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By Judy Shelton - Welcome to the era of good-cop, bad-cop tactics from major government institutions. Fiscal and monetary policy are now working at odds to fight inflation. The Fed could crush demand by raising interest rates to stratospheric levels only to have a spendthrift White House and complicit Congress…
By Judy Shelton - Now that the U.S. economy seems to be turning the corner on the worst inflation in 40 years, it’s important to remember that sound money and sound finances go hand in hand. While the Federal Reserve will continue to focus on reducing demand through restrictive interest…
By Tunku Varadarajan and John Cochran - The present crisis may “reteach our politicians, officials and commentariat the classic lessons that there are fiscal limits, that fiscal and monetary [policy] are intertwined.” It may also teach them, Mr. Cochrane says, “that a country with solid long-term institutions can borrow, but…
By Christian Broda and Stanley Druckenmiller - The emergency conditions are behind us. Inflation is already at historical averages. Serious economists soundly rejected price controls 40 years ago. Yet the Fed regularly distorts the most important price of all—long-term interest rates. This behavior is risky, for both the economy at large and…
By Red Jahncke - The Federal Reserve’s policies of increasing interest rates and quantitative tightening—reducing its $8.9 trillion balance sheet—will increase the volume and cost of federal government borrowing, slamming the federal budget and exposing the consequences of decades of deficit spending. Total federal gross interest cost over the 12…
By Jeb Hensarling - Congress should resist the temptation to use the Fed to advance social policy or fund its favorite programs off-budget. In turn, the Fed should halt its mission creep into fiscal policy and stay out of unrelated partisan congressional debate. Out of the hundreds of federal agencies, commissions…
By Kevin Warsh - The Fed should change its policy regime. It should stop buying mortgage securities immediately. Soon after, it should slow its purchases of Treasury debt. It should not tolerate Fed-financed fiscal expansion. It should unlock the handcuffs imposed by its novel doctrine and render an informed and…
By Judy Shelton - If the most prominent factor behind the continuing high inflation is constricted supply in the face of strong demand, why would the Fed opt to fight inflation by slowing the economy? That’s what paying banks more to leave their financial resources sitting idle will do. Read…
By Joseph C. Sternberg - Between the infrastructure and reconciliation bills in various stages of debate, it’s worth discussing in some depth how all this will be paid for. Government spending is conventionally understood as a matter of increased taxation and debt, a framing that has the virtue of being…