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New York Sun: The panic over the Federal Reserve

Section: Daily Dispatches

From the New York Sun
Sunday, April 7, 2019

It's hard to recall from the journalistic pack such a panic as has erupted over news that President Trump intends to name Stephen Moore and Herman Cain to the board of the Federal Reserve. The New York Times warns the Fed could end up under the presidential "thumb." A "hideous specter," says the Washington Post. "Sabotage" cries the Financial Times. They all bewail the Fed's independence.

We're tempted to say that all this solicitude over monetary policy warms the cockles of what's left of our heart. Yet the fact of the matter is that none of them -- neither of the two Timeses nor the Post -- are worried about an independent monetary policy. If they were, they'd have been in the fight for the gold standard long ago. It's the classical, constitutional way to keep monetary policy sound and honest. ...

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