Monetary Command Economy

Given that monetary policy is set entirely by an entirely unelected and unaccountable set of bankers, would it not be accurate to describe the monetary component of our economy as centrally planned?  The Fed more or less determines interest rates, reserve ratios for banks, and sets banking policy generally.  It is in charge of our banking system, but does not answer to Congress or the President.  A small group–a Politburo, shall we call it?–meets and decides, and thus it is done.

On a tangentially related note, consider Fort Knox.  The Federal government bought up hundreds of tons of gold or more, using taxpayer money.  It did this because until 1934 or so dollars were technically redeemable in gold.  It did this because until 1972 or so foreigners could technically redeem their dollars in gold.  Then we went off the gold standard.

Who owns the gold?  The Federal Reserve, which is to say a committee representing the interests of the largest banks in the United States.  So, it was paid for by the American public–much of it confiscated at what amounted to gunpoint by FDR–and then abandoned rather than sold.  Why?  It’s a good question.

And given that the Fed answers to no one, reports to no one, why should we not assume they simply sold the gold off for their personal enrichment?  What would stop them?  Why wouldn’t they?  Were there any laws governing the matter?  I seriously doubt it.