Rick Perry has rightly said that it would be a "treasonous" act for the Fed chairman, Ben Bernanke, to print more money in a desperate attempt to turn around the slumping economy. "If this guy prints more money between now and the election, I don't know what you all would do to him in Iowa, but we would treat him pretty ugly down in Texas," Perry said.
At least Texans apparently understand the kind of mess that past rounds of the government's so-called quantitative easing policies have made in the markets. Perry's comments on the reckless printing of paper are once again calling into question the constitutionality of certain economic policies and actions of the Obama administration.
Experts say the stock market is rallying today partly because of Perry's comments, which are shedding light on a string of irresponsible QE programs by the Obama administration. Perry pointed out in a campaign appearance in Iowa that further quantitative easing initiatives would amount to nothing more than a political ploy by Bernanke to support his boss Obama's re-election efforts.
Article 1, Section 8 of the United States Constitution states that Congress shall have power to coin money and regulate the value thereof. The dollar buys a lot less than it did last week or last year. Indeed, devaluing the dollar further by printing more paper sounds unconstitutional -- and treasonous.
Instead of backtracking on his remarks, Perry might want to suggest the time and date for a trial that would put the Fed chairman and Obama's money czars on the stand in order to explain to a judge their politically motivated actions. A courtroom trial on charges of treason would no doubt give the markets another boost -- something that printing lots of paper has failed to do.