View Full Version : BEWARE: Audit the FED

07-31-2012, 06:50 PM
July 31, 2012 4:00 A.M.
Beware ‘Audit the Fed’
The new bill subjects the Fed to election-driven considerations.

By Noah Glyn

http://www.nationalreview.com/articles/312592/beware-audit-fed-noah-glyn (http://www.nationalreview.com/articles/312592/beware-audit-fed-noah-glyn)

Short-term, election-driven political considerations have a pronounced tendency to distort economic policy
It is not difficult to imagine the mess they would make should the Barney Franks, Chris Dodds, and Maxine Waterses of the world be given a whip hand over monetary policy.

The article makes the point that "Auditing the FED" makes sense if congress is composed of a bunch of constitutional libertarians, but pragmatically, Congress is composed of neocon hawks and big government liberals fighting for congressional seats by banking on big industry. A Congress that has failed miserably at fiscal policy and through a FED audit seem poised to make the same mess of monetary policy. Not that monetary policy could get much messier, but an audit does point to a economic and political quagmire.

I hope I live to see the time that Ron Paul was ahead of.


07-31-2012, 07:14 PM
Always interesting to see these arguments.

If people or congress are too stupid to manage political policy...then how can stupid people pick intelligent delegates to do this for them?

08-01-2012, 09:09 AM
As if the fed isn't already involved in political considerations? Granted, auditing the fed does run the risk of having congress trying to fix the problem, and their solutions may not be what we have in mind...but considering where many of our politicians get their campaign support from in the first place, what's the difference? It's a partnership. That's why it's so important for people to understand monetary policy and the reasons behind it...and not simply that the fed is corrupt or making a mess of things.