Dread the Fed

In light of recent events, I want to remind myself of an extremely important fact that I have read a number of times, and yet somehow always seem to forget or, more likely, ignore.

From the opening of Murray N. Rothbard’s The Case Against the Fed:

By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, the DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are under control of Congress. They are accountable: A Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities.

The Federal Reserve, however, is accountable to no one; is has now budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s monetary system, is accountable to nobody.

America’s Founding Fathers held a deep distrust of centralized banking. Before long, we may find out why, first-hand, for ourselves.

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