Here's a take making rounds in financial circles: independent central banking used to be the gold standard of economic policy. That was the neoliberal playbook, right? Hands-off governance, let the experts do their thing, detached from political pressure.

But here's the thing—that era's getting harder to defend. We're seeing central banks increasingly pulled into broader economic debates, policy coordination, and yes, political considerations. The old model where monetary authorities operated in splendid isolation? It's looking less like doctrine and more like a relic.

This shift matters beyond traditional finance. As institutional frameworks evolve, so does the entire landscape for alternative assets and decentralized systems. The conversation around CBDCs, yield dynamics, and macro cycles is all playing out against this backdrop of changing institutional roles.