book End the Fed repeatedly points out that the Fed engages in money creation "out of thin air." He argued that interest rates should be set by market forces, not by the Federal Reserve. Paul argues that the booms, bubbles and busts of the business cycle are caused by the Federal Reserve's actions. In the book Paul argues that "the government and its banking cartel have together stolen $0.95 of every dollar as they have pursued a relentlessly inflationary policy." David Andolfatto of the Federal Reserve Bank of St. Louis said the statement was "just plain false" and "stupid" while noting that legitimate arguments can be made against the Federal Reserve. University of Oregon economist Mark Thoma described it as an "absurd" statement which data does not support. Surveys of economists show overwhelming opposition to abolishing the Federal Reserve or undermining its independence. According to Princeton University economist Alan S. Blinder, "mountains of empirical evidence support the proposition that greater central bank independence produces not only less inflation but superior macroeconomic performance, e.g., lower and less volatile inflation with no more volatility in output." Ron Paul's criticism has stemmed from the influence of the Austrian School of Economics. More specifically, economist Murray Rothbard was a vital figure in developing his views. Rothbard attempted to intertwine both political and economic arguments together in order to make a case to abolish the Federal Reserve. When first laying out his critiques, he writes "The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of...its operations." This argument from Rothbard is outdated, however, as the Federal Reserve presently does report its balance sheet weekly as well as get audited by outside third parties. Rothbard also heavily critiques the Federal Reserve being independent from politics despite the Federal Reserve being given both private and public qualities. The acknowledgment of the Federal Reserve being a part of government that exists outside of politics inevitably becomes a "self-perpetuating oligarchy, accountable to no one." This ignores the fact that the Federal Reserve Board of Governors is a federal agency, appointed by the president and Senate. Private ownership or control According to the Congressional Research Service: According to the web site for the Federal Reserve System, the individual Federal Reserve Banks "are the operating arms of the central banking system, and they combine both public