Please consider The Fed Shouldn’t Enable Donald Trump by William Dudley.
U.S. President Donald Trump’s trade war with China keeps undermining the confidence of businesses and consumers, worsening the economic outlook. This manufactured disaster-in-the-making presents the Federal Reserve with a dilemma: Should it mitigate the damage by providing offsetting stimulus, or refuse to play along?
If the ultimate goal is a healthy economy, the Fed should seriously consider the latter approach.
Fed Chairman Jerome Powell has hinted that he is aware of the problem. At the central bank’s annual conference in Jackson Hole last week, he noted that monetary policy cannot “provide a settled rulebook for international trade.” I see this as a veiled reference to the trade war, and a warning that the Fed’s tools are not well suited to mitigate the damage.
Yet the Fed could go much further. Officials could state explicitly that the central bank won’t bail out an administration that keeps making bad choices on trade policy, making it abundantly clear that Trump will own the consequences of his actions.
Such a harder line could benefit the Fed and the economy in three ways. First, it would discourage further escalation of the trade war, by increasing the costs to the Trump administration. Second, it would reassert the Fed’s independence by distancing it from the administration’s policies. Third, it would conserve much-needed ammunition, allowing the Fed to avoid further interest-rate cuts at a time when rates are already very low by historical standards.
I understand and support Fed officials’ desire to remain apolitical. But Trump’s ongoing attacks on Powell and on the institution have made that untenable. Central bank officials face a choice: enable the Trump administration to continue down a disastrous path of trade war escalation, or send a clear signal that if the administration does so, the president, not the Fed, will bear the risks — including the risk of losing the next election.
There’s even an argument that the election itself falls within the Fed’s purview. After all, Trump’s reelection arguably presents a threat to the U.S. and global economy, to the Fed’s independence and its ability to achieve its employment and inflation objectives. If the goal of monetary policy is to achieve the best long-term economic outcome, then Fed officials should consider how their decisions will affect the political outcome in 2020.
Trump Responds
That response is very mild. I expect more later.
Trump a Threat to the Global Economy?
Of course he is. Trump is clueless about trade and monetary policy.
Central banks are also clueless. Three consecutive economic bubbles are proof enough. So Trump is correct when he calls the Fed clueless.
Moreover, there should not be a Fed in the first place.
But history shows that when governments take over monetary policy, hyperinflation is frequently the result.
Poll: Trump a Threat?
Poll: Trump More of a Threat Than the Fed?
Mike “Mish” Shedlock
A threat to humanity period. Should be up there with Supreme Leader of Iran, his mate Kim Jong Un etc
It seems a twitter account is required to vote. Mish should consider that the vote may be skewed due to many people like myself never going to do twitter.
The Fed has cost the US economy trillions (various bubbles and crashes and handouts to banks). Trump has also cost trillions (trade wars and tax cuts to the rich). So far the Fed has cost more, but they have been around longer.
The Fed costs money and helps the ruling elite warp the economy and society to increase the wealth of the rich and enslave (through debt) the rest of us. But it’s only money.
Trump has turned much of America into an overtly racist, xenophobic, intolerant, anti-education nightmare. He has alienated the world aside from a few despots and tyrants. Can that be corrected so easily? Perhaps.
The Fed is corrupt but I would rather have the Fed than let the Market set rates. The Market does not exist; the Market is a cabal of traders and banks who manipulate rates.
The Fed needs to be unprivatized (Oh, God! Socialism! LOL.). Trump needs to develop acute pancreatic cancer (and Pence because OMG he’s the only person worse than Trump.)
“Trump has turned much of America into an overtly racist, xenophobic, intolerant, anti-education nightmare.”
That’s just political propaganda.
If you want to see intolerance, look no further than the Democratic Party.
The Democratic Party segregates Americans into racial identity groups. It is divisive.
In democratic run Baltimore, there are schools in which none of the students can perform math at grade level. According to the California Teachers Association, a priority is social justice. That will not improve math scores in California schools.
Xenophobia. The Democratic Party places illegal aliens above American citizens.
What do you think the market setting rates mean? Did you hear about LIBOR or Euribor?
Yet the world continues to pour money into the USA….Why is that Fishmish???…You buffoon
And the sun keeps turning around the earth which proves that Hillary Clinton is God’s chosen One.
