The Fed chair selection matters less than people think and more than they realize — just not for the reasons usually discussed. It matters less because the fiscal trajectory is locked in regardless of who sits in the chair. Debt service costs, entitlement obligations, and political spending incentives don't change with personnel. It matters more because the market's reaction to the pick reveals how much credibility the institution has left to lose. When gold is at $4,600 and central banks are stockpiling it globally, the signal is already clear: the train left the station a while ago.