Thanks Juan! Central banks are not independent. Rather they are dependent. Consider the case of the United States in the past 6 years. As the federal government ran enormous fiscal deficits, the central bank was forced to deal with that reality. This is not unique. When the Federal government runs large deficits, calling central banks independent simply gives the government cover to do what it wants. Moreover, the average citizen has no understanding of these issues. At the very least, if the deficit funding came entirely from taxation, at the very least the average citizen might be aware of the choices governments are making. As such, they can choose the give or withhold their consent. As it is now, the average citizen can't associate the impact of the government choices with taxation. Instead, the impact is diffuse as asset prices, consumer prices and various services exhibit inflation at different times and in different magnitudes, which means the average citizen cannot associate the effect with the cause. And how can we blame them, economists have a hard time with this too!