Sen. John Cornyn (R-Texas) (photo credit: Gage Skidmore)Continue Reading
Who will conjure the American Dream back for us?
Politics is part prestidigitation, part reality. A great magician distracts her audience’s attention while producing the payoff. Abracadabra!
Want to see how it’s done? Focus on the hidden hand.
In this case, the United States Senate.
Money matters. Bad money “engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” Bad money “is noticed by only a few very thoughtful people … gradually overthrows governments, and in a hidden insidious way.”
Lucky for America, we have, in the Congress that “one man in a million” riding to our rescue with a proposed monetary commission Actually, greatly against the odds, we have several: Rep. Kevin Brady (the monetary commission’s prime sponsor), Rep. Jeb Hensarling (Chair of the committee of jurisdiction, House Financial Services Committee), and Rep. Paul Ryan (Speaker). Together almost unheralded, they got this antidote to what is stifling American job creation passed last November.
The Congressional Research Service summarizes it:
This bill establishes the Centennial Monetary Commission to: examine how U.S. monetary policy since the creation of the Federal Reserve Board in 1913 has affected the performance of the U.S. economy in terms of output, employment, prices, and financial stability over time… and recommend a course for U.S. monetary policy going forward.
This excellent piece of legislation could finally smoke the snake out from the wood pile.