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They aren't giving it away. Congress has simply chosen to exercise its authority to regulate money by establishing a Federal Reserve System. This means that acts of the Fed are acts of Congress. Congress has the power to end this authority at any time.
Exactly, and they can audit them at any time they wish to ensure that the Fed is acting properly because the Fed is property of Congress.
No it's not. Voting is the mechanism through which congressional power is exercised, not one of the congressional powers.
Voting is the method by which power is exercised, true. But if they have the ability to give away all power, then they can give away the mechanism by which power is decided upon.
So just to clarify, you DO think that Congress should have a debate and vote on every single post office in the country instead of outsourcing that responsibility to the USPS?
I think they have the power to debate and vote on every single post office in the country.
Can =/= should.
I don't think anyone has argued that they CAN'T do that.
They are the same for the purpose of this discussion. Congress can and should audit the Fed yearly.
Why?
Why? Because the Fed is property of the Congress. Because only Congress was given the power to print and regulate the value of our currency. Thus the Fed must be made to properly do the job it is entitled to do through Congress and through the power and sovereignty of the People.
Does this kind of dishonest twisting of words actually pass for debate where you're from?
Nope, but the point stands. If the Fed has something to hide, we should know about it. If the Fed is acting improperly, we should know about it. If the Fed is doing horrible things, we should know about it. And the way you know about it is to audit them; something well within the power of the Congress to do since the Federal Reserve is property of Congress.
I'm curious. What kind of problems do you imagine you're going to discover? And what makes you confident that correcting them is worth the cost to the Fed's independence?
Monkeying around with interest rates to best benefit Wallstreet and the Banks instead of fulfilling its mandate to balance inflation and unemployment. And the Fed should not be 100% independent since it must belong to Congress.