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Thread: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by SouthernDemocrat View Post
    I can't see where its a good idea to politicize monetary policy.
    An audit does nothing to that end. The Fed will still conduct monetary policy absent "political pressure."

    God help us if congress ever gets any control over it.
    Then why did the Constitution specifically delegate the authority to conduct monetary policy to the Congress?

    RE: Article 1, Section 8.

    To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures...

    LII: Constitution
    I am against a return to the Gold Standard, but if its between that and congress politicizing monetary policy, the Gold Standard would probably be the lesser of the two evils.
    Conducting oversight of monetary policy doesn't mean it will become "politicized."

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Ethereal View Post
    An audit does nothing to that end. The Fed will still conduct monetary policy absent "political pressure."



    Then why did the Constitution specifically delegate the authority to conduct monetary policy to the Congress?

    RE: Article 1, Section 8.

    Conducting oversight of monetary policy doesn't mean it will become "politicized."
    I congress starts auditing the Fed, you will see congress start to second guess every single policy decision the Fed makes. Which will indeed politicize it. The problem is that the congress will push the Fed to pursue a policy of maximized employment at the expense of inflation.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by SouthernDemocrat View Post
    I congress starts auditing the Fed, you will see congress start to second guess every single policy decision the Fed makes. Which will indeed politicize it. The problem is that the congress will push the Fed to pursue a policy of maximized employment at the expense of inflation.
    Don't what things politized, eh? By that logic, the USA would be better off dissolving the Congress and the Executive branch and letting the SCOUS run things.

    .

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by TOJ View Post
    Don't what things politized, eh? By that logic, the USA would be better off dissolving the Congress and the Executive branch and letting the SCOUS run things.

    .
    Uhh he said that he didn't want the FED politicized. He said he didn't want MONETARY POLICY politicized. He didn't say anything about "things" being politicized, whatever that means. That was a pretty weak attempt at a straw man.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Kandahar View Post
    Uhh he said that he didn't want the FED politicized. He said he didn't want MONETARY POLICY politicized. He didn't say anything about "things" being politicized, whatever that means. That was a pretty weak attempt at a straw man.
    Why is monetary policy special in this regard? What exactly should be politized and what should not?

    .

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    You don't want monetary Policy to be politicised...what the hell does that even mean?

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    This is a Ron Paul idea, which should tell you it is nutty and not real bright.

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Redress View Post
    This is a Ron Paul idea, which should tell you it is nutty and not real bright.
    Very insightful.

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by SouthernDemocrat View Post
    I congress starts auditing the Fed, you will see congress start to second guess every single policy decision the Fed makes. Which will indeed politicize it.
    The Fed will still retain its political autonomy; an audit does nothing to change that. Not that it matters, though, since the Constitution specifically delegates to the Congress the authority to conduct monetary policy, which makes objections to "politicizing" said policy decidedly perplexing.

    The problem is that the congress will push the Fed to pursue a policy of maximized employment at the expense of inflation.
    Doesn't mean the Fed has to listen.

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by TOJ View Post
    Why is monetary policy special in this regard? What exactly should be politized and what should not?

    .
    Monetary policy is different than many other issues, in that the average person (even the average well-educated person) has absolutely no idea what they are talking about. That includes congresspeople. It takes years of studying economics to really get a grip on monetary policy.
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