On Miran's Senate Banking Hearing: Triumph of the Weasel

Miran is highly likely to be confirmed. Trump has successfully gotten everyone worried about Fed independence, so that was the only line of questioning for Miran at his confirmation hearing before the Senate Banking Committee. There was not a single question about the dangerous policies of dollar devaluation and default he advocated in his "Users Guide" manifesto. Another Miran paper critiques Fed independence as reflecting insufficient "accountability," and advocates shorter terms for Fed governors and at-will firing by the president. He deflected questions on these by saying no single one of his recommendations could be criticized -- they are a "package deal." He denied being aware that Trump has threatened to fire Powell. We can survive him as a governor. As chair, he would be an evasive prevaricator, and when the Board is eventually populated by the like-minded, he may crack out the "Users Guide". This is the biggest risk facing the economy now.