August 31, 2009

Will Ron Paul Catch Mellon-oma?

With Ron Paul?s Fed bill and forthcoming End the Fed book gaining traction, you may be wondering which slur will be used to vilify the Good Doctor and those who agree with him. My prediction: a return of the long dormant classic ?liquidationist.?

When Paul?s presidential campaign caught fire, we witnessed a rebirth of the term ?isolationist.? This retro moniker may not have resonated with college kids (probably because it wasn?t in The Breakfast Club or any other ?80s staples) but it certainly became a hit with the other Republican candidates and their media allies.

Now that much of that same media has decreed we are in recovery and that Bernanke?s moves are the wind beneath its wings, the last thing they want is a sophisticated discussion of Paul?s Fed views. When you consider the success of the isolationist slur and the media?s long love affair with the New Deal, it would not surprise me a bit if they muddied the debate by invoking the evil caricature of the original ?liquidationist;? Secretary of the Treasury Andrew Mellon.

A user-friendly jab like liquidationist will be even more crucial this time around, because for once, Dr. Paul is not alone. With Rand Paul and Peter Schiff also challenging the Fed, it will be especially important for the peanut gallery to have a tool of misdirection at their disposal. I have a hunch Peter Schiff might endure the liquidationist barb more than anyone, given how forcefully he makes his points. Stay tuned.

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