Timothy Birdnow

Looks like Jerome Powell plans to stick around for two years after his chairmanship expires at the Fed.

He's doing this just to spite President Trump, of course.

Hopefully he'll be indicted and forced out of his seat there.

Powell's refusal to drop interest rates is not based on what is best for the economy but is intended to make economic growth sluggish to hurt the President's party and their political prospects in November. This is the Nicholas Biddle gambit. Biddle was chair of the Second Bank of the United States and he hated Andrew Jackson so purposely tried to crash the U.S. economy to drive Jackson from power. Jackson won the election anyway and subsequently closed the Bank of the U.S. (a great move) and we didn't have a national bank until the Federal Reserve was created in l913.

I would add the Federal Reserve crashed the economy in 1929 through 33 to create the Great Depression by first pumping up the money supply then contracting it sharply to drive the Republicans out of power and it worked. It handed an empire to Franklyn Roosevelt and his successors.

So if Powell stays he will only be there to make mischief and attempt to ruin the economy to hurt Trump and the MAGA wing of the Republicans. They must be discredited forever in the eyes of the American People or they will return some day and so Biddle Powell here is going to haunt his billion dollar headquarters to stalk the American economy and stick the knife in Trump's back.

Trump vows to fire him if he doesn't step down. THAT will cause a firestorm, which is why Powell will will stay until Trump has him bodily removed.

After the Civil War Secretary of War Edwin Stanton was fired by President Andrew Johnson but refused to leave, leading to a standoff where the army had to besiege his offices until Stanton emerged, holding a white flag. It was used to impeach Johnson by the radical Republicans. I suspect Powell is hoping for something similary.

Hide Comments | Add Comment