Trump Nominates Famous Idiot Stephen Moore to Federal Reserve Board
THE NATIONAL INTEREST 1:19 P.M. March 22, 2019 NYMAG
Trump Nominates Famous Idiot Stephen Moore to Federal Reserve Board
By Jonathan Chait
Stephen Moore’s career as an economic analyst has been a decades-long continuous procession of error and hackery. It is not despite but precisely because of these errors that Moore now finds himself in the astonishing position of having been offered a position on the Federal Reserve board by President Trump.
Moore’s beliefs on monetary policy — it might be more accurate to describe them as “impulses” — tend to default to partisanship. During the Obama presidency, he warned that runaway government spending would produce hyperinflation. In 2009, he appeared on Glenn Beck’s program to wax hysteric. “We’ve seen this happened to Mexico, Bolivia, Argentina, Zimbabwe, Russia, all consumed by government, all do-gooders — some of that led to the decline of their civilizations,” he said
In 2010, Moore was still predicting hyperinflation and urging his audience to buy gold....
Since Donald Trump moved into the White House, the Republican Party has reversed its views on both fiscal and monetary policy. Whereas it had previously deemed deficits and inflation a mortal threat, and called stimulus and lower interest rates counterproductive, the party line now demands both.Moore has naturally ridden along with this reversal, but what has set him apart is the fervency with which he has embraced the volte-face. He has insisted on television that the economy is experiencing deflation, and when corrected by panelist Catherine Rampell on this unambiguous error of fact, refused to give ground. He has called for firing the Federal Reserve chairman as well as firing the entire Federal Reserve board....He should not be permitted any position of serious responsibility, in government or anything else.
http://nymag.com/intelligencer/2019/03/stephen-moore-federal-reserve-trump.html
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