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Central Bank Independence: “Within” Not “Of” The Government

Tuesday, January 10, 2017 21:22
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from Dirk Ehnts, Econoblog101

I’ve been watching one of the “Free to Chose” programs hosted by Milton Friedman, which are very odd to watch in terms of clothing and the absence of any ethnic minorities. What I find interesting about this programme is a sentence by the then former Chairman of the Fed, William McChesney Martin:

When I’ve talked for a long time about the independence of the Federal Reserve, that’s independence within the government not independence of the government.

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Source: http://econintersect.com/pages/opinion/opinion.php?post=201701102105

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