In a world where D.C. politics have ground to a dysfunctional halt, where the Euro continues to struggle on the precipice of failure, and where the growth rate of China is grinding downward, the head of the Fed has become a figure of global importance.
Perhaps the greatest success of the bank lobby has been its success in pitting the right and the left against each other to undermine a broader understanding that the status quo is neither in the public interest nor necessary for an effective financial system.
It is the committee of American central bankers who decide who gets money, and who doesn't. And it's been quite a long time since they decided in favor of American workers instead of Wall Street and China.
If the legislation currently being debated by the legislature is not real financial reform (and it is not, according to Fisher), then our current policy trajectory amounts to facilitating further rounds of financial dementia.