Truth from Power? Merkel on the Fed
Angela Merkel, Chancellor of Germany, uttered inconvenient truths to those who would manage the world’s economies in a startling plenitude that could be neither ignored nor validly denied. Her speech made the front page of Wednesday’s Wall Street Journal.
While blasting both the power wielded by the US Fed and the Bank of England and the directions in which they are wielding it, Merkel may not have uttered the ultimate truth the government is not fit to “manage” the money supply or the economy, still she has opened the debate the legitimacy of their powers in a way that only the head of the government of Europe’s largest economy could do.
Is she our next Margaret Thatcher? Jawohl! I certainly hope so, because we need one!