Blanchflower: Central Bankers Serve the Will of the People

The video discusses the role of the Federal Reserve in the context of Trump's trade war, questioning whether the Fed should influence political decisions. It highlights the debate on central bank independence and whether they should bail out politicians. The discussion also covers past mistakes by the Fed, such as failing to recognize a recession in 2008 and credibility issues due to rate rises. The video concludes by questioning if the Fed is still the best alternative for economic management.

In what ways does the speaker suggest that the central bank's independence is challenged?

What is the speaker's perspective on the effectiveness of the Fed's monetary policy decisions over the past decade?