Is the Federal Reserve Really Independent or Just a Myth We Need to Question?

Añadido: 2026-06-02

[00:00:00]What I would like is a Federal Reserve that's independent and practice of political pressure, not independent of political reality or consequence. But I would like a Fed that is independent of the Phillips curve, of the belief that growth itself is a problem because it is not. Growth is not for the Fed to accelerate or decelerate. And the sooner we understand this very natural principle of economics, the sooner we can get the Fed out of the business of setting the cost of capital and letting markets set the cost of capital. The sooner we have a better clarity on the jurisdiction and structure of the Fed, the sooner we don't have to worry as much about presidential behavior and misbehavior. And by the way, the debate about Fed independence and the myth of the whole thing. What I think we can do is get to place where we have it right-sized and reduced their footprint and intervention and distortion. Maybe I'm dreaming a little, but maybe some others want to dream with me. Maybe this group of us who want to dream, maybe we can be the committee to save the world.