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The real news story:
As Glenn Jacobs said in a recent interview, if we are going to have government-controlled fiat currency (which we shouldn't) then it is absolutely critical that there is complete transparency at every level. Of course, it's impossible to have complete transparency with the only agency that PRINTS ITS OWN BUDGET. I mean, as bad as the "alphabet soup from hell" is, at least none of them get to print their own budget and then not tell anyone how much they printed.
You've pointed out quite correctly that the Fed is miserable at 'controlling inflation' in the sense of keeping it low. I always try to point out that the Fed's only purpose is to print money, which by definition inflates the money supply. So in fact, in the most Orwellian of ways, the Fed operates in exact opposition to its stated purpose! But again, that doesn't surprise any of us... =/
If you think the Feds are leaving the states alone you might want to check out this: http://riseuprochester.org/2009/01/29/dea-makes-f...