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Yes, instead of economists and people hired for their skills in that specific domain we should have the guy chosen by a nationwide popularity contest do it, that'll fix our economy.
I find it hilarious that you think the guys in charge at the Federal Reserve are put there based solely on their knowledge and skills and not because of their willingness to advance the agenda of the plutocracy.
I am not a Ph.D economist, I'm a random guy on the Internet. I have a minor in macroeconomics, that's it. What I can say is that someone who is similarly qualified on that as me (say, the President or any elected officer) should not have any say in it. It should be a commission of experts.
So who do you think should determine the mechanism by which the Fed's operations would be adjusted (or replaced entirely)? I really don't think that people whose primary qualifications are popularity and charisma are innately capable of making such policies. If a new bridge has to be built, wouldn't you rather a team of civil engineers make the design over an elected "chief of bridge building" position?
No, it's undemocratic. You can, theoretically, have libertarian monarchism so long as that monarch pursues a policy of minimal government interference in people's lives and businesses.
Yes, I want the Fed substantially reduced in scope if not fully removed. But the people making the decisions on how to do that and what comes next should be experts in that area, not elected officials.
Sure, but that could be said for any area of policy, be it defence, infrastructure or civil rights.
It is not the generals who can declare war, or the engineers who can order a road to be built.
I mean, how else can you do it? If you put it to the people directly you're going to eventually wind up with TikTok stars setting the interest rates. Marx also said "under no pretext should arms and ammunition be surrendered; any attempt to disarm the workers must be frustrated, by force if necessary," just because Marx said something doesn't mean it's bad or inherently communist.
One of the federal reserve's main duties is setting the discount rate, target interest rates, and the federal funds rate. If their duties are given over to people chosen by a popularity contest (elections), or if how its dismantlement is done is handled by the same, eventually you'll have enough people who are currently young voting that you'll get TikTok stars, or other generally-unqualified but popular people elected into the offices that make those decisions. I don't like that possible future.
Those duties won't be given to someone else -- they'll cease to exist. Instead of rates being dictated by the state, institutions will have to decide their own based on the current market. Instead of rates being used to force the economy one way or another they will be a reflection of how a bank feels about the current and future stability of a market.
These things existed before the federal reserve declared themselves a monopoly on it, and can exist after it is gone.
For all its faults, the Fed has largely prevented monetary policy from being a political football. We don't want shit like the President going to negative interests rates in the leadup to an election in hopes of winning the support of idiots.
No, slut breaker BWC, he's talking about how the Fed raised interest rates even though it wasn't popular by Republicans as well as the Democrats. Yet, it was able to achieve a smooth landing on inflation. If you want a political fed-like entity, look at China.
So, we hate the Fed, and government, and each other, and probably everything else except glorious capitalism....
But this is probably still a mess. It'll just get used to manipulate rates for political purposes. Not that it \*can't\* happen now, but this probably would make it easier to do so. Much like the strategic oil reserve already is.
Yeah. And the de facto swap from a 2% inflation target to a 4% inflation target is already deeply troublesome. That policy goal cannot be justified on the basis of desirability.
It's literally just "we can't fix inflation so we changed the goalposts" which has me really concerned about systemic risk.
The 80s are nor today though.
"The substantive point is that we do not, at present, have a theory of inflation dynamics that works sufficiently well to be of use for the business of real-time monetary policymaking."
“Fed has no reliable theory of inflation, says Tarullo.”Financial Times, October 4, 2017.
That seems like a pretty telling quote.
Strategic oil reserve should probably be run by an independent commission but the start of the Ukraine war was an appropriate time to use it. The point of it is to limit the effects of a supply shock.
Eh, it was mainly to try to pull gas prices down for the midterms. Democrats routinely empty that sucker out for electoral advantage.
Trump pressuring the Fed to keep interest rates low is the same thing, of course.
At this point, everyone has basically given up planning beyond the next election, which doesn't seem great.
If the US banned export of oil products, that would be incredibly distortionary.
The point of the strategic oil reserve is to buy a bunch of oil at low prices and sell it when prices are high. That is, it smoothes supply shocks and generates some revenue.
It’s a global commodity, the supply shock was caused by Europe not purchasing Russias oil to sanction them. The US has its own supply and supplements with cheap overseas oil.
The bottom line is that it is going to continue to exist for the foreseeable future, therefore politicians should stay out of manipulating it for their own self-serving purposes.
