Federal reserve

The news broke this morning that Donald Trump has, after considerable deliberation, settled on Kevin Warsh as his nominee to replace Jerome Powell as chairman of the Federal Reserve. “I have known Kevin for a long period of time,” said Trump, on Truth Social. “There’s no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best.” “On top of everything else,” added the Commander-in-Chief, “he is ‘central casting’ and he will never let you down.” The use of the phrase “central casting” shows Trump’s reality TV brain at work. The President likes people in major government positions who look the part on screen. Inevitably,

Rarely has the ideologically divided US Supreme Court seemed so much on the same wavelength. And that is not good news for President Trump. In arguments Wednesday in a case that centers on President Trump’s authority to fire members of the Federal Reserve, the US central bank, both Republican and Democratic appointees suggested giving the president unfettered control would harm financial markets and damage public confidence. “Your position – no judicial review, very low bar (for dismissal) and that the president alone makes the determination – would weaken if not shatter the independence of the Federal Reserve,” said Justice Brett Kavanaugh in an exchange with US Solicitor General John Sauer,

Lost in the hysterical media bleating about a new criminal investigation into Jerome Powell is any attempt to report fairly on his alleged transgressions. The singular lens through which the investigation is being reported in many openly and not-so-openly left leaning outlets is that it is Donald Trump’s revenge after Powell refused to do as instructed and lower interest rates But the aperture needs to be widened to see the full picture: the case is about more than the Chair of the Federal Reserve not bending the knee. It is about Powell’s competency as the nation’s chief money man after presiding over the central bank’s vast and scandalous renovation project

It is hard not to feel a sense of foreboding

The ‘independent Fed’ is a myth

The current setup is anti-democratic

Plus: Will Trump be arrested?

The collapse of SVB prompts action but the Fed hurting the working class less so

Chuck Schumer overlooks the real problem: government spending