Are Federal Reserve Banks Forever?
After my latest opinion piece appeared in Barron’s on Thursday, I was stunned by the virulence with which Barron’s readers — not exactly a bunch of Democratic Socialists — agreed with me not because of my reasoning, but because they believe the Fed in general and Jay Powell in particular are engaged in a sweeping conspiracy on behalf of the wealthiest global capitalists. The new controversy over Reserve Bank president stock holdings only adds fuel to this fire. Are Federal Reserve Banks forever? Their history suggests maybe not.