With Federal Reserve vice chairman Stanley Fischers resignation, President Trump will get to appoint five of the seven members of the Feds board of governors. This will include the chair when Janet Yellens term expires early next year. According to Diane Swonk of DS Economics, Its the largest potential regime change in the leadership of the Fed since 1936.
Trump thus has the opportunity to fill the Fed with economists who understand the Pandoras box that former chairman Ben Bernanke opened when he created an unprecedented amount of money to rescue particular economic sectors during the last financial crisis.
|Robert P. Murphy is a Research Fellow at the Independent Institute and Research Assistant Professor with the Free Market Institute at Texas Tech University.|
Unlike what usually passes for economics in many classrooms, government, the media and elsewhere, Choice is an engaging and intriguing book that provides something quite unique: a genuine treatise on economics that instructs and entertains both economists and general readers.