It wasn’t that long ago that I thought it made sense that monetary policy (if there was to be any) was set by a relatively independent agency staffed by experts. I’ve become less sanguine recently, particularly after reading this (also, a bit of this). Not that I think Congress would do a good job.
August 3, 2010
Correcting the underrepresentation of midshipmen at the Federal Reserve
Posted by teageegeepea under Uncategorized[2] Comments
Entitled to an Opinion 
August 4, 2010 at 3:51 am
policy change to try to correct mis-allocation due to a lack of information is relatively pointless without competition. commodity backed currencies have been shut down several times for “tax evasion”. meaning they are only allowed to compete if holders face a net loss by doing so.
August 4, 2010 at 10:26 pm
The fact that they have a monopoly is all the more reason to demand competence, though all the less reason to expect it.