Saturday , July 20 2019
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The Myth of Fed Independence

Summary:
My latest article is feisty. It sounds like I’m defending Trump and then…BAM! I go full Rothbard. Trump committed a faux pas with his public complaints about the Fed. But his actual “mistake” was in letting the American people in on a dirty secret: The central bank is by its very nature a political institution that exists to serve the nation’s rich and powerful class, not the average Joe. So by all means, let’s champion Fed independence from political interference, and start by taking away its government-granted power to create legal tender. If the Fed were a private bank like any other, we could be sure the president would no longer micromanage its policies.

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My latest article is feisty. It sounds like I’m defending Trump and then…BAM! I go full Rothbard.

Trump committed a faux pas with his public complaints about the Fed. But his actual “mistake” was in letting the American people in on a dirty secret: The central bank is by its very nature a political institution that exists to serve the nation’s rich and powerful class, not the average Joe.

So by all means, let’s champion Fed independence from political interference, and start by taking away its government-granted power to create legal tender. If the Fed were a private bank like any other, we could be sure the president would no longer micromanage its policies.

Robert Murphy
Christian, Austrian economist, and libertarian theorist. Research Prof at Texas Tech and author of *Choice*. Paul Krugman's worst nightmare.

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