Image by Morgan Housel.

The head of the Federal Reserve Board has been viewed as the second most powerful person in the government. In theory, this person heads the body that oversees the country’s monetary policy with the power to set interest rates, which shapes the economy by impacting the cost of borrowing money.

In an act of “extreme modestly,” for which he is well known, Donald Trump described himself as “a very stable genius” and “really smart.” He eloquently and lyrically elaborated in a way that would impress those who specialize in the proper use of the English language,

“Well, only because I went to the best colleges for college. I went to a — I had a situation where I was a very excellent student. Came out and made billions and billions of dollars. Became one of the top businesspeople. Went to television and, for ten years, was a tremendous success, as you probably have heard. Ran for President one time and won.”

When “stable genius” Trump nominated Jerome Powell to be head of the Federal Reserve Board, he indicated there’s a........

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