Oh, sorry, were we being rational or just saying stupid things?
In Mish’s polls, the only ones worthy of a vote are those on Twitter. Tells you everything you need to know about him.
Could not vote because I terminated Twitter last week, but I say with no doubt he is more of a threat, because he has more powers and is a loose cannon in a world that requires stability. The Fed is evil and greedy and bad for us all, but at least you can count on them to do what they always do, protect the assets of the wealthy.
You understated the ‘Fed’. ☺
Stability is good. But if you mean the kind we had under at least the last 4 or 5 in the WH, forget it. Oh yeah. Those were stable times alright. While our jobs & manufacturing were outsourced.
US trade deficits were to the moon & back. Welfare gong crazy. Govt growing like black mold on damp bread as businesses were choked with more & more regulation. Unemployment at high levels.
You who douse on Trump actually liked all that???? So how would you all deal with China? NK? Iran? Kiss their backsides like 0bamma, Bush, Clinton (who got China into the WTO) & the 1st Bush & capitulate to the one world govt cabal?
OK, Mr. T is made to appear unstable. Fake news. Don’t fall for the illusion. I think we need more in govt who are ‘loose cannons’ like Mr. T. Maybe we could THEN get something good going on for US!!
SamFox
Meanwhile, some would highlight FED/CB MONETARY POLICY as the biggest problem, not trade issues.
Looks like the author of the hit piece is on China’s payroll. Looks like he thinks it’s A-OK to continue letting China steal US intellectual property. To put tariffs by China on US goods, but if someone stands up to the NWO establishment so the USA can get a level trading field, well that is just not acceptable. To him.
Mr. T is using tariffs as leverage. Once China starts playing fair the tariffs will be lowered or dropped. In the ‘trade war’, China has a lot more to lose than we do.
Sure, we may endure a small amount of pain short term, but long run the USA will be much better off than if we let China & other countries walk all over US. Mr. Trump can hurt China much more than they can hurt US.
I am tired of the NWO Dimms & CINO-RINOs trying to take the USA down so they can install an all powerful & controlling central government.
We should never have allowed a central bank here that we don’t even own. The dimms had to sneak it in. That was in 1913.
References: Books: The Creature From Jekyll Island, Strategy by Cloward & Piven, Rules For Radicals was dedicated to lucifer by Saul Alinsky.
Anyone ever research The North American Union?
SamFox
Historically low interest rates are obviously not enough forJanus Henderson. He must be ‘long’ asset bubbles and wants to make his dream come true….
If the economy is reasonable in 2020 Trumps chances improve.
So think about that.
He’s saying there’s an argument for the Fed to create an economy that hinders Trump.
Forget their mandate, hinder Trump.
I suggest he didn’t engage his brain and that says a lot given his previous role.
This is a nail in the coffin of the Fed imho.
ARGUABLY, they now have to prove they are not hindering Trump. What planet does this man inhabit?
He’s also personalised it.
He should have gone after his policies and approach not the man. People can work out what he meant for themselves.
Arguing there’s a case for for the Fed to act to “get Trump” isn’t clever imho.
We should all really wonder what calibre of people were/are in these positions – not just Trump but many others too.
Trump is evil. What’s wrong to work against him?
Use the legitimate process to retain legitimacy.
Like it or not Trump has his position through the legitimate process.
Trump is baffoon, but we have him in large part because the U.S. economy has been a crapper for tens of millions of Americans for several decades. Dudley is a moron for not recognizing (admitting?) the Feds role (blowing repeated bubbles, financialization of the economy) in bringing Trump to power. The Fed, Hillary, and a large 2016 Republican field were the perfect storm that brought us this mess.
RIDICULOUS to think that one human crapper(Trump) could change the Sapiens Ape’s economic destiny… The Sapiens’ eternal economic growth fantasy world is now mostly, not to say entirely, debt driven, the financial system is definitely on the brink of total collapse, on top of that the planet is being destroyed like never before which will eventually lead to horrible international conflicts….I am afraid not even the gold illusion will safe our asses this time….(and I do own some ingots )
I would just add, that when finally SHTF, you don’t wont to find yourself in the wrong place. And that is the best asset you can have: a friendly, homogeneous population.
