More dangerous than, say, a $12T debt?

by Smitty (h/t HotAir)

I'd like to pose a few questions to Frederic Mishkin,

the elite fellow quoted by Bloomberg:

U.S. Representative Ron Paul’s proposal to allow audits of the Federal Reserve’s monetary policy is "incredibly dangerous" and could stoke inflation, said Frederic Mishkin, a former Fed governor.

"The Ron Paul bill is incredibly dangerous," said Mishkin, who is now a Columbia University professor, in a Bloomberg Radio interview. "It is remarkable the kind of attacks that are occurring on Fed independence."

Here is a small set of questions:

• How much power given to unelected officials is 'too much'?
• Why should a power such as the Federal Reserve exist without an explicit Constitutional Amendment to support it?
• Why is the view that the Federal Reserve is an undemocratic cartel 'remarkable'?
• How specifically would you refute the claims of the Austrian Economists who argue that you and your ilk preach, more or less, Economic Global Warming?

May Fortune bless the efforts of Representative Paul, Mr. Mishkin. 2013 shall mark a century since the bluff of you and your cronies should have been called. Inflation? Bring it on, Mike Foxtrot: better a period of suffering now than enslavement to the condescending elite.

God Bless Ron Paul

by Smitty (h/t LCR)

The effort to bring some transparency to the Federal Reserve (why on earth is this hard?) could bear some fruit.

A U.S. House committee advanced a proposal to remove a three-decade ban on congressional audits of Federal Reserve interest-rate decisions, a measure backed by a lawmaker who has called for the abolition of the central bank.

The House Financial Services Committee today, in a 43-26 vote and a second voice vote, attached the amendment for a broad audit of the Fed to legislation creating a council of regulators to monitor systemic risk. The proposal was offered by Representative Ron Paul, a Republican from Texas, and based on a bill with more than 300 co-sponsors.

Fed Chairman Ben S. Bernanke has opposed the Paul legislation, saying it may result in interference with monetary policy.

Hey Ben: get bent. You and your ilk have really [verbed] the [direct object] for decades. It's time for your unholy reign to end.