Stephen Moore and Herman Cain Are Just What the Fed Needs

By Ralph Benko April 17, 2019

President Trump’s nomination of Stephen Moore and Herman Cain (full disclosure, both are friends and Moore an occasional professional colleague) to the board of governors of the Federal Reserve has become something of a cause célèbrein Washington.  Moore’s and Cain’s attackers outnumber their defenders. But their defenders have the better argument.

The Cain/Moore mutiny of the Establishment is a perfect microcosm of the existential crisis of modernity. Canadian public intellectual John Raltson Saul called this persistent existential crisis, in his eponymous book, Voltaire’s Bastards. (Penguin Books, 1992.)

That’s shorthand for a misplaced veneration of reason. Venerated reason has not performed nearly as well in practice as in theory. Better call Saul:...............

Here within the microcosm of Trump’s announcement of Moore and Cain the Voltaire’s Bastards syndrome manifests in two main criticisms. The first horrified indictment is that these candidates would undermine the independence of the Fed. The second is that they lack sufficient academic qualifications for the job.

Neither criticism holds up under scrutiny.

The independence of the Fed is one of the most durable tropes in Washington. It is also almost pure pretense. As Steven Solomon wrote in The Confidence Game: How Unelected Central Bankers Are Governing the Changed World Economy (Simon & Schuster, 1995):..........To Read More.....

My Take - I've met Stephen Moore (he gave me permission to publish his article by the way) and I've met two of the people around Cain that encouraged  and supported him to run for POTUS, and they were white by the way.  Based on what they all said at these different events  it's clear to me Moore and Cain will be a breath of fresh air at the FED.