Federal Reserve Chairwoman Janet Yellen said Friday the central bank could trigger some financial turbulence when it starts raising short-term interest rates from near zero, where they have been pinned for six years.

The Fed will try to limit such volatility by communicating its interest rate plans clearly, Ms Yellen said….

She’s nominally talking about the volatility arising from the Fed not being entirely clear about its market moves monetary policy strategy in order to avoid “disrupting” financial markets, but she’s really talking about volatility throughout our economy, not only the financial markets.

Democracies, especially republican democracies, are at their noisiest when they’re at their most robust. So, too, are economies at their freest and most robust when they’re at their noisiest. It is, after all, the creative destruction of a free market that creates the broadest opportunity and the broadest prosperity. It is exactly that creative destruction that is stifled by a government that sits on and suppresses market volatility.