“I agree a person that has found what a fraud Trump is and still would vote for his is totally derange…”
The deranged person is one who cannot at least consider the possibility that Hillary just might have been worse.
I consider the possibility that HRC could have been worse, and decide that she would not have been. HRC, constrained by a Republican congress, would have caused incremental, reversible harm. Trump is destroying many norms that made and keep us free, prosperous and at peace. On the last point, HRC’s police-the-world interventionism actually was less likely to lead to a major unnecessary war than is Trump’s nationalism. I still hope time will prove me wrong about this.
Trump has already proven that he is the worst person. It’s very difficult for Hilary to be worse.
Clinton’s spouse wouldn’t be flirting with the Canadian PM.
So, she has that going for her.
🙂
Will it ever be possible for a Trump supporter to address a criticism of Trump without whining “but Hillary..waaah!!!!”? Seriously. She lost. Get over it. Donald is an amoral, stupid, ignorant, corrupt cunt. That is independent of Hillary. Grow up.
“Finally, I voted for him and would do so again vs Hillary Of course you would. Doing otherwise is tantamount of admitting that you were wrong.”
I am wrong about a lot of things and admit it. Your apology is accepted in advance
“Why would you vote again for Trump? Can anybody else be worse than Trump The Chosen One?”
Because I believe Hillary is an even bigger war monger than Trump. Hell bells, even McCain praised he foreign policy. And if you look her statements on trade were similar. Finally, one must consider Supreme Court picks. Trump made two good ones.
Two good Supreme court picks based on what ? Both picks are corporatists and do not believe in the principles of liberty. The last thing the US needs is more fascism which currently wraps itself around business and corporations.
I’ll bite, what principles of liberty have the two new supreme court appointies trampled?
Casual, citations please. I see your smoke. Any fire fueling those clouds?
SamFox
Those were judgements by the Supreme court in 2019. Find them yourself if you care to. They are summarized on USA today and elsewhere. Those were cases where the two new guys ruled together. I give them credit for not being on the same side of every issue but they are fascists (the intersection of the state and corporatism).
The federal government can detain noncitizens with criminal records anytime following their release from custody.
Ambiguous contracts between employers and workers must be resolved individually, not as a class, through arbitration.
Business records customarily treated as private and provided to the government under that proviso are confidential under the Freedom of Information Act.
Federal courts lack jurisdiction to intercede in cases of partisan gerrymandering, which present purely political questions.
I’m surprised you are able to get by. These are some pretty hard hitting liberty snatching rulings especially the one for non citizens.
Nice try to derail the thread. It isnt about me. There are much bigger principles at stake as more rulings come down. The bottom line here is that Mish is wrong about these supreme court picks and he shows his bias here. The two new picks have come down on the wrong side of what I would have come to expect from a free-market advocate. So my point stands and is valid.
What in God’s name are you talking about? I’m not derailing anything just pointing out you are a kook.
I didn’t start the thread. Take it up with Mish.
Trump has not ended any wars and has ordered attacks. You judge his SC picks based on your own views, not those of the American people writ large. How can you judge Hillary’s SC picks since she did not make any? Perhaps hers would have been much better?
Hillary Clinton should never have been permitted to run. She is effectively a corrupt, soul-less creature. Oddly enough, while Trump supporters scream about this all the time, they ignore Donald’s sordid past, his lies, and his amoral life (two immigrant wives, at least one which was an illegal immigrant and a prostitute).
America got the choice it deserved in 2016. And America will choose another asshole in 2020. Americans pretty much deserve to die broke and stupid which is apparently what they want to do.
Reading his comments he’s inviting an end to the Fed if they now DON’T support Trump. The suspicious will be out there that any act to prove Fed independence is now an anti-Trump act to influence 2020.
What was he thinking?
Stressing the need to act independent of political influence is correct, suggesting there is an argument to act to determine the outcome of an election is quite another thing.
I’m quite shocked.
If not Trump then who ? Communists ? Socialists ? Liberals ? Rainbow minds ? Mafia? Thieves ? Pedophiles ( like Mr.E.) ? Who, Mr Dudley ! Who is good for America and for Americans ?
None of the above. Nor anyone else. No privileged hack of an American, will ever somehow be “good for” other Americans. Instead, what is good for each American, is being free enough to be good for himself. Meddling by self promoting hacks and other expendable garbage is never good for anyone except the privileged meddlers themselves.