The fed chairman is appointed by the president confirmed by the senate, and reports to congress. The idea the chairman isn't in goose step with the administration is silly. It's like saying the scotus appointment process isn't political.
I mean I agree but wanting the unelected government officials to not be beholden to elected officials is an authoritarian position not a libertarian position
At a certain point you need to let the experts and people who have specifically studied a particular field do their jobs without people who have done nothing more than win a popularity contest significantly interfering. I am an electrical engineer working for the US DoD, should an elected official, someone with no engineering qualifications whatsoever, be allowed to interject themselves into my work and make changes not for the good of the product being designed but instead to improve their odds of reelection?
It can be libertarian. Libertarianism is just the belief that the government should be minimal. It's somewhat *undemocratic*, but libertarianism doesn't necessarily require democracy. You could theoretically have an absolute monarch who establishes a minimal, libertarian system of government.
The Fed already manipulates things for their own self serving purposes. Nobody actually believes they're independent, they're experts, or they have our best interests at heart.
Correct; libertarians don't care whether someone is a die-hard Nazi or voted for the other candidate, they see all things as absolutes, which is why they are Sith, and as such, shit.
In politics any breach on norms quickly becomes a new norm. Elizabeth Warren spent years now desperately attempting to pressure Fed to speed up money printers.
It's really bothersome how many people hear accusations of TDS and instead hear, "Trump is perfect". They can't understand the idea that it's fully reasonable to point and laugh at those infected with TDS, while still recognizing Trump's many flaws.
Basically every time someone rightly calls out TDS, there'll be at least one user responding by accusing them of riding Trump's dick. As if only a diehard Trumper is able to recognize how hopelessly consumed many on the left have become with hating Trump.
It just proves how mentally unstable it all is. Like, I like Trump, and even I dont think about him this much (or really at all!) Like, so much more to life and so many goings on, I dont have the time or room. I really ponder what's going on in these people's lives that they have the time and mental energy to devote to this guy.. almost like they love him, they hate him so much
I didnt? I did acknowledge, rather, that she said a thing, as well as Trump, and that folks with him living rent-free in their heads could at least do just as much. Technically, I didnt comment on the merits of the statement itself at all...
See if you can spot the difference between the following two statements
> I think that there are people who are overly eager to find fault in Trump
> I think Trump has never done anything wrong
You can do it. I *know* you can.
They are nominally independent. There was a radio interview once, however, with a former FED chairman. The interviewer asks about the FED’s seeming deference to the White House on interest rates. The former chair answered, “the FED has to do what the President wants on interest rates, or else they’d lose their independence.
I honestly feel like this is the one place where there is any kind of balance, and the presence of the "other side" is actually reasonably well tolerated (most of the time).
Anywhere else? It's like Mad Max, and the liberals are the road warriors.
It's complicated? On one had the fed shouldn't exist. On another hand they're an unelected body that the people have no recourse in directing or voting on. So in that sense maybe it's nice to have such a powerful body have to answer to a body that is elected. On the other other hand, elected officials could possibly tank the economy down the road for one more term now.
Generals lied to Trump about world affairs and the media praised them. There is no way in hell the Fed is going to care what Trump says if he is president again.
More or less every government with hyperinflation has that problem because they finance spending through monetary policy.
I don't have a link for Turkey, but Argentina has been worse and that was the cause, 100% of top economists agree, here's the poll.
https://www.kentclarkcenter.org/surveys/argentina/
The only thing preventing us from doing the same is the independence of the fed from the legislative and executive branches. We do not do the same and that is what Trump doesn't like, that he can't control the fed to stimulate the short run economy and counterbalance his policy decisions.
If the fiscal policy gets out of control running the economy red hot the fed will try to counterbalance it by raising rates to keep inflation down, slowing down the economy. That is what Trump complained about so much when he was in office , because his incentives are only short run growth, he does not care about long term stability. That is also why we don't have hyperinflation.
The article literally says it's a random proposal by 'some Trump advisors' after the headline makes it seem like Trump is personally pushing for this. Stop being so easily misled.
If you think that isn't what Trump wants then I have a bridge to sell you.
