If I had an awesome a responsibility as co trolling a country's money supply I'd damn well make sure I profited from it. So would you and so would every single person on this board.
In fact, In India at least the governors of RBI are reasonable well compensated but not very well. Of course big banks have a say in determining monetary policy because they are the institutions from which we gauge demand for more money or more savings.
There are literally THOUSANDS of checks and balances at every reserve bank in the world. On transparency I agree with you, but there are inherent problems with that as well. But checks and balances hinder freedom and ability of the fed to act and hence a great deal of caution must be taken as to how much weight should be lent to each. You feel that transparency should receive more focus. Ron Paul and I agree, but until I research much more as to the workings of economics we cannot make a final judgement either way.
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