Friday, March 14, 2008

The Paulbots' graven coinage 

Someone tipped me to a proposed action posted on the Ron Paul meetup board.
A great opportunity has come into our own backyards. Arthur J. Rolnick, Senior Vice President of the Minneapolis Federal Reserve, and Associate Economist with the Federal Open Market Committee, will be speaking at the University of Saint Thomas on Thursday, April 10th, 2008. Mr. Rolnick is coming at the request of the Economics Department to speak and take questions. This event will be open to the public.

As a liberty activist and student at Saint Thomas, I am urging all those who question the policies and secrecy of the Federal Reserve to attend. This is a unique opportunity to confront a man who is deeply involved in the inner workings of the Federal Reserve.

...I am asking all those who care about our increasingly graven [sic] economic future to attend in solidarity and show our dissent for current policy. By attending and speaking up on April 10th, we the people can make an effective impact on the conscience of Mr. Arthur Rolnick.
The relationship between Ron Paul supporters and Art Rolnick is through NORFED, the group that issued Ron Paul copper coins, sold for a dollar each and caught up in a wire and mail fraud prosecution. You can own one of those coins, but commerce in them as a competing currency is a crime (see this.)

Rolnick was quoted in an undated but certainly recent article out in Montana (the gold bugs have posted it -- I have no independent source for it) in which Rolnick responds to the NORFED claims that the Fed must be removed:
"The way I would respond to NORFED is this: The economy is incredibly productive. There's low inflation. The unemployment rate is the lowest in 30 years. What's broke?"

"These guys are right when they say there is nothing in the Constitution explicitly allowing a national bank. But the Constitution gives Congress the authority to regulate money and the value thereof, and courts have upheld Congress' implied powers."
Even as we head towards or are in recession, Rolnick's critique seems still valid.

"These guys" are the friends of Ron Paul. During my time in hard libertarian circles I saw many people like the poster of this call for action. I know Republicans are hopeful of keeping Ron Paul supporters engaged in its party politics. It might want to look a little more under the hood.

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