Libertarian Thomas Hill On Jobs

The Fed's Bad Year

October 9, 2010

It was bound to happen eventually. After printing trillions of dollars out of thin air, the Fed's printing presses finally “broke.”

In a press release last week, the Federal Reserve announced the delay of the new $100 bill after they discovered an error in the printing process.

While it isn't going to slow them down for long, it's just another item on a list of things that have gone wrong for the Federal Reserve over the past year.

Two years ago, most Americans knew little - to absolutely nothing - about the Federal Reserve, and that's the way the Fed liked it. However, times have changed.

And it's all because of you.

When we embarked on the challenge to Audit the Fed, no one, least of all the folks at the Federal Reserve, could have predicted how far it would go.

For over 30 years, Congressman Paul has attempted to open up the Federal Reserve and shed sunlight on its books. Never before had his bill made it out of committee, let alone received a roll call vote in both houses of Congress.

Even though the final audit included in the Dodd/Frank bill was more of a fig leaf to cover up Fed-loving congressmen than a real gain for liberty or transparency, it shows just how frightened the Fed and its enablers are becoming of a citizen outrage.

Thanks to your efforts, the Federal Reserve is now a household name and most people now recognize its actions as a cause of the recession rather than a solution, and its actions are frequently scrutinized in the media. No longer can the Federal Reserve go about its daily business without people asking questions.

Because of you, 80% of Americans are now in favor of a full audit of the Federal Reserve.

It wasn't easy for the Fed to water down the audit. It took everything they had, including hiring a powerful and well connected ex-Enron lobbyist and circulating letters signed by so-called “renowned economists” who made it sound as if we would bring on the apocalypse itself if the Fed were subjected to an audit.

Even the Obama administration was forced to come out in opposition to the audit to help the Fed save face.

Due to the immense pressure from grassroots activists, Ben Bernanke was reconfirmed with the lowest vote of any Fed Chairman.

Together, we were able to put senators and representatives on the record as being either for or against transparency at our nation's central bank.

With your continued support, Campaign for Liberty will put federal candidates on the record for sound money and auditing the Federal Reserve with our Federal Candidate Survey Program.

You can see how your candidates answered the Federal Candidate Survey by visiting your state page on our website.

If the candidates in your area haven't yet filled out our survey, call their campaign today and ask them to return Campaign for Liberty's Federal Candidate Survey.

The liberty movement looked the Federal Reserve in the eye, and for a change, we made it blink.

We've given the Federal Reserve a rough time over the past year. Let's keep up the pressure!

In Liberty,



John Tate

President

P.S. Campaign for Liberty will continue to put politicians and candidates on the record about sound money and Audit the Fed, but we can only do so with your continued generosity.

Unlike the Federal Reserve and its broken printing presses, we can't magically print money out of thin air. Your contribution of just $10 will go a long way toward helping us keep pushing for sound money and transparency at the Fed.

Kick The TARP Lovers Out!

Libertarians challenge 89 TARP-supporting incumbents in Congress

WASHINGTON - This November, Libertarian Party candidates are challenging 89 incumbent members of Congress who voted for the TARP bailouts in 2008. View the list here.

The list includes 27 Republicans and 62 Democrats.

LP Chair Mark Hinkle commented, "Few acts of Congress have evoked as much fear, ire, disgust, and disapproval from Americans as the 2008 TARP banker bailouts, passed with bipartisan support in Congress, and signed into law by Republican President George W. Bush."

Hinkle continued, "Bailer-in-chief John McCain, who famously suspended his 2008 losing Republican presidential campaign to rush back to Washington DC to vote for TARP, tops our list. He'll face Libertarian Party co-founder David Nolan in November."

[Note and correction: An earlier emailed version of this release incorrectly stated the number of Libertarians at 97.]

According to Congressional Quarterly, twelve of these TARP incumbents are in close re-election battles (classified in the "tossup" or "leans" category). The Libertarian Party hopes to help kick them out of office. "They tried to justify TARP by claiming our economy was going off a cliff. Let's push their teetering careers off a cliff," said LP Executive Director Wes Benedict.

The twelve most vulnerable TARP incumbents in races with Libertarians:

Harry Mitchell (D-AZ, District 5)
Gabrielle Giffords (D-AZ, District 8)
Barbara Boxer (D-CA, Senator)
Dan Lungren (R-CA, District 3)
Kendrick Meek (D-FL, incumbent Rep. running for Senate)
Bill Foster (D-IL, District 14)
Brad Ellsworth (D-IN, incumbent Rep. running for Senate)
Joe Donnelly (D-IN, District 2)
Roy Blunt (R-MO, incumbent Rep. running for Senate)
Ike Skelton (D-MO, District 4)
Joe Sestak (D-PA, incumbent Rep. running for Senate)
Chet Edwards (D-TX, District 17)

CQ Senate ratings
CQ House ratings

Benedict continued, "The Tea Party revolt is one potentially positive reaction to TARP. But any Tea Partier who votes for a TARP-supporting Republican is a plain old hypocrite, just as bad as the incumbent he or she is pushing back into office. Every Tea Partier should take a pledge to vote against ALL incumbents who voted for TARP, period.

