Posted on 08/25/2011 1:29:36 AM PDT by Cincinatus' Wife
Many politicians and media pundits who should know better are not thinking very rationally about Governor Rick Perrys recent critical remarks concerning Federal Reserve Chairman Ben Bernanke and further additions to the nations money supply. It turns out that a constitutional analysis adds weight to Governor Perrys instructive remarks.
As reported, those remarks on August 15th were: If this guy prints more money between now and the election, I dunno what yall would do to him in Iowa but we would treat him pretty ugly down in Texas. Printing more money to play politics at this particular time in American history is almost treasonous in my opinion.
First of all, saying that we would treat him pretty ugly down in Texas is simply Governor Perrys colloquial way of saying Texans would not appreciate further dollar devaluation and they would tell him so. Most Americans also understand why Chairman Bernanke would be so treated. In addition, the low interest rate policies of Bernanke and his predecessor contributed more than most to the housing debacle of 2008, although the Congress shares much of that blame as well. Congress encouraged sub-prime lending, gave the Fed the impossible task of balancing employment with monetary stability, and has not controlled the Feds power to issue money as it is empowered to do.
The remainder of the Governors remarks clearly states the opinion that printing more money to play politics is wrong. Printing more and more dollars of diminishing value wont make the country less bankrupt. Economic history repeatedly shows that more money on top of that already injected into the economy, without a comparable increase in true wealth, ultimately leads to rising inflation. In addition to inflation, investment and employment stagnation results from policy uncertainties relative to income taxes, dollar value, and regulations. Increasing damage to the economy not only hurts all Americans financially, but it also damages our ability to provide adequately for our national security.
The question is would it indeed be constitutionally treasonous to print more money at this particular time in American history ? Article 3, Section 3, Clause 1 of the Constitution states Treason against the United States, shall consist only in levying War against them, or in adhering to their Enemies, giving them aid and comfort. It is important to note that the Constitution defines two types of treason: levying War and adhering to enemies. Bad monetary policy does not directly levy War against the United States. On the other hand, by eroding our financial capability to provide for national security, that policy adheres to or supports our enemies, whether designated as such or waiting in the wings, and gives them aid and comfort.
The financial demise of America is the goal of radical Islam, a clearly defined enemy. The financial displacement of Americas world leadership is an increasingly well-defined goal of China our new Cold War enemy, militarily. Constitutionally, providing aid and comfort to any such adversary is arguably treasonous as Governor Perry alluded.
Unlike Romney (on the Debt Ceiling Debate for example), Rick Perry, as a possible future occupant of the White House, states his positions on current events and issues. As he should.
Good article.
I liked this statement. Now I’m wondering if Perry can replace Bernanke with someone who would follow through on it. Ron Paul, perhaps?
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