“When asked how a 25-fold increase in the Consumer Price Index or a 60-fold increase in the price of gold since the inception of the Fed can be considered a success, he said the Fed does what Congress requires of it. He lamented that Fed policies are dictated by culture rather than economics.  So doesn’t this jeopardize the Fed’s independence? Independence of a central bank is important, for example, so that there isn’t reckless financing of government deficits.  Greenspan: ‘I never said the central bank is independent!’  I could not believe my ears. I have never, ever, heard a Fed Chair be so blunt.”

http://www.merkinvestments.com/insights/2014/2014-10-29.php

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