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![tyillc Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::255781485.png) Richard Field [@tyillc](/creator/twitter/tyillc) on x 11K followers
Created: 2025-07-22 22:13:39 UTC

The Fed has never been politically independent.  

I know this from first hand experience.  In the early 1980s when I was there, Volcker regularly consulted with the White House to be sure he was implementing policies they backed.

We also know this from what Greenspan and several Fed governors have publicly said since 1980.  The policies they choose reflect what their political masters want.

The following comments by El-Erian need to be read as simply an Economist trying to protect his platform.  If Treasury set monetary policy, no one would care what the Economic profession had to say.

By the way, the evidence since 1980 is monetary policy is a great narrative, but doesn't work in the real world (or at least the US).  The primary reason being the US has only faced supply-side driven inflation and monetary policy is totally ineffective against that ...


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**Related Topics**
[white house](/topic/white-house)
[fed](/topic/fed)
[federal reserve](/topic/federal-reserve)

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