I have indicated many times that although the unprecedented increase in the monetary base and excess reserves of the banking system are troubling, they are minor issues compared to compromising the independence of the Federal Reserve. If the Fed does indeed become politicized, then I am in the "inflation is going to happen" camp and we will have that 70s show all over again. Monetary policy run like Amtrak...no thanks.
http://online.wsj.com/article/SB10001424052748703808904575025042648895592.html
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