We need new voices at the Fed that understand stable money and know how to interpret important market signals—and that means breaking the professor standard. Monocultures tend to be fragile, but is the Fed so closed off that it can’t handle challenges to its models or the assumptions that feed them? So fragile it can’t consider that the economy is driven by production, not consumption, and that the dollar’s commodity value is important to the real investment that fuels production? I hope not.
The best way to achieve full employment, price stability, economic growth strong enough to solve our fiscal problems, and sustained income growth for the striving majority is for the Fed to stabilize the dollar. The professor standard will not challenge itself—that much has been proved. That’s why my voice is needed at the Fed.