Anyone who believes central bankers in a democracy can steer a consistent course free from political influence hasn’t spent much time studying the historical record.

Wake Forest economist John Wood has studied the history. Wood offered the John Locke Foundation’s Shaftesbury Society multiple examples of political central banking decisions in the United States and Great Britain in the 19th century.

In the video clip below, Wood explains that central bankers often end up doing more harm than good.

3:50 p.m. update: Click play below to watch the full presentation.