Big League Economics
Former New York Fed Chief Urges the National Bank to Sabotage Trump’s Re-Election Changes
Former New York Fed President Bill Dudley wants the Fed to avert Trump’s “disastrous path of trade war escalation.”
The Federal Reserve has become a frequent target of President Donald Trump’s ire, as he believes the frequent interest rate hikes pushed by the central bank has held back his economic boom while preventing progress in the trade war against China.
….My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?
— Donald J. Trump (@realDonaldTrump) August 23, 2019
Former New York Fed President Bill Dudley has justified Trump’s many concerns about the central bank’s subversive role, as the corporate insider is urging Fed leadership to sabotage President Trump’s re-election chances in 2020 to restore the status quo.
“Central bank officials face a choice: enable the Trump administration to continue down a disastrous path of trade war escalation, or send a clear signal that if the administration does so, the president, not the Fed, will bear the risks — including the risk of losing the next election,” Dudley wrote in an op/ed on Bloomberg News addressed to his former colleagues.
“After all, Trump’s reelection arguably presents a threat to the U.S. and global economy, to the Fed’s independence and its ability to achieve its employment and inflation objectives. If the goal of monetary policy is to achieve the best long-term economic outcome, then Fed officials should consider how their decisions will affect the political outcome in 2020,” he added.
Trump doubled down with another attack on the Fed on Tuesday, noting that their pattern of failed monetary policy has had catastrophic ramifications for the U.S. economy:
The Federal Reserve loves watching our manufacturers struggle with their exports to the benefit of other parts of the world. Has anyone looked at what almost all other countries are doing to take advantage of the good old USA? Our Fed has been calling it wrong for too long!
— Donald J. Trump (@realDonaldTrump) August 27, 2019
While the Fed has always taken the stance that they are independent and non-partisan, Dudley wants them to drop that guise because stopping Trump’s ‘America First’ trade policies should be their top priority.
“Officials could state explicitly that the central bank won’t bail out an administration that keeps making bad choices on trade policy, making it abundantly clear that Trump will own the consequences of his actions,” he wrote.
A former CIA officer turned whistle-blower claimed earlier this month that the Fed’s sabotage campaign against President Trump may already be underway.
“So, it is apparent the Fed waited until Trump was elected to start hammering and pounding on the economy, which apparently they did not want to do under Obama. Can you raise the suspicion that the Fed is against Trump or that the Fed is trying to take the credit for the economy away from Trump? I think that appears to be entirely possible,” whistle-blower Kevin Shipp said.
“Trump has said it exactly right, it’s a war between Trump and the Federal Reserve, which, of course, is not federal and it has no reserves,” he added.
Shipp believes that the Fed’s current media blackout is a sign that their feverish behind-the-scenes plotting against Trump has rapidly escalated.
“Trump is at war with the Fed, and the Fed has put a lid on all its people. It’s a gag order to keep its people from talking about what the Fed plans to do,” he said.
Fed Chairman Jerome Powell is already laying the groundwork for what may be a controlled demolition of the Trump economic recovery before next year’s election.
“The global growth outlook has been deteriorating since the middle of last year. Trade policy uncertainty seems to be playing a role in the global slowdown and in weak manufacturing and capital spending in the United States,” Powell said.
“While monetary policy is a powerful tool that works to support consumer spending, business investment, and public confidence, it cannot provide a settled rulebook for international trade,” he added.
It has become clear that the private, unaccountable, unelected cabal of bankers who run the Fed are apart of the swamp that President Trump must drain if he wants to make America great again.
Big League Economics
SHAME: Democrats Are Blocking Stimulus Legislation That Includes Second $1,200 TrumpBux Check
Democrats in Congress are blocking a bipartisan $1.5 trillion stimulus package that includes a second round of $1,200 TrumpBux payments to Americans.
Leading House Democrats are saying the bill isn’t big enough of a giveaway, but they favor stimulus measures that would divert funds away from the pockets of everyday Americans to institutions. They want to bail out Democrat state and local governments, and are willing to block TrumpBux payments to Americans if they aren’t allowed to.
The House passed a $3.4 trillion stimulus package in May that was shot down by Senate Republicans. The latest $1.4 stimulus legislation has been presented as a compromise, after House Democrats in turn rejected a thin $500 billion stimulus package proposed by Republicans last week. That package did not include a second round of $1,200 payments, and Republicans are now willing to sign off on another TrumpBux payment in order to pass another round of stimulus.
The $1.5 trillion stimulus legislation emerged from the Problem Solvers Caucus, a group of 25 Republicans and 25 Democrats who emphasize bipartisanship and common ground. Aside from TrumpBux 2, it features $500 billion for cities and states, unemployment insurance of $600 a week, increased SNAP benefits and rental assistance.
Steny Hoyer and Nancy Pelosi are claiming the legislation doesn’t go far enough and that it “leaves too many needs unmet.”
Pelosi and House Democrats are insisting that Congress will remain in session until a second stimulus agreement is met, but in rejecting the Problem Solvers Caucus legislation they’re already shown they’re not open to a generous compromise.
Try asking everyday working Americans of all stripes and walks of life if they’re willing to wait or even go without a second $1,200 stimulus payment in order to provide a bigger bailout to states and cities that already engage in questionable budgetary practices to begin with. The Democrats are resolutely determined to avoid making people the priority in a stimulus package, and will block stimulus legislation to do so.
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