Federal Devolution

by Bill Bonner
Acting Man

Leaning Into the Wind

BALTIMORE – During our lifetime, three Fed chiefs have faced a similar challenge.

Each occupied the chairman’s seat at a time when “normalization” of interest rates was in order.

Recently, we remembered William McChesney Martin, head of the U.S. Fed under the Truman, Eisenhower, Kennedy, Johnson, and Nixon administrations. Today, we compare Martin with two of his successors, Mr. Paul Volcker and Ms. Janet Yellen. We allow you to draw your own conclusion.

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