Comments on: Defending the Fed’s Independence

By: Defending the Fed’s Independence, Part II « Donald Marron

Defending the Fed’s Independence, Part II « Donald Marron — Tue, 10 Nov 2009 22:42:21 +0000

[...] 10, 2009 by Donald Marron Back in July, I expressed concern that Congress might undermine a key pillar of U.S. economic policy: the [...]

By: Donald Marron

Donald Marron — Thu, 16 Jul 2009 21:12:27 +0000

The petition is about a much broader concern — some folks in Congress have raised other ideas that would reduce the Fed’s independence from elected officials. That may seem weird in our system, but history shows that central banking only works when you install good people, give them good incentives, and shield them from politics.

By: Donald Marron

Donald Marron — Thu, 16 Jul 2009 21:10:35 +0000

It certainly raises the burden on the Administration to choose good people and the Congress to vet them carefully before confirming. Somewhat parallel to the Supreme Court.

By: BenStanford

BenStanford — Thu, 16 Jul 2009 17:14:37 +0000

Is the petition for the Ron Paul Bill asking the Fed. to open up there books for an Audit? If so then I have to disagree with you. I don’t know all the specifics of the bill but any provision requiring the the Fed. to increase transparency and have their books audited sounds good to me. That in the history of the Fed. the books have never been looked at or audited by an outside body seems strange and troubling to me. As well as a failure of congress to properly exercise it’s oversight responsibilies. (Imagine that!!!)

By: smitty

smitty — Wed, 15 Jul 2009 19:05:56 +0000

That we have an entity as powerful as the Federal Reserve headed by people who don’t stand for election strikes many components of “We the People” as a trifle weird.