Fed Independence Is A Myth

What all who favor a secretive, independent Fed miss is that not only has history shown the Fed's supposed independence to be mythical, but that the Constitution makes plain that the Fed shouldn't be independent. Even more important, the Fed shouldn't so much be conducting monetary policy as it should be blandly following a price rule whereby the dollar's value is stabilized, preferably in terms of gold.

The Federal Reserve is under pressure to open it's books to the light of day. Bernanke is reluctant to do so and is pleading the case for the Fed's independence. John Tamny provides a brief history of previous Fed chairmen.