Quote of the Day: The Fed’s enormous power is concentrated

Today, enormous power is concentrated in the hands of the 12-member Federal Open Market Committee, which sets interest rates and regulates the money supply behind closed doors – decisions that are not subject to review or challenge. Retirees can sue if their homes are seized for urban renewal, but not if the Fed’s financial suppression deprives them of a return on their savings

This is from Tufts University legal professor and author Amar Bhidé arguing for a decentralized FED at the Project Syndicate. (hat tip Café Hayek’s Russ Roberts)

Since money is half of almost every transaction, a centrally planned 'politicized' monetary system will have significant influences on the configuration of the political economic system.