Refresher: The Federal Reserve Bank is not a government agency. It is the world’s largest private bank. Government has given it special privileges to basically:
- counterfeit money (i.e., create it from thin air);
- fix key prices in the economy (interest rates);
- tax Americans indirectly (by creating inflation/money and financing government with the proceeds);
- goose the financial markets for the proverbial “one percent” – which includes government officials themselves;
- bail out irresponsible/incompetent banks – and (via measures of “regulation”) prevent up-and-coming banks from challenging them;
- generally plan the markets (create bubbles, followed of course by crises);
- plan the number of crappy, part-time jobs that Obama’s economy can create for the little people;
- and escape the Freedom of Information Act.
So, from The Hill’s coverage of Janet Yellen’s testimony to Congress on Wednesday:
The biggest challenge to the Fed’s structure is the growing movement to Audit the Fed via legislation from Sen. Rand Paul (R-Ky.)…
A GOP-controlled Congress has given the bill its best chances yet of passage, and that renewed interest led Yellen to deliver her most spirited opposition yet.
“I want to be completely clear,” she said. “I strongly oppose Audit the Fed.”
Hat tip, ZH.