Who Rules America Today?

[Suresh Naidu]

Yeah, I don't really see representative government as a paragon of 
democratic success....But that's a larger question of accountable, 
participatory institutions... On what basis would members of the FOMC be 
elected? Can you really run a campaign on what the interest rate should be?  
I'm still thinkin' the Fed needs to be scrapped, and replaced with someother 
method of monetary control.

I was thinking that the Fed is really transparent to the rich, and pretty 
opaque to everyone else. Big investors get up-to-the minute information on 
Fed moves and can form expectations on the same information, having  
(better?) trained analysts. We, however, don't see the impact of interest 
rate hacks until they show up in the grocery store or paycheck. Perhaps 
democratizing the Fed would be some way of making the information that the 
FOMC and the banks have at their disposal show up in the price and wage 
information that regular folk have....Doing that without planning...


>Vikash Yadav wrote:
>
>>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.
>
>Congress is elected, and its deliberations are televised in narcotic
>detail, but it still produces barbaric legislation.
>
>Doug

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