.@tylercowen says we've already wrecked the independence of the Fed because we'll be forced to monetize our debt, regardless of what happens. "I'm not happy about it, but that's the ugly little truth." "We're in bad shape. I'm not telling you not to worry. But I'm telling you you should have been worried to begin with." "The basic problem is, our debt and deficits are so high that over time we will monetize them to some extent and have higher inflation, because we prefer that over higher taxes, no matter what we might say." "So Fed independence is taken away through that mechanism, apart from whatever Trump said yesterday."