The culture of the chairmanship is to be the dominant voice in the Fed. If you have a weak chairman... the markets could be very unsettled.
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“No state on earth can afford to allow several authorities to co-exist next to one another.”
“In the last camp they all ate grass, until the authorities forbade them to pull it up. They were accustomed to having the fruits of their little communal gardens stolen by the guards, after they had done all the work; but at the last camp everything was stolen.”