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Unfortunatly I think I do mean government, however that would be a government that actually exercised fiscal discipline and did what was in the best interest of the long term goals of price stability, low inflation and low national debt (what a government that would be!).

The issue with the Fed is that it is a privatly controlled bank (actually a conglomerate of large banks that participate in the Federal Reserve System, so its more accurately called a Cartel) and as such there is no mechanism for removing its members from power. With their ability to control monetary policy they are in a unique position to either help or hinder the economey as a whole far more effectivly than the government depending on what aim they are wishing to accomplish. While there is nominal input from the people (in the form of Senate confirmation of the Chairman and appointment by the President), practicly there is no input on the actual operations of the Fed, we just have to trust them that what they are doing is the right thing. For an organization with as much power in society as they have I personally find this abhorrent.

Even with the Audit the Fed bill currently making its way through Congress there would still be no noticible change in day to day operations or oversight, a periodic audit by the Senate Financial Services Committe is something to be sure, but lets not kid ourselves here, the Fed really isn't worried about it despite what Benny boy says. I like that Ron Paul started that bill and that it has so much support, but the only reason it does have that support is that it doesn't really threaten the Fed.

We’d have gone bankrupt already with these idiots running the place.

In case you've been living under a rock for the last 40 years, heres a news flash. The US has been bankrupt for a very long time now, but the Fed has been running the presses for at least as long to keep the party going.