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Allan Meltzer, Ph.D., American Economist, Carnegie Mellon Tepper Graduate School of Business, and author of a three-volume history of the Federal Reserve, describes the Federal Reserve as a “banker’s bank,” where banks go to borrow money when they need more. He reveals that it has evolved into a social instrument trying to control inflation and unemployment. Meltzer notes that while Congress technically regulates and has some oversight, it mostly leaves the Federal Reserve alone as long as things are going well. He charges that two terrible mistakes have been made, one was putting too much weight on what happens today or in two months, rather than looking ahead long-term. Meltzer maintains that rules must be established and that if the Federal Reserve doesn’t abide by them, officials need to explain why or resign.

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