So the fox is finally guarding the henhouse, a fact noticed by the Asia Times in relation to Ron Paul’s new monetary policy oversight duties.
Hopefully Congressman Paul can use his post to shed some light on the Federal Reserve’ shenanigans over the preceding years. At a minumum, he now has a platform to raise awareness about the central bank’s inflationary policies to let the electorate know that an alternative is out there. Most of us went through the bulk of, if not all, of our formal education without hearing even a hint that an alternative to massive public debt and fiat money exists. I know I had not heard the term ‘Austrian economics’ until the 2008 presidential primaries. This serves as quite the indictment of the state of secondary education, one amplified by the fact that I had been through numerous classes on money and economics by that point.
But there is hope this will soon change — and sooner rather than later. Perhaps Dr. Paul can use his monetary policy watchdog status to much the same effect of his 2008 White House campaign: to spread ideas whose attractiveness allows them to steer the vessel of discussion in the direction of free markets and a sound currency.
Oh yeah, and make Ben Bernanke sweat bullets in the meantime.
One day students will be able to attend economics courses at even the most bland of state run universities and hear the names of Schumpeter and Hayek cross the lips of even the most well-versed-in-Keynesianism professors. This will mark the beginning of a true revival in the way we think as a free people, ending the stale status quo mind set dominating our present day political dialogue.Published in