Lux Lucet

Then Ben said, “Let there be cash”; and there was cash.  And Ben saw the cash, that it was good; and Ben divided the cash for his mandate.  Ben used some to inflate and the rest to stimulate.  So in the evening and the morning there was QE2.   

  – The Keynesian Bible, Revised Federal Reserve Version

Today the Federal Reserve Bank publicly announced the long-awaited fraud popularly known as QE2.  “QE” being short for Quantitative Easing – a euphemism for monetary inflation, which in more honest language is called theft – and “2” indicating that it’s the second round of this Keynesian nonsense.  You see, the intellectual and political leadership in our country is so corrupt, so foolish, so arrogant that those in charge think, or at least want you to think, that by fiat they can create money out of nothing and cure all that ails us.  

Now I don’t intend to take the time to debunk QE2 or the Keynesian economics that serves as the theoretical basis for this action.  You can find good articles to this effect all over the web.  But I want to point out one thing that is often overlooked when it comes to the Federal Reserve and its acts of money creation:  it’s a form of idolatry.  The God of Abraham, Isaac and Jacob created all things of nothing by the word of his power.  In the English Bible, the first spoken words are, “Let there be light,”  which in the Latin Vulgate translation reads, “fiat lux.”  Fiat is simply Latin for “let there be.” And this word “fiat” is the same word is used to describe our current monetary system.  Our dollars have monetary value, not because they are backed by something valued by the free market such as gold or silver, but because the government says they have value.  And when the Federal Reserve Bank, an agency of the federal government, decides the problem with our economy is that there’s simply not enough money in circulation, it creates more by fiat, in effect saying “let there be cash.” This certainly seems very impressive.  But unlike God’s act of creation, the Fed’s act of money creation is a fraud.  For while the Fed can create hundreds of billions of new dollars, it can do nothing to make us wealthier.  In fact, the more money the Fed creates, the less value of our savings and paychecks have. 

God and God alone creates out of nothing.  His creation alone is good. And when mere men at the Federal Reserve claim that they can create money by fiat and that this is a good thing, they put themselves in the place of God and act, not as ministers come to serve, but as idols to be worshipped.