Nobody for Fed Chairman
President Trump has recently suggested that, unless Federal Reserve Chairman Jerome Powell cuts interest rates, the president might revert to his The Apprentice days and tell Powell, “you’re fired.”
President Trump backtracked on firing Powell after the president’s comments caused stock markets to fall. However, it is almost certain that President Trump will not reappoint Powell when Powell’s term ends in May.
Media reports indicate the leading candidates to replace Powell include Treasury Secretary Scott Bessent, former Federal Reserve Board Governor Kevin Warsh, and National Economic Council Director Kevin Hassett.
A more interesting question than who will replace Powell is why would anyone want to, since the next Fed chairman will likely face another Fed-caused meltdown.
The national debt is over 37 trillion dollars and rising. Yet few in Congress are serious about cutting federal spending. This puts pressure on the Fed to keep interest rates low to limit the cost of ongoing debt interest payments. So, the Fed continues monetizing the debt, pumping more money into the economy, weakening
Article from LewRockwell
LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
