Showdown

It's all the same
Only the names have changed
Every day
It seems we're wasting away
--Bon Jovi

Sentiment toward the Fed is growing darker. Ron Paul can't recall a time in his career when the Fed as attracted this much media attention.

Now, it is very possible that Ron Paul may become chair of the House subcommittee on monetary policy. Should this come to pass, Dr Paul would control subpeona power over Fed bureaucrats which could, for instance, be used to force Fed officials to lay open their books to Congressional scrutiny.

This has to have politicians on both sides of the aisle shaking in their boots. Three times in the past, bipartisan efforts squelched Paul's appointment as chair. This time, however, preventative efforts are less likely because of rising public interest in the matter and the results of the election two weeks back.

Should Ron Paul get the nod, however, Lew Rockwell is pessimistic about the new chairman's prospects to successfully exercise his newfound power. If Paul wanted to subpoena Fed bureaucrats, both the committee and the House would need to vote in favor of enforcing those subpoenas. Rockwell doubts that will happen, because of bipartisan support for the Fed's nefarious actions.

In any event, high drama is likely if Paul gets the chair. Sit back and watch bipartisan efforts to justify and protect the Federal Reserve, while Dr Paul and a new wave of Tea Party-backed electees seek to tap the social power of the citizenry.

I've long awaited a sequel to Andrew Jackson's 1832 command performance. Is it possible that production is finally getting under way?