Ralph Benko hits some high notes at Forbes.com in describing a possible turning point in recognizing the Fed as the biggest money player in politics.
Washington finally shows signs of coming to grips with the importance of money to politics. This is not about mere campaign finance. Last week there was a breakthrough in bringing the money policy issue out of the shadows and to center stage … where it belongs.
The real issue of money in politics is about the Fed, not the Kochs. The Fed’s political impact is orders of magnitude greater than all the billionaires’ money, bright and dark, left and right, combined.
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Monetary policy has been relegated to the Fed and largely excluded from the formal electoral process for almost two generations. This is, at it happens, and as O’Brien states forthrightly, a historical anomaly.
Monetary policy was a white hot topic at the Constitutional Convention of 1787. Thereafter, it was crucial to the success of George Washington’s administration, one of the few matters in which cabinet members Thomas Jefferson and Alexander Hamilton concurred.