Donald Trump & Fed independence: Elon Musk supports presidential intervention in monetary policy
The Federal Reserve has a double mandate: price stability and job market health. It tries to achieve both via monetary policy, chiefly benchmark interest rate levels and bond purchases. Current chair Jerome Powell was appointed by then-President Donald Trump, who later took to blaming the Fed chief as the Covid pandemic hit the US stock market. Trump now seems to be setting the stage for inserting himself into Fed decisions – garnering support from his party and Elon Musk. Story by Bryan Quinn.
#Trump #USA #FederalReserve
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19 comments
"traditional independance of the federal reserve" what is that exactly? Currently the largest US banks dictating what the Federal Rererve does or doesn't do. This might be one of the rare occurances i am not sure who is saving whom from what. What had Woodrow Wilson to say on that topic?
Trump: "you're fired." 😂
Smart people usually don't like to talk nonsense and get to the heart of the matter.
Stupid fight for republicans to pick. I’d encourage them to go for it. Escalate their downfall. The only way this works out is if they get it done fast, enact changes that would have been done regardless like lowering interest rates, and claim credit for what was likely to happen anyway.
Liberals shilling for the federal reserve is not something i could have predicted.
The Zimbabwe Reserve Bank under the government's thumb is now on it's SIXTH new currency 😢😢😂😂😂😂
Libertarians are against the FED. Since the philosophy only goes back to about 1946, they will have no memory of why the Fed was formed in the first place to mitigate the deep depressions of the 19th century.
Good. The Fed first pumped billions of dollars into the money supply, drove inflation to the point it broke the working class, then tightened interest rates to restrict access to capital for small and medium sized businesses, and then played politics with rate cuts when it was expedient.
Someone with a brain needs to remake the Fed into a central banking system that works for more than the well-heeled and powerful.
Somebody said a while ago that "USA is not a country, is a business". Sadly the light of that became brighter by the day!
Shut it down … will be better, no need for fed reserve
Powell needs to go. People are starving in rural areas
If someone has the same qualifications, why doesn’t the president appoint them? It’s not a matter of the current Fed head being permanent in their position; it's about anyone qualified being eligible for appointment by the president.
Send in the troops, Trump!
"trump and musk" will become more entertaining when it becomes TRUMP VS MUSK
private corp printing the govt money hehehe
Remind one thing Lincoln, both Kennedy and Regan try to change even abolished FED and what happened next will get them a lead
This will happen
The USA will dump the federal reserve
Inflation sky rockets
Then the the AMERO is born
Unifying candas USAand Mexicos currency under North American control.
The fed is not the federal gov't. The fed is controlled by independant rich guys remember bernake
The independence of a nations' central bank is extremely important because it prevents politicians from sacrificing the long term well being of the country for short term political gains.
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