I seriously had to check
… whether this editorial from NRO was real or an Onion parody.
I mean, really? Bernanke “is the principal architect of the government’s interventions in the banking industry during the financial crisis. That intervention probably represented the best available course of action in the circumstances, and it very likely averted a much worse recession… .” New Deal Republicans stand by their man.
Furthermore: “Bernanke has earned himself some enemies — enemies to be proud of [sic].” So, because Ron Paul doesn’t like you, you’re a genius? That’s the standard at NRO these days, it would appear. No, “the first order of business for Bernanke and the Fed is to lead the slow return to financial normalcy while standing ready to mitigate the effects of any unexpected economic shocks that may come… …to press for radical restructuring at the Fed, as Paul and Frank do, is hazardous.”
We must maintain the status quo in order to prevent the disastrous results we can necessarily expect from having, well, instituted that very status quo. Don’t you ninnies get it? Back to work, serfs, and spend EVERY DIME we graciously give you, whether earned or extended through whatever credit we deign to leak to you!
And the icing on the cake: NRO schlocks calling Ron Paul for being “a little dishonest” because, even though he makes no bones about wanting to abolish the Fed, somehow his initial tactic of calling for a full, independent audit as a first step in that direction is just disingenuous and mean. Poor Ben. Poor, poor Ben. He’s got all of these problems – the weight of the financial world – on his shoulders, and he’s got a “puritanical libertarian” [I swear they juxtaposed those terms] and a corrupt homosexual politician asking unfriendly question about what he’s doing with Americans’ life savings, tax revenues, and interest rates! The horror!
While conceding that we “wouldn’t know it to hear Bernanke speak lately,” he is really busy trying to maintain low prices [obviously for "consumers" in our "consumer economy" in which we are all simply supposed to "consume" and "consume."]. “For the past many decades, that has come to mean keeping a damper on inflation, a critically important task. We have severe unemployment and jaw-dropping deficits that Democrats are laboring mightily to make worse. The dollar and the creditworthiness of the U.S. government are objects of skepticism, and a serious spike in inflation would exacerbate that.” Nevermind that Ron Paul’s other crazy ideas would counteract inflation far better (indeed, the usual canard is that he would cause hysteria-inducing, starvation-causing “deflation”). No, any stick at hand with which to beat a straw man.
They caution us that “a central bank in thrall to the short-term political needs of congressmen would be a catastrophe.” Indeed, it would. And that is actually what we have today. Because the money behind those short-sighted congressmen which keeps them in power is the money that is coming from and simultaneously keeping afloat that very central bank. And who, precisely, do the editors of the magazine-formerly-known-as-the-premiere-conservative-periodical think Paul wants doing the audit? Other Congressmen or the CBO? Something – a hunch, call it – tells me Ron might be thinking more along the lines of independent, contracted, professional forensic accountants.
“Independence is the Fed’s characteristic virtue, as solvency is the FDIC’s and creditworthiness is the Treasury’s.” Oooops, bad choice of analogies. (“The FDIC’s Deposit Insurance Fund, which protects bank deposits, fell below zero in the third quarter of this year. Fifty U.S. banks failed, taking the fund down to negative $8.2 billion. It’s only the second time in the agency’s history that it has slipped into the red.” says the NPR article.)
Maybe when the kids at NRO finish prep school, they’ll have a little more clarity and credibility.

increase in the history of history. Perhaps you missed it; the news tended to focus only on the passing of a pop singer of doubtful moral character to the exclusion of a number of other stories. Can anybody tell me what ever happened with that 
