A quickie. The buck stops and breaks with the President …

Yesterday, the President told #Caribbean leaders he is ready to help them. He may want to start with making his dollar a little less expensive. He can only hide behind the “price gouging” argument for so long.

And while he is right that monetary policy is the lane of the Federal Reserve, it does not prevent him from using his bully pulpit of persuasion on the Fed chair during their breakfasts and phone calls about the economy.

The President has signaled that he is ready to throw his Treasury secretary under the bus, and his National Economic Council chair does not engender the highest confidence.

The US currency is issued by his government, notwithstanding central bank mechanics. The buck ( pun intended) stops with him. Just ask Jimmy Carter.

Alton Drew

10 June 2022