Free Republic

Independence at the Federal Reserve? Only sometimes, it seems.was rocked by Health and Human Services Secretary Robert F. Kennedy Jr. Then, the progressive lawmaker exposed her hypocrisy at a confirmation hearing involving Stephen Miran, President Donald Trump’s pick to join the Federal Reserve Board temporarily. While Warren shrieked in the upper chamber about central bank independence, she forgot to talk about her own list of demands to Fed Chair Jerome Powell.Elizabeth Warren Talks to Stephen MiranLast month, Fed Governor Adriana Kugler abruptly resigned from the Eccles Building, effectively vacating a seat at the powerful establishment. Days later, President Trump unveiled...

AI is Not Ready for Prime Time: The Infrastructure and Human Reality GapArtificial Intelligence has captured the imagination of investors, companies, and the public alike, promising unprecedented efficiency, automation, and insight. Headlines trumpet AI’s transformative power, but a closer examination reveals a significant gap between hype and operational reality.1. The AI Bubble: Investment vs. ValueAI has attracted billions of dollars in investment, reminiscent of the dot-com bubble of the late 1990s. Startups and established companies alike promote “AI-first” futures, claiming humans will be replaced, efficiency will soar, and profits will skyrocket. In practice, however:Most AI applications are effective only in...

As my sources told me, Miran is a rarity, a highly trained economist who knows all the jargon, has absorbed the peer studies, brings intellectual heft, and makes a logical-sounding case for Trump’s stunningly contrarian game plan. “To say the least, it’s a relatively small pool of PhD economists who are economic nationalists. That’s a blinding reality. But Steve is one,” says someone outside the administration who knows him.