November 18, 2020 10:05:44 AM
Lame duck actions to benefit the privileged
It has always been my belief that the underlying intent of conservatism is the preservation and concentration of wealth and privilege. This results in opposition to any activity by government that tends to spread the wealth. Social Security has been in conservative gun sights since its inception. Minimum wage, union rights, unemployment insurance, and Medicare are under incessant attack. Government regulation of business and industry in the interest of the public wealth are anathema (I have noticed that when issues of wealth and power come up, the Republicans are like the irresistible force, but when matters dear to their popular base come up, like abortion or gay marriage, nothing really happens.)
As a lame duck president, Donald Trump has militarized the conservative goals. First, he declared North America's largest wildlife refuge open for business. Loggers and oil drillers have been solicited to present bids for rights in the Alaskan National Forest, and right away, before the new president can stop it. The National Parks and Forests are there for us, the common folks. So who needs them.
Second, he nominated Judy Shelton to the Federal Reserve Board. Ms. Shelton wants to return us to the gold standard. The gold standard would dramatically reduce the supply of money. This reduction would not affect the very rich at all, but it would be a disaster for everybody else. Banks would not have money to lend ordinary folks -- for mortgages, as one example; small business loans, for another. William Jennings Bryant put the issue well: "...we will answer their demand for a gold standard by saying to them: You shall not press down upon the brow of labor this crown of thorns, you shall not crucify mankind upon a cross of gold."
She wants to end the Federal Deposit Insurance Corporation. Only people with less than a quarter-million dollars on deposit are affected by that. She has spoken out against the mandate of the Federal Reserve, set by Congress, to pursue maximum employment and price stability.
Basically, she opposes anything that helps ordinary people, and supports everything that supports wealth and privilege.
Former Federal Reserve officials and a number of famous economists, including all the recent Nobel Prize winners, have signed a letter imploring the Senate not to consent to this. Mitt Romney and Susan Collins were the only Republicans who opposed this appointment, but because the GOP was down two other Senators, this was enough to defeat the confirmation; once the quarantined Senators return, another vote will occur.
She would be a disaster for all of us who have less that $250,000 in the bank, which is almost all of us. Let your Senators know.
1. Thomas Sowell: Walter E. Williams 1936-2020 NATIONAL COLUMNS
3. Patrick J. Buchanan: Has Bibi boxed Biden in on Iran? NATIONAL COLUMNS