In an article titled Academics Spar With Populists Over Fed Audits at Jon Hilsenrath at a Wall Street Journal blog a whole slew of economists are saying don't audit the fed. Well, that, according to the author is not it, rather they are , dialing up its call for lawmakers to drop plans to subject the Federal Reserve to more scrutiny by the Government Accountability Office, an investigative arm of Congress. Your man does not use the A word.
The pedants say, to let the GAO review Fed monetary policy would do “serious harm to the economy.” They warn increased congressional oversight would harm the Fed’s independence and ability to fight inflation.
Far be it for me to gainsay their wisdom as our golden age of fed watchdoggedness continues. Most impressive on the list of geniuses are nobel prizewinners.
One of them, Myron Scholes, is mentioned prominently. This is the savant who was a founder of that great success story, Long Term Capital Management.
Case closed. We must heed the warnings of the priesthood, I mean profession.