Official Washington is shocked—shocked!—at the alleged influence peddling by Senator Robert Menendez. But it is the pursuit of empire and attempts by Washington to meddle everywhere that make such peddling so profitable.

Hans Hoppe theorized that monarchs, as opposed to democratically-elected political authorities, would have lower time preferences and would be less likely to engage in reckless government spending. Unfortunately, at least one Medieval Danish king acted like a modern politician.

If we read between the lines, it is apparent that the Fed is hoping that price inflation will fall to politically acceptable levels without any additional tightening, and without a recession.  But "hope" is all the Fed has.