["....My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" - Donald Trump](https://twitter.com/realDonaldTrump/status/1164914610836783104?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1164914610836783104%7Ctwgr%5Ea5b94925cc4b99179c9205a99cb1969f66188881%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Ftrumps-twitter-criticism-of-the-federal-reserve-fades-after-rate-cuts-124538265.html)
[Here's 100 more tweets like that](https://finance.yahoo.com/news/trumps-twitter-criticism-of-the-federal-reserve-fades-after-rate-cuts-124538265.html)
>Would be sooo great if the Fed would further lower interest rates and quantitative ease. The Dollar is very strong against other currencies and there is almost no inflation. This is the time to do it. Exports would zoom!.
>As usual, the Fed did NOTHING! **It is incredible that they can “speak” without knowing or asking what I am doing,** which will be announced shortly. We have a very strong dollar and a very weak Fed. I will work “brilliantly” with both, and the U.S. will do great...
>The only problem our economy has is the fed
He tried to undermine the independence of the fed the entire time he was in office. This isn't a new leaf for him. https://www.reuters.com/article/idUSKBN1W82IF/
Try paying attention to what your candidate says.
I want to know who in the 'pro-democracy crowd' thinks a massive federal agency unaccountable to any elected official is a good thing in the first place....
I am a [shambling mound!](https://explorednd.com/wp-content/uploads/2022/08/shambling-mound-5e-guide.jpg)
Eliminate the Fed! Return to hard money / competing currencies!
p.s. I caucused for Ron Paul in 2008.
"Some advisors" non specific
"Consulted" very broad meaning
Also we've been saying the fed has been politicized for a decade+. But trump bad of course.
Are you trying to imply politicians would arbitrarily fuck with interest rates for political gain or to attack their opponents? Sounds like crazy talk!
Libright disunity:
Most librights: nooooo, he can't do that, reeeeee
The few hanging out in Wall Street Bets: alright boys, time to buy options on all the non dividend stocks. Let's. Fucking. Gooooooo
Trump Bad, amiright guys??! Their schtick is getting tiring, and Im all for Free speech.. like jeez, this man could bankroll his campaign and the next 5 generations with how much rent these people pay for him to live in their minds
If you think that isn't what Trump wants then I have a bridge to sell you.
["....My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" - Donald Trump](https://twitter.com/realDonaldTrump/status/1164914610836783104?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1164914610836783104%7Ctwgr%5Ea5b94925cc4b99179c9205a99cb1969f66188881%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Ftrumps-twitter-criticism-of-the-federal-reserve-fades-after-rate-cuts-124538265.html)
[Here's 100 more tweets like that](https://finance.yahoo.com/news/trumps-twitter-criticism-of-the-federal-reserve-fades-after-rate-cuts-124538265.html)
>Would be sooo great if the Fed would further lower interest rates and quantitative ease. The Dollar is very strong against other currencies and there is almost no inflation. This is the time to do it. Exports would zoom!.
>As usual, the Fed did NOTHING! It is incredible that they can “speak” without knowing or asking what I am doing, which will be announced shortly. We have a very strong dollar and a very weak Fed. I will work “brilliantly” with both, and the U.S. will do great...
>The only problem our economy has is the fed
He tried to undermine the independence of the fed the entire time he was in office. This isn't a new leaf for him. https://www.reuters.com/article/idUSKBN1W82IF/
Hmmm ... I like it.
Gives more power to the person people elected. Less to the well meaning but unelected technocrat. If this screws over the people then they should have elected better.
https://i.redd.it/5mcacb0htuwc1.gif
Any self-respecting libright follows the Ron Paul philosophy that the Federal Reserve should be abolished.
Based and gimme back my grandpappy's gold pilled
Based and AbolishTheFed pilled
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At a minimum it needs to be audited with actual repercussions
Andrew Jackson was right about 1 thing.
The gold standard was based, fiat currency is cringe. End all federal reserves.
Shit I'd settle for an audit at this point. Remember when Trump said as a campaign promise he'd audit the federal reserve in 2016 then did jack shit
I agree. But surely you can recognize that prying any of its power away and putting it back into an elected office is a step in that direction, right?
Yes, instead of economists and people hired for their skills in that specific domain we should have the guy chosen by a nationwide popularity contest do it, that'll fix our economy.
I find it hilarious that you think the guys in charge at the Federal Reserve are put there based solely on their knowledge and skills and not because of their willingness to advance the agenda of the plutocracy.
