Thursday, August 27, 2009

You Are Still the Enemy of the State

In November, I advised you that you are the enemy of the State (the Government). Please revisit that post. Nothing much has changed.

The U.S. District Court in New York has now ruled that the Fed must disclose the recipients of its loans and also identify the garbage assets that it swapped at par for Treasuries. Predictably, the Fed is still resisting disclosure (belying its lip service to transparency), arguing that they don't want depositors to know how bad off their banks are and they don't want the banks' shareholders to know either. See Quelle Surprise! Fed Uses Scare Tactics to Try to Forestall Loan Disclosures by Yves Smith on Naked Capitalism. These people have no shame. It is like the postmodern criminal who killed his mother and father and threw himself on the mercy of the court because he was an orphan.

And now the Obama Administration has announced that it will appoint Helicopter Ben Bernanke to another term as head of the Fed. This guy is a criminal who, you may recall, I suggested, should be accorded the same status in society as a child molester, robber or rapist who preys upon the innocent and unsuspecting. And apparently he and Henry Paulson are being given a pass by the SEC. Bernanke's reappointment is consistent with other Obama appointments.

Some in the fawning media are saying that President Obama should inherit the Camelot mantle. Even if you were one of those who pines for the return of the glamor and mystique of the Kennedys, you ought not to buy in to this suggestion. First and foremost, President Obama has not surrounded himself with the intellectual firepower that John Kennedy did. To the contrary, Obama has surrounded himself with second-rate radical left-wing ideaogues bent on ending economic and political freedom and growing the size of the federal government and its power over the individual.

Consider, for example, Ezekiel Emanuel, an Administration health care policy advisor. This person is truly scary. He would have a government board place the interests of "society" over the interest of an individual and have the government makes the individual's health care choices. This is what socialism is all about: elevation of "society" over the individual. But to articulate the interests of "society" you need an authority, a leader. While the promoters of socialism believe that such authorities will be benevolent, we know better -- they will be benevolent to some at the expense of others. Now you know why protesters are worried about "Nazis" in the Administration.

No comments: