Audit the Fed?
The US Republican Party’s proposal to restore some kind of metallic monetary standard is so outlandish as to be an almost irresistible target. More serious, however, is the Republicans’ proposal for an annual audit of the Federal Reserve, which is a recipe for politicization of monetary policy and financial-market turmoil.
BERKELEY – The party platform adopted at the Republican National Convention includes a number of remarkable planks. To a monetary economist, for example, the party’s proposal to restore some kind of metallic monetary standard is so outlandish as to be an almost irresistible target.