“Not that I condone fascism, or any -ism for that matter. -Ism’s in my opinion are not good. A person should not believe in an -ism, he should believe in himself. I quote John Lennon, “I don’t believe in Beatles, I just believe in me.”
Everything on your list can be rebutted, Trumps is nothing but communism/socialism FOR THE WEALTHY! He is the ultimate supply sider. Give us rich all your assets and owe us trillions in liabilities and we will trickle all over the poors. Liberals? He is as liberal as they come, he has no party loyalty, no religion, no morality beyond whatever makes him richer is metaphysically good. He was even a democrat in the past and only switched parties because as he said the republicans are easier to manipulate, he SAID that straight up and the right just ignored that. Because they also do not care about so called morality unless it is making them richer.
Rainbow Minds? Hey, I am a gay man, I do not ask for your approval, and I sure as hell will not beg you for my rights as a citizen, you no longer call the shots on who has a “right” to be free when it comes to innate personal traits. You no longer get to judge or punish people for being a disappointment to you personally. Time for all of you to get over that! Mafia? All wealthy people either are Mafia or tacitly go along with them for the ride as long as it serves to pad their portfolios. Party politics is immaterial. Thieves? I see bumper stickers all the time saying TAXES=THEFT! From my point of view those are free rider wannabes who are the real thieves in our society. They want the water at their taps, a place for their garbage to go, rails and roads, an electric grid, law enforcement to safeguard their property rights, schools for THEIR kids, hospitals for THEIR families and selves, all the infrastructure it takes to be a modern nation, they just do not want to pay a dime for any of it. Talk about Mafia mindsets.
Pedophiles, well there is a challenge we all have to deal with. It is possible that some of our laws regarding the definition of child have gone too far, for example, it is still legal for a male to have sex with a 12 year old female in places like Tennessee, all they have to do is marry them, but ironically it is not legal for a female to marry a 12 year old boy and have sex with them, (when all exceptions are taken into account, are: 2 states have a minimum age of 14: Alaska and North Carolina. 4 states have a minimum age of 15. 20 states have a minimum age of 16) ((New Hampshire = Male 14 Female 13))
I believe that being the maturity, being an “adult” for purposes of sex or marriage is a milestone that many people meet younger, and some may never get to at all. That the laws stating an arbitrary age or date are unrealistic. It seems that age of consent and prurient attraction to youth fails being so easily labeled, but is as Justice Potter Stewart said about pornography/obscenity in 1964, “I shall not today attempt further to define the kinds of material I understand to be embraced within that shorthand description [“hard-core pornography”], and perhaps I could never succeed in intelligibly doing so. But I know it when I see it…”
Obviously the Fed is a far greater threat to the global economy than Trump. The Fed has been a malicious force for a century whereas Trump is some guy who burst onto the scene a few years ago and doesn’t know what he’s doing. Our myriad problems started long before Trump thought it might be fun to be POTUS.
Until recently I thought Trump would win reelection easily, but now I’m not as sure. It probably doesn’t matter, the DNC will not allow an outsider to grab the nomination (no Bernie, Tulsi, or Yang) so they’ll put forth a status quo puppet who will continue our march to oblivion if elected.
The only way Trump could be a larger threat is if he blunders into a world war, but that seems very unlikely. He’s an ignoramus on diplomacy, but he doesn’t seem to want any major conflicts. He won’t start a war with China, and HOPEFULLY he won’t start anything with Iran.
I think Trump will easily be reelected. He can always blame the Federal Reserve and China for any economic downturn and most people will believe him. The Russia Probe has come and gone and Trump is still here. Actually it is time to audit the Federal Reserve and stop looking at Trump so closely.
“There’s even an argument that the election itself falls within the Fed’s purview. After all, Trump’s reelection arguably presents a threat to the U.S. and global economy, to the Fed’s independence and its ability to achieve its employment and inflation objectives.”
Some 250 TRILLION dollars in global debt threatens the U.S. and global economy. As Mish would say, we are choking on it.
The FED lost its independence under Woodrow Wilson, who as Martin Armstrong reminds, ordered the FED to buy government debt to support WW1.
Employment and inflation objectives- which manage to usually be out of reach. How many years did it take the FED to reach the objective of full employment, after the Great Recession? A stopped clock is right twice a day, without doing anything.
