[runeks]

> This would enshrine the fed with ability to affect fiscal policy without politics.

By what means would you give this third mandate to the Fed? Surely, politicians give this mandate, through the voters. In which case: how can you say it’s “without politics”? Because politicians create the laws that govern central banks, central banks cannot be said to be politically independent.

I guarantee you, if a central bank — any central bank — stopped monetizing its government’s bonds, the currency produced by its member banks would quickly lose its legal tender status and tax privileges.