In the first part of a rare interview, Professor Allan Meltzer, the Official Historian of the Federal Reserve, shares insights gleaned from his many decades working within the US central bank with Dr. Pippa Malmgren. In Part One, Professor Meltzer offers his views on the ongoing delay in raising interest rates, the erosion of the Fed's independence and the massive increase in regulatory pressure and why it leads to crony capitalism, corruption and circumvention. With his unique experience of the policy environment facing every Chairman of the Federal Reserve since William McChesney Martin, Professor Meltzer's perspective of the past is simply not to be missed.