Tuesday, December 08, 2009

Don't Trust National Review

For many years I read National Review regularly, trusting their positions, beliefs, arguments, and judgment. The first several years of this blog will testify to this statement. However, as I have previously written, I have abandoned the conservatism of National Review and Rush Limbaugh.

I only rarely go to the National Review website, but I was recently directed there via LewRockwell.com to read an editorial regarding Ben Bernanke's reappointment. I once towed the party line on the Fed, implicitly trusting the Federal Reserve's judgment and role in monetary policy. But I have since recognized the faulty logic employed by conservatives who support the Federal Reserve's legitimacy. The Federal Reserve is not a free-market institution, but rather a governmental agency given monopoly power over money creation and lending. The notion of a central bank is repugnant to those who truly understand and articulate free-market economics.

I've written extensively concerning the role of the Federal Reserve, and anyone who takes time to understand what the Federal Reserve has done since its inception, and particularly in the last decade will recognize the Fed is the problem and could not possibly be part of the solution to this nation's problems.

Yet National Review continues to tow the statist line concerning the important role the Fed plays. It defends the bank bailout, praised Bernanke's "voice of moderation in a Washington establishment disinclined to hear it," and stresses the Fed's necessary role in preserving the dollar's preeminence. But it doesn't end there--it has the temerity to condemn Ron Paul's efforts to bring transparency to the most clandestine of government operations--the Federal Reserve.

National Review represents elitist New York and D.C. establishmentarianism at its corporatist best. National Review, despite their claims to the contrary, believes that government, not the free market knows best. This belief alone, discredits National Review's credentials as the torch bearer of freedom and capitalism.

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