Napolitano's Verdict "No" on Obama's Plan of Unlimited Fed Power

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The Verdict - Judge Napolitano on Obama's Plan Giving Unlimited power to the Federal Reserve

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Judge Napolitano of Fox News is Fox News' resident libertarian. He is a retired judge of the Superior Court of New Jersey who was appalled at the lawlessness of prosecutors and the police that he observed while on the bench.

This experience shifted him from a more traditional conservative law-and-order view of justice in the US to a libertarian one in which he has paid strict attention to the fundamental aspect of "law-and-order": that elected officials, police and prosecutors uphold the law and follow the US Constitution.

Judge Napolitano has written a series of books on this, of which I have only read the first one, Constitutional Chaos: What Happens When the Government Breaks Its Own Laws, well worth reading.

Reason magazine gave him an award for expressing the libertarian position so well, while the NYPD once attempted to entrap him by offering to sell him marijuana as he exited Mass.

Having demonstrated his credentials as a libertarian and constitutionalist, what he has to say about the role that President Obama has outlined for the Federal Reserve Bank in the future is quite disturbing.

The Federal Reserve Bank is a semi-private bank that does what state-controlled central banks do in every other major industrialized country. The bank itself is private, however. Its books are not open for the members of congress and the senate to examine.

Obama's plans include giving the power to the Fed to collect data that the IRS presently cannot do legally, to regulate any business based on its potential to fail and then harm the economy.

In response to that, Judge Napolitano asks who will regulate the fed reserve? What about the clauses in the constitution that expressly prohibit what Obama’s program proposes?

The proponents of the massive power grab for the Fed apparently think that Constitution should not be an obstacle to its egalitarian goals. The Fed would be able on its discretion and on its discretion alone to regulate any business whose failure would adversely impact the economy.

They would regulate everything from salaries and benefits to the amount of fat in hamburgers. State-chartered banks, and even private investments set up by you and your neighbors would be subject to their regulation, with lawyers and accountants forced to provide information on the request of the Fed that the IRS cannot ask for now without a subpoena.

Obama's plan will make the Fed would be the only unregulated private entity on the planet, answering, in essence, to no one. This super-secret bank would have more secrecy than the CIA.

Who watches the watchers? Where is the libertarian left on this?