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It’s Official: White House Weighed ‘Legality’ Of ‘Demoting’ Jerome Powell
If you had any lingering doubts about whether Donald Trump is determined to commandeer US monetary policy, effectively stripping the Fed of its independence, you can put them to bed.
According to Bloomberg, the White House counsel weighed the legality and possible implications of demoting Jerome Powell in February.
"The White House legal team developed its analysis after Trump in December privately discussed firing Powell following an interest rate increase that roiled global financial markets
As an overview ……insanity can be defined as using a failed solution repeatedly and expecting a different result…This can very easily be applied to monetary policy….Case in point the last decade !!!
Markets look really really worried about “Fed independence.”
I don’t think it takes wild speculation to guess what the analysis says. Remember Stephen Moore?? In December he said “Donald Trump wanted to drain the swamp,” he said. “Well, John, the Fed is the swamp. The big question now that’s been debated about is whether Donald Trump has the authority as president to replace the Federal Reserve Chairman. The law says he can replace the Federal Reserve Chairman for cause. I would say, well, the cause is that he’s wrecking our economy.” https://www.realclearpolitics.com/video/2018/12/24/stephen_moore_we_do_not_have_an_inflation_problem_we_need_to_be_putting_more_liquidity_in_the_economy.html
By March, Trump wanted Moore on the Board.
(I know Moore is not a lawyer. But he’s not an economist either.)