Human Beings Have Been Free of Corruption Since Nixon

“First, even the vague idea that Yellen is doing the White House's bidding is absurd. There was a time when that sort of collusion was a real concern. During the 1970s, Richard Nixon pressured Fed Chair Arthur Burns to pump money into the economy in order to boost his re-election bid, which helped unleash the nasty inflation the decade is remembered for (there's been some historical debate about whether Burns ultimately lowered rates to placate Nixon, or for his own opaque reasons). Modern central bankers, however, are fiercely protective of their independence.”

So…just 40 years ago, the independent central bank kowtowed to the President, meaning it is at least plausible that the Fed would grace the incumbent party with easy monetary policy. Now even the “vague idea” this could possibly happen is “absurd”?

“Modern central bankers, however, are fiercely protective of their independence.”

That’s it. That’s all you need to know citizen. Go back to sleep, your government is in control.

Thank heavens we live in America where democracy reigns supreme and government is run by angelic…bankers.