We are referring to the long bond's utterly fabricated 54 year journey since the Camp David event in August 1971. By our reckoning, the latter provides proof positive that the Donald's blunderbuss attack on the Fed is fully warranted and that his negative characterization of its competence is absolutely correct.

To wit, Jay Powell and the whole parade of Keynesian central bankers who came before him—save for William McChesney Martin and Tall Paul Volcker—were neither competent nor deserving of the Fed's vaunted "independence". Indeed, you could have gotten a better result from a posse of random names snatched out of the Cleveland phone book—which is to say, from the nation's vast private markets in interest rates, stock, bonds, derivatives and other financial assets.

The real import of the Donald's current attack on Powell, therefore, is not actually about his cockamamie judgement that the Fed funds rate should be 300 basis points lower at this particular point in time. The real gravamen of Trump's complaint is that the Fed should not even be fiddling with the rate on overnight money or the level and shape of the entire debt market yield curve in the first place.

In fact, neither the 12 men/women on the FOMC, nor the one man or woman who is temporarily domiciled in the Oval Office each four years nor the clown car battalions on Capitol Hill who mostly spend a lifetime there, are competent to set interest rates. That's a job for free, flexible, dynamic, competitive, information-rich private markets, not an agency of the state. Full stop.

The evidence for that proposition is that the Fed has been dead wrong about the long-term interest rates for at least the five decades since Nixon manhandled Chairman Arthur Burns into cranking up the Fed's printing presses in behalf of his 1972 reelection campaign. In short order that brought the demise of the Breton Woods gold exchange system, which was already on its death bed owing to Fed financing during the prior decade of LBJ's "guns and butter" fiscal extravaganza.

Thereafter, of course, the world entered the era of fiat central bank money, dirty (government manipulated) floats in foreign exchange markets and the financial rule of a few fallible monetary apparatchiks. The latter claimed, of course, to be in the high-minded business of delivering the greater good for all the people as opposed to market-based traders, investors, businesses and other economic players with skin in the game merely attempting to pursue their own selfish good.