Nor is 2% inflation stable prices. Along a time line, the cost of everything doubles.
It’s the old trick of placing the frog in warm water and hoping it won’t realizing the temperature is rising 2 degrees at a time.
Maybe someone should ask the FED what their monetary policy is going to be in the face of a rising Chinese empire. After all, BOE’s Mark Carney noted that low interest rates lead to war.
Good question. What is the Fed’s policy about China and the horrible trade imbalance we have with them?
The Fed has done an excellent job, along with all of the free trade agreements and technology transfers to China. It has made all of those involved very rich.
Trump is absolutely a threat to the continuation of these policies. That’s why all of the established organizations are against him.
It’s also why he was elected.
“technology transfers to China”
That technology is own by the corporations that created it. It is their job to protect it. It is not the job of the government to tell a company to share or not to share with other countries (unless is national security). Last time I checked , while they didn’t like it, all of them entered into those agreements. Oh wait the new republicans now think it is the job of the government to “nanny” corporations.
Bingo!
Huge blunder by Dudley attacking Trump at this very late date. All he has accomplished by it is incitement and alienation of Trump voters, of which I am not one.
He could have helped Powell by lobbying for his publicly stated past positions on key issues, such as Powell’s opposition to Bernanke’s qe3 boondoggle.
Instead of attacking Trump directly, he could also have helped by hammering hell out of two hugely disastrous developments occurring on his watch:
1.We’re ten years into an expansion and running a 5% budget deficit.
2.The national debt has near-tripled on Dudley’s watch, but debt service cost is up only 15%, lulling everyone into complacency.
A truly alarmed, helpful Dudley would have resigned in outrage prior to Trump’s arrival. And, yes, Trump continues to be the bull in the China shop that he always was and the only electable thing in sight at the time better than Hillary.
Dudley quit over a year ago.
I thought the article was fairly simple to understand. It is one man’s opinion, not the opinion of the Federal Reserve nor any member of it. I did get a chuckle out of the idea that a Trump voter (other than Mish, of course) would understand what the Federal Reserve is.
Trump voter? how about 80 percent of America has no idea what the fed is
Good post.
Let’s consider the idea on its merits: crash the economy by raising rates just in time for elections. Dudley apparently believes that the next contraction will be like a mild flu, and the soup kitchen lines will stay orderly.
Mish has this one right. Both are disasters.
He’a. Russian cyborg!
“This manufactured disaster-in-the-making presents the Federal Reserve with a dilemma: Should it mitigate the damage by providing offsetting stimulus, or refuse to play along?”
Housing bubble comes to mind. It was a manufactured disaster, the FED taking lending standards to ZERO, while holding the interest rate at 1%. Greenspan even thanked bankers for getting people into homes they could not afford.
There has been a lot of offsetting stimulus to mitigate the damage done by reckless bankers during the housing bubble. Years of ZIRP coupled with multiple rounds of QE.
As far as I know the FDIC sets the lending standards for RE not the FED…
Kurtellis nails it: “mish has always been pro free trade, anti-government meddling in the economy and pro balanced budget.”
My statements are about economic policy. Trump is an outright moron on trade.
Moreover – he did not get us out of Afghanistan and is warmongering Iran and Venezuela
His budget is a disaster
Finally, I voted for him and would do so again vs Hillary
“Finally, I voted for him and would do so again vs Hillary”
Of course you would. Doing otherwise is tantamount of admitting that you were wrong..
Why would you vote again for Trump? Can anybody else be worse than Trump The Chosen One?
Vladimir Putin? Oh, wait…
Hillary.
In practice, probably even Obama. The upside to Trump is, Trump is so universally incompetent, he is even incompetent at being incompetent. Hence don’t get much, if anything, done. Hillary has always paid more attention to covering up her incompetence, hence is more likely to get some idiocy actually passed. Like Bush did with Middle Eastern wars, and Obama did with Obamacare. With Trump, at least one can be fairly certain none of the nonsense ever get much further than Twitter.
I would vote for Trump again over Hillary and plugged my nose to vote for him the first time. Normally I don’t vote because all that does is legitimize the claim to power that the chosen gaggle of psychopaths have over us, but Hillary is indeed a special case.
