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New York Sun: Groupthink makes the Fed look like the old Soviet central bank
From the New York Sun
Tuesday, May 4, 2021
Economist Judy Shelton has a crackerjack column in tomorrow's Wall Street Journal on the lack of intellectual and policy diversity at the Federal Reserve.
She points out that during the entire term of Chairman Jerome Powell and his predecessor, Janet Yellen, not a single dissenting vote was recorded among the governors.
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It reminds us of the central bank of the Soviet Union.
Is that what we want -- GosFed? That's our jibe, not Ms. Shelton's. It's a play on Gosbank, for Gosudarstvenny Bank, the name of the Soviet central bank.
It's not our intention to suggest that our Fed or anyone associated with it is a communist. All the more mystifying, though, is the absence of dissent among GosFed governors, particularly when a new administration is readying vast new spending. ...
... For the remainder of the commentary:
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