by Mike Maharrey, Goldseek:

According to Federal Reserve Chairman Jerome Powell, “The Federal Reserve’s monetary policy independence is an important and broadly supported institutional arrangement that has served the American public well.”

According to Professor Thomas J. Weber at Pace University Lubin School of Business, this is nothing but a myth.

In a recently published paper, Webster argues that the relationship between the Fed and the U.S. government is more like a captive’s relationship with his captor.

“Something like the Stockholm syndrome seems to describe the institutional relationship that exists between the U.S. Congress and the White House (the captors), and the Federal Reserve (the captives).”

He goes on to insist, “The Fed is just another branch of the U.S. government with a political agenda.”