Not so long ago, the major US political parties had very different views on monetary policy. Democrats, representing labor, wanted high government spending, low interest rates and generally easy money to create as many jobs as possible. Republicans, representing capital, wanted relatively small government, low debt and tight money to give entrepreneurs a predictable future in which to build new factories.
But that was then. Today, across pretty much the entire sitting Establishment, easy money has become the goal of monetary policy, and the Fed is being reshaped to institutionalize this bias. Consider this amazing headline and the article that explains it:
