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Veronique de Rugy: The Fed has more than a credibility problem
By Veronique de Rugy
Creators Syndicate, Hermosa Beach, California
Thursday, April 13, 2023
I have heard some people say that the Federal Reserve has a credibility problem. The agency missed the biggest inflation spike since the 1980s, was slow to start rolling back pandemic policies, and failed to spot the risks that some banks, such as Silicon Valley Bank, were facing. Instead of instilling confidence and stability, the Fed's policy communication has at times been so unclear and confused that it has only served to exacerbate market volatility.
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Credibility is a big enough problem, but unfortunately the Fed's issues go beyond that. The Fed as an institution, along with its policies, seem to be a main source of the economic instability America faces. In fact, David Stockman, budget director under President Ronald Reagan, calls the Fed an "SDI" -- a Systematically Dangerous Institution.
A responsible political class would pay more attention to an organization's failures and significantly reform it. Instead politicians will likely do what they have done in the past: give the Fed even more power to regulate the economy in ways that will only cause further harm. ...
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