No. of Recommendations: 19
Mungofitch wrote, "I think it's safest to plan on the assumption that the pick doesn't matter, and that for all intents and purposes the next chair of the Fed is Mr Trump."
...
Once a candidate is approved and sworn in he's in like Flynn.
If he has the superhuman confidence and strength to ignore political pressure and personal insults (like Jerome Powell) the Fed Chair is NOT under the thumb of the president... can't be removed except for cause.I laud your optimism, I do.
But I think one should not overestimate the availability of superhuman resistance, nor the depths to which some people might descend in order to exert pressure. The list is endless if you think about it, and you assume no respect for convention. A decree passing monetary policy to an entirely new entity whose board is supine? Giving a different new entity unlimited financial guarantees, so it can purchase a hundred trillion in US paper, driving rates down along the entire yield curve? Inventing a new kind of money to flood the system with liquidity? Applying pressure to the board members or their relatives?
There are no limits, really, so it's just a question of motivation.
Not sure if this link will work. Sincere apologies if it's considered too OT
https://flo.uri.sh/visualisation/27447776/embedJim
