Yahoo reports that President Donald Trump thinks that the Federal Reserve has been “very, very destructive” by raising interest rates too quickly.
Trump has made a habit of criticizing the Federal Reserve and has urged policymakers at the Fed to lower the benchmark interest rate. However, this request was ignored as Trump recounted in an interview with CNBC where he said “they certainly didn’t listen to me because they made a big mistake. They raised interest rates far too fast.”
Trump claims that the Fed has put him in an unfavorable position in the trade war with China. In his view, Chinese president Xi Jinping has more control over his country’s central bank, which has helped to offset the impact of Trump’s tariffs on Chinese goods.
Trump later said, “We should be entitled to have a fair playing field, but even without a fair playing field — because our Fed is very, very destructive to us — even without a fair playing field, we’re winning, because the tariffs are putting us at a tremendous competitive advantage.”
Fed Chairman Jerome Powell has insisted that the central bank maintain its independent course and keep itself from being influenced by politics.
The Fed is set to announce its next policy decision next week. Last year, the Fed raised key policy rates four times. However, this year Powell has emphasized patience and is waiting to see how the American economy behaves in light of Trump’s trade war with China.
However, signs of the U.S. economy slowing down has made economists consider cutting interest rates to foster economic growth.
Trump highlighted Xi’s tremendous control over the Chinese economy, “Don’t forget, the head of the Fed in China is President Xi. He’s the president of China. He also is the head of the Fed. He can do whatever he wants.”
Central banking has become a double-edged sword so far.
Established in the 1910s close to the same time as the U.S. enacted the income tax, the Fed has the power to manipulate interest rates, and as a result, create boom and bust cycles that hurt the American economy.
Trump should exclusively focus on the use of tariffs to get China to change its policies. Tariffs can be used as a mechanism of soft power in order to tame countries that hurt U.S. interests. On the other hand, central banking policy is risky because of its ability to not only distort the American economy, but also increase inflation if too much money is being printed.
In the short-term, the U.S. should maintain a tight monetary policy. However, in the long-term, the Fed should ultimately be abolished and replaced with a free market money.
VOTER FRAUD: 20-Year-Old Man Arrested After Allegedly Changing Voter Registration Information of Florida Governor Ron DeSantis
Anthony Guevara faces two felony charges.
CBS Miami reports that police have arrested a 20-year-old man for allegedly changing the voter registration information of Florida governor Ron DeSantis.
Governor DeSantis recently found out that his address had been changed to an address in West Palm Beach. Florida Department of Law Enforcement agents then launched an investigation into the matter.
They traced the address change back to 20-year-old Anthony Guevara, who apparently altered the governor’s information “via computer over a web browser.”
CBS MIAMI: Florida man arrested after allegedly changing voter registration information for Gov. Ron DeSantis
— Josh Caplan (@joshdcaplan) October 28, 2020
Miami New Times reports that Guevara faces two felony charges of accessing an electronic device without authorization and altering a person’s voter registration information without consent. He is currently being held on $5,000 bond.
This surely won’t do much to ease people’s fears of voter fraud in the Sunshine State. Nevertheless, President Donald Trump said Tuesday night that he is “winning big” in Florida:
We are spending more in Florida, and we are winning big in Florida. Actually, we are winning big in many states as the Great Red Wave begins to form!
— Donald J. Trump (@realDonaldTrump) October 28, 2020
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