Fed Independence Redux

Drawn into the stream
Of undefined illusion
Those diamond dreams
They can't disguise the truth
--Level 42

These pages have noted the myth of the Federal Reserve's 'independence' on several occasions (here, here, here). The Fed clearly depends on the government for resources, and it executes policy on behalf of the government.

Calling the Fed 'independent' is the height of folly, or delusion. It is an agency of the federal government.

On the back of President Trump's recent comments aimed at influencing Fed policy, and cries that Trump was trying to influence the 'independent' Fed, Ron Paul reviews examples of presidents doing just that--including LBJ tossing then Fed chair William McChesney Martin against the wall to get his point across.

Trump has a unique opportunity to shape the Fed during his watch as the possibility exists that he could appoint six of the seven Federal Reserve Board members by the end of his first term. Lest you haven't realized it by now, there is nothing 'independent' about presidents placing bankers on the Fed board.

Truly 'draining the swamp' would be to shut down the Fed. Doing so would turn off a primary spigot of resources currently flowing to the welfare-warfare swamp.