Comment: the fed has enormous power in three respects

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In reply to comment: IMO, the fundamental problem (see in situ)

the fed has enormous power in three respects

1. it sets the price of money by setting interest rates
2. it can print money to buy government debt or just about anything else it wants -and it does it in the trillions!
3. it is unaudited.

A central bank that did nothing other than act as a bank of last resort wouldn't be that bad. It becomes all powerful when it engages in trying to direct the economy

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