Have a gander at this interview with Sir Paul Tucker. Sir Paul is, according to Wikipedia,:
a British economist and central banker. He was formerly the Deputy Governor of the Bank of England.
a central banker for over 33 years and a policy maker for a dozen of them.
In this interview, with the Cato Institute of all places, Sir Paul says this:
Whoever holds the monetary instrument can print money or remove money from the economy; can create waves of inflation which essentially would redistribute resources around the economy. That’s kind of (a) taxing power.
So the last people you want to hold that power are the elected executive branch.
That’s right. Taxing power should not be with the elected but rather the appointed. Not with the representatives of the people but with the representatives of the intelligentsia.
Sir Paul say that it would be bad for the executive to have control of the monetary levers because they would never need to go parliament to raise taxes to fund activities because they could just print money. But that is just nonsense. Government spending still requires appropriations. Besides, the ability of central banks to print money (actually or virtually) is not a fault. It is a design feature.
But who needs elections and parliaments when you have the wise supervision of the central bankers.