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De Omnibus Dubitandum - Lux Veritas

Monday, July 15, 2019

The Trump Monetary Consensus

Editorial of The New York Sun | July 14, 2019




The latest scoop on the Federal Reserve is what a unifying figure President Trump turns out to be. He wants our central bank to hold down interest rates, and look who’s with him: the Fed chairman, Jerome Powell, who is now signalling rate cuts; Mr. Trump’s latest candidate for a Fed governorship, Judy Shelton; the Financial Times, albeit wishy-washally; the increasingly Trumpist New York Times; and — drum roll — its Nobel laureate, Paul Krugman.

How rich with ironies. This struck us while reading Mr. Krugman’s latest column, “Goldbugs for Trump.” He reckons there’s “a real economic argument for rate cuts,” but accuses the goldbugs of having “sold their principles a long time ago.” That is, he’s angry at himself for agreeing with Mr. Trump, Ms. Shelton, and their allies. He’s in a devil of a spot, too. We’d suggest the lion has laid down with the lamb, save for the fact that the Sun isn’t lying down with anyone......To Read More....

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