In an interview I published earlier today with the Doomberg collective, one item we touched upon was why they thought Jerome Powell was officially finished as Fed Chair.
They predicted that Powell would be on his way out due to standing in the way of the U.S. fully entering modern monetary theory and that if he was to be re-nominated, that it may not make it past the Senate.
The obvious candidate to replace Powell now seems to Lael Brainard, likely for two reasons:
She’s exceptionally dovish, even moreso than Powell or his predecessor, Janet Yellen
She’s a woman, which wins you points with the “woke” Democratic administration
Leaving behind the fact that doing anything to move us toward MMT quicker is about the most unpatriotic thing we can conceive of - and that it only accelerates our country’s path to destruction (as I outlined recently here) - I’m interested in your thoughts on the potential change in Fed chair.
For my readers, I want to open up a discussion asking:
Do you think Powell is on his way out, or that he’ll be re-nominated? (I happen to think his time is up, as well).
Do you think Brainard is the leading individual to replace him? (I happen to believe she is)
What do you think the consequences of your predicted future at the Fed look like? (In my case, I’ve stated that an acceleration toward MMT will destroy our country)
This was one of the topics Grant Williams asked Danielle DiMartino Booth (I assume readers of this blog know who hey are) in a recent podcast. Her opinion was that Brainard, though obviously a preferred candidate for the progressives, is unelectable in the Senate.
Looks like we should expect an announcement at the end of the week. Seems to me that if Powell was going to stick around, we'd already know. With 3 (4?) empty seat due to resignations, this is a major chance to remake the Fed...I doubt the left will pass up this opportunity.
Brainard in, yes. Powell - ready for the golf course.
In the Arch Crawford tradition, I looked up her natal chart. She's just downright talented, and as for her transits (temporary planetary influences for good or ill), they are all flashing green lights for positive change for her, with a lot of momentum toward goals. 2022 looks favorable for her - she's not going to captain a sinking ship. I see her being teflon-like. Nothing bad will stick, at least in '22.
don't see how Brainard could be approved by senate, whereas I think Powell is easy ok. and why would Joe would want to take on this political battle when he already has Powell being fully compliant. so I predict joe will just carry on with jpow
Think Powell is renominated. If he isnt,market tanks for real and Biden loses all political capital so it's whatever MMT dreams they had with Brainerd don't matter anyway.
Powell will survive but he will bend to the will of the administration. The only thing I can see derailing that is if he becomes so unpopular that Powell will finally grow some balls and do the right thing. If it starts too look like a complete wipeout in ‘22 and possibly 24 then the Dems may want to put their version of a stink bomb at the Fed and get to put their policies in place without being in power. What’s interesting is if they truly believe MMT is good for the country, would they want that “benefit” credited to the Republicans who could be in power during this crazy experiment. I personally think that they are writing off ‘22 and want all hell breaking loose to be blamed on the Republicans. These people really could care less what is good for the country IN THE LONG RUN.
Whoever winds up as chairman will only be there because they promised Ron Klain they will do whatever 46 wants, no questions asked. For this White House, there is no room for non-compliance. Although, they kept Fauci, despite his horrible image issues suggesting anything is possible.
If Brainard gets the nod, the money printer will need 1.21 Gigawatts to kick into hyperdrive.
This was one of the topics Grant Williams asked Danielle DiMartino Booth (I assume readers of this blog know who hey are) in a recent podcast. Her opinion was that Brainard, though obviously a preferred candidate for the progressives, is unelectable in the Senate.
I see a Cloward-Piven Strategy in play. Brainard would be a good choice to further that agenda.
The Emperor Has No Clothes
God applied to be a central banker
but had too much integrity and compassion
the Devil stood a better chance
they could mold him in their fashion
The Emperor has no clothes
no need of them to chair the Fed
above the White House and the law
The Chair has no need to get ahead
such a cosy Old Men’s Club
with just a couple of women keeners
is it any wonder Elizabeth Warren
is taking Jerome Powell to the cleaners?
the creature from Jekyll Island
could certainly use a good clean
are his ethics up to par?
depends on your political lean
sure, committees will ask questions
in somber tones with furrowed brow
the trappings of democracy
played out for the crowd
but nothing sticks to the Fed
this Teflon creature so many exalt
even when all Hell breaks loose
it is never the Fed’s fault
no matter who wins the White House
whatever the Oval Office scheme
forget Congress and the Senate
the Fed Chair reigns supreme
will Powell ‘earn’ a second term?
the debate is quite lame
for Lael Brainard as Chair
would bring more of the same
so spare yourself the angst
the question is rather moot
as to who chairs the Fed
it does not matter a hoot
no matter the name for decades
Greenspan, Bernanke, Yellen, Powell
the doublespeak and bafflegab so thick
you could spread it with a trowel
for behind the veil of privilege
The Nameless run the show
do they answer to anyone?
will we ever really know?
Padraic Slater
Bard from Kitsilano
Poetree Unlimited
Looks like we should expect an announcement at the end of the week. Seems to me that if Powell was going to stick around, we'd already know. With 3 (4?) empty seat due to resignations, this is a major chance to remake the Fed...I doubt the left will pass up this opportunity.
Brainard in, yes. Powell - ready for the golf course.
In the Arch Crawford tradition, I looked up her natal chart. She's just downright talented, and as for her transits (temporary planetary influences for good or ill), they are all flashing green lights for positive change for her, with a lot of momentum toward goals. 2022 looks favorable for her - she's not going to captain a sinking ship. I see her being teflon-like. Nothing bad will stick, at least in '22.
Either way we are all fucked.
don't see how Brainard could be approved by senate, whereas I think Powell is easy ok. and why would Joe would want to take on this political battle when he already has Powell being fully compliant. so I predict joe will just carry on with jpow
LB all the way. Now will PMs take off?????
Think Powell is renominated. If he isnt,market tanks for real and Biden loses all political capital so it's whatever MMT dreams they had with Brainerd don't matter anyway.
Powell will NOT be renominated. He is poison.
anything biden et al would put forward here, would be worse than ever before. PERIOD.
Powell will survive but he will bend to the will of the administration. The only thing I can see derailing that is if he becomes so unpopular that Powell will finally grow some balls and do the right thing. If it starts too look like a complete wipeout in ‘22 and possibly 24 then the Dems may want to put their version of a stink bomb at the Fed and get to put their policies in place without being in power. What’s interesting is if they truly believe MMT is good for the country, would they want that “benefit” credited to the Republicans who could be in power during this crazy experiment. I personally think that they are writing off ‘22 and want all hell breaking loose to be blamed on the Republicans. These people really could care less what is good for the country IN THE LONG RUN.
Whoever winds up as chairman will only be there because they promised Ron Klain they will do whatever 46 wants, no questions asked. For this White House, there is no room for non-compliance. Although, they kept Fauci, despite his horrible image issues suggesting anything is possible.