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President Donald Trump (R) shakes hands with his nominee for the chairman of the Federal Reserve Jerome Powell during a press event in the Rose Garden at the White House, in Washington on Nov. 2, 2017. Drew Angerer/Getty Images
For decades, the Federal Reserve (Fed) has run not on a gold standard but on a Ph.D. standard. Academics like Ben Bernanke and Alan Greenspan thought they could manage the most complex and most important price of the market economy—the interest rate—with a few mathematical equations.
Valentin Schmid is a former business editor for the Epoch Times. His areas of expertise include global macroeconomic trends and financial markets, China, and Bitcoin. Before joining the paper in 2012, he worked as a portfolio manager for BNP Paribas in Amsterdam, London, Paris, and Hong Kong.
