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Sources state that, Trump is asking advisers if can fire Fed. Chair Powell.....
In view of our tif with China over import tariffs and unfair trade practices campaign directed by our President it's said from my perspective that the FOMC's Chief Wizard (Powell) continues to march to his rate increase campaign and ignores the wishes of our President & Commander in Chief requesting relief so he can better deal with China over these issues. It seems, the Country may be at risk of moving into Recession. Seems, to me, Powell continues to march ahead without regard to the President's repeated public request to stand down.
However, I'm thinking the President (Trump) is going to have a tough go at it to fire the Fed Chief as the FOMC Chairman (Powell) reports to Congress ... not the Preident.
Prehaps, the President might get somewhere on this if he claims the Fed Chief is a threat to National Security and Prosperity to our Country.
Just a thought. Let's see if something along these lines happens.
@Old_Skeet Long held views by some since the forming of the Federal Reserve; involve all forms of control and manipulation to the advantage of a special group of the ultra-rich and all powerful. Beyond any number of conspiracy theories and suggestions; the legal function is described below, although one understands that the institution has morphed over the years as it travels the path of the ever changing financial world. Congressional testimony over the years has found a number of congressional folks plowing along with a "why can't you folks "fix" this or that? The reply is always, this is not our area of responsibility; and that this (whatever) function or change must take place through congressional actions.
--- The U.S. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate.
ADD: Another piece of the puzzle?
The U.S. debt to China is $1.138 trillion as of October 2018. That's 29 percent of the $3.9 trillion in Treasury bills, notes, and bonds held by foreign countries. The rest of the $21 trillion national debt is owned by either the American people or by the U.S. government itself.
China has the greatest amount of U.S. debt held by a foreign country. Japan comes second at $1.018 trillion, followed by Brazil at $314 billion. Ireland holds $287 billion, and the United Kingdom owns $264 billion.
Lastly, one must presume the uttering of POTUS as to his extreme knowledge of just about any subject, without intervention or consul from others. He continues to weave a web into circles of misdirection.
Hi @Catch22: Yes, I know I've read a lot on this subject lately. Here is some more ...
"Although an instrument of the US Government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms."[24]"
Still seems to me one of the 'trump" cards President Trump has is to claim that these rate increases are a threat to our national security and prosperity. Then I'm thinking he just might have some authority.
Seeing how the President governs I'm thinking he could become real crafty in dealing with this dilemma.
Again, my comment was just a thought as to how he might try to deal with this dilemma. Not that he can and will do so.
It will be interesting to see how this is going to play out.
Cash Indeed Might Become King if this matter gets much more heated.
@Old_Skeet , bottom line, YOUR president, not mine, (please stop saying OUR president) has miscalculated and F'ed up big time and now he wants the FED to bail him out. That is not their job!!!
We are headed for or in recession already. It was going to happen sometime anyway, but the poor dumb policy and dysfunctional leadership dictated by your president has gotten us there quicker and harder than expected.
@MikeM: If there had been a better choice then I'd probally voted differently. Even today ... I'd still take Trump over Hillary. Perhaps, Joe Biden and Elizabeth Warren will step forward and run come election time. By the way I could not vote in the Republican Primary being a Democrat. And, yes ... I support Trump because he's our President. Just as my candiate lost our local mayor's race I still support our elected mayor. I'd like to say shame on you MikeM; but, you seem to be a lot like Trump and can't be shamed.
@Old_Skeet- Leaving aside for the moment who voted for who and why, let's not ignore the fact that under Ben Bernanke and Janet Yellen the Fed, virtually single-handedly, managed by hook or by crook to ease the United States out of the "Great Recession". One of their main tools in doing this was the reduction of interest rates at critical junctures.
This is indeed an important tool for the Fed, and you'd better believe that in the next downturn (whether caused by the moron-in chief or not) the Fed will need every tool that is available to use. The only way to re-establish this particular tool is by slowly raising interest rates while the economy is strong enough to tolerate that.
There is an obvious and consistent pattern to the operations and manipulations of this White House: "screw the future and whoever may be around tomorrow: we're taking all of it and we're taking it right now." This applies across the board- global warming, environmental protection, energy policy, land-use policy... the list goes on and on. Trump's perspective regarding the Fed is just another frame in this ongoing horror movie- "screw the Fed and their need for tools tomorrow- I'm taking all that I can grab and I'm taking it right now".
