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George Will: Biden's nominees for Fed would try to rig everything
By George Will
Union Leader, Manchester, New Hampshire
Sunday, January 30, 2022
Today's Federal Reserve illustrates this axiom: When a government entity cannot, or would rather not, adequately perform its primary function, or when it feels that its primary function is insufficiently grand, the agency will expand its mission, thereby distracting attention from its core inadequacy.
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Next Thursday the Senate Banking Committee will hold confirmation hearings for two presidential nominees to the Federal Reserve Board -- Lisa Cook, to a seat on the Fed's Board of Governors, and Sarah Bloom Raskin, to be vice chair of the board for bank supervision and regulation. Both would ratify the current Fed's penchant for mission creep -- actually, mission gallop. The Senate should tell both to express their abundant political passions through more suitable institutions.
Cook is a Michigan State University professor whose peer-reviewed academic writings pertinent to monetary policy are, to be polite, thin.
The White House noted that she "is on the Board of the Directors of the Federal Reserve Bank of Chicago." She was put there two weeks before Biden proposed promoting her.
But Cook strokes progressivism's erogenous zones: She appears to favor racial reparations. And, evidently, defunding the police: When a University of Chicago economist criticized this idea in 2020, she termed the criticism "racial harassment" for which he should be fired as editor of the Journal of Political Economy and denied "access" to students. ...
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Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
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