The lesson from around the world is clear: countries that politicize their central banks pay a steep price. America has not avoided that fate by accident. It has avoided that fate by design.
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What began as rhetoric of sound money has quickly become a push for easy-money policies that risk transforming the Fed into a political instrument of the presidency, with potentially serious consequences for the broader economy.
A pragmatic approach to politics, grounded in data and cloaked in the semblance of scientific rigour, commands the devaluation of institutions whose existence can scarcely be justified by scientific means.
Because they have been demonized in Europe, mining and some energy projects have been squeezed out of financing, putting the Old Continent at a major disadvantage.