That said, I find it funny that there are fully grown, physically mature quite-aged adolescent boys commenting here to the effect that you have insulted the sacred honor of their most cherished knight in shining armor – their HERO, “His Orangeness”. If you ask me this is pathetic. Anyone that needs a savior, well…, they need a savior, because it’s pretty darn obvious that they will be unable to save themselves when all of this crap finally hits a crescendo (always looking for someone else to solve a problem that they are part of causing). If they only realized how absolutely ridiculous they look to the rest of us.
Very unmanly posturing on their part, I must say. More like that of a young boy scorned and having a tantrum because you called their bestest-dad-in-the-whole-wide-world a “poopy face”.
Keep up the good work and just ignore all the adolescents in the peanut gallery. They may look 40+, but emotionally they’re still 13.
Projecting eh Frankie? Old tactic.
SamFox
Ever consider NOT voting?
+1776. That’s the RIGHT thing to do. There are exceptions though.
If AOC were running I’d vote for anyone short of Pinochet. Other than dire emergencies, I find the “lesser of two evils” concept to be an IQ test. People that abide by it are people that generally bore me through their total lack of intellect while simultaneously irritating me due to their projection that they think that they have an intellect.
Hillary is not running Mish, but even if she were she is a goddamned sight better than Sanders or many of the other far left so called democratic socialists and that term is itself a fraud. Most people who voted knew what a disaster Trump would be, that is why so many more people voted for her than him. They have been proven to be right, and while I sympathize with your feelings of not LIKING HRC I say that is an immature sentiment to base a vote for such a crucial office at such a crucial time upon. We got a man who has never held any elective office and ran as an outsider and businessman, who just happened to have made six trips to the US Bankruptcy court.
But, I am not crying over spilled milk, he won, legitimately or not, I say not, but neither side can prove their positions. The adult thing to do is move on, that should be impeachment but the constitution allows McConnell to block that in the senate so it is not happening. Moscow Mitch has his own problems and a more corrupt person has never graced American politics, at least since Andrew Johnson’s infested administration.
I would vote for Hillary if she were running, possibly, she actually now violates my personal rule on age of candidates. But, as centrist as I am I will admit I would vote for Trump before I would vote for a “progressive,” Sanders is quite literally the last person I would vote for, I would vote for F’ing Putin before I would vote for Sanders.
Allow me to interpose here: I actually read through Hillary’s economic policy proposals during the campaign and found them to be shockingly bad. She may not have implemented the program in its entirety, but the fact remains that it had zero redeeming features – it read like a manual on how to run the economy into the ground in record time. I concede that the policies proposed by people like Sanders and other extreme lefties are probably even worse (might as well install Maduro).
So Pater, what is happening under Trumpsky? Seems to me he is running our nation, not just the economy, into the ground. His white nationalism and anti immigrant policies are just the sprinkles on top. Not that I am in favor of unbridled border crossing, I like most democrats favor strong immigration laws and good enforcement, but they have to be fair as well, and not just calling Spanish speaking or “brown” nations shitholes.
Possibly HRC would have run the economy into the ground at a record pace as you say, but then it is just as likely that the economy is in such a condition that anyone elected would have had the same exact result no matter their policies, because the economy has already been run into the ground with unsound principals and wealth inequality that is strangling capitalism itself, turned us into to an oligarchy of bribed government and tilted laws that amount to welfare for the rich.
At least under a democratic administration we would not have unattended kids in concentration camps in the desert. Part of what makes this nation great is our compassion and willingness to do what is right aside from economic considerations. This is what I do not like like about so called conservatives, they are all about the money and nothing else. They claim to be about freedom but cannot resist making laws to tell other people how to live their lives, they have to impose ever stricter moral codes based upon their own prejudices.
To me, and I have voted since I was 18 without missing one chance to use my voice, the ONLY thing worse than the far right is the far left. Socialism is death, just that simple, I do not choose it. Far right fascism is slavery, but as we have seen slavery can be abolished, death can’t. So I will very likely vote GOP next year even though I abhor everything about the orange spy. I just will not vote for Sanders or any of his “progressive” proxies.
Howdy Mish. I am Sam. I’d like to ask Sir, how would you handle China? And others we trade with? With respect, I see a lot of negatives posted about Mr. T, but no one has an alternative plan. I want to see how Mr. T’s critics could do better.
