Quote:
Originally Posted by J pold
Really? I find this view, especially from you, rather interesting. You would really want Barack Obama, or any politician for that matter at the head of your central bank? Personally I'd much rather have a room full of the smartest and most educated people in the world, who don't have to worry about being reelected or voter popularity determining the money supply.
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Haha, yeah the problem with all the "smartest and most educated" people that run Wall Street and the Fed is that they don't represent the interest of Americans.
When the Federal Reserve Act was rammed through congress in 1913, the promise was that a central bank would eliminate dramatic economic downturns, bubbles etc. They have really failed to do that. All they have done is inflate the currency over time and created massive federal debt.
I know politicians are easily manipulated and corrupted, but the U.S. constitution placed the control of money in the hands of the elected. The founders warned of the consequences of placing money creation power into private hands. It seems to me that Ben Bernanke calls the shots and congress has no oversight on monetary policy. They just keep borrowing and borrowing.....
If nothing else, atleast an audit could be done, and monetary policy would be transparent, as opposed to the Fed of today that operates privately and secretly.