Comment: The leading technocrats of

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The leading technocrats of

The leading technocrats of the Federal Reserve System currently do not have a sound argument as to why they should be able to retain the audit restriction that exist in the United States code (under section 714 title 31). This is particularly the case if a time lag is allowed before complete audits were released.

The central argument of the Federal Reserve as to why they should retain these audit exemptions is based on a false dichotomy. Their argument is that the removal of the audit restrictions would amount to a loss of their "independence", which would then result in our nations monetary policy being controlled by short-sighted politicians. They argue this would be extremely bad for our economy and then they refer to history as evidence of this "truth".

However clearly this is a false dichotomy. There are indeed many other options besides these two. For example, a time delay can be given between the full audit and release time. This alone essentially does away with their inadmissible argument, i.e., that they should be able to have elements shielded from public examination for ALL TIME.

And of course, their false dichotomy leaves out the real option that NEITHER the Federal Reserve NOR Congress governs the fiat money supply. :-)

The peculiar audit exemptions that the Federal Reserve System currently enjoys is inconsistent with the rule of law.