Powell forced the issue by not responding to questions and forcing the DOJ to take more aggressive actions. One wonders what he is hiding. He further inflated the issue and made public his paranoid belief the DOJ action was encouraged by Trump because the Fed hasn't lowered interest rates quickly or drastically enough. The type of irresponsible action by Powell is what roils and disrupts the market, something the Fed chairman should avoid.
He doesn't have to be hiding anything. Before Trump, the banks were well on their way to overtaking the influence of the elected government on policy. Now he sees an opportunity to use public opinion as a tool to finally put the issue to bed once and for all.
And he could score a win for the banks if it ends up he did nothing wrong. So I hope he is found guilty of every crime under the sun.
As an aside, banks are trying to change the Clarity Act because stablecoin processes and defi are so much more efficient than the banking system, and supplying the public with 5% interest rates instead of 0.1% rates. Instead of trying to compete, they are using all their clout to destroy any who threaten their monopoly. They should not be allowed a vote on the crypto issue, just as they should not be allowed a vote on quashing oversight of the Fed.
The Fed was a failed experiment. Time to start freeing society from its vast entanglements.
The swamp, putrid waters that cover most of them. Very few of the political figures subject to it are able to keep their heads above it. Most succumb to it and embrace it because it’s politically easier and financially way more profitable for them. Accountability in that environment is almost impossible because once you start to drag one filthy animal out you find its like fish on a stringer, they’re all attached
Wow - I'm really questioning my subscription to your substance. While you go hung ho ochre the Fed, shouldn't the same standards be levied upon a DOJ that only caters to the President and the President himself simply enriching himself while boasting away and of course not to mention the many other incidents that can be illuminated if there was actually a DOJ. You know what - make sure you cancel my subscription and better still refund me the unused part so I can help someone who is fighting the DOJ with it.
Lying to CONgress is a national pastime. Most recently Crash Patel told them there was no Epstein client list and that Epstein was trafficking all those victims to himself. Apparently Jeffrey was trying to break Wilt Chamberlain's record of sex with 20,000 different women.
Nicely written. I tend to agree. However. One glance at the Federal Registrar tells me we are not a free people. And lawfare is the only fare we engage in today. At all levels. Can any one truly afford lawyers anymore? I know I have avoided certain risks just out of fear of litigation and its bankrupting affect.
If there is a true nexus to this DOJ inquiry....let the focus be on who TF was using the Fed as personal cash box as was revealed during Musks short tenure. How about we start there before we start with....was it really "transitory"
Either we are a Constitutional Republic under the Rule of Law or a “Progressive” Totalitarian Technocracy. The continued existence of the fedres will mean the latter.
Gosh. This is brilliant!! I was seeing this as what I thought to be an unnecessary and distracting sideshow, especially because Powell’s term is up anyway in four months. Your analysis is the correct one though, for all of the reasons you reference. Thanks 🙏
Liars lying to other liars.
and lying about it.
The age of DC elites & experts, being beyond scrutiny, for the "ignorant" middle class's own good has brought America to a political crisis.
I would like to know how it cost $2.5 billion to remodel three office buildings. That amount is in brand new sports stadium territory.
Funny how our government forces us to endure incompetent people.
true that looks at the President and all the others he has appointed
Powell forced the issue by not responding to questions and forcing the DOJ to take more aggressive actions. One wonders what he is hiding. He further inflated the issue and made public his paranoid belief the DOJ action was encouraged by Trump because the Fed hasn't lowered interest rates quickly or drastically enough. The type of irresponsible action by Powell is what roils and disrupts the market, something the Fed chairman should avoid.
He doesn't have to be hiding anything. Before Trump, the banks were well on their way to overtaking the influence of the elected government on policy. Now he sees an opportunity to use public opinion as a tool to finally put the issue to bed once and for all.
And he could score a win for the banks if it ends up he did nothing wrong. So I hope he is found guilty of every crime under the sun.
As an aside, banks are trying to change the Clarity Act because stablecoin processes and defi are so much more efficient than the banking system, and supplying the public with 5% interest rates instead of 0.1% rates. Instead of trying to compete, they are using all their clout to destroy any who threaten their monopoly. They should not be allowed a vote on the crypto issue, just as they should not be allowed a vote on quashing oversight of the Fed.
The Fed was a failed experiment. Time to start freeing society from its vast entanglements.
The best way for charlatans and frauds to maintain power over us is to play us against each other.
Indeed
The swamp, putrid waters that cover most of them. Very few of the political figures subject to it are able to keep their heads above it. Most succumb to it and embrace it because it’s politically easier and financially way more profitable for them. Accountability in that environment is almost impossible because once you start to drag one filthy animal out you find its like fish on a stringer, they’re all attached
Wow - I'm really questioning my subscription to your substance. While you go hung ho ochre the Fed, shouldn't the same standards be levied upon a DOJ that only caters to the President and the President himself simply enriching himself while boasting away and of course not to mention the many other incidents that can be illuminated if there was actually a DOJ. You know what - make sure you cancel my subscription and better still refund me the unused part so I can help someone who is fighting the DOJ with it.
Lying to CONgress is a national pastime. Most recently Crash Patel told them there was no Epstein client list and that Epstein was trafficking all those victims to himself. Apparently Jeffrey was trying to break Wilt Chamberlain's record of sex with 20,000 different women.
Nicely written. I tend to agree. However. One glance at the Federal Registrar tells me we are not a free people. And lawfare is the only fare we engage in today. At all levels. Can any one truly afford lawyers anymore? I know I have avoided certain risks just out of fear of litigation and its bankrupting affect.
If there is a true nexus to this DOJ inquiry....let the focus be on who TF was using the Fed as personal cash box as was revealed during Musks short tenure. How about we start there before we start with....was it really "transitory"
Either we are a Constitutional Republic under the Rule of Law or a “Progressive” Totalitarian Technocracy. The continued existence of the fedres will mean the latter.
The fantasy that the fedres is ‘independent” has almost destroyed the American middle class and the Republic.
Really good succinct article about the current power plays.
Makes one pine for the days when we believed in the incorruptability of our checks-and-balances based democratic republic.
Gosh. This is brilliant!! I was seeing this as what I thought to be an unnecessary and distracting sideshow, especially because Powell’s term is up anyway in four months. Your analysis is the correct one though, for all of the reasons you reference. Thanks 🙏
Who misses Volcker?
Who misses the free market and the Austrian School of Economics?
And the lie was about massive cost overruns. This is the guy with his hand on the throttle of the US economy?
"Chairman Powell, isn't the US economy running too hot? It seems we're speeding along at 90 miles an hour"
"Nonsense. We're only going 35. Ignore that speedometer. It's broken. Trust me."
As WC Fields said, "Who do you believe, me or your own lying eyes?"