Trump's Politicization of the Fed and the Death of Expertise
by Neil H. Buchanan Donald Trump wants a guy named Stephen Moore to be the next person to join the Board of Governors of the Federal Reserve System. Even if the only part of the previous sentence that you can follow is "Donald Trump wants," you know that whatever comes after those words is almost certainly based on ignorance, stupidity, or venality -- or, most likely when dealing with Trump, all three. And in this case, the situation is truly, truly bad. As background, the Federal Reserve System (the Fed) is the name of this country's central bank (given that opaque name in 1913 to fend off populist fears of an all-powerful Bank of the United States). The Fed is required by law to set monetary policy to maximize employment and economic growth while minimizing inflation. Although it has a number of policy tools available, the Fed's key ongoing decision is whether to increase or decrease interest rates. Stephen Moore is a hack. He is what other hacks point t