Independence

The question 'How much independence does the Federal Reserve deserve?' avoids the real question, which is, "What right does the Federal Reserve have to control the money supply at all?"

It's a basic misconception to think that the Fed's mission is to operate the monetary system to the advantage of the citizens. Even John Maynard Keynes will tell you this:

"The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens." - John Maynard Keynes