Reply #7: There are thousands of people working for the government that are not elected, why target the FED?

[Taitertots]

"So bankers manipulate the politicians during election cycles instead."
That is a problem that is totally unrelated to the FED. Why don't you want stronger restrictions on politicians instead of giving them more power to be manipulated into using?

"An independent monetary policy limits backlash against contraction decisions." -- What's wrong with "backlash"?"
Why do you think the central bank should be punished for making decisions that will ensure long term stability in prices and employment?

""Politicians are notoriously ignorant of economic issues." -- And bankers crash the economy every 5 or 6 years."
There has been two major adjustments in the last 100 years. Neither of which caused an economic collapse. There were significantly more negative adjustments before the creation of the FED. The assertion that bankers have crashed the economy every 5 years is laughable.

""The leaders of the FED are legally required to act in good faith, and there is no evidence that they have not." -- Right ..."
Do you have any evidence that they didn't act in good faith as part of their duties at the FED? There is none.


""The FED is legally mandated to act in the public interest working toward long term stability in prices and employment." -- So basically then, they have utterly failed their legal mandate.
Prices are stable and unemployment is in the single digits. Failed...they are doing great.