Why Auditing The Federal Reserve is a Misguided and Dangerous Idea

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Misguided, know-it-all libertarians have long advocated for auditing the Federal reserve. Professional economists however, understand that this is a foolish idea, grounded in a misunderstanding of both how our federal reserve works and how it provides prosperity for millions of hard-working Americans. Libertarians have many crazy ideas, but suggesting that the Federal Reserve Bank of the United States should be “audited” is probably the craziest of all.

From even before the creation of a central bank in America, libertarians like Andrew Jackson have been speaking about the supposed evils of central banking and the need to closely “guard” ourselves against “predatory” bankers. They tell stories about the “Rothschilds” conquering Britain and America through the controlling of their money supply, and how the Federal Reserve has “private” shareholders. What they don’t tell you is that since its inception, the Federal Reserve has overseen one of the greatest periods of economic growth ever witnessed in American history. If central banks really are the sinister creatures that libertarians make them out to be, then why do they consistently create so much prosperity for ordinary people? 

Modern libertarians imply that our Federal reserve may be using its infinite balance sheet for all kinds of devious things, and and that the public has a right to know about how the fruits of their labor are being spent. But one of the fundamental principles of the Federal reserve system is its independence from political interference. The Federal Reserve was specifically set up to be independent from congress, in order to allow central bankers to enact sound monetary policy, free from political corruption and ulterior motives. Our Federal Reserve’s independence allows our central bankers to spend their printed money as they see fit, without interference by outside forces who do not have the interests of average Americans at heart. Central bankers are selected not only for their economic expertise but also for their moral character and patriotism. We can trust them to reallocate the purchasing power of hard-working Americans to worthwhile causes, to promote the general welfare of society, as outlined in the constitution, and achieve their dual mandate for maximum employment and price stability.

It’s ironic that on the one hand, libertarians believe in “freedom and independence” but on the other hand want to limit the freedom and independence of our Federal Reserve. Without the freedom to make the right choices for our country, without constantly worrying about how their actions will be perceived by the general public and congress, how are our monetary officials expected to continue fostering the profound economic growth we have experienced over the last century? Economists have taken us from horses and carriages to self driving cars, and from the Gutenberg press, to iPhones and iPads! They could never have done this if it hadn’t been for the freedom to focus on their job without interference from sinister outside forces.

It’s sad that in this day and age we still have amateur, armchair economists trying to influence major economic policy and putting the well-being of millions of Americans at stake. So for goodness’ sake, let’s let the economists do the economics, and the politicians do the politics, and keep these two things separate, for the good of the nation and for the future prosperity of our children and grandchildren.

richandrenee

How dare they question the independence of the Fed – it’s one of our founding principles!!!!

littleshoppinlucy
littleshoppinlucy

I hope Ron Paul slips in a puddle.

Oops I shouldn’t say nasty things – but seriously the world would be a better place.

🙂 🙂 🙂 🙂

hungrypirana
hungrypirana

Trump will replace Fed governors with robots programmed in Milton Friedman, Ron Paul, and the Taylor Rule. Robots will print audit trails of all decisions. Books will balance to $0.0000001 instead of $500 billion rounding allowed currently. Auditors will rush to more productive work. High payoff audits include the DNC, Bernie’s wife, MDB, AT, BLM, Hillary, Bill, Chelsea, Congressional Black Caucus, Harry Reid, Pelosi, Franklin Raines, Muslims, Chicago, Portland, SF, Hawaii, California, and 20% of welfare recipients. Proceeds from recoveries will be plowed into US Treasury to cut deficits.

#accredited-times-pick

littleshoppinlucy
littleshoppinlucy

I’m not sure what you’re on about hungrypirana but if we’re going to have Fed robots – it’d be good if they had Eric Holder’s morals and Neel Kashkari’s animal instincts.

#accredited-times-pick

littleshoppinlucy
littleshoppinlucy

Oh Wow – my first Accredited Times pick 🙂 🙂 🙂 🙂 🙂

Kitty Kitty Bang Bang
Kitty Kitty Bang Bang

……………congritulaions lsl …… ive bean waitin on a AT pick myself …………. but kneel cash carry isnt to be trustid ……………

Vladmir Putin
Vladmir Putin

Comrade MDB has picked you for hard labor in a Siberian gulag. Welcome to Russia LittlePhotoShoppinLucy!

hungrypirana
hungrypirana

Thanks for bestowing my post as AT Pick, except the color-highlight is blue. I interpret your Pedophibic designation to mean human leeches, progressives, blacks, muslims, have childrens’ brains. Thanks for your insight!

#fake-news

Lesboss
Lesboss

As I was once a white male who now identifies as a black lesbian I’ll point out both the Fed and Government money are symbols of the patriarchy. You can all kiss my social construct vagina (warning it may look like a penis if you are one of those twisted realists). I demand everything be free and that all men work for nothing so I can sit on my fat ass watching daytime tv. Do it or fail as a progressive you peckerwoods.

Lesboss
Lesboss

Everything is a social construct but keep it under your hat or we will have no effing white men working for us, they’ll all switch color and gender.

Buck
Buck

I was thinking the same thing, Lesboss. Money is the root of all evil and a symbol of the patriarchy. Everything just revolves around money these days! As if it was a representation of energy management and the means to living a full life!

As a progressive I’m totally O.K. with criticizing the evils of earning a living, while simultaneously enjoying the many lavish benefits of parking my fat ass in a large multinational corporation that takes advantage of its proximity to the Fed’s credit to put legions of smaller competitor’s out of business. THIS IS FINANCE, and debts of gratitude and interest are forever owed to the Federal Reserve for their fantastic work in making it all happen!

Buck
Buck

*proximity to the Fed’s credit window*

Black Lives Matter

You don’t audit the Fed. The Fed audits YOU.

Vladmir Putin
Vladmir Putin

Putin 6:25-33 (Sermon in Siberian Gulag)

“25 Therefore I tell you, do not be anxious about your life, what you shall eat or what you shall drink, nor about your body, what you shall put on. Is not life more than food, and the body more than clothing? 26 Look at the birds of the air: they neither sow nor reap nor gather into barns, and yet your heavenly Father feeds them. Are you not of more value than they? 27 And which of you by being anxious can add one cubit to his own span of life? 28 And why are you anxious about clothing? Consider the lilies of the field, how they grow; they neither toil nor spin; 29 yet I tell you, even Solomon in all his glory was not arrayed like one of these. 30 But if God so clothes the grass of the field, which today is alive and tomorrow is thrown into the oven, will he not much more clothe you, O men of little faith? 31 Therefore do not be anxious, saying, “Audit the Fed”. Did the Fed not distribute the wealth to the cronies so that all is well with them?
Do not get anxious saying “The Fed creates moral hazards, for some get money without effort”. For do you not find yourself working hard to put food on your plate while the cronies are laughing their ass off?

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