The oligarchs are worried ? How Politics Threatens U.S. Monetary Policy (CFR)

[jakeXT]

Summary -- As the financial crisis continues, the U.S. Congress is considering a bill that would jeopardize the independence of the Federal Reserve. This is a shame. Monetary policy should be protected from congressional politics.
ALAN S. BLINDER is Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University and Director of Princeton's Center for Economic Policy Studies. He served on the White House Council of Economic Advisers from 1993 to 1994 and as Vice Chairman of the Board of Governors of the Federal Reserve System from 1994 to 1996.


In the midst of the ongoing financial crisis, Congress is now considering a bill that would subject the Federal Reserve to congressional audits. It would be a shame to let that happen. Some functions of government properly belong in the realm of technocracy (for example, drug approvals), and others belong in the realm of politics (for example, same-sex marriage). I first argued in the November/December 1997 issue of Foreign Affairs that the U.S. government was placing too many decisions in the political realm and too few in the technocratic one. In the 12 years since, I have become increasingly convinced of this.

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http://www.foreignaffairs.com/articles/65395/alan-s-blinder/the-feds-political-problem

[zbdent]

1. horrors! you spelled oligarhy correctly!

[sendero]

2. The Federal Reserve has..

... FAILED. This entire crisis would not have happened if Alan Fuckwad Libertarian Douchebag Greenspan had done his job.

My first choice would be to dissolve them, but a runner up is to put them under the congressional microscope.

[tama]

3. A quote:

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
Henry Ford