End the Fed
For the record. The question at hand is not whether the Fed will cut rates in September, nor is it about parsing every word Poowell uttered today. The fundamental issue is the viability of the Federal Reserve’s role within a truly capitalist society, now that its overreach has become apparent. The sustainability of the Fed’s authority will be increasingly questioned as it acts as though we operate under a centrally planned economy, an assertion that strains the very principles of free markets. The claim that the Fed is apolitical is now widely regarded as folly. Powell’s stark performance at the University of Chicago in April marked a pivotal moment, the crossing of a Rubicon. In that instance, Powell comported himself as an economic emperor, displaying a disdain for Trump’s policies and supply-side economics that was palpable. His implicit message was clear: the Fed would stand in the way of the President’s agenda, dismissing the constraints and provisions of the Hump...