It is pretty clear that President Donald Trump wishes he never hired Jerome Powell to helm the Federal Reserve System. Because the central bank has raised interest rates repeatedly in the Trump era, the president feels he is at a disadvantage compared to his predecessor.
There has been talk that President Trump wants to sack Powell. But could this even happen?
No, says the Fed Chairman.
Speaking in an interview with “60 Minutes,” Powell confirmed that he cannot be given the pink slip by Trump and that he intends to complete his full four-year term.
“The law is clear that I have a four-year term. And I fully intend to serve it,” he told Scott Pelley.
He also dismissed suggestions that he paused any immediate rate hikes because of Trump, instead choosing to be “patient.”
“We think that’s an appropriate place for an economy that has the lowest unemployment in 50 years, that has inflation right about at our 2 percent objective, that has returned significantly to good health,” Powell explained. “We’ve said that we’re going to wait and see how those conditions evolve before we make any changes to our interest rate policy and that means patient.”
Following months of planning to be aggressive with rate hikes, the Fed suddenly became dovish in November after a series of disappointing economic reports. Moving forward, the Eccles Building plans to be data-dependent, which could be good news for Trump because the era of easy money will continue.
That said, Powell is right that he can’t be fired. So, instead, Trump should do the next best thing: fire the Federal Reserve – burn it to the ground and let the market determine interest rates.
The USA is a bankrupt warmongering police state now.
The US used to love personal responsibility, freedom, morality, peace, and balanced budgets.
Americans are now embracing welfare, tyranny, immorality, war, and debt.
How could any American hate free speech, religious freedom, gun rights, freedom from unconstitutional searches and seizures, the right to silence, and the freedom from torture and extrajudicial assassination?
How could any American go through life without hearing about living in a free country, the Bill of Rights, Independence Day, the land of the free, and the Statue of Liberty at least once?
Why did Americans fight for freedom against the British and Hitler just to become a police state?
Do TSA agents who unconstitutionally grope, CIA agents who torture, NSA employees who wiretap, soldiers who carry out wars, movie stars who distract and brainwash, politicians who write laws enslaving Americans, reporters who push tyranny, elites who support the police state, voters, and taxpayers feel any guilt at all?
Do police officers who enforce unconstitutional laws, conduct checkpoints, kill unarmed Americans, seize property, confiscate guns, arrest protesters, smokers, drug users, gun owners, beggars, photographers, bank customers, farmers, dog owners, straw users, and business people say that they are not responsible for turning the US into a police state because they are just following orders?
Do Americans who love tyranny feel like traitors?
Do freedom loving patriots who stay silent and do nothing while the US collapses feel like they can take the moral high ground?