Is the Fed Playing Politics? (Kenneth Rogoff, Project-Syndicate)

In his recent debate with his opponent Hillary Clinton, Republican presidential candidate Donald Trump pressed his claim that US Federal Reserve Chair Janet Yellen is politically motivated. The Fed, Trump claims, is applying overdoses of monetary stimulus to hypnotize voters into believing that economic recovery is underway.

Why don’t checks clear instantly? Ask the Fed. (Aaron Klein, Brookings)

Whenever you make a payment—with a credit card, a check, a wave of your iPhone—you’re piggybacking on a system built during a time of punch-card computing, a time when billions of paper checks were flown across the country to be physically sorted one by one. Today, living in a land of smartphones and click-to-same-day delivery, one would think the payment system would have evolved. It has not.