In the near term, we need to find a way to raise rates without causing a depression, before inflation gets out of control. In the long term, more and more of t

In the near term, we need to find a way to raise rates without causing a depression, before inflation gets out of control. In the long term, more and more of the federal budget is being paid for by the Fed. While this isn't necessarily unsustainable, it is fraught with danger. The main reason is that there is very little democratic control over Fed policy. Vesting Congress with taxing power places taxation under democratic purview. I shudder to think of the corruption that will occur when the Fed funds most of the federal budget. There will be no democratic control over most of the government.