The bottom-line: monetary discipline, which is good for us, like parental discipline, must be both credible and enforceable. Otherwise, it is a prescription for proliferation of spoiled brats, both on the floor of the New York Stock Exchange, and at home.
But while the central bank may be independent within the government, it is not independent of the government. The public simply does not buy the notion that full employment in the context of price stability (and a federal budget surplus!) is a “problem” to be preemptively “solved” by a nasty independent central bank. I don’t either.