Citing increasing, aggressive rate hikes, President Trump said that the Federal Reserve is the “biggest threat” to his presidency.
In an interview with Fox Business’ Trish Reagan, Trump said, “My biggest threat is the Fed. Because the Fed is raising rates too fast, and it’s too independent.”
Here’s the clip.
“It’s independent so I don’t speak to him, but I’m not happy with what he’s doing, because it’s going too fast,” Trump added.
“You looked at the last inflation numbers, they’re very low,” he said while arguing for a slower increase in interest rates.
Of course, Trump appointed Fed Chair Jerome Powell to replace former Chair Janet Yellen in February, and Reagan pointed that out.
“I put him there, and maybe it’s right, maybe it’s wrong,” he said, adding, “I put a couple of other people there that I’m not so happy with too. For the most part, I’m very happy with people.”
While Trump says he wasn’t happy with Powell, he was the one that put him there, in a similar manner as he put Jeff Sessions in as attorney general. Overall, Trump said he’s been happy with the people he’s had in his administration though he has turned loose quite a bit of people and seems to fill his administration with more swamp creatures and Deep State operatives, including Council on Foreign Relations members.
Still, Trump has been critical of Powell over the decision to increase interest rates and called on him to do “what’s good for the country.”
According to the Wall Street Journal:
Mr. Powell said earlier this month he sees little sign the economy is overheating, but defended the Fed against criticism that policy makers are raising rates too fast.
Consumer prices, a broad measure of inflation, rose less than expected for the second straight month in September, the Commerce Department said last week, suggesting price pressures remain in check. In the 12 months through September, overall prices rose 2.3%, the smallest year-over-year change since February.
The Fed’s preferred inflation gauge, the personal-consumption expenditures index, rose 2.2% in August from a year earlier, above the Fed’s 2% target.
In August, Powell did state that he was working to strike a balance between the “shoals of overheating and premature tightening.”
Just last week, Trump blamed the Fed for driving a selloff in the stock market — which saw the Dow Jones Industrial Average suffer its fourth-worst point loss in history — saying the central bank had “gone crazy.” Global leaders fired back at Trump for what is considered poor form in taking aim at the Fed.
Of course, the problem is not just the Federal Reserve. The problem is with a bloated federal government that continues to spend unconstitutionally and borrow every year to maintain its deficit spending and pay the interest on the fiat money it borrows from the Fed.
That’s the real threat here. Forget Trump’s presidency! The threat of signing bills that spend money unconstitutionally and are nothing but deficit spending, along with an entity that prints money out of thin air and charges us for it is what is really threatening America.
Michael Snyder recently wrote 101 reasons for shutting down the Fed, which Donald Trump and others should consider reading and acting on if they are genuinely serious about fixing the economy. On top of that, the work by Dr. Ron Paul on the subject of the Federal Reserve is a must-read for anyone who truly wants to understand the threat of our monetary system under the control of the Fed.
In the end, only a handful of people in Washington actually understand what the Fed is doing well enough to oppose it, and even they can’t get support to get rid of the Fed. Until then, this is all just political theater and talk until the system collapses and they can implement a new version of America, a completely totalitarian one.