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January 29, 2015


Peter G

I call that bold rhetoric for a one Noble Prize academic says Cruz. Fill your columns you son of the rich says Krugman.

Peter G

Btw, do you know who would really really love this particular concept of "auditing" the Fed? Wall St. For them it would be awesome. Reducing the opacity of the Fed's rate making decisions would make market leading and manipulation ever so much easier.


I don't understand what "auditing the Fed" means.

Hasn't anyone ever been to the Fed's website? Read the detailed minutes of FOMC meetings, released with only a two-week lag? Examined the Fed's detailed balance sheet and accounting of its transactions, released weekly? (Deloitte and Touche conducted the most recent formal audit of the Fed's financial position, as detailed in the Federal Reserve System's 2013 annual report.) Gone though the almost daily public notices on Fed policy and regulatory actions? What more, exactly, do critics want?

The notion that the Fed is an opaque and unaccountable entity is, basically, a myth.

Peter G

Well yes and no. Some of what the Fed does must be as opaque as possible but only for a short time. Once the publicly announced policy is set the playing field is as level as it can be. What the critics want on the other hand is about as nebulous as anything can get. For some "auditing" the Fed must inevitably lead to the abolition of fiat currency and the return to the gold standard. In other words they are out of their fucking minds. See Rands, father and son.

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