Thursday, May 18, 2023

The Fed Can Do Anything!

I'm not saying it will, of course, but "making sure the economy doesn't implode" has been used to justify some pretty extraordinary things, and if they *wouldn't* step in to stop defaults, it would be because they've decided to join Team Kev.

That's quite possibly what they'd do, but it's important to recognize that they'd be saying "destroying the economy is worth it to make sure a certain set of budget cuts happened."

That's what "Fed Independence" gets you!