"Loyalty and obedience to wisdom and justice are fine; but it is still finer to defy arbitrary power, unjustly and cruelly used--not on behalf of ourselves, but on behalf of others more helpless."

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The power to determine the quantity of money... is too important, too pervasive, to be exercised by a few people, however public-spirited, if there is any feasible alternative. There is no need for such arbitrary power... Any system which gives so much power and so much discretion to a few men, [so] that mistakes - excusable or not - can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic - this is the key political argument against an independent central bank.

— Milton Friedman