Otherwise, they maintain, election-worried Washington politicians and special interests would distort decision-making, which would end up doing real economic harm. Our central bank has done a remarkable job over the years creating an aura that those who attack it are either ignoramuses or cranks outside the boundaries of respectable and responsible opinion. Moreover, by law it is the Treasury department, not our central bank, that sets policy on the dollar. He was wrong, but only after several years and two guillotined Fed heads later did rates go up. In the 1960s President Lyndon Johnson put fierce pressure on our central bank to keep rates low.

Source: Forbes December 11, 2018 11:26 UTC