The author discusses the impacts of the Federal Reserve's interest rate policies on inflation, drawing historical insights from Fed Chair Paul Volcker's actions in the 1980s. Volcker raised interest rates significantly, leading to a recession that ultimately quelled inflation, although the effectiveness of such rate hikes in the long term is questioned. The article highlights the notion that inflation stems from government fiscal policies, particularly when Congress and the White House feel shielded from accountability due to the Fed's actions. The potential politicization of the Fed, as suggested by President Trump's stance on interest rates, poses the question of whether this could force politicians to take responsibility for inflation. The author argues that breaking the Fed's independence might lead to necessary long-term fiscal reforms as voters recognize the government's role in inflation. Overall, the article suggests a shift in responsibility towards Congress and the executive branch if the Fed's independence diminishes, prompting much-needed fiscal accountability.

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