Article on Federal Reserve's "independence" and hr 1207

[abskebabs]

I recently wrote a blog article on toobigtobail.com on hr 1207 and the current defence of the Federal Reserve's supposed independence. I was just wondering what people's opinions of it and the issue would be. The article is the most recent entry, written as a response to the previous article on the issue. I was hoping people would like to discuss it.

[abskebabs]

I think probably this hasn't led to a discussion perhaps because I did not provide a good enough gist of what the article's about. In any case, here's the opening paragraph:

 

"Upon reading the excellent exposition given by my colleague on this subject, I felt the time was ripe to further shine some more light with my own understanding, on the issues regarding the Federal Reserve's so-called independence. The assertion that it has any is largely a red herring, and as many readers on this blog familiarising themselves with the Austrian School of Economics may be realising. The intellectual focus on the central bank maintaining some sort of elusive "independence", presents a painfully naïve understanding of the incentives and interests of the esteemed actors of our current monetary system. These are the politicians, their banking system and the central bankers. "

 

Any discussion or comments?

[abskebabs]

Given the lack of interest with debating this important issue, I thought I'd spice things up with a visual indication:

Also, the article is attached to this post as a word document.

blogpost1.doc