The Fed’s “Independence” Is a Rigged Illusion — And Always Has Been

The “Independent” Fed: A Lie Repeated Often Enough The article begins with a hard jab at the official party line — the idea that the Federal Reserve is an “independent” institution, above the influence of political pressure or partisan priorities. This claim is echoed endlessly by Fed officials, including current Chair Jerome Powell, who recently declared that the Fed is “never going to be influenced by any political pressure.” That statement, of course, is pure fiction. In practice, the Fed’s so-called dual mandate — price stability and maximum employment — has served as little more than cover for its real job: making government deficits disappear through inflation and asset purchases. Hard evidence backs up the critique. The author takes us…