Letter to the editor by Dan Thornton, includes “…the Fed has abandoned any pretext of conducting monetary policy and has engaged in fiscal policy to an extent Congress and the Treasury alone cannot. The Fed is already the ‘general-purpose government agency’ that Mr. Warsh fears it will morph into. … It’s impossible to predict when the Fed’s day of reckoning will come, but the public’s massive holding of these highly liquid assets suggests it will happen and that it won’t be pretty.”
Read the full article on: The Wall Street Journal