You Can’t Make the Fed Better by Hiring Different People
By Daily Bell Staff - February 27, 2017

Trump’s Fed Can Start a Central Bank Revolution … President Donald Trump will select three members of the Federal Reserve board during his term in office, including a replacement chair for Janet Yellen when her appointment expires early next year. He should seize the chance to refresh the Fed with faces from the business community, adding executives to the roster of PhD economists who currently run monetary policy in most of the world. -Bloomberg

The Federal Reserve and its defenders are changing the subject. At one point Trump had talked about auditing the Fed and others had talked about using the audit to damage the Fed so badly that it would have to shut down.

But now the end result has shifted. The idea is not to shut it down but to make it better by hiring people from the business community instead of from academia.


Appointing executives to the Fed who’ve had to take fiscal and monetary policy into account when making decisions on where and when to build new factories or make other capital expenditure decisions makes sense.

Torsten Slok, the chief international economist for Deutsche Bank AG, sent around a chart last week showing how the composition of the Fed has become increasingly focused on PhD economists:

It’s little wonder that in this populist age central bank independence is under attack. As Bloomberg News reported on Monday, the rise of populism is putting pressure on central banks as “institutions stuffed with unelected technocrats wielding the power to affect the economic fate of millions.”

The emphasis on hiring business people for the Fed comes at a very good time. The Fed is in a great deal of trouble and only will become  even more mired in difficulty,

We read somewhere that pre-Internet it was easy to confuse people about what the Fed did. But now with the Internet a click away, it is very easy. Everybody knows or seems to know.

The Fed basically fixes the volume and price of money. That’s indefensible. Price fixing is anti-market. It makes no sense to have an agency fixing the price of the US dollar.

But the Fed will fight to the bitter end to keep its anti-market privileges, which it pretends benefits the market.

There can be some changes of course. Perhaps the Fed has hired too many academics and not enough business people. That’s what the book “Fed UP” by Danielle DiMartino Booth maintains.

She believes if more business people are hired, the Fed will recover its former glory. How is this possible. The Fed was never glorious. It was always an entity that tried to fix prices for a small group of bankers.

Making the Fed better means making it better at stealing.

Ms. Booth came along at a good time. Her book is being lifted up by desperate Fed workers who are trying to change the subject from shutting the Fed down to improving it.

It may result in a bestselling book but it won’t make a bit of difference for the Fed. So long as the Fed continues to fix the volume and value of money, impoverishing the middle class in the process, nothing is going to change.

Conclusion: The Fed will remain an evil, price fixing entity. Any changes will be merely cosmetic.

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  • She believes if more business people are hired, the Fed will recover its former glory. How is this possible. The Fed was never glorious. It was always an entity that tried to fix prices for a small group of bankers.

    The Fed has the same problem as military and intelligence circles, when all three divisions are not at all smart in present configurations/modi operandi et vivendi.

    amanfromMars 1 Mon 27 Feb 11:14 [1702271114] …. speaking truth unto wannabe powers on

    Bigger Picture Generals, Future Virtual Emperors and Epic Armchair Heroes Needed ….. Urgently

    US Cyber Command bosses will have persistent problems which will always thwart their plans for decades so long as they take orders from and server to sub-prime masters of tiny universes.

    And until that media attended virtual reality is fixed, and let us presume that one major and the prime fix is a more equitable and productive disbursement of fantasy fiat to remote virtually active agents that lead with spends, will the system be relentlessly attacked and hacked for weaknesses and gross catastrophic failures to be inevitable and terrifying to all dependent upon the system remaining as is, rather than as IT and AI Masters are ensuring it will be.

    Welcome to the Greater IntelAIgent Game that takes no foolish prisoners hell bent on perpetuating and propagating a monumental federated folly/fabulous criminalising enterprise.

    • Oh, and I fundamentally disagree with the premise headlined above, Daily Bell Staff, that You Can’t Make the Fed Better by Hiring Different People.

      That is the one and only surefire way to guarantee it be made better in Brave New Orderly World Orders with Novel Orders that order function fabulously and Fablessly.

      As has been previously said in error too …… The definition of insanity is doing the same thing over and over and expecting different results. Different smarter folk deliver better results ….surely?!. Madness lies in the counsel of fools who/which be ignorant arrogant tools and which would champion the maintenance and retention of the status quo with its executive elitist established faux egalitarianism.

  • TimeToWakeUPAmerica

    “You Can’t Make the Fed Better by Hiring Different People”?

    Yes. Well stated. And you can’t “Make America Great Again”, President Trump, by surrounding yourself with GOLDMAN-SACHS, OR CFR, OR TRILATERAL COMMISSION, AND/OR BILDERBERG people, or their legions of minions, either.