America Don’t Need No “Independent” Fed

Talk about hiding in plain sight. Here is possibly the most important graph ever about the flagging state of the US economy and the utter failure of Washington’s constant efforts during the last two decades to “stimulate” improved outcomes.

To wit, the US industrial production index—which measures the sum of manufacturing, energy, mining and utility output—marched straight uphill at a 3.3% annual rate between 1954 and 2007. Yet since then it has essentially plateaued, rising by just 0.10% per annum during the past 17 years.