WALTER RUSSELL MEAD: Central Bankers Losing Independence? “At the end of the day, this is about the long term sustainability of a fiat money system. If monetary authorities get into the habit of excessively manipulating the money supply, a fiat money system gradually loses credibility. That loss of credibility was a factor in the inflationary wave of the 1970s, and the greater move toward political independence for central bankers was part of the response. But what if the recent long-term financial crises are chipping away at central banks’ cherished political independence?”

What if?