Central Banking
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The Fed Needs Independence, Not Immunity
Monetary policy deserves insulation from politics, but regulation and emergency lending powers may not. Can Congress and the Courts differentiate?
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Hamilton’s Economic Vision Had One Crucial Blind Spot
Hamilton recognized the importance of manufacturing but overlooked the market processes that create lasting prosperity.
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Trump v. Cook Carve-Out Leaves the Fed Above the Law
The Roberts Court restored presidential authority over executive agencies while shielding the Federal Reserve from the same rule.
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Trump v. Cook Won’t Settle the Fed’s Independence Problem
Political pressure has made it harder to distinguish sound monetary policy from strategic posturing. Congress, not SCOTUS, is empowered to change that.
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Markets Bet on Warsh to Fight Inflation. Will the Fed Deliver?
Traders expect the Fed’s new chair to respond to accelerating inflation with higher rates. Credibility requires policy match the tough talk.
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Why Is the Federal Reserve Paying Banks Billions in Interest?
The Fed pays banks billions more in interest than it earns on assets. Could a floor system save the central bank from future losses?
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Alan Greenspan’s Complicated Monetary Legacy
Sound money needs rules, not a maestro, a tension embodied in Alan Greenspan’s long tenure at the Fed.
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Borrowed Time: The ‘Extend and Pretend’ Economy Must End
Trillions in hidden distress and deferred losses are emerging as borrowers run out of time and options. America’s debt reckoning has begun.
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The Central Banker Who Defied Hitler
If we must tolerate government control of currency, we should emulate Hans Luther’s fearless defiance of political pressure.
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Warsh Remakes the Fed as Inflation Runs Hot
Kevin Warsh’s debut Fed meeting brought no rate change but plenty of institutional change. The new chairman appears eager to rethink how the Fed operates.
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•
The Fed Needs Independence, Not Immunity
Monetary policy deserves insulation from politics, but regulation and emergency lending powers may not. Can Congress and the Courts differentiate?
-
•
Hamilton’s Economic Vision Had One Crucial Blind Spot
Hamilton recognized the importance of manufacturing but overlooked the market processes that create lasting prosperity.
-
•
Trump v. Cook Carve-Out Leaves the Fed Above the Law
The Roberts Court restored presidential authority over executive agencies while shielding the Federal Reserve from the same rule.
-
•
Trump v. Cook Won’t Settle the Fed’s Independence Problem
Political pressure has made it harder to distinguish sound monetary policy from strategic posturing. Congress, not SCOTUS, is empowered to change that.
-
•
Markets Bet on Warsh to Fight Inflation. Will the Fed Deliver?
Traders expect the Fed’s new chair to respond to accelerating inflation with higher rates. Credibility requires policy match the tough talk.
-
•
Why Is the Federal Reserve Paying Banks Billions in Interest?
The Fed pays banks billions more in interest than it earns on assets. Could a floor system save the central bank from future losses?
-
•
Alan Greenspan’s Complicated Monetary Legacy
Sound money needs rules, not a maestro, a tension embodied in Alan Greenspan’s long tenure at the Fed.
-
•
Borrowed Time: The ‘Extend and Pretend’ Economy Must End
Trillions in hidden distress and deferred losses are emerging as borrowers run out of time and options. America’s debt reckoning has begun.
-
•
The Central Banker Who Defied Hitler
If we must tolerate government control of currency, we should emulate Hans Luther’s fearless defiance of political pressure.
-
•
Warsh Remakes the Fed as Inflation Runs Hot
Kevin Warsh’s debut Fed meeting brought no rate change but plenty of institutional change. The new chairman appears eager to rethink how the Fed operates.