Fed Watch

All Eyes On Coming November Meeting, Ethics Issues Bring Up Interesting Questions

We all know there are a lot of Federal Reserve critics and we could all probably parrot the line of reasoning they use. Such a powerful institution will inevitably have critics; however, to be perfectly honest, much of the criticism is anachronistic and misses a lot of developments and changes at the Fed over the years. This does not mean there aren’t many legitimate issues in need of reform at the world’s most powerful central bank, but many of them are so wonky you might gloss over before even getting the picture.

For example, did you know that one of the most powerful people at the Federal Reserve is the Chairman’s Chief of Staff. The position has an almost Versaille-esque control of the staffers and aides available to the committee members which helps the Chairman steer the message and maintain discipline. This may be the most powerful unelected and somewhat unaccountable bureaucrat in the entire United States government.

Versailles, of course, was created by the Bourbon Dynasty to keep the French nobility under a close and watchful eye. The entertaining and glamorous aspects of this were in service of this more sinister objective to consolidate power and was key to Louis XIV’s supremacy. The strategy is a favorite of the powerful, sort of like how Big Tech is ...

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