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Stefan Gleason: Gold and the myth of 'Fed independence'
By Stefan Gleason
Money Metals Exchange, Eagle, Idaho
Wednesday, August 27, 2025
The establishment financial media is in a tizzy this week over President Trump's firing of Fed Governor Lisa Cook, a Biden appointee accused of mortgage fraud. They complain that this firing is an assault on the Fed's independence.
In reality, though, the notion of "Fed independence" is a myth.
... Dispatch continues below ...
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Most recently the Fed played politics last year by slashing rates to stimulate the economy heading into a tough presidential election for the incumbent Democrats.
And the Fed suddenly got stingy as soon as Trump got elected -- halting rate cuts for almost a year so far.
But here's the big picture.
The Federal Reserve is an inherently political institution -- not only because the seven members of its Board of Governors are appointed by the president with Senate confirmation, but also because America's entire monetary system is political in nature.
We no longer have sound money backed by gold but political money, where policymakers centrally plan the economy via market interventions -- including changes to monetary policy.
By design the Fed engages in price-fixing activity by setting the price of money (i.e., interest rates) -- and it bails out the federal government by funding its debt when market participants will not.
Since the Federal Reserve was launched in 1913, the value of the currency has plunged 99%. ...
... For the remainder of the commentary:
https://www.moneymetals.com/news/2025/08/27/gold-and-the-myth-of-fed-independence-004297
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