Auditing the Fed

on Saturday, September 3, 2011

I read an article today in support of full government-audits of the Fed, as per the suggestions of various conservative and libertarian thinkers.

It's always amusing to see people who generally believe in "fighting for lower taxes, less government and freedom" make arguments in favor of more government intrusions into private business.

An audit of a private business is no more the answer to this problem than auditing the American Medical Association. The problem isn't that government isn't involved enough in the business of currency production; the problem is that they are already so involved that they gave them a monopoly in 1913.

Remove that monopoly! Don't improve it by making the Fed a true government capture. Does anyone really think it's best if the government itself runs the central bank?