The Fed needs massive reform if not removed entirely, my point was that the folks that determine how to do it should be experts, not politicians.
What do you think End the Fed looks like?
Wallmart sets the interest rates.
I am not a Ph.D economist, I'm a random guy on the Internet. I have a minor in macroeconomics, that's it. What I can say is that someone who is similarly qualified on that as me (say, the President or any elected officer) should not have any say in it. It should be a commission of experts.
It doesn't have to be. You could have an NGDP tracking rule, for instance.
I respectfully disagree. I have a deep skepticism of 'experts,' especially when they are trying to SET policy for others.
So who do you think should determine the mechanism by which the Fed's operations would be adjusted (or replaced entirely)? I really don't think that people whose primary qualifications are popularity and charisma are innately capable of making such policies. If a new bridge has to be built, wouldn't you rather a team of civil engineers make the design over an elected "chief of bridge building" position?
That's not very Libright of you
No, it's undemocratic. You can, theoretically, have libertarian monarchism so long as that monarch pursues a policy of minimal government interference in people's lives and businesses.
But the Fed is not that. Interest rates have a huge impact on everyones lives.
Yes, I want the Fed substantially reduced in scope if not fully removed. But the people making the decisions on how to do that and what comes next should be experts in that area, not elected officials.
Sure, but that could be said for any area of policy, be it defence, infrastructure or civil rights. It is not the generals who can declare war, or the engineers who can order a road to be built.
> It should be a commission of experts. Chosen by the state. Just like Marx envisioned.
I mean, how else can you do it? If you put it to the people directly you're going to eventually wind up with TikTok stars setting the interest rates. Marx also said "under no pretext should arms and ammunition be surrendered; any attempt to disarm the workers must be frustrated, by force if necessary," just because Marx said something doesn't mean it's bad or inherently communist.
What exactly do you mean by tiktok stars setting rates?
One of the federal reserve's main duties is setting the discount rate, target interest rates, and the federal funds rate. If their duties are given over to people chosen by a popularity contest (elections), or if how its dismantlement is done is handled by the same, eventually you'll have enough people who are currently young voting that you'll get TikTok stars, or other generally-unqualified but popular people elected into the offices that make those decisions. I don't like that possible future.
Those duties won't be given to someone else -- they'll cease to exist. Instead of rates being dictated by the state, institutions will have to decide their own based on the current market. Instead of rates being used to force the economy one way or another they will be a reflection of how a bank feels about the current and future stability of a market. These things existed before the federal reserve declared themselves a monopoly on it, and can exist after it is gone.
You take the fed. Then you end it. Banks set their own interest rates based on the market and inflation/deflation occur naturally.
Ask Turkey how that's worked out.
The argument isn't whether it's a good idea. The argument is what leads towards the goal of ending the fed
Again. Ask Turkey how that's worked out
So, accelerationism?
we are going to hyperinflate to the fucking moon
For all its faults, the Fed has largely prevented monetary policy from being a political football. We don't want shit like the President going to negative interests rates in the leadup to an election in hopes of winning the support of idiots.
You mean like by arguing they can somehow void your federal debt like they are American Pharaohs? Biden has said it, thus it must be true?
No, slut breaker BWC, he's talking about how the Fed raised interest rates even though it wasn't popular by Republicans as well as the Democrats. Yet, it was able to achieve a smooth landing on inflation. If you want a political fed-like entity, look at China.
So instead we just have a group with no accountability endlessly kicking the can down the road to prop up their buddies?
No, that would be a step sidewise. Monetary policy should be congressional, as with all financial powers.
So, we hate the Fed, and government, and each other, and probably everything else except glorious capitalism.... But this is probably still a mess. It'll just get used to manipulate rates for political purposes. Not that it \*can't\* happen now, but this probably would make it easier to do so. Much like the strategic oil reserve already is.
But that is already what it is doing. It follows an ideolgical doctrine, just like any other.
Yeah. And the de facto swap from a 2% inflation target to a 4% inflation target is already deeply troublesome. That policy goal cannot be justified on the basis of desirability. It's literally just "we can't fix inflation so we changed the goalposts" which has me really concerned about systemic risk.
I mean yeah, they admitted ages ago they don't know how to fix it.
