A healthy macroeconomy continues to be the best of all labor-side policies. Two centuries of bitter experience have taught us that the macroeconomy can only stay healthy if it is planned—and properly planned. Not least among the necessary planning institutions for the macroeconomy is the central bank. And two centuries of bitter experience have taught us that the central bank has a very delicate task, one that can only be successfully accomplished if it is staffed by highly competent and good-hearted people. Here we have the American Enterprise Institute raising the alarm with respect to the chaos-monkey nature of President Trump's Federal Reserve nominations: Desmond Lachlan: Trump's Bizarre Federal Reserve Nomination: "Among President Trump’s more bizarre nominations for office has to be his nomination of Judy Shelton to fill one of the Federal Reserve Board governor vacancies.... Shelton manages to hold two contradictory views of monetary policy at the same time... strident advocacy of the return to the gold standard is totally inconsistent with the Trump administration’s economic policy approach.... Normally a person would be in favor of either an easy monetary policy to stimulate the economy or a hard monetary policy to exert discipline on the government. Either way, one would not expect her to hold both views at the same time. Yet Ms. Shelton does exactly that...
#noted
