If the Federal Reserve didn't keep interest rates abnormally low, the federal deficit would soar by nearly $500 billion in the first year.

The arithmetic is simple: Rates are 2 to 3 percent lower than they should be; the outstanding federal debt is $15 trillion; 3 percent additional on $15 trillion is $450 billion additional deficit.

By having these abnormally low interest rates, the Fed is also discouraging Americans from saving money and encouraging them to tack more borrowed money onto their already overleveraged balance sheets. The only option for our government repaying the federal debt is for the Federal Reserve to monetize the debt. What this means is the Fed will continue to increase the money supply, causing inflation and enabling the federal government to pay back debt obligations with debased cheap dollars.

The Federal Reserve is an unelected body without oversight from Congress or auditors. Who is the Fed responsible to other than itself?