The President's Getting Off Track on Fed
This is just my opinion. President Trump is getting mired somewhat in his own paradigm of finger-pointing. I actually think that a lot of his finger-pointing and trolling has been warranted in many cases. But, with the Fed he's missing an opportunity to lead. He should counter the Fed by slashing taxes and regulations. I do think interest rates should be raised. But, the harsh reality is that our economy isn't nearly as strong as it could be. Taxes and regulations should be the target. ...Just one man's opinion.
I have come to think of it how I think of the war on drugs. Before drug prohibition, which started in the early 20th century, we had some people with drug problems. Before a central bank, we had booms that caused malinvestment and busts that caused bank failures. That neglects to mention the problems persisted or got worse despite the supposed cure.
I am more skeptical with each year of having a central bank control monetary policy. There are a lot of nutjobs who make the argument that it's some kind of complicated conspiracy; their narrative sometimes involves anti-antisemitism. I reject that crap out of hand, but I don't see a strong case for gov't involvement in monetary policy. If we didn't have it and private banks issued things like bitcoin and notes backed by a basket of currencies and commodities, I don't think I would see a strong reason to create a central bank. Greenspan makes a great case in his book that regulating monetary policy can reduce wasted production capacity if the Fed is smart and independent. That's a big if. And I'm still not sure that a hoard of private investors wouldn't be more effective at finding unused production capacity than a central bank.
The result is choking the economy.