Powell’s “Independence” Is Just Another Word for Unaccountability

“Independent” from Whom? Jay Powell’s love affair with the word “independence” isn’t about economic stewardship. It’s about power without accountability. Every time Powell or any other Fed chair invokes the Fed’s independence, it should send a chill down your spine. Why? Because in reality, what he’s saying is: “No one—not Congress, not the public, not even market forces—can restrain us. We’ll interpret the data as we like, change course when convenient, and pretend to be humble stewards while running one of the most destructive monetary experiments in history.” This isn’t some paranoid abstraction. Look at what this “independence” has wrought over the last two decades: The 2008 financial collapse fueled by artificially low rates and moral hazard A $9 trillion…