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The independence of the Federal Reserve is considered a cornerstone of its identity, crucial for keeping monetary policy decisions free of electoral politics. But do we really understand what is meant by "Federal Reserve independence"? Using scores of examples from the Fed's rich history, The Power and Independence of the Federal Reserve shows that much common wisdom about the nation's central bank is inaccurate.

Sixty years ago, economist Robert Triffin warned that the U.S. dollar could suddenly drop in value, if the United States used the dollar as the world's reserve currency. America's leaders, determined to obtain as much power as possible, insisted on internationalizing the dollar. They flooded world markets with dollars, initially backed by gold. When they ran out of gold, the United States backed the dollar by means of oil from the Middle East. Today, Triffin's warning is as prescient as ever. The U.S. dollar is unstable, and could collapse in value.