"Liberals should also vote against TARP incumbents. Hundreds of billions for Wall Street bankers and their stockholders and bondholders is not what Democrats are supposed to stand for. Any liberal-leaning voter who votes for a TARP-supporting Democrat, when a Libertarian alternative is available, sends a callous message to the middle class and poor: Thanks for your taxes! Get another job if you can find one -- we want even more of your money to pass up to the Wall Street fat cats!

"Fortunately, these voters have a better option: Libertarian candidates who would have proudly voted against TARP, and who will consistently vote against other foolish, unconstitutional, taxpayer-abusing measures.

"After the TARP bailouts passed, Republicans repeatedly tried to defend their support, sometimes saying that they hadn't done a good enough job explaining it to the American people. Now the recent pandering Republican 'Pledge to America' says 'End TARP once and for all.' Which is it, Republicans? Was it a bad sales pitch, or are you trying to pretend that you never supported it? I suspect that the Republicans don't know what to think. That's a problem with many ignorant and spineless members of Congress today.

"Some incumbents have tried to make the excuse that they voted for TARP because President Bush and Secretary Paulson scared them, or because drops in the stock market made them worry. Such worthless excuses are beneath the dignity of their office. Voters should not let TARP-supporters make excuses for themselves.

"Last year, William A. Niskanen of the Cato Institute wrote this article describing five instances in which the members of Congress caved in to executive-branch hysteria, leading to disastrous consequences. (TARP is #4 chronologically.) Each time, the members of Congress failed to uphold their crucial responsibility to view all executive requests with care and skepticism.

"If all it takes is for a president to shout 'The sky is falling!' to get Congress to pass whatever he wants, then we might as well make the president a king, and give him all the power.

"In addition to the huge transfer of wealth from taxpayers to bankers, TARP created tremendous moral hazard by sending this loud message to bankers: 'Your goal is to get big, because then you can claim you're too big to fail, and you can get Congressmen to force taxpayers to bail you out for whatever stupid or self-serving decisions you make.'

"It's hard to think of another government program that did more to reward stupidity and punish prudence.

"TARP is both a short-term and long-term failure. We would be better off today if Congress had done nothing."

The Libertarian Party has 21 candidates for U.S. Senate and 170 candidates for U.S. House in the upcoming November 2010 elections.

For more information, or to arrange an interview, call LP Executive Director Wes Benedict at 202-333-0008 ext. 222.

The LP is America's third-largest political party, founded in 1971. The Libertarian Party stands for free markets and civil liberties. You can find more information on the Libertarian Party at our website.

Spider Webs For The Rich & Mighty

"Laws: We know what they are, and what they are worth! They are spider
webs for the rich and mighty, steel chains for the poor and weak,
fishing nets in the hands of the government." - Pierre-Joseph Proudhon

Shockingly Pro War

For Immediate Release
Thursday, September 2, 2010

Libertarians: Obama is shockingly pro-war

WASHINGTON - Following President Obama's "end of our combat mission" speech, Libertarian Party chairman Mark Hinkle released this statement:

"President Obama needs to stop lying. In his speech, he repeated the ridiculous and false claim that the U.S. combat mission is over in Iraq. He seems to think that if he keeps talking about the war in a nice way, then the war isn't really happening.

"Unfortunately, even though President Obama is the one person on Earth with the authority to withdraw the U.S. military from Iraq, he has chosen instead to keep over 50,000 troops there, risking their lives, and bleeding American taxpayers.

"The Republicans in Congress are just as bad. They have consistently failed to own up to the terrible financial impact of these wars, all the while claiming that they want to cut government. They want to nit-pick Obama's past statements about the war, but in fact they should be showering him with praise for doing exactly what they want.

"This war has been a shameful failure from the beginning. But even if the U.S. military could impose a sustainable modern democracy on Iraq, it would in no way be worth the hundreds of billions of dollars, and thousands of American lives, lost in the process. The Bush-Obama War in Iraq has done nothing to safeguard the rights of Americans -- on the contrary, it has probably made Americans less safe, and certainly poorer.

"The purpose of the U.S. armed forces is to defend the territory of the United States, not to re-engineer foreign societies.

"Contrary to his rhetoric before being elected, the president has proven himself to be shockingly pro-war. In addition to sustaining the American war presence in Iraq, he has greatly escalated the War in Afghanistan. Just like his predecessor, Obama believes that government force is the answer to everything."

The Libertarian Party platform states under "3.3 International Affairs": "American foreign policy should seek an America at peace with the world. Our foreign policy should emphasize defense against attack from abroad and enhance the likelihood of peace by avoiding foreign entanglements. We would end the current U.S. government policy of foreign intervention, including military and economic aid."

For more information, or to arrange an interview, call LP Executive Director Wes Benedict at 202-333-0008 begin_of_the_skype_highlighting 202-333-0008 end_of_the_skype_highlighting ext. 222.

The LP is America's third-largest political party, founded in 1971. The Libertarian Party stands for free markets and civil liberties. You can find more information on the Libertarian Party at our website.