Two issues with the Fed.
1. Its not Federal. Its a private conglomerate of banks where shares are owned by private entities not associated with a republic.
2. Its not independent, nor maintains independence from private interests. It issues… currency and operates independent of the citizens control not independent from the private banking sector .
Its funny to me how “independence is sold to convey the Fed as an unbiased insulated entity that operates separate from government in our best interests. The facts are, its not federal, and its not public. Its profit for private interests. The Fed has shareholders. The term “independent” is sold as support for our current monetary structure. The Treasury delegates the currency function to the Fed, where the Fed charges the Treasury interest to issue the currency. The non-federal banking conglomerate Fed states they must be “independent” of politics. Politics would interfere or tarnish independent unbiased management of our monetary system in the best interests of financial stability. In other words, the Fed is independent of congressional control (We the People). The Constitution states that the issuance of currency is to be overseen by Congress, so the very nature of money is intended to be overseen by “We the People”. In short, in 1913 it was acceptable that “we the people” do not have the sense to maintain financial stability, only a private banking cabal is capable of financial stability.