In any event, I haven't seen any references to the idea of _electing_ the members of the Fed's board in this thread. I don't know where that comes from. Not me. Holding these worthies democratically accountable ("held responsible to the democratic electorate") is not the same as electing them.
I may have--in the sense that I (as any good leninist must) insist on the popular election and recall of every official in a position to determine public policy. At present this does apply to the FRB, which has power to set the level of short-term interest rates. But I require that such decisions be the province of elected and recallable representatives. The FRB should be composed of technicians (not, in any sense, technocrats) responsible for the effective implementation of a democratically-decided policy.
Shane Mage "Thunderbolt steers all things." Herakleitos of Ephesos, fr. 64
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