Suresh,
A reasonable possibility for adding democratic accountability to the Fed might entail democratizing the FOMC (financial open market committee). While the Federal Reserve chair would still be appointed by the President, perhaps it would be possible to elect some or all of the other members of the FOMC.
I think the Bank of England's Monetary Policy Committee may be worth examining as well. I believe that the BoE has four experts appointed by the Chancellor of the Exchequer. While this may not be a democratic solution, it does make for a (potentially) more diverse group. I would deferr to the Brits on the list about this.
Just some ideas...
Vikash Yadav
Suresh Naidu writes:
:
: Hi,
:
: I'm curious as to what "democratizing the Fed" entails in practice? Do we
: get to vote and have town hall meetings on interest rates? Impeach Greenspan
: if he has a sordid affair? I'm having a hard time picturing participatory
: finance policy (which is why i lean towards scrapping the whole mess).
: Outside of capitalist conflict over Fed policy, what would the hypothetical
: leftist Fed look like?
:
:
: suresh