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The Federal Reserve has gotten a lot of flack recently. Ron Paul, who has been particularly vocal in his view that the Fed ought to be abolished altogether, even became Chair of the Monetary Policy Subcommittee this past December. And yet, relatively little has been said in the mainstream media to explain how the Fed actually works, and what institutional purpose it's supposed to serve. On this week's edition of The Breakdown, DC Editor Chris Hayes and blogger Matthew Yglesias discuss the role of the Fed in managing the health of the economy and lay out how a more robust system of accountability that ensures it fulfills that role is long overdue.
Yglesias's Democracy article on the Federal Open Market Committee.
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