This is a good write-up on the issue of FED policy and how it relates to the importance of decentralization as a means to a better end. Short but sweet – and thoughtful.
One key lesson from COVID19 is that we need a lot more decentralization. This is especially true when the center is as inept at managing the crisis as the US federal government has proven to be. For example, the power of agencies such as the CDC and the FDA has turned out to be problematic, e.g. in giving guidance on mask wearing or trying to increase the availability of testing (both central to the road back). This is not just a critique of current leadership but rather of the accretion of excessive federal power more generally. (…)