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The economy will benefit from all increases in transparency in its economic institutions. If you're looking for some economic theory to back this assertion (from those that may suggest I read an economics text book) you may want to start with Hayek's "The Use of Knowledge in Society." www.econlib.org/librar...
Aug 28 10:33 am
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All Comments by Chris Butler_ »Auditing the Fed Is Economic Suicide [View article]
Regarding inflation, I'm pretty sure Friedman would disagree with the naive notion that knowing what the Fed is doing (per audit) "causes inflation." Instead, inflation "is always and everywhere a monetary phenomenon." See www.amazon.com/Monetar...
I'm not concerned with the prospects of "politicizing the Fed." It's already politicized. The Fed Chairman already testifies before Congress several times per year. I'm more concerned with increasing the powers of the most powerful institution in the world and allowing them to continue to operate in a completely opaque fashion.