Herman Cain—as phony as a Federal Reserve $3 dollar note

Herman Cain is on a roll.  Leading in one poll or in second in other polls, the former Godfather’s Pizza CEO is now considered a serious contender for the GOP presidential nomination.  His “rags to riches” life is resonating with a portion of the GOP faithful as a quintessential story of overcoming racial animosity to become a successful business executive.

In recent months, Cain’s speeches and GOP primary debate sound bites have won over many Tea Partiers to his side who believe he is the real thing, a breath of fresh air in a crowded field of presidential contenders.

The official Tea Party website outlines its three core values: fiscal responsibility, constitutionally limited government and free markets.  Herman Cain asserts that as a former business executive he endorses the Tea Party’s mission.

However, on Cain’s official website, his bio states that he was a member of the Kansas City Federal Reserve Board of Directors and became its chairman in the 1990s.  Yet, on Cain’s 999 Plan page under the header, “This is Herman Cain,” there is no mention, nada, zilch, that he was an insider of one of the most exclusive, powerful, unconstitutional, anti- free market institutions in the United States, the Federal Reserve.

In short, Cain is endearing himself to the Tea Party by downplaying his support for the Federal Reserve’s anti-free market policies.

The Fed promotes fiscal irresponsibility by buying federal government debt with money it creates out-of-thin air so the Congress can spend more than it takes in, and is responsible for the bubbles that always burst causing so much misery throughout the nation.

The Fed is the reason we are seeing both high unemployment and stagnation today, because when the housing bubble burst four years ago, it began flooding the banking system with new money to prop up the economy and bail out the financial elites who made billions during the boom and got their comeuppance during the bust until the Fed started printing hundreds of billions of new dollars.

Throughout the past two decades, Herman Cain was silent, while Ron Paul was giving speeches warning about the disastrous consequences of inflating the money supply.

In other words, Herman Cain is no Ron Paul, who embodies the Tea Party’s mission, and has been promoting fiscal responsibility, constitutionally limited government and free markets for 35 years.

Herman Cain embraces “legal counterfeiting,” the Federal Reserve’s mission for nearly 100 years. America does not need a president who is a phony populist masquerading as an anti-Washington DC outsider.  Cain’s anti-Washington rhetoric is as phony as $3 Federal Reserve note.  He should read, free of charge, Murray Rothbard’s classic, The Case Against the Fed.

If Cain embraces Rothbard’s comprehensive critique of central banking, he can then endorse Ron Paul, drop out of the race and become a crusader for sound money, free markets, and limited constitutional government. instead of pulling a fast one during his campaign.

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