The Sleeper Issue That Could Destroy the Economy

Catherine Rampell: “There are many items on President Trump’s agenda that are hurting the U.S. economy: the pointless trade wars, the socialization of the private sector, the mass deportations, and much more.”

“But in the long run, the most damaging policy of all might be one that’s gotten scant attention, at least from non-finance-nerds: Trump’s quest to crush the Federal Reserve. If Trump succeeds, he may doom the United States to high inflation for years, if not decades, to come.”

Jonathan Last: “If Trump succeeds, then he will have created a problem without a solution—because no future administration can force bond markets to reappraise the American central bank.”