Naked Capitalism has the story Inflation Targeting and Neoliberalism, Part 3.
We proposed an employment-targeting regime for the central bank. The Reserve Bank of South Africa, in conjunction with the government of South Africa, would develop a set of policies and tools—such as credit allocation policies, subsidized credit, lower interest rates, capital controls to keep the capital in the country, more expansionary and targeted fiscal policy—so that monetary policy and fiscal policy would work hand-in-hand to lower the massively high unemployment rate in South Africa. That’s an example of an alternative structure for monetary policy and one that has worked for other developing countries. So, for example, in South Korea in the 1950s ,1960s, and 1970s, the central bank supported the government’s industrial policy—by lending to development banks that would lend to export industries, by subsidizing credit for export industries, and they would do this as part of the government plan to develop the economy. I call this developmental central banking, that is, central banking that in combination with the government is oriented to developing the country using a variety of tools—interest rates, credit allocation tools, etc..
For years the Legislative and Executive branches of our government have been working at cross-purposes to the FED. While the first two entities in the government refused to use their best tools of fiscal stimulus, this third independent entity of the government has had to use its ineffective tools to try, in some measure, to counteract what the rest of the government were refusing to do.
It is going to take some out of the box thinking that only Bernie Sanders can supply for a President to promote the changes we need to make this country great again. Hillary can’t do it because she only has inside the box economic advisers. Trump can’t do it because he holds too many self-contradictory ideas at any one time.
A foreign policy example of Trump’s is on the one hand his calling Hillary Clinton too trigger happy to be President and then on the other hand consulting with Henry Kissinger, the war criminal, on foreign policy.