Friend of Campaign for Liberty, Bruce Fein wrote on op-ed in The Washington Times, challenging those who continue to fight to preserve Federal Reserve secrecy. The entire thing is worth a read, but below are some highlights:
Chairman Yellen and dogmatist Rampell are apoplectic at the prospect of congressional or public scrutiny. Writing in The Washington Post (“Audit theFed? No so fast”), Ms. Rampell is aghast at the idea that members ofCongress and the public might question or contradict policy decisions or reasoning of the Fed. Monetary policy is too important and complex to be left to the political process which is preoccupied with short-term objectives, according to Ms. Rampell. She argues that, “politicians’ short-term goals—dictated by election cycles — are not always aligned with the long-term health of the economy.”
But by that logic, every important government activity should be shielded from congressional or popular interference, i.e., the democratic process. Generals should decide on war and peace. Economists should decide on budgets, deficits and taxes. Environmentalists should decide on pollution standards. Oil and gas experts should decide on the leasing of government lands. Congress should be dissolved. Elections should be canceled. And rule by Platonic Guardians should be substituted for self-government.
Every dictator in the world should retain Ms. Rampell as a publicist. She would have defended Mussolini for making the trains run on time.
Tags: Audit the Fed, Federal Reserve