Kevin Warsh

 

The Producer Price Index says the inflation we are experiencing now isn't going to end anytime soon. 

Meet this handsome devil:

Jean-Claud Trichet served as chair of the European Central Bank from 2003 - 2011. During the height of the financial crisis he called it exactly wrong. He wanted raise interest rates in 2009. The world is going to shit and this guy wanted raise interest rates because of the boogey man inflation.

CNBC's Rick Santelli is the spiritual godfather of the Tea Party. He was calling for higher interest rates during the height of the great recession.

Kevin Warsh - The most powerful unelected person in the United States. Educated at Scamford. Fed governor from 2006 - 2011. In September 2009 he called for higher interest rates. He made exactly the wrong call because he is - like Trichet and Santelli - what is known as an inflation hawk. 

But he was exactly what Trump was looking for... a sycophant. When asked if Trump won in 2020 the "independent" Fed Chair in waiting wouldn't answer. 

So with inflation going up. What will Kevin do? Nobody knows... not even Kevin. Fortunately, grown up J. Powell remains on the board. In the end more of the governors will be looking to him for guidance than their new chair.

In Jerome Powell I trust. 

Barney Frank, author of Dodd-Frank which reinstated most of Glass-Steagal. America's Banking system owes him a debt of gratitude.