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Wise Men. Power of Fools.
Finance
Perspective on the News
Sunday, June 13, 2010
Ed DeShields

The President is demanding Congress hand him sweeping new powers over the nation by July 4th. Obama intends to create a soviet-style central committee of "wise men" to regulate and police the financial system at the pleasure of the President.

What an irony of two symbols of governance on this special day; loss of American-style free market independence vs. a socialistic consolidation of power.

In a move direct from the classic socialistic playbook, consolidation of power through crisis is first achieved by the usurping the control of the people from their elected representatives and handing it to a central committee of rule makers made up of a small group of hand-picked "wise men".  Once the “law” is determined, further rubber-stamping follows by the so-called elected legislature.   Under the proposal, once given, power cannot be rescinded by the Congress by removing a central committee member.   

Under this legislation, over half the American economy will fall under some kind of government control overseen by a central committee of 9 to 11 "wise men" all appointed by President Obama for the Financial Services Oversight Council. 

There is not an area of the economy that theoretically could not fall under the jurisdiction of this elitist group.  The pending control of the lucrative financial sector combined with the government’s prior intervention in the health care and manufacturing industries will ensure the President’s power will extend to over 50% of the nation's gross domestic product.  The President will be the new Commander-in-Chief of the economic engine of the world.  And, the free market will be but a distant memory.

The central committee can over-ride Congress and circumvent State's rights, forcing federalism of its laws, and its ability to enforce them on local communities.  With committee approval, the government could break up large, complex companies that pose a grave threat to the financial system.

For example, I predict its first act will be to move to nationalize British Petroleum over its role in the Gulf oil spill, seize its assets and send BP’s assets to the government for distribution to the people – a Hugo Chavez tactic with Venezuela’s oil industry and private farm lands in the 1990’s.  It will demonstrate, for the world to see, that Obama is in control. 

A nine-member Financial Services Oversight Council made up of the treasury secretary, Federal Reserve chairman, a presidential appointee with insurance expertise, heads of regulatory agencies and a new consumer protection bureau (all appointed by the President) that would monitor financial markets and watch for threats.  If a threat emerges, the central committee will step in to make new rules and police them. 

In boasting of the sweeping new powers being anointed to the President, Democratic Senator Chris Dodd recently said, “the Federal Reserve will have "not one iota of authority" under the new law (other than one vote on a nine-member council of systemic regulators with veto power over bureau rules). Monetary policy is now made, governed and policed by the central committee.

Dodd said that this set-up was the “next best thing to an independent agency where ordinarily a regulator is subject to the whim of individual members of Congress who control certain purse strings.”   In other words, the central committee would not be accountable to anyone but the President and be his instrument for authority. 

President Obama's financial "reform" is nothing less than the destruction of individual freedom in America. If government controls both the means of credit and the object on which it will be spent, it controls people.

Unfortunately, no one is objecting and the current political balance is left to the liberal elitists who are drunk for more power.

About Ed DeShields

From last week:  Hey Buddy.  Can you Spare a Buck?



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