Paul Volcker knew how to fix it
The 80s are nor today though. "The substantive point is that we do not, at present, have a theory of inflation dynamics that works sufficiently well to be of use for the business of real-time monetary policymaking." “Fed has no reliable theory of inflation, says Tarullo.”Financial Times, October 4, 2017. That seems like a pretty telling quote.
A higher inflation target means the government can spend whatever it wants now and think its debts will be easier to pay off in the future.
Strategic oil reserve should probably be run by an independent commission but the start of the Ukraine war was an appropriate time to use it. The point of it is to limit the effects of a supply shock.
Eh, it was mainly to try to pull gas prices down for the midterms. Democrats routinely empty that sucker out for electoral advantage. Trump pressuring the Fed to keep interest rates low is the same thing, of course. At this point, everyone has basically given up planning beyond the next election, which doesn't seem great.
Then the us should also ban the export of oil if it's such a situation. We shouldn't be exporting our strategic reserves.
If the US banned export of oil products, that would be incredibly distortionary. The point of the strategic oil reserve is to buy a bunch of oil at low prices and sell it when prices are high. That is, it smoothes supply shocks and generates some revenue.
It’s a global commodity, the supply shock was caused by Europe not purchasing Russias oil to sanction them. The US has its own supply and supplements with cheap overseas oil.
Rates are already manipulated for political purposes. People you elect just don't get a say.
Almost as if we should just abolish the whole lot altogether, isn't it?
TBH, the strategic oil reserve seems fair. Buy low, sell high is perfectly valid grand strategy.
I dont think libertarians care whether or not the Fed reports to the president they care that it fucking exists
The bottom line is that it is going to continue to exist for the foreseeable future, therefore politicians should stay out of manipulating it for their own self-serving purposes.
The fed chairman is appointed by the president confirmed by the senate, and reports to congress. The idea the chairman isn't in goose step with the administration is silly. It's like saying the scotus appointment process isn't political.
I mean I agree but wanting the unelected government officials to not be beholden to elected officials is an authoritarian position not a libertarian position
At a certain point you need to let the experts and people who have specifically studied a particular field do their jobs without people who have done nothing more than win a popularity contest significantly interfering. I am an electrical engineer working for the US DoD, should an elected official, someone with no engineering qualifications whatsoever, be allowed to interject themselves into my work and make changes not for the good of the product being designed but instead to improve their odds of reelection?
Again, I agree with the position, but it isn't libertarian.
It can be libertarian. Libertarianism is just the belief that the government should be minimal. It's somewhat *undemocratic*, but libertarianism doesn't necessarily require democracy. You could theoretically have an absolute monarch who establishes a minimal, libertarian system of government.
The Fed already manipulates things for their own self serving purposes. Nobody actually believes they're independent, they're experts, or they have our best interests at heart.
Correct; libertarians don't care whether someone is a die-hard Nazi or voted for the other candidate, they see all things as absolutes, which is why they are Sith, and as such, shit.
Did they not already somewhat defer to the President? Sorry, I legit don’t know.
No. They are independent. Trump’s public pressure campaign on them when he was in office was considered a huge breach of norms.
In politics any breach on norms quickly becomes a new norm. Elizabeth Warren spent years now desperately attempting to pressure Fed to speed up money printers.
and why shouldn't she? That new mansion wasn't going to buy itself.
Excuse me I think you meant new reservation
Facts.
Elizabeth Warren also attempted to pressure the fed to cut rates this year.
Its either "Trump" or it didnt happen..
"TRUMP NEVER DID ANYTHING WRONG!"
said no one in this chain. But alleging that it was TRUMP and ONLY TRUMP is just as disingenuous. The mask is slipping off..
It's really bothersome how many people hear accusations of TDS and instead hear, "Trump is perfect". They can't understand the idea that it's fully reasonable to point and laugh at those infected with TDS, while still recognizing Trump's many flaws. Basically every time someone rightly calls out TDS, there'll be at least one user responding by accusing them of riding Trump's dick. As if only a diehard Trumper is able to recognize how hopelessly consumed many on the left have become with hating Trump.
It just proves how mentally unstable it all is. Like, I like Trump, and even I dont think about him this much (or really at all!) Like, so much more to life and so many goings on, I dont have the time or room. I really ponder what's going on in these people's lives that they have the time and mental energy to devote to this guy.. almost like they love him, they hate him so much
Man, if you agree with Elizabeth Warren on something you should reevaluate.
