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Features Australia

Bullying the Fed

Will the US central bank skew the US election?

4 May 2024

9:00 AM

4 May 2024

9:00 AM

William Martin is the longest-serving Federal Reserve chief, having held the role from 1952 to 1970. In 1964, Lyndon Johnson, the fourth of Martin’s five presidents, enacted fiscal stimulus only to see the US central bank resist pressure to keep interest rates low.

In 1965, Johnson upped the bullying. The president summoned Martin to his Texas ranch where Johnson ‘shoved him around his living room, yelling in his face: “Boys are dying in Vietnam and Bill Martin doesn’t care,”’ one history recounts.

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