Audit the Fed because it is the least we should do. It would be better to annihilate it.
Personally, I strongly believe the Federal Reserve should be shut down. Period. But if we’re going to have it, a little oversight is way beyond warranted.
As Norbert Michel writes, “Federal Reserve Reforms Should Not Be a Partisan Issue.”
“…the burden of proof should be on ‘Audit the Fed’ opponents. They should have to explain, for example, exactly what should exempt the Fed from the same sort of Congressional oversight applied to other federal agencies.
“They should also describe exactly how ‘a retrospective examination of Fed monetary policy, an exercise in second-guessing’ could lead to real-time political interference with the Fed’s interest rate target.”
The Fed has helped destroy the United States economic system with more debt than we could ever hope to repay before eternity dawns. The main reason it exists is to enable Congress to overspend, and as a devious handmaiden to the oversized domestic and international banks that own stock in the Federal Reserve itself.
Anytime you hear an economist defend this monstrosity remember that the Fed employs a massive cadre of their fellows who are demonstrably the worst forecasters in the world of economic activity. Each year they put out their predictions, and every year they are so completely wrong it’s not even funny.
As the Washington Post said in a 2013 article, “…the Fed is wrong all the time.” Now there’s a ringing endorsement! And while Robert Samuelson complains about “Audit the Fed” being an ideological witch-hunt by “Conservatives”… last time I checked, I don’t think WaPo is considered to be on that side of the political divide.
Behold the priests and prophets of failed Keynesian economics—the flimsy intellectual justification for the entire Central Banking model. Like a religious cult whose myriad prophecies have proved completely false, they keep creating more and more fanciful excuses to keep the game—and their outsized paychecks—going.