Vivek, the Fed, and the Octopus in the Room

As the speculation-besotted western financial system lurches toward collapse, there are those within the establishment (and without) who have enough of a grasp of reality that they are challenging the Federal Reserve's policies of recent decades. Such questioning broke out in the pages of the Wall Street Journal this week, with an op-ed by Republican Presidential candidate Vivek Ramaswamy, which concludes, “The Fed should refocus to avoid repeating its past mistakes, and I intend to make the 2024 presidential race in part a referendum on the proper role of our central bank.” The Wall Street Journal replied the next day with an editorial board statement entitled, “Vivek Ramaswamy Takes on the Fed” and declares, “The role of the central bank in our economy is a presidential-level issue.”