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Okay ... where to begin on this ... lots of links to the topic as the Senate rebuffs the idea. So i picked this article ... pro-business and anti Ron because it was from actual testimony ... if you care to read it.
This testimony was delivered before the Subcommittee on Domestic Monetary Policy and Technology)
A well-designed framework for monetary policy includes a careful balance between independence and accountability. A balance of this type conforms to our general inclination as a nation to have clearly drawn lines of authority, limited powers, and appropriate checks and balances within our government; such a balance also is conducive to sound monetary policy
The insulation from short-term political pressures--within a framework of legislated objectives and accountability and transparency--that the Congress has established for the Federal Reserve has come to be widely emulated around the world. Considerable experience shows that this type of approach tends to yield a monetary policy that best promotes economic growth and price stability
A few lines over the rule ... perhaps Patters will ignore this one time.
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Right off the bat, I'm gonna say the Fed needs to be Audited.
However, do I feel any better letting a congress that seem incapable of doing anything worthwhile for our country be the person to wrangle them in?
I seriously have lost all faith in elected politicians to do anything remotely worthwhile and anything that actually resonates with the american people that I feel this will just be another layer of government policy that government doesn't know how to handle properly.
With all that said, I can not support an unelected group of power brokers to be in charge of the single most important facet of our country, without rules, without transparency, and with no accountability other than to private, unaccountable people.
Thanks!!! I really enjoyed writing it and researching it, I'm really digging taking my energy for ranting on a message board and turning it into something like a liberty journal... something I can write down my thoughts and observations. Glad you enjoyed it.
The U.S. Federal Reserve 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.
Fed Vice Chairman 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.
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 watchdog agency. More than half of the members of the U.S. House of Representatives have signed as co-sponsors of the measure.
"Any substantial erosion of the Federal Reserve's monetary independence likely would lead to higher long-term interest rates as investors begin to fear future inflation," Kohn told a House subcommittee.
Any substantial erosion of the Federal Reserve's monetary independence likely would lead to higher long-term interest rates as investors begin to fear future inflation," Kohn told a House subcommittee.
Because cheap credit is working so well? And no one fear inflation right now...
The market needs a correction, plain and simple, it's going to happen the hard way, or the easy way. The easy was is to let a free market set interest rates, and the hard way is to burst the deficit through the roof desperatly trying to hold on to circa 2000 living expectations.