Posted on Dec 29, 2011
|AP / Charlie Riedel|
It is official now. The Ron Paul campaign, despite surging in the Iowa polls, is not worthy of serious consideration, according to a New York Times editorial; “Ron Paul long ago disqualified himself for the presidency by peddling claptrap proposals like abolishing the Federal Reserve, returning to the gold standard, cutting a third of the federal budget and all foreign aid and opposing the Civil Rights Act of 1964.”
That last item, along with the decade-old racist comments in the newsletters Paul published, is certainly worthy of criticism. But not as an alternative to seriously engaging the substance of Paul’s current campaign—his devastating critique of crony capitalism and his equally trenchant challenge to imperial wars and the assault on our civil liberties that they engender.
Paul is being denigrated as a presidential contender even though on the vital issues of the economy, war and peace, and civil liberties, he has made the most sense of the Republican candidates. And by what standard of logic is it “claptrap” for Paul to attempt to hold the Fed accountable for its destructive policies? That’s the giveaway reference to the raw nerve that his favorable prospects in the Iowa caucuses have exposed. Too much anti-Wall Street populism in the heartland can be a truly scary thing to the intellectual parasites residing in the belly of the beast that controls American capitalism.
It is hypocritical that Paul is now depicted as the archenemy of non-white minorities when it was his nemesis, the Federal Reserve, that enabled the banking swindle that wiped out 53 percent of the median wealth of African-Americans and 66 percent for Latinos, according to the Pew Research Center.
The Fed sits at the center of the rot and bears the major responsibility for tolerating the runaway mortgage-backed securities scam that is at the core of our economic crisis. After the meltdown it was the Fed that led ultra secret machinations to bail out the banks while ignoring the plight of the their exploited customers.