The key problem to Wilson's statement is the idea that there is such an animal as a "disinterested" bureaucrat. As Milton Friedman once asked Phil Donahue during an interview where Donahue argred the same thing as Wilson, "who are these pargons of virtue, where do they exist?" They don't. For the most part, the Fed has tried to satisfy its government masters (with the exception of Voulker under Carter) and have always been behind the curve because to speak the truth would expose the government masters as monatary and fiscal idiots. Another good article by Dr. Sowell.