“Even if evidence indicated #theFed capable of such precision (evidence does not), Joseph C. Sternberg’s question in the WSJ is apposite: ‘Who elected these folks to aim for a 50% loss in purchasing power of a #dollar every 35yrs?’
“In a recent rpt, the Manhattan Inst’s Dan Katz & Stephen Miran argue that ‘the Fed’s current governance has facilitated #groupthink that has led to significant #monetary#policy errors
“‘while allowing #theFed the flexibility to unwisely expand its remit into inherently #political areas such as #credit rationing & #banking#regulation.’ Here is #groupthink: ‘Despite the biggest #monetary errors in 4 decades,’ Katz & Miran write, none of the 9 recent appointees to the Board of Governors was on record as having made accurate predictions about #inflation’s path.
“#MissionCreep: #TheFed has moved beyond its traditional technocratic role & ‘pursued a much more expansive #monetary & #regulatory agenda that is more consistent w/an explicitly #political institution.’”
💬 "In March 2020 the information system for dealing with Covid was; I would wheel in a whiteboard and grab a marker and Simon Stephens would read out from scraps of paper, faxes that he'd got from the NHS…" - Dominic Cummings interviewed on Helen Lewis has Left the Chat, on BBC Sounds.