The Globe and Mail reports in its Wednesday edition that the Trump administration's attempt to portray Federal Reserve Chairman Jerome Powell as a criminal is all nonsense. The Globe's Andrew Coyne writes that the Trump administration's penchant for siccing the justice department on its political enemies is well known. What is at stake here is not merely the reputation of Mr. Powell, but the independence of the institution he heads. Mr. Powell is the main obstacle to Mr. Trump's goal of controlling the Fed, as he cannot legally fire the Fed chair without cause, so he has had to create a pretext. Mr. Trump clearly wants control of the Fed for one reason only: to force the central bank to cut interest rates to whatever level he deems appropriate. Central banks were granted independence to prevent governments burdened with debt from misusing the printing presses. The temptation to inflate away debts poses a clear conflict of interest. Governments in most democratic countries have discovered that debasing the currency does not pay: not fiscally, and not politically. Only the dictatorships remain foolish or insulated enough to attempt it, with results that are as well known as they are inevitable: hyperinflation.