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Yeah? I disagree.
Jerome might stand there like a cardboard suit expressing the reverence of the private institution masquerading as a public one, with even less of personality than his predecessors, thinking Benanke and Greenspan (as I faguely remember) but I was under the impression the Fed answers to the current administration (evidently erroroniously.)
If, for example, the polit-bureau of the CCP wanted to adjust the repo rates set by the PBC, would the PBC be able to disregard and stand in the way of what the administration asked for?
We live in a time of competition where private interests are protecting their own, subverting public interests. This industry leader versus that industry leader, the secondary benefit to the public, is only a secondary benefit. But now that we've have hit inflection point, power is able to interfere and subjugate national interests.
There's no wrong or right. There's just actions and reactions. Also there's no national policy that favors stability and there's no recklessness. You might say there's policy that favors the status-quo, and obviously that's true as the status-quo is nothing to do with neutrality, it's to do with prevailing power dynamics. All there is, is a consortium of interests that moves to acrue power, as power abhores vaccums. As they say.
It is profoundly disquieting to witness such a descent into institutional depravity in our own lifetime. Jerome Powell stands as one of the few remaining anchors of professionalism and restraint within the US administration.
Trump’s evident determination to force him out regardless of the consequences for the US and global economies speaks to a reckless contempt for economic stability and sound governance.