Jerome Powell, like many others who have tried to moderate the malign evil of this administration, is doing his best to walk a fine line between the present and the future. The caricature of ignorance and greed who is the current president could care less. Like those many others, Powell will also be the continuous target of venom and backstabbing. I didn't much like the prospect of Hillary either, but it's hard to imagine her doing anywhere near the damage to this country that "Individual #1" has.
I have no further comment ... except to say I voted for better border security including wanting to see the wall built because I believe it to be a good idea. After all China has "The Great Wall of China." Seems we need a wall as well.
FWIW, Mnuchin denies Trump wants to fire Powell. I don't believe Mnuchin here just because it sounded so very much like something Donnie would TRY to do.
Even if he is not within his rights, Donnie could easily tweet Powell's "firing" shortly...... while blaming the Dems for it, somehow. Would it even be enforceable?
At least it would be a diversion from Russia collusion and Mueller issues for lil Don. Lets hope for impeachment soon. Pence will be terrible, but less obnoxiously so.
Yeah - I heard that last evening. Thought about posting it. You hear a lot about “Individual 1“ nowadays. Hard to tell what’s true. What’s real.
I hope Janet Yellen has an unlisted number. That’s the last place she’d want to be. (Don’t answer the phone if it rings Janet!) Powell looks as if he’s workin on a big-time ulcer. Bet he’d rather be anywhere else.
Imagine the reverberations among the world’s central banks, financial centers and in the currency markets if he should fire Powell or force his resignation. Gold would go bananas (tip).
At least it would be a diversion from Russia collusion and Mueller issues for lil Don.
More likely, I think, the Syria game is intended as a diversion away from the dismal stock market. While I’m at it - commodities and bonds haven’t exactly shone lately either. The big winners are folks like Fleckenstein (Maybe Dalio?) who have been shorting tech. Not a lot else working. There may be hell to pay when Joe and Jodie 6-pack get their 401k statements at year’s end. There go 3-5% of his stalwart 38.
Yes @Old_skeet. We should be more like China in the 1300's trying to keep out invaders.
You think I should be ashamed????
To show blind support to a bully, a want-to-be dictator who shows admiration for other dictators, one who runs our countries business as if he were a mafia godfather destroying anyone who has a differing opinion (RIP John McCain), who has attempted to silence and destroy the unofficial 4th branch of this Democracy - the press, who has tried to do the same with the Supreme Court (thanks for speaking up Mr. Roberts) who likely lead efforts of treason and jeopardized his own family members into doing the same in order to get elected, who broke finance laws in order to get elected, who can't keep decent people on his staff as they flock to the exits under the chaos of his leadership, who is a liar and an unethical cheat, one who demoralizes the FBI and CIA in an effort to divert criminal facts from landing on him, who has made enemies of our long standing global friendships, who backs rogue leaders who murder their own people, who has destroyed a health care system out of spite for his predecessor, who jeopardized the worlds environmental future for the same reason, who now is putting the economy into recession with bone headed moves he now wants to blame on others... This has made America great again? Absurd.
Hell, this guy has even given witches a bad name. Nope, I could never blindly support a man like that. You apparently can as long as you get your wall, so shame on you.
And while we're at it, about the Great Wall of China: "In his lifetime, Genghis Khan led his Mongolian army to break through the Great Wall not only once, but several times at Wusha Fortress, ..."
@Mark Thank you for the Canada link. Canada/U.S. border states and U.S. cable companies in those states may provide CBC tv. Some cable companies in Michigan do provide this feed; and the NEWS feed is readily available on the net. The network has always been a pleasure and of interest for "their" perspective of the neighbors to the south. Many years ago, before cable was available; we had a 40' tower/rotor with a high gain antenna and first discovered CBC with this when aimed east, towards Toronto. If one had access to CBC from years ago and enjoyed very good satire/comedy; two wonderful programs were: "Royal Canadian Air Farce" and "This hour has 22 minutes". A few web sites from about 20 years ago used to exist that were intended for "discussion" between citizens of both countries. The discussions were mostly civil in nature. From Michigan soil, one may view Canada to the east and north without much difficulty, but there is no direct land connection. If we had too, we could "blow up" a few large bridges and a tunnel to help keep them out. So, basically; Michigan uses a "moat" , being the Great Lakes and narrow channel waterways, for initial protection. 'Course, some of the waterways are very narrow and may be crossed during a very cold winter period. A land invasion into Michigan, from Canada, would take place only after forces had fallen in Minnesota, Wisconsin, Indiana and Ohio. I thank our lucky stars at this house that we took the time many years ago to become fluent in our neighbors language. Useful for travel and perhaps for negotiating for something in the future. Take care, Catch
Comments
de Toqueville was prescient.
