from The Daily Bell:
The Fed Needs Humans … U.S. legislators … want to remove human judgment from its decisions on where to set interest rates. It’s a terrible idea that could endanger the entire global economy. – Bloomberg
Dominant Social Theme: The Fed is an art form. Technocrats are the artists.
Free-Market Analysis: Our ongoing effort to analyze the arguments against an “audit” of the Fed has been helped immeasurably by Bloomberg View, which regularly advances arguments why the Fed should be left alone. These editorials have become more frequent now that the Fed and other central banks are under regular political attack. The main issue in front of the Fed is an “audit” – presumably one that would name names instead of providing only sterile figures – but the Fed faces other challenges as well, and this article confronts one of them and tries to put it to rest.
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