by David Kranzler
Investment Research Dynamics
CNBC announced yesterday that “The ‘audit the Fed’ movement is taking a big step in Congress this week.” Only here’s the problem:
The bill seeks not a financial exam of the U.S. central bank but rather a peek behind the curtain of how monetary decision-making happens. LINK
The first time I read that, it me left somewhat stunned. “A peek behind the curtain” of how monetary decisions happen? Seriously? I think we get to see this in action every day between FOMC meetings, when the various Federal Reserve retards step up to the podium to drool all over themselves as they as mumble incoherently about raising interest rates at the next meeting. In fact, just today some chode from the Atlanta Fed named Lockhart stated that: