commissioner turned politician suffered multiple injuries including “broken ribs” and “facial bones” when a piece of gym equipment broke and the pathetic little twerp fell hard. Unfortunately for America, Reid’s injuries were not sufficiently serious to keep him from returning to the Senate for the opening of the new session of Congress this week. However, word is out that Reid will no longer be the obstacle blocking a long overdue audit of the temple of the money changers that is the Federal Reserve.

As libertarian financial blog Zero Hedge reports in a post entitled "Audit The Fed" Bill Gains Momentum, Yellen Starts Damage Control”:

After years of being blocked by Democratic leader Harry Reid, The Washington Times reports, the Senate will finally get a chance next year to vote on legislation to force a broad audit of the Federal Reserve's decision-making. Ron Paul's flagship legislative efforts have been picked up by his son and now has the backing of the leader of the new Republican majority, Sen. Mitch McConnell, whose office says the legislation will earn a floor vote. While the bill is not a sure thing, it appears to have The Fed worried as Reuters reports, Yellen and other Fed officials are lobbying Capitol Hill to drop the audit push.

So it is finally time for the incoming Senate Majority Leader Mitch McConnell to show whether he is sincere in doing the will of the American people after the mandate that voters just delivered to Republicans. Whether McConnell has the principles or the stones to take on the banking parasite that has been sucking the life out of America remains to be seen but there is at least a tiny sliver of hope. The story cited by the Zero Hedge piece from the Washington Times reports that the auditing of the Federal Reserve:

Has the backing of the leader of the new Republican majority, Sen. Mitch McConnell, Kentucky Republican, whose office says the legislation will earn a floor vote.

But despite overwhelming support in the House, where the legislation has twice passed, the bill is not a sure thing in the Senate, and the Fed itself is pushing back. Chairwoman Janet L. Yellen said earlier this month the Fed remains opposed to stricter oversight of its monetary policy decisions, and Reuters reported she and other Fed officials are lobbying Capitol Hill to drop the audit push.

The grandmotherly Obama appointee Yellen has not yet won the coveted prize of Time Magazine’s Person of the Year as did Chairman “Helicopter” Ben Bernanke but the wagons are being circled and the woman’s power should not be underestimated. The absolute last thing that the power elite in this country will allow is for even a shred of transparency be imposed upon their long-running racket of creating money out of nothing and inflicting crushing debt slavery upon the serfs. Hordes of the best arm-twisters of the banking and speculative trading lobbies will be descending on D.C. like a plague of locusts this coming week and that bodes ill for any serious audit of the Fed and the institution’s protection of Wall Street casinos.

So now it is up to Mitch McConnell to stand up and do more than simply allow a “floor vote” on scrutinizing the moneychangers. Such a vote would be doomed to failure once the graft machine has successfully bought off enough Senators to derail the audit but it would provide cover for McConnell. He can then claim that he honored the will of the people before he gets down to business in cutting deals with Emperor Barack Obama to further destroy what remains of the American middle class by pushing through the TPP.