Establishment journalists, establishment economists, and establishment politicians are freaking out. It seems they can’t cope with the prospect of an outspoken monetary reformer potentially becoming the next member of the Federal Reserve Board of Governors.

Stephen Moore wants the
Federal Reserve Note to track
a basket of commodities.

President Donald Trump announced recently he would nominate longtime free-market advocate and close political ally Stephen Moore to a currently vacant seat at the Fed.

“Trump’s choice of former campaign adviser Stephen Moore to serve on the Federal Reserve Board is stirring misgivings among some bankers,” reports Politico.

“Economists are furious,” according to QZ. “The news has been met with a heady combination of derision, bafflement, and general hullaballoo, with Moore variously described as ‘a loyalist, not an expert’.”

“He simply does not have the intellectual gravitas for this important job,” sniped snooty Harvard economist Gregory Mankiw, who formerly worked in the George W. Bush White House.

Alarmist Washington Post columnist Catherine Rampell warns that Moore could “inflict more long-term damage than any of Trump’s other nominations.”

A presidential appointment to the Federal Reserve Board of Governors is normally a mundane event that generates little public concern or controversy. All presidents – Republican and Democrat – tend to draw from the same pool of pre-approved insiders.

President Trump heeded the habits of his predecessors in elevating Fed institutionalist Jerome Powell to the position of chairman. Trump soon came to regret his Powell pick, however, publicly berating him over his support of interest-rate increases.

Trump tried deferring to the monetary establishment. Now he is sending it a sharp rebuke in the form of Stephen Moore.

The pro-establishment pack media is pouncing on Moore, with The Economist calling him “unfit for the Fed,” NPR claiming he “wouldn’t be good,” CNN complaining he owes $75,000 in taxes, and Bloomberg fretting he “would jeopardize the Fed’s hard-won reputation for fairness and independence.”

An intact Fed reputation for being “fair” and “independent”? That is fake news for sure!

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