Kevin Warsh would rather stay out of the fray – and thus devalue the Fed’s credibility as an economic steward
It must feel strange to argue that government action is inevitably counter-productive – illegitimate even – when the government is you.
For the last half century, the Republican party has been comfortable with the contradiction. It’s framed in that clever quote from Ronald Reagan’s 1981 inaugural: “Government is not the solution to our problem; government is the problem.” Solutions, in this view, are delivered by free, unencumbered markets.
Eduardo Porter is a journalist focused on economics and politics. He writes the newsletter Being There on Substack
Continue reading...