Profits I am for. This is blatant theft. I don't think I'm getting through here... When you work, your provide a service, since everyone values things differently (you don't get paid in apples or wheat), and to make commerce more efficient, a dollar is provided for your service. That dollar is a paper representation of your hard work. Inflation is theft because it devalues your dollar, your hard work. The Federal Reserve inflates your money, takes interest on the money it loans, and in effect is stealing your labor at the same time. Some equate this to slavery. A dollar, or unit of currency should be inelastic, your labor as is your private property right, should be preserved.
The point with transparency, you Evan42 can't audit the corner grocery store as much as you can't audit the Fed. Ok, the IRS can audit the grocery, does the IRS audit the Fed? You can look at the IRS as a collection agency for the Fed.
"but you're not in favor of IRS audits, I assume?" No, no, I'm not in favor of the IRS, as it is taking my private property, that which I have earned through my labor. I don't think the IRS should exist. That is a whole other topic. One which we can address at a later date.
Ok, with the checkbook analogy, I'm not sure where your going with it with the guns part, but, as I stated earlier, if by privatize you mean allow others to print fiat currencies and have them compete with one another, I am with you, totally. Everyone would go for the gold backed currency, obviously. This is what the United States note used to do, you know issued from the treasury. This note, in addition coin, was the reason our country experienced one of the greatest economic expansions the world has ever seen, people were actually able to keep their private property. The IRS didn't exist before 1913, I think we were alright.
Bottom line the Fed causes inflation, which is theft. The Fed gives its currency to its members, charges interest to the gov't, who then forces taxation on us to pay for that interest. The IRS was basically created to pay for the interest on the loans from the Fed. Look at both of the dates they were created, coincidence? I'm for making profits on currency that is inelastic and sound, that is just plain business. But the Fed putting its hands into everyone's bank account through the indirect tax of inflation is immoral. They also set interest rates, which is a whole other topic that is incredibly flawed.