#political-economy

#political-economy

Donald Trump's attempt to sack the Federal Reserve governor, Lisa Cook, is the familiar authoritarian trick of bending institutions to serve the leader's immediate ends. The widespread condemnation is deserved. This is not some daring experiment in popular control of monetary policy. Yet what should follow censure is reflection. For the furore over Ms Cook has revealed a peculiar reflex: to defend the Fed's independence as though it were synonymous with democracy itself. But is independence of the Fed, or central banks generally, really that?

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