Criticisms
The Federal Reserve System has faced various criticisms since its inception in 1913. These criticisms include the assertions that the Federal Reserve System violates the United States Constitution and that it impedes economic prosperity. Critics have taken the stance that the System is a privately owned bank that acts independently of the government and that it is unchecked and not being held accountable. The movement to audit the Federal Reserve System has gained national traction; a bill related to the movement was passed through the House of Representatives in 2012. Many critics see auditing the Federal Reserve System as a means of gaining insight into an institution they contend has historically had little to no transparency, that has acted without congressional approval or oversight, and that has the power to create and loan U.S. dollars based on a monetary policy determined by its own interests
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Famous quotes containing the word criticisms:
“The sway of alcohol over mankind is unquestionably due to its power to stimulate the mystical faculties of human nature, usually crushed to earth by the cold facts and dry criticisms of the sober hour. Sobriety diminishes, discriminates, and says no; drunkenness expands, unites, and says yes.”
—William James (1842–1910)
“I have no concern with any economic criticisms of the communist system; I cannot enquire into whether the abolition of private property is expedient or advantageous. But I am able to recognize that the psychological premises on which the system is based are an untenable illusion. In abolishing private property we deprive the human love of aggression of one of its instruments ... but we have in no way altered the differences in power and influence which are misused by aggressiveness.”
—Sigmund Freud (1856–1939)