Is the Federal Reserve ineffective because it's antiquated?

After reading Kevin Warsh's WSJ op-ed, I'm left wondering if the Federal Reserve Bank is ineffective because their theories are antiquated or just wrong-headed? The reason I ask is because Warsh wrote "When I was a college student, I spent hours wandering the stacks at the library to find answers to homework. For the next few decades, my counterparts and I looked for answers to our questions by rummaging the internet. Today, immediate access to documented and synthesized information is limited only by one’s imagination."

Warsh also wrote "What’s to be done? Four things. First, the Fed should discard its forecast of stagflation in the next couple of years, as if subpar growth and inflation 40% above target is the best that can be done. AI will be a significant disinflationary force, increasing productivity and bolstering American competitiveness. Productivity improvements should drive significant increases in real take-home wages. A 1-percentage-point increase in annual productivity growth would double standards of living within a single generation."

Jay Powell thinks that a quickly-growing economy with rapid wage growth produces inflation. He's 1,000 miles from the truth. The definition of inflation is too many dollars chasing too few goods. Has Chairman Powell thought what happens when tons of dollars chase tons of goods? Doesn't that even things out? Doesn't that quiet inflation, not create inflation?

Warsh nails it here:

Second, inflation is a choice, and the Fed’s track record under Chairman Jerome Powell is one of unwise choices. The Fed should re-examine its great mistakes that led to the great inflation. It should abandon the dogma that inflation is caused when the economy grows too much and workers get paid too much. Inflation is caused when government spends too much and prints too much. Money on Wall Street is too easy, and credit on Main Street is too tight. The Fed’s bloated balance sheet, designed to support the biggest firms in a bygone crisis era, can be reduced significantly. That largesse can be redeployed in the form of lower interest rates to support households and small and medium-size businesses.
The thing that I'm impressed with after watching this interview is Warsh's consistency and Warsh's intelligence:

How many points did Warsh make in this interview that he later made in the o-d? I'd say a bunch but that's just a hunch.

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