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MarkGB 

"Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world" - Henry Kissinger

and yet...

"Sooner or later everyone sits down to a banquet of consequences" – Robert Louis Stevenson

The FT on the Fed

In response to an FT View on 15th June 2017 entitled 'An independent Federal Reserve has never been more crucial'

https://www.ft.com/content/5f0afdc8-51d6-11e7-a1f2-db19572361bb?desktop=true&conceptId=9823c7de-0ed0-3538-a804-996b268a776f&segmentId=d8d3e364-5197-20eb-17cf-2437841d178a

First you give the Fed credit for the health of the economy:

“The Fed has delivered consistent growth and positive, if still too low, inflation”

But then you discourage criticism of it:

“The president should then respect the independence of the Fed, desist from criticising it and discourage others from doing so. To do otherwise is to imperil the US economy”

Who are these others?

The Fed is a political organisation, as Dr Yellen’s two predecessors have acknowledged: Bernanke implicitly, in an interview where he was (as usual) trying to dodge any culpability for the housing crisis; Greenspan explicitly on a number of occasions…as you well know Mr/Ms Editor.  Get a grip, or stop pretending to be in support of free markets and small accountable government.

You want an independent Fed? Return it to its original 1913 mandate, before the government decided to use it to fund WW1: a lender of last resort against commercial paper only, on profitable terms...and not...a glorified printing press to support politicians spending money they have absolutely no intention of ever paying back.

The Map is not the Territory

Summers on Yellen