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Is the Federal Reserve playing politics?In his recent debate with his opponent Hillary Clinton, Republican presidential candidate Donald Trump pressed his claim that U.S. Federal Reserve Chair Janet Yellen is politically motivated. True, some people still insist that if the Fed doesn't urgently raise interest rates and rein in the money supply, the U.S. economy will go the way of Zimbabwe (where inflation far exceeded 25,000 percent in late 2008).Indeed, those central banks that have tried raising interest rates prematurely, including the European Central Bank and the Swedish National Bank, have been forced to reverse course, and the Fed wants to avoid that fate. The U.S. economy is performing far better these days, and the moment for raising rates further is likely near.The Fed is already allowing some tightening simply by not playing along, and letting the U.S. dollar appreciate.In the meantime, the Fed and other central banks will have to keep walking a tightrope that leaves them especially vulnerable to outside pressure. Fortunately, the Fed has a chair right now who is able and willing to stand up to it.
of a progressive consumption tax
And what about Rochester?
The case for a World Carbon Bank
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