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Christopher Whalen

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Souce: The American Conservative

Why do many senators and the media believe that a candidate for the Fed cannot have conservative views?

Judy Shelton testifies before the Senate Banking, Housing and Urban Affairs Committee during a hearing on her nomination to be member-designate on the Federal Reserve Board of Governors on February 13, 2020 in Washington, DC. (Photo by Sarah Silbiger/Getty Images)

Last week, the Senate Banking Committee met to consider the nomination of Dr. Judy Shelton to the Federal Reserve Board. The hostility toward Dr. Shelton was bipartisan—senators challenged her independence from President Donald Trump and characterized her thinking as too far outside the mainstream to trust with the nation’s economy.

Yet whether or not Dr. Shelton is “independent” of Trump is a red herring. The Fed is the most political and politicized agency in Washington, as evidenced by the work of its Washington staff to vilify Dr. Shelton. Moreover, the Fed’s willingness to facilitate the Treasury’s massive fiscal imbalances seems to be without limit. The biggest threat to Fed independence is the increasing tendency by Congress to treat the agency as a piggy bank whose resources can be tapped to fund pet projects, seemingly at zero cost to the budget.

The

Souce: The American Conservative

Xi Jinping’s massive insecurity complex has led to a crisis that’s beginning to affect global markets, too.

Chinese President Xi Jinping, inspects the novel coronavirus pneumonia prevention and control work in Beijing, capital of China, on Feb. 10, 2020. (photo by Pang Xinglei/Xinhua via Getty)

China’s had a difficult year in 2019, balancing political unrest in Hong Kong and among oppressed Muslims with its trade dispute with the United States. All this has already caused the Chinese economy to slow considerably, with a spillover into the global economy that has still not been fully appreciated by investors and policymakers. 

This year began with the explosion of the coronavirus crisis in Wuhan, a health disaster caused by China’s indifference to the basics of civil sanitation and hygiene. In both cases, what should have been a manageable challenge became a global crisis because of the inefficiency of authoritarian rule by the Chinese Communist Party (“CCP”). 

Since rising to power in 2013, Xi Jinping has viciously attacked his political rivals and discarded China’s collective leadership. Xi’s brutal rise to sole power in China is nothing if not a display of massive insecurity. Revelations that Beijing feels the need to imprison over a