Sounds like BS fear tactics targetted at any fool who doesn’t know better.

“The second way in which political interference with monetary policy can damage the economy is by promoting an undue focus on the short term”

As if the Fed is tinkering with interest rates isn’t focusing on the short term!? Good grief.

“excessively easy monetary policy tends to boost economic activity temporarily before the destabilizing effects of higher inflation are felt, policymakers with a relatively short-term outlook may be tempted to ease monetary policy too much”

The Fed doesn’t need any help with easing too much or causing inflation. It’s proven perfectly capable of both without any real oversight from Congress.

“Statistical studies have confirmed that countries with more independent central banks experience lower and more stable rates of inflation with no sacrifice of jobs or income”

Who were they comparing these countries to – Zimbabwe!?

“The Congress and the Federal Reserve have established a number of policies and procedures to ensure that the Federal Reserve continues to use its operational independence in a manner that promotes the nation’s well-being…”

Reports, testimony and statements are not the same as oversight.

“Reserve Bank operations and controls are reviewed by each Reserve Bank’s independent internal audit function”

Independant, meaning the private banks hire other private bankers to audit themselves, and the results are not reported.

I have more comments, but I’m getting sick reading this. This guy is a complete idiot.

One of the whole points here is that Fed chairmen — with one notable/MIA exception — have been reluctant to boost target rates to rein things in — for political reasons! Schmuck!

Statistical studies have confirmed that countries with more independent central banks experience lower and more stable rates of inflation with no sacrifice of jobs or income. [THE MOST RECENT UNDERLYING DATA IN THIS ARTICLE PERTAINS TO LATIN AMERICAN AND CARIBBEAN NATIONS ONLY AND IS ONLY THRU 2002!]

I’m not reading any more of this shit. This guy has zero credibility.