While the concept of ‘independence’ among the unelected central bank cognoscenti is as cute as the tooth fairy or santa claus, it is nevertheless defended by those on high as sacrosanct to our very democracy. That is until The Wall Street Journal’s editorial board finally had enough of Fed officials joining the ‘resistance’ against financial reform…
Janet Yellen didn’t run for President, but you wouldn’t know it from her policy dmarche Friday at the Federal Reserve’s annual Jackson Hole retreat. The Fed Chair unleashed a defense of post-crisis financial regulation that shows how political the world’s central bankers have become.
‘Already, for some, memories of this experience may be fading – memories of just how costly the financial crisis was and of why certain steps were taken in response,’ Ms. Yellen said.
This post was published at Zero Hedge on Aug 30, 2017.