What Prez Trump has to contend with he didn’t bring. The USA & the global mess were HERE when Mr. T arrived. Any one going to say anything about past administrations, you know, POTUSes & Congresses who were selling US out to the NWO & China?
SamFox
Rule #1 … Never Trust a (ex )Goldman Sachs-er
Rule #2 … See Rule #1
Poor old USA. Responsible for half of all military spending globally and entitled to seignorage on the world’s monetary base, but being the lone kid picked on by the rest of the class. So unfair.
Great point. The E.U. should finally shut down all U.S. military bases on their territory and provide for their own defense. If the E.U. can finally do something as basic as defend itself, maybe the Euro will be taken seriously as a world reserve currency. Then the E.U. can enjoy the benefits of seignorage too.
Great point Shaap60. And after they begin defending themselves, the EU should also reduce tariffs on imported goods, open their borders to free trade and pay retail for drugs discovered in the US rather than riding the coattails of US taxpayers as they’ve been doing for decades.
So the Fed admits it will meddle in elections.
Will a special prosecutor with an unlimited budget be appointed to look into this?
Indictments? Jail? Testimony in front of congress?
When did the role of the Fed include meddling in elections?
Or does it not count if they only meddle to help democrats?
A long time ago. The variable that most strongly correlates with recessions and booms is the presidential election cycle.
“So the Fed admits it will meddle in elections.” How did you come to that conclusion?
Crap reading-comprehension skills, natch.
Reading the article is a fundamental requirement to comprehending its content.
The nation is finished. Just wait for the economic collapse, inevitable regardless of Trump or not, and then help pick up the pieces.
I agree with the Fed that Trumps is a disaster, I do not agree that they should have or act on any partisan politics at ALL! About their only tool to influence political outcomes would be to sink the economy prior to an election in which an incumbent they do not like could be reelected. They might think they are doing the greater good for the greater number of us by getting rid of a madman, but they will cause a lot of collateral damage along the way, and these are real people getting mowed down by the Fed. In my own case Chase was allowed to steal my house in 2009, something that devastated my life and forced me into chapter 7 which I will not live long enough to recover from.
Just as Loanspan supported vast consumerism and Bush’s “ownership society” that turned out to hand us all the global financial collapse, that was wrong then and this is wrong now. The Fed has to be concerned with one thing only, it’s mandate to maintain a stable currency in a stable banking system. Even their relatively new second mandate of full employment is a hoax and should be disregarded. That is more the province of the political sphere than the financial.
Dudley should be discharged immediately.
Typical Trump supporter. Ignores facts, builds arguments around delusions. Where does it say the Fed meddles? The author of the article is a former Fed official.
your anti Trumpism has deranged your thinking
mish has always been pro free trade, anti-government meddling in the economy and pro balanced budget. Trump is a perfect representation of everything he dislikes. The only reason to like trump at this point is if you support sending colored people “back” to their “shithole” countries.
Spitituscanus-ovsky
I agree a person that has found what a fraud Trump is and still would vote for his is totally derange…
Trump drives the left nuts and apparently that is good enough for a lot of people on the right
Management of trade has been a disaster
He chickened out on pulling troops out of Afghanistan
Antagonized iran for no sane reason
Didnt get his wall built or even tried when the Republicans held congress
Status quo on current ware including war on drugs
Failed to change obamacare
I think the only things he did were talk to kim Jung un and pass a tax cut
Actually, his most laudable accomplishment is probably the repeal of numerous economy-hobbling regulations. Also, he seems extremely reluctant to start wars (even though he sometimes sounds belligerent). And yes, the list of failures is long, but he cannot be blamed exclusively for all of them (e.g. the repeal of Obamacare was thwarted by a vindictive John McCain). He definitely does deserve full blame for the trade nonsense and for tearing up the Iran agreement.
What are the five most important regulations that have been repealed?, and to what degree have they “un-hobbled” the economy? (ie what percentage have they grown GDP over what it would have been, had they not been repealed?)
Stop being ridiculous. Reason without drama will get you no where in 2019.
Either hate Trump or love him, there’s no, “he did these things that were good, and those things that were bad.”
Yup, politicians these days either match your ideology in which case they can do no wrong, or they are Satan incarnate. No space in the middle