Best Of The Web
“President Trump’s next Federal Reserve pick could pose an existential problem for the central bank.
Judy Shelton, a former economic advisor to Trump, has not been officially nominated. But her opinions are already making waves. She wants to return to some sort of a gold standard. And in a recent interview, Shelton described the Fed’s power to set interest rates as a kind of Soviet-style central planning: “How can a dozen, slightly less than a dozen, people meeting eight times a year, decide what the cost of capital should be versus some kind of organically, market supply determined rate?” she asked, “We might as well resurrect Gosplan,” referring to the agency of the Soviet government that ran its economy.
That’s all brought Shelton plenty of criticism. “She falls well below [Herman] Cain or [Stephen] Moore as a potential Federal Reserve governor,” said Lawrence Summers, a prominent economist and former Obama advisor. Herman Cain and Stephen Moore were Trump’s two previous potential picks, who so horrified the mainstream they never even got nominated. “Hers would be a dangerous appointment,” Summers continued.”
JJ Editor's Picks
"‘Great-power competition” is increasingly a central concern in Washington foreign-policy circles. The 2017 U.S. National Security Strategy warns that “China and Russia challenge American power, influence, and interests, attempting to erode..."
"Just to be sure I heard it correctly, I replayed former vice president Joe Biden’s eye-popping gaffe from Thursday night’s debate instructing poor parents to put the record player on to help their children learn. “#Record player” was trending on..."
"For many people, getting away from it all means decamping to a cabin in the woods or a house by the beach. Soon there may be another option: lifting off to a hotel serenely orbiting high above the planet. Though space hotels have long belonged..."
"I didn’t lead a life of any particular hardship growing up, but as a kid in New York in the 1980s, I did have to do without certain things that many of today’s middle-class parents deem essential — a yard, for example — and my dad tells me..."
"Not too long ago, the “gig economy” looked as if it just might be the future of work in America.The rapid rise of digital platforms that let people earn money by driving passengers, delivering groceries, walking dogs or running errands for..."
""The Goldfinch" has a painting at its center, but despite a classy palette of ingredients conjures a lifeless, disjointed picture. Adapted from a Pulitzer Prize-winning novel, the movie represents a transparent bid to bring the book's prestige..."
"To make sense of what's going on as Israelis head to the polls Tuesday, one would need to be part mathematician and part psychologist. Determining who will sit with who in a prospective coalition is like choosing sides at a schoolyard pick-up..."
"It’s humiliating to consider the things we know instead of the things we should know. I can’t tell you exactly how the Michigan Republicans are trying to illegally gerrymander their state, but I know why Lana Del Rey is angry on Twitter. So it..."