Powell’s legacy risks being tarnished more by SVB collapse

Bloomberg/Rich Miller/3-15-2023

photo of Fed chairman Jerome Powell delivering Congressional testimony“The collapse of Silicon Valley Bank threatens to further besmirch the reputation of Federal Reserve Chair Jerome Powell, on top of the blemish he’s suffered for being slow to recognize the risk of rampant inflation.”

USAGOLD note: A number of gold market analysts have cited trust in the central banks as a key factor in the periodic gold rushes reflected on the long term gold chart. We would add that it is not just SVB that’s to blame. The breakdown by most accounts is system wide with more failures already in the pipeline. As such it is not only a failure of supervision, as this article contends, but a failure in overall monetary policy.

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