The GOP’s Impending Great Betrayal, Part 4

Everything Republicans purportedly believe in depends upon a substrate of sound money. Indeed, free trade, free markets and market-based income and wealth distribution can go drastically awry if they are contaminated with bad money.

Obviously, that’s exactly the situation today, as we amplify below. The Washington GOP however, doesn’t seem to have a clue. Under the influence of the massive Wall Street/financial services industry lobby, in fact, GOP financial committee leaders have actually become feckless fanboys for the Fed.

Leading the parade is the new chairman of the House Financial Services Committee, Rep. Patrick McHenry. After getting his BA in history in 1999, McHenry went to work for the insidious Karl Rove at the Republican National Committee, and quickly leapfrogged to the North Carolina Assembly in 2002 and the US Congress in 2004.

So yet another GOP leader who has spent all his working years on the public payroll. And “thank you for your service” is not our meaning here!

We are not sure what kind of history Rep. McHenry studied for his degree at Belmont Abbey College, but it surely wasn’t on financial and monetary matters. Nor during his 20 years on the public teat does it appear that he made any effort to make up for lost time.

The smoking gun on that was a late July 2020 hearing with Jay Powell in which Rep. Patrick McHenry praised the Fed chairman to the skies for his massive money-printing spree since the pandemic:

“I would like to commend you and the Federal Reserve for your activities and engagement in this unprecedented time.

“I believe it was the Fed’s rapid and decisive action that prevented the worst effects of this economic catastrophe brought about by the coronavirus and helped stabilize the market. The Fed, as a firefighter, was able to stave the flames, to contain the flames…..

“Using its 13(3) emergency lending authority, the Fed signaled to American households and to businesses that it will do everything in its power to respond to the economic crisis that resulted from this global health crisis.

“The Fed announced nine lending programs to help support the proper functioning of our financial markets and our economy. Smartly done.

……So, I want to commend you for that decisive action in this early phase of what we know are challenging times for the American people.