Kevin Warsh's theory of the Fed: deter inflation the way you deter war—by being so credible you never have to fight. "We can avoid wars if we're prepared for one. Same thing is true with inflation." An actual war just complicated the metaphor. The agenda he built to land the job now has to win over 18 colleagues he didn't pick and can't replace. https://www.wsj.com/economy/central-banking/kevin-warsh-remake-federal-reserve-6293e57b?st=4xyzvY&reflink=desktopwebshare_permalink(Nick Timiraos)