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Sounds kinda like the Federal Reserve. Except if they were truely independent you could not dictate them what actions to take.I didn't say that. It is not the Treasury or the Mint that does those things, but the executive and to a lesser extent the legislature. While it is true that many historical examples of hyperinflation have resulted from putting the power to create money in the same hands that spent it, that is not the proposal. The proposal is to put the power to create money in the hands of an independent Mint. Its primary legal mandate would be price stability. It would achieve this goal by printing enough money to accommodate economic growth, and delivering it to the Treasury to spend into circulation.
It would be legally prohibited from printing money if the previous year's measured rate of commodity price increase was greater than some small number, say 2%. It would be legally required to print a fixed fraction of GDP in new money each month that the previous year's commodity price index declined, and deliver it to the Treasury to spend into circulation. Between those two extremes, it would have discretion to smooth anticipated price fluctuations.
I work for the Jewish National Democratic Council. They pay me $100,000 a year plus $100 a post. That is why almost all of my posts are on Israel and how great a country it is. Check my post history to verify this. My other goal is to shut down not just this site but the entire internet. I am more powerful than the NSA. I am a former British citizen currently working for MOSSAD. Or maybe it is the KGB/ FSB. I voted for Obama at least seventeen times.