Will Grigg?s Liberty Minute

March 31, 2008

The Federal Reserve has laid the foundation for a revolution in economic affairs.

?[S]omething big just happened,? wrote Wall Street Journal columnist David Kessel on March 27. ?It happened without an explicit vote by Congress. And, though the Treasury hasn?t cut any checks for housing or Wall Street rescues, billions of dollars of taxpayer money were put at risk.? As investment analyst Ed Yardeni put it, ?The Government of Last Resort is working with the Lender of Last Resort to shore up the housing and credit markets to avoid Great Depression II.?

Today, March 31, Treasury Secretary Paulson is scheduled to announce a dramatic expansion of the Fed?s role. The Washington Post describes this new role as the Fed ?crossing the Rubicon? by becoming the ?protector and overseer of Wall Street.?

In practice this means the nationalization of the investment industry. Were he not where he is today, Karl Marx would look on this development with pride.

Let us take back the liberty wherewith Christ has made us free.