Since the creation of the Federal Reserve, U.S. monetary policy has been sporadic to say the least.

From the boom and bust cycles to America's present episode of inflation, central banking is one institution that cannot be trusted to maintain economic stability.

Economists long pooh-poohed the idea that the Federal Reserve could cause inflation through its increases of the money supply. They insisted that “adults were in charge” at the Fed.

But with the Fed now confronting a not-so transitory form of inflation, America’s premier central bank is faced with a tough decision.

Hike rates or keep interest rates low? It remains to be seen what the Fed will do.

One thing is certain: Economic normalcy is not coming back to America anytime soon. 

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