New York Sun: Reject Yellen for opposing audit of Fed

10:41p CT Thursday, November 14, 2013

Dear Friend of GATA and Gold:

Janet Yellen's nomination for chairman of the Federal Reserve Board should be defeated, the New York Sun editorializes, because of the opposition she expressed today in congressional testimony to a full public audit of the Federal Reserve.

"What needs to be confronted," the Sun says, "is the scandal of Federal Reserve independence. Where in the Constitution does it say that monetary policy is supposed -- or permitted -- to be independent of politics? If the Founders had wanted the monetary power to be given to a body independent of politics, they could have given it to the Army or the Navy or the Supreme Court. But they sat down in Philadelphia and gave the power to 'coin money and regulate the value thereof and of foreign coin' to, in the Congress, the single most political institution in the entire constitutional system.

"So where in the world does Mrs. Yellen come off lecturing the Congress on the need for independence? It's not as if independence and opacity have produced much in the way of results."

The Sun's editorial is headlined "Yellen Strikes Out" and it's posted here:

http://www.nysun.com/editorials/yellen-strikes-out/88490/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.