“影子联储主席”沃什：纵容财政挥霍、误判经济形势，美联储的困境都是“咎由自取”

Core Viewpoint - Kevin Warsh, a potential successor to the Federal Reserve Chair and a Trump ally, criticized the Federal Reserve for systemic errors in managing the worst inflation in a generation, highlighting a crisis of credibility due to its overreach and inconsistent policies [2][6]. Group 1: Criticism of the Federal Reserve - Warsh accused the Federal Reserve of failing to control inflation and described its independence as a "conditional contract," suggesting that the public's trust has been severely undermined by the Fed's actions [2][6]. - He emphasized that the Fed's role has become increasingly blurred, as it has intervened deeply in U.S. economic decisions, leading to systemic biases in macroeconomic policy [3][4]. Group 2: Historical Context and Policy Concerns - Warsh reflected on his tenure during the 2008 financial crisis, noting that the Fed's unconventional policies were initially necessary but have since led to a dangerous entanglement with fiscal policy [3][4]. - He expressed concern that the Fed's quantitative easing (QE) policies have evolved into a nearly perpetual tool, with the balance sheet expanding to $7 trillion, ten times its size when he joined [4]. Group 3: Broader Implications of Fed's Actions - The Fed's involvement in non-traditional areas, such as climate policy and social equity, has diluted its core mission of maintaining price stability and full employment, leading to potential negative consequences for the very groups it aims to protect [5][6]. - Warsh warned that the Fed's independence is not an inherent privilege but a design to achieve specific policy goals, and its credibility is at risk if it continues to overstep its boundaries [6][7]. Group 4: Recommendations for the Federal Reserve - To restore its credibility and independence, the Fed must refocus on price stability and rebuild trust in its professional domain, ensuring that its actions yield tangible benefits for the public [7].