{"id":27102,"date":"2017-10-21T19:34:44","date_gmt":"2017-10-22T00:34:44","guid":{"rendered":"http:\/\/olduvai.ca\/?p=27102"},"modified":"2017-10-21T19:34:44","modified_gmt":"2017-10-22T00:34:44","slug":"political-economics","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=27102","title":{"rendered":"Political Economics"},"content":{"rendered":"

Political Economics<\/a><\/h3>\n
\n

Who President Trump ultimately picks as the next Federal Reserve Chairman doesn\u2019t really matter. Unless he goes really far afield to someone totally unexpected, whoever that person will be will be largely more of the same. It won\u2019t be a categorical change, a different philosophical direction that is badly needed.<\/p>\n

Still, politically, it does matter to some significant degree. It\u2019s just that the political division isn\u2019t the usual R vs. D, left vs. right. That\u2019s how many are making it out to be, and in doing so exposing what\u2019s really going on.<\/p>\n

As usual, the perfect example for these divisions is provided by Paul Krugman. The Nobel Prize Winner ceased being an economist a long time ago, and has become largely a partisan carnival barker. He opines about economic issues, but framed always from that perspective.<\/p>\n

To the very idea of a next Fed Chair beyond Yellen, he wrote a few weeks ago<\/a>, \u201cwe\u2019re living in the age of Trump, which means that we should actually expect the worst.\u201d Dr. Krugman wants more of the same, and Candidate Trump campaigned directly against that. As such, there is the non-trivial chance that President Trump lives up to that promise.<\/p>\n

Again, it sounds like a left vs. right issue, but it isn\u2019t. The political winds are changing, and the parties themselves are being realigned in different directions (which is not something new; there have been several re-alignments throughout American history even though the two major parties have been entrenched since the 1850\u2019s when Republicans first appeared). Who the next Fed Chair is could tell us something about how far along we are in this evolution.<\/p>\n

What Krugman wants, meaning, it is safe to assume, what all those like him want, is simple: success. He believes that the central bank has given us exactly that, therefore it is stupid to upset what works.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Political Economics Who President Trump ultimately picks as the next Federal Reserve Chairman doesn\u2019t really matter. Unless he goes really far afield to someone totally unexpected, whoever that person will be will be largely more of the same. It won\u2019t be a categorical change, a different philosophical direction that is badly needed. Still, politically, it […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[68,122,7844,303,305,451,13578,614,637,16618,3650],"class_list":["post-27102","post","type-post","status-publish","format-standard","hentry","category-economics","tag-ben-bernanke","tag-central-bank","tag-donald-trump","tag-fed","tag-federal-reserve","tag-janet-yellen","tag-jeffrey-p-snider","tag-paul-krugman","tag-politics","tag-politics-of-the-21st-century","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27102"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27102\/revisions"}],"predecessor-version":[{"id":27103,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/27102\/revisions\/27103"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}