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"The question is suddenly relevant for global economic officials and central bankers after moves by President Donald Trump to put two strong partisans on the Federal Reserve board."
The fact is you don't want stupid people in charge of any government agency but for obvious reasons this Fed appointment is getting the most attention. I am far more concerned about idiot Trump appointees in charge of for instance the Department of Energy which is responsible for our nuclear arsenal or the Department of Agriculture responsible for food stamp and food safety or the Department of Education: https://vanityfair.com/news/2017/07/department-of-energy-risks-michael-lewis That said, if the U.S. were to lose its world reserve currency status I think it would be game over for us as a superpower and our markets would crash, especially the ones we often view as the safest--Treasuries.
Trump’s decision to consider close political allies for the central bank comes at a sensitive moment for the world economy and the IMF.
When isn't it a sensitive moment? The problem is having nationalists in charge of the world's most powerful country when we're now living--and have for at least 100 years-- in a global economy in which everything is intricately linked.
While I tend to agree with you Lewis I am far, far more concerned about global warming and climate change than any other issue. Without a livable world to occupy what difference does any thing else matter. Last time I checked you can't just go out a buy a new one.
Michael Lewis's "The Fifth Risk" is a compilation of previous articles and some new material on the consequences of Trump's appointees to key government departments, as Lewis B alluded to. Truly frightening.
As to Herman Cain's candidacy for the Fed, I recall a friend talking about how amusing Cain was as a presidential candidate in 2012. At the time I don't think any of us realized that the idiocies of that Republican primary campaign were but a prelude to the unreal 2016 primaries which brought us today's lunacy. It's no longer a laughing matter.
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That said, if the U.S. were to lose its world reserve currency status I think it would be game over for us as a superpower and our markets would crash, especially the ones we often view as the safest--Treasuries. When isn't it a sensitive moment? The problem is having nationalists in charge of the world's most powerful country when we're now living--and have for at least 100 years-- in a global economy in which everything is intricately linked.
As to Herman Cain's candidacy for the Fed, I recall a friend talking about how amusing Cain was as a presidential candidate in 2012. At the time I don't think any of us realized that the idiocies of that Republican primary campaign were but a prelude to the unreal 2016 primaries which brought us today's lunacy. It's no longer a laughing matter.
(Signed)
Ted