An editorial in NewsMax by Peter Reagan asks a question that I would hope has an answer that he believes is the right answer. The question is this, is Donald Trump working to undermine and destroy the Federal Reserve? As anyone who reads this news blog regularly knows, my hopeful answer is yes. Reagan gives a compelling case that the recent inaction by Trump to replace vacated Ged governors may show that he does, indeed, intend on letting the Fed die, or, at the very least, he intends on keeping the Fed at bay from manipulating the economy.
Given the way so much of the Executive branch that he ostensibly commands has in many ways defiend him, I think Donald has every reason to believe the same operatives behind that betrayal are also capable of using the Fed as a tool to undermine him. Whatever reason he might have to defang, or, better yet, dismantle the Fed, I’m all in. Donald, you have my undying support in this matter. #Endthefed
Many thought Trump would have begun exerting his control over the Fed by now. Yet by taking so long to appoint new members, it seems like he’s in no hurry.
Could Trump be intentionally leaving seats empty to harm the Fed’s ability to manipulate the economy? Or could he be actively planning to get rid of the Federal Reserve altogether?
The idea might sound crazy, but it might not be that far-fetched.
Trump Is Not a Fan of the Fed…
As we’ve discussed previously, it’s no secret Trump has a bone to pick with the Fed. He could even be the first president in years to strip away its independence.
His actions to date appear to back this up. Most notable is his choosing not to re-nominate Janet Yellen to another term as chair, but instead chose Jerome H. Powell.
And just this week he nominated controversial economist Marvin Goodfriend to fill one of the vacancies.
But Trump Loves Gold!
If you’ve paid close attention to Trump, you know he loves gold. He had gold-bar party favors on his campaign trail, Trump Tower is filled with gold décor, and Trump International Tower in Las Vegas even looks like one big stack of gold.
He’s also expressed a desire to return to the gold standard, as was reported in Bloomberg:
“We used to have a very, very solid country because it was based on a gold standard,” he told an audience in New Hampshire. “It would be very, very hard to do at this point and one of the problems is we do not have the gold — other places have the gold.”
It begs the question, “Is Trump delaying nominations in an attempt to weaken and eventually get rid of the Fed and ultimately bring back the gold standard?”
Read More at NewsMax