Last-minute maneuvering in the Senate allowed the Federal Reserve to sidestep legislation that would have exposed its interest-rate decision-making to congressional auditors.
Pressure from the Obama administration led Senate lawmakers to alter a provision pushed by Sen. Bernie Sanders (I., Vt.) that was gaining momentum despite opposition from the Treasury and the Fed. It would have largely repealed a 32-year-old law that shields Fed monetary policy from congressional auditors.
The WSJ yammers on:
Like most other capitalist democracies, U.S. politicians have given the central bank considerable latitude to control interest rates.
They don’t even bat an eye at the double think here.
How in the fuck is having a cartel of private banks determine interest rates in anyway capitalist?
How in the living hell can you call this a capitalist democracy when the FREAKING RATES OF LENDING AN MONEY SUPPLY ARE SET BY A SOVIET STYLE SYSTEM OF PRIVATE BANKING OLIGARCHS!
In a capitalist society, markets determine interest rates and the supply of money. In a Soviet totalitarian police state, private banking oligarchs decide what interest rates and the supply of money should be.