Federal Reserve's "Independence" Masquerade -AIER.org

Written by Swiss America

Over Fed300 200"Federal Reserve Chairman Jerome Powell recently extolled the importance of central bank independence...

 

The Fed has always been a creature of politics...While the Fed would no longer de facto underwrite Treasury securities, it instead shifted toward a system of social-managerial control with its chief policy makers at the helm. Repeated bailouts of financial organizations, both traditional banks and otherwise, over decades demonstrated the Fed's allegiance to special interests...The Fed doesn't want to be independent from politics. It just wants to be independent from any kind of political force that would turn a critical eye to its dealings....If the Fed really wants political independence, the solution is a constitutional separation between the central bank and the ordinary organs of politics, through creation of binding rules. But it doesn't want that....Both strongman populism and oligarchic technocracy are odious, and contrary to the foundations of a constitutional republic."