Home > Central banking > If the Fed can’t be audited, then why have democracy at all?

If the Fed can’t be audited, then why have democracy at all?

Yet another piece on the Bill to Audit the Fed.

A simple question for those who argue that this implies loss of “independence” and the corruption of monetary policy:  If policy is “corrupted” by Congressional oversight and excessive “openness”, why isn’t fiscal policy also kept secret?  Surely fiscal policy should also be kept out of the hands of meddling know-nothing politicians?

If monetary policy should appropriately be run by an unseen, unaudited cabal of “independent” bureaucrats, unsupervised by Congress, able to make secret deals with the Big Banks, then surely, if that’s the way to run policy, fiscal policy should be run “independently” too, to ensure this important aspect of government policy is not subject to the superficial “whims” of Congress, lobbyists and political hacks?

Perhaps China has the right system of government after all?  Perhaps democracy really doesn’t work?  Perhaps we would all be better off if the whole of government was run like the Federal Reserve?

Is that the argument here?

For those arguing for continued Fed “independence” and against a Fed audit, I believe the number for the Chinese immigration office in China is 0011 86 10 32 34 65 87.   I don’t believe the number is dialled very often so I’m sure you’ll get a prompt response.  I’m also sure all those against an audit of the Fed will make good use of the number and get the Hell out of any democratic country and go to a country with a more “independent” system of government.

Categories: Central banking
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