New Delhi, March 16 -- THE IDEA that central banks should enjoy some independence is as old as central banking. "I want [it] to be sufficiently in the hands of the government, but not too much," mused Napoleon Bonaparte in 1806 of the recently created Bank of France. Try telling that to President Donald Trump. He has spent the past year bullying the Federal Reserve to cut interest rates faster. The campaign escalated on January 11th, when Jerome Powell, the Fed's chair, said the Department of Justice had served the central bank with subpoenas. Mr Powell said he is now under threat of a criminal indictment relating to a long-running spat over the cost of renovating the central bank's headquarters.

The Trump administration's actions are th...