[spaceman_2020]

It’s unreal to me that an unelected bunch of bankers at the Fed have such an outsized impact on the global economy, and yet when anyone challenges them, half the people actually defend them.

If there is any institution that should be under constant and heavy scrutiny at all times, it should be the Fed.

[epgui]

> If there is any institution that should be under constant and heavy scrutiny at all times, it should be the Fed.

First, I want to say that I agree with you 100% here. I even think maybe the accountability mechanisms might not be designed correctly, although I don't know enough to be sure.

> half the people actually defend them

In their defence though (and notwithstanding what I said above), they're all incredibly intelligent and competent professionals who happen to be at the helm of the ship in uncertain times. :shrug:

[blagie]

From my vintage, among the most competent governing institutions are the Supreme Court and the Fed, neither of which has any oversight. I'm not claiming any sort of perfection, but compared to congress, it's like night-and-day.

It'd be interesting to understand how and why. That's not true of all institutions without oversight.

[cheeseomlit]

I'm of the exact opposite opinion, I see those two groups as some of the absolute most harmful in modern US politics. I'll take a gridlocked congress over an activist SCOTUS legislating from the bench or an out of control Fed printing trillions of dollars for their banker friends any day of the week, though I suppose the gridlocked congress is part of what enables that behavior

[baq]

imagine the mess if there were elections for central bankers. fiscal authority is sort of elected. you really want somebody different in monetary authority...