Miron: The Only Independent Fed is No Fed

Miron offers a concise response to defenders of the “independence” of the FED:

Congress cannot commit itself not to interfere, so the Fed will frequently react to the threat of interference. True independence is unlikely.

A different question is whether independence is desirable. If you believe the Fed does only good things, then yes, but that is unlikely. That is why Ron Paul, correctly in my view, argues for eliminating the Fed.

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