Congress vs the Fed ... can you find the "white hat"?

A very insightful (and even predictive) comment by L3

http://pajamasmedia.com/richardfernandez/2009/05/18/the-death-of-kings/#comment-34

This reinforces for me the significance of the fact that the founders never really debated fully or settled the question of how best to handle monitary policy when laying out the constitution (they just sort of tossed it in with the legislative). Structural forms in government are important. The levers of power must be separated widely enough from one another that any small/medium collection of bad actors will have difficulty in reaching enough of them to bring the whole system under permanent control (this says nothing of course, about the chances of a large group of bad actors attempting to capture the system). Leo seems to have no objection to the way Federal Reserve power is assigned… but to me there is room for improvement. The seats in front of the levers of power (all of the levers of power) should be filled by processes in harmony with the principles of a republic. … again more emphasis structural forms.

Its natural that there should be a temptation whenever a wise/competent/benevolent public servant (or one who appears to be these things) comes on the scene to rely on them. To place as many important things under their control as they can successfuly administer. to give them expanded powers to enhance their ability to do good with their core powers. This temptation to rearrange the levers of power for the seeming benefit of the public must be resisted at all costs. When too many levers can be reached from one seat there is no aparent danger while one of worthy character occupies the seat… but it is an historical certainty that some eventual successor will prove less worthy… and oppression will follow… then the spilling of blood to pry the levers of power from his hands and set them a respectable and safe distance from one another again.

Separation of powers is the most significant structural feature of the US constitution. From grade school civics lessons we all automatically think of the separation of powers as primarily encompassing the judicial, legislative, and executive with the monetary power lumped in with the legislative (where as before the constitution most forms of government would have had monetary power with the executive), but I wonder if the time may not be approaching when monetary power needs to be seen in a similar light to the powers of the executive, legislative, and judicial; and therefore separated and established as its own branch of government. Likely small and relatively independent, something along the lines of the supreme court (but without the bit about life-time service).