Do We Need The Fed?

 

The president who said he liked the gold standard now says Fed is too tight. It is hard to find anyone these days who actually understands what the Fed does, largely in secret.

(From The American Conservative)

We should be worried about Fed independence, but not because the central bank is somehow suffering under the tyranny of the executive branch. Rather the Federal Reserve is out of control, acting in ways and with powers that were never granted to it.