Earlier this week, the following comment was received in response to a May post on Ron Paul’s connection to the whole “Austrian Economics” hoo-ha and the not-so-hidden racism behind it:
Sure, the banking system is fine and dandy haha. That must be why Bernie Sanders supports Ron Paul’s proposal to audit the FED.
Sure, and Bernie Sanders and Ron Paul are also both genetic male humans born in the US. Wow, that makes them ideological twinsies! (Well, it does, according to that logic.)
Meanwhile, Dave Weigel at TPM has a bit more on the big stinky elephant in the room that is Ron Paul’s racism. And in the comments section, we have this answer to those who defend Paul by bringing up his efforts to take down the Federal Reserve:
absolutely, The Fed is indeed an unaccountable and anti-democratic institution that plays a central role in financial capitalism, managing the currency and balancing concerns for stability, dollar hegemony and capital accumulation, with the later concern quite clearly dominant.
But you cannot hope to replace the Fed with something better unless you are ready to challenge the primacy of capital accumulation. What the right-wing “critique” of the Fed promises is a magical democratization of money without disturbing the oligarchy of capital. This is impossible, and the logic of this quest must therefore focus on finding the scapegoat that “prevents” prevents the impossible from happening.
Res ipsa loquitor.
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