Tuesday, September 17, 2013

Put My Bro In The Chair

I'm not especially enamored of the whole "central bank independence" concept. It's at best a polite myth, and at worst counterproductive unless you think inflation is the only thing that matters, but all the very serious people are wedded to it. It was surprising that there wasn't more pushback on the idea that Obama was trying to make his buddy Fed chair. The Fed chair isn't supposed to be the president's buddy.