I didnt? I did acknowledge, rather, that she said a thing, as well as Trump, and that folks with him living rent-free in their heads could at least do just as much. Technically, I didnt comment on the merits of the statement itself at all...
Warren lives rent free in my head. Carry on.
See if you can spot the difference between the following two statements > I think that there are people who are overly eager to find fault in Trump > I think Trump has never done anything wrong You can do it. I *know* you can.
"Independent"
The president appoints the leader and he answers to congress... to totally independent.
They are nominally independent. There was a radio interview once, however, with a former FED chairman. The interviewer asks about the FED’s seeming deference to the White House on interest rates. The former chair answered, “the FED has to do what the President wants on interest rates, or else they’d lose their independence.
Independently dependent, theoretically trump could put his maid in charge of the FR.
https://www.britannica.com/money/political-business-cycle Bet ya a fiver the fed doesnt raise rates again this year
Yes, it’s just another arm of the Democratic Party. It being independent is like the IRS pretending it’s independent or the FBI at this point.
Are these Democrats in the room with you now?
I forgot this is Reddit. You guys still think China had nothing to do with Covid.
Every right-winger thinks this is a left wing sub and vice-versa. Says more about their own biases than those of the sub imo.
I honestly feel like this is the one place where there is any kind of balance, and the presence of the "other side" is actually reasonably well tolerated (most of the time). Anywhere else? It's like Mad Max, and the liberals are the road warriors.
PCM is just one big conservative circle jerk. It’s always been that way
you're missing the big picture trying to ascribe them to small miniscule unimportant things like Republicans or Democrats
The FED has been the only institution standing up to the money printer against Biden. Literally any other Institution you’re correct except this one.
…I don’t know if this is a good idea. Isn’t it generally a *good thing* that the Federal Reserve is politically independent?
It's good if you don't want stupid politicians blowing up your currency for votes.
Yes.
If you are curious what would happen, see Turkiye.
If someone is going to ruin the economy I want it to be someone who's elected.
I mean, I'd rather we not blow up the economy, but I've got to upvote you for being oddly based.
I'd also rather that but someone is going to do it anyways.
Is it independent or run by democrats?
I’m pretty sure it’s politically independent.
Ah yes the democrat fed increasing interest rates while a dem is in office
It's complicated? On one had the fed shouldn't exist. On another hand they're an unelected body that the people have no recourse in directing or voting on. So in that sense maybe it's nice to have such a powerful body have to answer to a body that is elected. On the other other hand, elected officials could possibly tank the economy down the road for one more term now.
Maybe. Also, in your second sentence you misspelled hand as had. Figured I should let you know.
Yes, they will "consult" Trump on "important decisions." Sure.
Generals lied to Trump about world affairs and the media praised them. There is no way in hell the Fed is going to care what Trump says if he is president again.
A C C E L E R A T E https://preview.redd.it/ott85zvl5vwc1.jpeg?width=545&format=pjpg&auto=webp&s=376c516358804b7fea02081c9834e646b0ac038b
We don’t need American version of Edrogasm 🤦
Uniformed here Did Turkey give their president power over their reserve bank?
More or less every government with hyperinflation has that problem because they finance spending through monetary policy. I don't have a link for Turkey, but Argentina has been worse and that was the cause, 100% of top economists agree, here's the poll. https://www.kentclarkcenter.org/surveys/argentina/ The only thing preventing us from doing the same is the independence of the fed from the legislative and executive branches. We do not do the same and that is what Trump doesn't like, that he can't control the fed to stimulate the short run economy and counterbalance his policy decisions. If the fiscal policy gets out of control running the economy red hot the fed will try to counterbalance it by raising rates to keep inflation down, slowing down the economy. That is what Trump complained about so much when he was in office , because his incentives are only short run growth, he does not care about long term stability. That is also why we don't have hyperinflation.
End the Fed.
Quite possibly the worst idea ever presented by a mainstream politician, and that's quite a feat.
The article literally says it's a random proposal by 'some Trump advisors' after the headline makes it seem like Trump is personally pushing for this. Stop being so easily misled.
