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The Fed is Not Political, And I Have a Bridge To Sell You

by Joe Jarvis, The Daily Bell:

There is an old saying that one should never talk about politics or religion. I think that is just a way to make sure people don’t talk about anything productive or eye opening.

And I think it is basically the same attitude that makes the New York Times tell us not to “politicize the Federal Reserve.”

Yes, I had to do a bit of a double take there as well.

The article was written by Robert Rubin, the Treasury Secretary under President Bill Clinton. Clinton kept Republican Alan Greenspan as Chairman of the Federal Reserve, and now Rubin is afraid Trump will politicize the Federal Reserve when he replaces Yellen.

Trump may throw a curve ball and the powers that be need desperately to preserve the status

The Federal Reserve System was created by statute in 1913, but the independence of its monetary policy from congressional or presidential influence is not codified by law — and it wasn’t always inviolable. In recent years, so-called reforms have been proposed to subject Fed monetary policy to congressional review, but its independence has so far been preserved.

For good reason: An independent Federal Reserve led by governors who are committed to pursuing its dual mandate of price stability and full employment, as well as effective regulation — and who make decisions based on facts and analysis — is critically important to our economy, the well-being of the people and the market credibility of Fed policy making.

Hilarious. Tell me another. Oh, here it is, “I fear there may also be an effort to scapegoat the Fed if (or rather, when) the administration’s unrealistic economic growth estimates fail to materialize.”

Read More @ TheDailyBell.com

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