But he won't.
In view of our tif with China over import tariffs and unfair trade practices campaign directed by our President it's said from my perspective that the FOMC's Chief Wizard (Powell) continues to march to his rate increase campaign and ignores the wishes of our President & Commander in Chief requesting relief so he can better deal with China over these issues. It seems, the Country may be at risk of moving into Recession. Seems, to me, Powell continues to march ahead without regard to the President's repeated public request to stand down.
However, I'm thinking the President (Trump) is going to have a tough go at it to fire the Fed Chief as the FOMC Chairman (Powell) reports to Congress ... not the Preident.
Prehaps, the President might get somewhere on this if he claims the Fed Chief is a threat to National Security and Prosperity to our Country.
Just a thought. Let's see if something along these lines happens.
Long held views by some since the forming of the Federal Reserve; involve all forms of control and manipulation to the advantage of a special group of the ultra-rich and all powerful. Beyond any number of conspiracy theories and suggestions; the legal function is described below, although one understands that the institution has morphed over the years as it travels the path of the ever changing financial world. Congressional testimony over the years has found a number of congressional folks plowing along with a "why can't you folks "fix" this or that? The reply is always, this is not our area of responsibility; and that this (whatever) function or change must take place through congressional actions.
--- The U.S. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate.
ADD: Another piece of the puzzle?
The U.S. debt to China is $1.138 trillion as of October 2018. That's 29 percent of the $3.9 trillion in Treasury bills, notes, and bonds held by foreign countries. The rest of the $21 trillion national debt is owned by either the American people or by the U.S. government itself.
China has the greatest amount of U.S. debt held by a foreign country. Japan comes second at $1.018 trillion, followed by Brazil at $314 billion. Ireland holds $287 billion, and the United Kingdom owns $264 billion.
Lastly, one must presume the uttering of POTUS as to his extreme knowledge of just about any subject, without intervention or consul from others. He continues to weave a web into circles of misdirection.
"Although an instrument of the US Government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms."[24]"
Still seems to me one of the 'trump" cards President Trump has is to claim that these rate increases are a threat to our national security and prosperity. Then I'm thinking he just might have some authority.
Seeing how the President governs I'm thinking he could become real crafty in dealing with this dilemma.
Again, my comment was just a thought as to how he might try to deal with this dilemma. Not that he can and will do so.
It will be interesting to see how this is going to play out.
Cash Indeed Might Become King if this matter gets much more heated.
We are headed for or in recession already. It was going to happen sometime anyway, but the poor dumb policy and dysfunctional leadership dictated by your president has gotten us there quicker and harder than expected.
This is indeed an important tool for the Fed, and you'd better believe that in the next downturn (whether caused by the moron-in chief or not) the Fed will need every tool that is available to use. The only way to re-establish this particular tool is by slowly raising interest rates while the economy is strong enough to tolerate that.
There is an obvious and consistent pattern to the operations and manipulations of this White House: "screw the future and whoever may be around tomorrow: we're taking all of it and we're taking it right now." This applies across the board- global warming, environmental protection, energy policy, land-use policy... the list goes on and on. Trump's perspective regarding the Fed is just another frame in this ongoing horror movie- "screw the Fed and their need for tools tomorrow- I'm taking all that I can grab and I'm taking it right now".
Jerome Powell, like many others who have tried to moderate the malign evil of this administration, is doing his best to walk a fine line between the present and the future. The caricature of ignorance and greed who is the current president could care less. Like those many others, Powell will also be the continuous target of venom and backstabbing. I didn't much like the prospect of Hillary either, but it's hard to imagine her doing anywhere near the damage to this country that "Individual #1" has.
@OldSkeet.. can't admit you made a mistake?
I have no further comment ... except to say I voted for better border security including wanting to see the wall built because I believe it to be a good idea. After all China has "The Great Wall of China." Seems we need a wall as well.