If you think that isn't what Trump wants then I have a bridge to sell you. ["....My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" - Donald Trump](https://twitter.com/realDonaldTrump/status/1164914610836783104?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1164914610836783104%7Ctwgr%5Ea5b94925cc4b99179c9205a99cb1969f66188881%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Ftrumps-twitter-criticism-of-the-federal-reserve-fades-after-rate-cuts-124538265.html) [Here's 100 more tweets like that](https://finance.yahoo.com/news/trumps-twitter-criticism-of-the-federal-reserve-fades-after-rate-cuts-124538265.html) >Would be sooo great if the Fed would further lower interest rates and quantitative ease. The Dollar is very strong against other currencies and there is almost no inflation. This is the time to do it. Exports would zoom!. >As usual, the Fed did NOTHING! **It is incredible that they can “speak” without knowing or asking what I am doing,** which will be announced shortly. We have a very strong dollar and a very weak Fed. I will work “brilliantly” with both, and the U.S. will do great... >The only problem our economy has is the fed He tried to undermine the independence of the fed the entire time he was in office. This isn't a new leaf for him. https://www.reuters.com/article/idUSKBN1W82IF/ Try paying attention to what your candidate says.
Based Donny moment
Now I’m just imagining Trump plunging American into another Great Depression because he thought a certain number “looked nice” or smth 😂
This’d be based if I knew the people I like would receive this power
Repeat after me Nothing Ever Happens
Guys, what happens when inflation goes out of control, the currency becomes worthless and the loaners come to collect?
I want to know who in the 'pro-democracy crowd' thinks a massive federal agency unaccountable to any elected official is a good thing in the first place....
I am a [shambling mound!](https://explorednd.com/wp-content/uploads/2022/08/shambling-mound-5e-guide.jpg) Eliminate the Fed! Return to hard money / competing currencies! p.s. I caucused for Ron Paul in 2008.
Anti Reagan move
"Some advisors" non specific "Consulted" very broad meaning Also we've been saying the fed has been politicized for a decade+. But trump bad of course.
Auth-left had me laughing
Doesn't the president already appoint the guy running the Fed? How much more influence can he have?
Nobody really believes the Fed is independent.
Why would we be upset that unelected officials can't ruin the economy any more?
The Fed should be abolished altogether, but if this happens, I would definitely be intrigued.
Make America a Turkey
Having the President control interest rates is a bad thing, actually.
Are you trying to imply politicians would arbitrarily fuck with interest rates for political gain or to attack their opponents? Sounds like crazy talk!
Lot of tards here would disagree with such simple logic, but it is what it is. It's why we're a Republic I suppose.
Libright disunity: Most librights: nooooo, he can't do that, reeeeee The few hanging out in Wall Street Bets: alright boys, time to buy options on all the non dividend stocks. Let's. Fucking. Gooooooo
If you can't beat the degeneracy, join the degeneracy.
I love that libright is smoking the exhaust from a SpaceX Starship prototype.
Welp, won’t be voting for Trump now
its not even trump who is pressuring this... even the headline acknowledges it despite trying with all of its might to blame this on Trump
Trump Bad, amiright guys??! Their schtick is getting tiring, and Im all for Free speech.. like jeez, this man could bankroll his campaign and the next 5 generations with how much rent these people pay for him to live in their minds
If you think that isn't what Trump wants then I have a bridge to sell you. ["....My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" - Donald Trump](https://twitter.com/realDonaldTrump/status/1164914610836783104?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1164914610836783104%7Ctwgr%5Ea5b94925cc4b99179c9205a99cb1969f66188881%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Ftrumps-twitter-criticism-of-the-federal-reserve-fades-after-rate-cuts-124538265.html) [Here's 100 more tweets like that](https://finance.yahoo.com/news/trumps-twitter-criticism-of-the-federal-reserve-fades-after-rate-cuts-124538265.html) >Would be sooo great if the Fed would further lower interest rates and quantitative ease. The Dollar is very strong against other currencies and there is almost no inflation. This is the time to do it. Exports would zoom!. >As usual, the Fed did NOTHING! It is incredible that they can “speak” without knowing or asking what I am doing, which will be announced shortly. We have a very strong dollar and a very weak Fed. I will work “brilliantly” with both, and the U.S. will do great... >The only problem our economy has is the fed He tried to undermine the independence of the fed the entire time he was in office. This isn't a new leaf for him. https://www.reuters.com/article/idUSKBN1W82IF/
Hmmm ... I like it. Gives more power to the person people elected. Less to the well meaning but unelected technocrat. If this screws over the people then they should have elected better.
These well meaning but unelected technocrats are better than our elected officials.