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The Case Against Federal Reserve Independence
The Case Against Federal Reserve Independence
Authored by Alexander William Salter via AmericanMind.org,
It’s illegal in theory and ineffective in practice.
The independence of the Federal Reserve System has become a major source of public controversy. As political leaders signal dissatisfaction with monetary policy, officials and commentators rush to defend the central bank’s insulation from democratic pressure.
We are told, as if it were self-evident, that central bank independence is a pillar of sound economic governance.
But this confidence is misplaced. The economic case for central bank independence is far weaker than its defenders suggest. And the constitutional case is weaker still.
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Authored by Jon Fleetwood via substack,
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