Trump's Kakistocracy Is Also a Hackistocracy

By Paul Krugman, The New York Times

29 March 19

The invasion of hucksters has reached the Federal Reserve.

t’s no secret that Donald Trump has appointed a lot of partisan, unqualified hacks to key policy positions. A few months ago my colleague Gail Collins asked readers to help her select Trump’s worst cabinet member. It was a hard choice, because there were so many qualified applicants.

The winner, by the way, was Wilbur Ross, the commerce secretary. That looks like an even better call now: Ross’s department has reportedly prepared a report declaring that imports of European cars threaten U.S. national security. This is both ludicrous and dangerous. It gives Trump the right to start a new phase in his trade war that would inflict severe economic damage while alienating our allies — and, as a result, undermine national security.

Until recently, however, one agency had seemed immune to the continuing hack invasion: the Federal Reserve, the single institution most crucial to economic policymaking. Trump’s Fed nominees, have, by and large, been sensible, respected economists. But that all changed last week, when Trump said he planned to nominate Stephen Moore for the Fed’s Board of Governors.

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