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Showing posts from April, 2019

Editorial: Change the Elitist Culture of the Federal Reserve

In 1939's Gone With the Wind, a Southern belle takes a nouveau riche's hand in a dance. This is to the chagrin of her Aunt Pittypat, who exclaims, "Oh dear, oh dear, where are my smelling salts? I think I shall faint!"

Stories of landed gentry finding true love outside of caste-based parameters, much to the disapproval of the vieux riche, are as old as time. Now, in the made-for-television era of President Donald Trump, the narrative of class struggle is playing out in the unlikeliest of arenas: monetary policy.
Through posts on Twitter, the president announced that he will nominate Herman Cain and Stephen Moore to the Federal Reserve Board of Governors. Cain, a restauranteur, was formerly chairman of the Federal Reserve Bank of Kansas City and president of the National Restaurant Association. Moore, the co-founder of the Club for Growth, is a prominent economic commentator currently serving as a fellow at the Heritage Foundation. Moore's credentials are burnishe…