The Wall Street Journal published this much-hyped story of how the Trump economic team is drafting a secret plan to undermine Fed independence.

The story is modern journalism at its shoddiest: no one is quoted in the story (all the “sources” were unnamed) and NONE of Trump’s top economic advisors – including some of your hotline editors – know anything about this “top secret” memo. Because there is no source, it’s impossible to refute.

Here is the inside story by the way: None of Trump’s top economic advisors want the Fed to be political – and that includes Trump himself. Right on cue, earlier this week Paul Krugman of The New York Times slammed Trump for his alleged embrace of “quack economics.” We at CTUP want to see reasonable Fed reforms – such as a price RULE for determining when interest rates should be altered – and more openness in terms of Fed meetings.

The Least Rotten Apple in the Cart: Dollar Value vs. Other Currencies

But if there are any ”quacks” that need to be called out here, Krugman sits at the top of the list.