I never thought Mnuchin was the most competent of all people but regardless of how this particular SVB saga plays out, Yellen has to be one of, if not, the most incompetent treasury Secretary of the recent past.
She came into power and the first thing she did was suggest a global minimum tax rate, as if that would have fixed the accounting tricks that companies use to reduce the actual tax they pay.
Disconnecting the Russian central bank from swift and an oil and gas price cap have been immensely damaging for the western financial system and the international standing of the dollar(and the euro).
We now have countries increasingly integrating with alternative bank messaging systems and an accelerating of US reserve sell offs, along with what seems like the initial steps of the creation of something like an OPEC alternative for gas.
Not only that, it seems that because they never coordinated the sanctions with the banks it seems like only ~30 billion of the supposed 300 billion of frozen Russian assets can be accounted for, meaning they got to pull their money out and meanwhile the Russian on the other just from 150 billion in return.
Get this incompetent person out the door before she destroys more of the USs financial system.
“We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage. It's the same with oil or gas.” - Milton Friedman