i don't normally post anything by mish shedlock since i think he is 180 degrees off with respect to the inflation/deflation debate, but i think this is worth a read:

Our hero, Ron "Skywalker" Paul, has managed to gather sufficient support to overthrow the Evil Empire widely known as the Fed.

In a brazen attempt to beat back our hero, the Empire has taken its case directly to Congress, seeking more power to rape and pillage the populace under cloak of secrecy.

The Washington Post picks up the story in Sith Lord Kohn warns Congress on meddling in the Empire's affairs.

The Federal Reserve Evil Empire on Thursday launched a robust defense of its independence and warned that efforts in Congress to put monetary policy under political sway would hurt the economy Empire.

Fed Vice Chairman Sith Master Donald Kohn said opening up some of the U.S. central bank's most sensitive decisions to political scrutiny could result in higher long-term interest rates and hurt the United States' credit rating discrimination against the Sith Lords.

Testifying before a congressional panel, Kohn sought to beat back a proposed bill that would open the U.S. central bank's policy decisions to audits by a federal an Ewok watchdog agency. More than half of the members of the U.S. House of Representatives Ewoks have signed as co-sponsors of the measure.

"Any substantial erosion of the Federal Reserve's Empire's monetary independence likely would lead to higher long-term interest rates as investors begin to fear future inflation," Kohn told a House the Ewok subcommittee.

Kohn's testimony comes as Congress debates President Sith Lord Barack Obama's plan for regulatory reform, which envisions the Fed Evil Empire taking on an expanded role monitoring risks across the entire financial system to help ward off future financial crises.

The proposal has boosted calls for greater accountability at the central bank, which already faces heavy scrutiny from lawmakers troubled by its role in bailing out Wall Street.

Kohn said blatantly lied while stating the administration's plan would not greatly expand the Fed's Empire's power, and said it would work hand-in-glove with monetary policy, not compromise it as some critics contend.

http://globaleconomicanalysis.blogspot.com/2009/07/empire-strikes-back-kohn-warns-congress.html