[Alleluja]

Fed's level of independence: Ever heard of Greenspan Put? Even much more so for Bernanke and Yellen.

You can't call FED indpendent. They are not about inflation. They are not about full employment. They have been all about keeping asset bubbles afloat since 1990s: from nasdaq, through housing, ending on treasuries. All "indpendent" FED creation.

And then obviously central bank is a failed idea. Market should determine price of credit. Not a bureaucrat. A bureaucrat setting the most important price in the economy - price of credit. As if he knew better from the market what the prices should be. The central banker will always set the price of credit wrong. Too low - bubble. Too high - burst. Let the market set prices. Especially the price of credit.