Even if he is not within his rights, Donnie could easily tweet Powell's "firing" shortly...... while blaming the Dems for it, somehow. Would it even be enforceable?
At least it would be a diversion from Russia collusion and Mueller issues for lil Don. Lets hope for impeachment soon. Pence will be terrible, but less obnoxiously so.
https://www.axios.com/jerome-powell-firing-fed-trump-private-discussions-c269417c-fcf9-4f28-ad60-eb35b7536493.html
I hope Janet Yellen has an unlisted number. That’s the last place she’d want to be. (Don’t answer the phone if it rings Janet!) Powell looks as if he’s workin on a big-time ulcer. Bet he’d rather be anywhere else.
Imagine the reverberations among the world’s central banks, financial centers and in the currency markets if he should fire Powell or force his resignation. Gold would go bananas (tip). More likely, I think, the Syria game is intended as a diversion away from the dismal stock market. While I’m at it - commodities and bonds haven’t exactly shone lately either. The big winners are folks like Fleckenstein (Maybe Dalio?) who have been shorting tech. Not a lot else working. There may be hell to pay when Joe and Jodie 6-pack get their 401k statements at year’s end. There go 3-5% of his stalwart 38.
And if unemployment spikes next year, then lookout below!
You think I should be ashamed????
To show blind support to a bully, a want-to-be dictator who shows admiration for other dictators, one who runs our countries business as if he were a mafia godfather destroying anyone who has a differing opinion (RIP John McCain), who has attempted to silence and destroy the unofficial 4th branch of this Democracy - the press, who has tried to do the same with the Supreme Court (thanks for speaking up Mr. Roberts) who likely lead efforts of treason and jeopardized his own family members into doing the same in order to get elected, who broke finance laws in order to get elected, who can't keep decent people on his staff as they flock to the exits under the chaos of his leadership, who is a liar and an unethical cheat, one who demoralizes the FBI and CIA in an effort to divert criminal facts from landing on him, who has made enemies of our long standing global friendships, who backs rogue leaders who murder their own people, who has destroyed a health care system out of spite for his predecessor, who jeopardized the worlds environmental future for the same reason, who now is putting the economy into recession with bone headed moves he now wants to blame on others... This has made America great again? Absurd.
Hell, this guy has even given witches a bad name. Nope, I could never blindly support a man like that. You apparently can as long as you get your wall, so shame on you.
https://outabouter.com/2018/12/21/canadian-gofundme-raises-6b-in-two-hours-to-pay-for-privacy-hedge-along-entire-us-border-2/?fbclid=IwAR3QaDC8DYVg2VR1SOGiRAZ1LvkEud5EIfz9YJ9Hvu9rT4mlRT9bqT6FJ2Q
"In his lifetime, Genghis Khan led his Mongolian army to break through the Great Wall not only once, but several times at Wusha Fortress, ..."
https://www.travelchinaguide.com/china_great_wall/military-defense/genghis-khan.htm
Real effective.
Thank you for the Canada link.
Canada/U.S. border states and U.S. cable companies in those states may provide CBC tv.
Some cable companies in Michigan do provide this feed; and the NEWS feed is readily available on the net. The network has always been a pleasure and of interest for "their" perspective of the neighbors to the south.
Many years ago, before cable was available; we had a 40' tower/rotor with a high gain antenna and first discovered CBC with this when aimed east, towards Toronto.
If one had access to CBC from years ago and enjoyed very good satire/comedy; two wonderful programs were: "Royal Canadian Air Farce" and "This hour has 22 minutes".
A few web sites from about 20 years ago used to exist that were intended for "discussion" between citizens of both countries. The discussions were mostly civil in nature.
From Michigan soil, one may view Canada to the east and north without much difficulty, but there is no direct land connection. If we had too, we could "blow up" a few large bridges and a tunnel to help keep them out. So, basically; Michigan uses a "moat" , being the Great Lakes and narrow channel waterways, for initial protection. 'Course, some of the waterways are very narrow and may be crossed during a very cold winter period. A land invasion into Michigan, from Canada, would take place only after forces had fallen in Minnesota, Wisconsin, Indiana and Ohio.
I thank our lucky stars at this house that we took the time many years ago to become fluent in our neighbors language. Useful for travel and perhaps for negotiating for something in the future.
Take care,
Catch