Donald Trump has lambasted the Federal Reserve for the second time this week. He reiterated what he had said earlier in the week: the United States central bank is a political organization. He is absolutely right (SEE: Donald Trump is right – Federal Reserve is a political tool to help the White House).
Speaking during a question-and-answer session with hedge fund manager John Paulson at the Economic Club of New York on Thursday, Trump explained that “the Fed is very political” and “beyond anything I would have ever thought possible.”
He told the audience that the Fed won’t likely raise interest rates until January 1 in order to protect President Barack Obama and the Democratic Party. The Republican nominee added that he wonders if Janet Yellen and Co. could ever do the right thing if it is met with a political conflict.
“I really believe if it was the political decision or the right decision they’re going to go with the political decision every time,” Trump said.
Although many people are chastizing Trump’s remarks, as history has shown, the Fed is a very political institution that helps whomever is controlling the White House. Arthur Burns aided Richard Nixon, Alan Greenspan aided Bill Clinton, Ben Bernanke aided George W. Bush and Janet Yellen is aiding President Obama.
The Fed is a biased organization. If it wasn’t biased then it would be the first-ever central bank run by artificial intelligence and robots. Why this is suddenly breaking news is befuddling.
Perhaps because it is Donald Trump criticizing the Fed. If Hillary Clinton was chastizing the Fed then the media would be behind her 100 percent. Of course she would never do that, though, since she loves centralized power. The only thing Clinton wants to change at the Fed is to have more affirmative action. To be fair, Trump doesn’t have a firm opinion on the Fed. He just wants to be the one in charge.
I have no idea what Andrew Moran’s background is to qualify his as a writer for anything but based on his articles, of which I have read many, he always misses the mark. Key here is when Wilson passed The Federal Reserve Act 1918 Christmas Eve Wilson set it up that The Fed answers to no one, and is accountable to no one, not Congress, or the president. It is only in the last 25 years that the Fed has EVOLVED into being political. What is key is The Fed has to be accountable to Congress. And, there must be an annual audit …TALK ABOUT THAT too. And, yes .. Trump is right.