Global central bankers issued a statement last Tuesday defending U.S. Federal Reserve Chair Jerome Powell following the launch of a criminal investigation into the central bank chief. Powell is being investigated over the $2.5 billion he spent renovating the Fed building and potentially lying to Congress about the project.

The headline tells you everything you need to know about the moment we are in.

I believe in an independent Federal Reserve. America has always benefited from a central bank insulated from day-to-day political swings. A nation this large and complex needs a steady hand on monetary policy.

But independence does not mean antagonism. It does not mean operating as a parallel power center in opposition to a duly elected president. And it certainly does not mean taking cues from European technocrats who have no vote in our elections and no stake in our sovereignty.

What we are seeing now is not neutral independence. It is institutional resistance. Not objectivity, but obsession. The Federal Reserve under Powell has developed Trump Derangement Syndrome, and it is distorting decisions that affect every American household.

When central bankers from Europe and around the world rush to Powell’s defense, we are told this is........

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