The Biden Administration has a way of insisting that the new-age serfs under their charge trust them without ever doing much to earn it.
Treasury Secretary Janet Yellen claimed the Biden administration is busy “restoring public confidence” in the banking system in the aftermath of the Silicon Valley Bank collapse.
The “U.S. banking system remains sound,” and “the situation is stabilizing,” she promised the American Bankers Association.
Because every rhetorical utterance from the Washington, D.C., technocratic class mouths is scripted, admitted White House diversity hire Karine Jean-Pierre did the same “restoring confidence” song and dance as she read from her handlers’ notes at her March 21 press briefing:
The federal government delivered…decisive and forceful actions to strengthen public confidence in the U.S. banking system and protect…American economy… And there’s evidence our actions are indeed working. They’re restoring confidence in the safety of deposits. .. We’re going to use every tool that we have to make sure that the American people have the confidence. [emphasis added]
And, relatedly, Karine Jean-Pierre reminded the audience in the same press briefing that “the Fed is indeed independent. We want to give them the space to make those monetary decisions,” in reference to interest rates.
Not a press briefing goes by that KJP doesn’t insert this “every agency in D.C. is independent” lie, even though her boss is theoretically in charge of the entire executive branch.
“The Federal Reserve is independent. We leave them to make their own policy decisions. We do not get involved in that,” KJP has previously responded when asked about its activities.
Why, aside from their insistence that we trust them, would anyone place trust in these people and institutions? How can there ever be trust if their activities are not conducted in full daylight?
Again, trust is earned, not granted carelessly to manipulative bureaucrats who have their own agendas and interests. This is obvious stuff that they would acknowledge if they were honest.
No one would trust you’re his/her personal bank if they restricted access to the balance sheet.
The trust deficit is especially relevant given that these are the people and institutions that created the problem in the first place with expedient and self-serving monetary policy.
The point of punting responsibility for decisions to “independent” agencies and departments is to insulate them from the influence of domestic politics, which would theoretically be channeled through the people’s elected representatives in Congress and the White House.
The goal is to cut out all oversight so as to allow the agency to conduct its business in total darkness, to isolate, and to wall it off from undue scrutiny.
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