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Actually, it doesn’t matter who runs the Fed

Financial Times/Edward Price

Repost from 8-18-2021

graphic image of typesetters 'money'

“Truth be told, it doesn’t really matter who runs the Fed. Should that vex, consider this: if modern central banks are independent, why do they act as anything but?”

USAGOLD note: The upshot of this very readable editorial from former British economic official Edward Price is that the Fed will do what the Fed will do for the purpose of keeping the entire financial system from caving in. That essentially means running the money printing presses at full speed no matter who’s in charge. Paraphrasing Leon Trotsky, Price concludes that “the dollar may not be interested in inflation, but inflation is certainly interested in the dollar.”


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