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President Donald Trump has repeatedly attacked the chairman of the Federal Reserve (The United States’ central bank) for rising interest rates. Now, Trump is blaming General Motors layoffs on the Fed and Jerome Powell, whom he handpicked to run it.
According to Fox Business, in January, when the Senate confirmed Powell, a member of the Fed’s board of governors, to replace Janet Yellen as chair, he signaled that he would mostly support current Fed policies, including gradual increases to interest rates. Since then, Trump has been quoted as saying: “My biggest threat is the Fed. Because the Fed is raising rates too fast, and it’s too independent.” Trump made those comments during a FOX Business interview back on October 16.
Central banks, along with government, have largely been the cause of all depressions and recessions, so he’s not completely wrong that the Fed is playing a heavy-handed role in the economy. The Federal Reserve is every single freedom-lovers biggest enemy. Unfortunately, not many Americans even understand what the central bank is and what it does.
Former U.S. Representative and presidential candidate, Dr. Ron Paul wrote an entire book on why the Federal Reserve needs to abolished. The book is titled End The Fed. It details how free life could be if we take away the power that has been given to the central bankers of the world.
Trump has also kept up his criticisms on Powell, when on Tuesday in an interview with The Washington Post, the president said rising interest rates have hurt the economy. “So far, I’m not even a little bit happy with my selection of Jay,” Trump said. ”Not even a little bit. And I’m not blaming anybody, but I’m just telling you I think that the Fed is way off-base with what they’re doing.” The Post has then been led to ponder the question Paul raised years ago…is the Fed really that bad?
And the short answer is yes.