I never ever said get rid of the FED.
All I want is to shine the light on FED.
Do a thorough audit every few years, issue a report,
and let the chips fall where they may.
People elect 435 house members and 33 senators every 2 years. Let those elected representatives of people decide if FED is doing the right thing.
If FED is beneficial and benevolent, why are they fiercely opposing an audit?
An audit is NOT removal of FED. It is simply a report exposing how FED decides and acts on different initiatives such as the multiple QE’s.
The sudits may very well show everyone that FED is a good thing.
“If FED is beneficial and benevolent, why are they fiercely opposing an audit?”
Probably because it could disclose sensitive information about the retail banks that belong to the Fed. A short seller would love finding out for free which banks might be shaky.
“It is simply a report exposing how FED decides and acts on different initiatives such as the multiple QE’s.”
It already publishes its minutes describing what it is watching and reacting to. And there is also a concern that armed with detailed knowledge bond vigilantes and others could neutralize Fed policies.
http://www.federalreserve.gov/newsevents/press/monetary/20141029a.htm