Ron Paul has the best of intentions but, I believe that paasage of Paul's legislation to audit the Fed would open up a can of worms, resulting in left wing reconstruction of the Fed in some pretty wacky ways. Paul, though, does have the Fed nervous.
Today's FT top headline: Fed warns on Congressional scrutiny
This is amazingly funny:
ReplyDelete“Any substantial erosion of the Federal Reserve’s monetary independence likely would lead to higher long-term interest rates as investors begin to fear future inflation,” he said.
Ok, but then:
"Not only did Mr Kohn argue that the Fed should be given the power to regulate large systemically significant companies, but he argued against giving up responsibility for consumer protection, asking Congress to overturn the Obama administration’s proposal to create a new Consumer Financial Protection Agency."
Is he seriously suggesting that the FED should be allowed to run the "commanding heights" of the economy WITHOUT oversight by any branch of GOVERNMENT?
Is it just me, or does that sound like a really weird sort of coup d'etat?