Progressives Should Audit the Fed

"Progressives Should Audit the Fed" by Joe Schembrie:

.... the Fed is a cartel of commercial banks consisting of the very crony-capitalist interests that Progressives normally oppose ....

With the ten-trillion dollar-plus money supply inflating prices at five percent annually, the Fed creates at least five hundred billion dollars a year in new money. The value diluted by those billions belongs to citizens but goes to cronies. There ought to be Progressive outrage. Where is it?