Establishment Criticism of Fed Nominee Shelton Is Badge of Honor
The Federal Reserve needs a new paradigm, creative destruction
Judy Shelton testifies before the Senate Banking, Housing and Urban Affairs Committee during a hearing on her nomination to be member-designate on the Federal Reserve Board of Governors, in Washington, on Feb. 13, 2020. Sarah Silbiger/Getty Images
A former Federal Reserve employee made an astonishing admission in January. Adam Posen—who holds a Harvard University doctorate and worked at the New York Fed in the 1990s—said what the Fed fears most isn’t inflation or another recession.