Today's Quote

Via Lew Rockwell, I see this funny quote from Arthur Burns, the Ben Bernanke of the 1970s, who as Fed chairman between 1970 and 1977 allowed inflation to get out of hand in order to please the politicians by trying to inflate more and more to hold down inflation, defended his willingness to follow the wishes of President Nixon in 1972 by saying:

"The Fed chairman has to do what the president wants, or the central bank would lose its independence."