Writes Doug French:
The notion of central-bank independence is one of the great myths of the modern age. The perception is constantly floated and the words mouthed. Every president and potential presidential candidate swears the Fed’s independence is sacrosanct. Even before becoming president, Barack Obama spoke in reverence of Ben Bernanke’s operation. “Senator Obama made clear his respect for the independence of the Federal Reserve System and the special importance of its role during periods of economic uncertainty,” Obama’s Senate spokesman Michael Ortiz told Reuters in July of 2008.
In May the current Fed chair told a conference in Tokyo that he and other central bankers must be left alone to expertly guide their respective economies; otherwise, Bernanke said, “political interference in monetary policy can generate undesirable boom-bust cycles that ultimately lead to both a less stable economy and higher inflation.”
For those who believe this sort of nonsense — or are under the impression that political leaders and the posses surrounding them are wise, thoughtful, and have the best interests of the country at heart — a quick read through a small book should disabuse the most ardent democracy lover of these notions. Inside the Nixon Administration: The Secret Diary of Arthur Burns, 1969–1974 gives the reader a peek into the oval office and should give one pause.
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