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The Fed’s reckless monetary policy has cost the US government trillions of dollars in bailouts for banks, the automobile industry, and homeowners. More precisely, on July 21, Neil Barofsky, the overseer of the Troubled Asset Relief Program (TARP), estimated in a prepared statement to a committee of the US House of Representatives that the total exposure of the US government to the financial crisis at US$23 trillion to $27 trillion. Fed policies set off commodity price inflation, most notably in oil prices, and exchange rates instability; it aggravated external current account deficits....
Recently two opposing views regarding the structure of the Fed have emerged: a group of academicians have circulated a petition that calls for preserving the Fed’s independence. The opposite view expressed by a group of US Congressmen calls for enacting central banking legislation and reining in the absolute powers of the Fed. Which is the best path for the US?
[SNIP]
he recent debate regarding the role of the Fed is not new and reflects two opposing views of central banking requiring a public debate. A national debate of Fed policies and its possible reorganization has become a pressing matter for the United States.
