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I love art with a meaning. This one has a powerful statement. It says " I need context ."
This is Jerome Powell, the head of the Federal Reserve, and the guy that controls interest rates to prevent the economy from imploding.
He’s been resisting Trump since the beginning, and desperately trying to be the only rational person in the administration that’s trying to keep the American economy from collapsing.
Trump is mad that Powell isn’t being his lackey so he’s been threatening Powell with legit federal charges, trying to throw his weight around.
He actually doesn’t directly control rates, he’s the chair of a board that includes about a dozen regional vice chairs who all vote on rate adjustments. He presumably has an outsized political influence on their direction but ultimately he’s executing on and announcing the board’s decisions.
*illegitimate federal charges
Though, I guess the charges can be legit, while the basis for them illegitimate.
It reads like “legit” is being used as “real, actual,” which in this case wasn’t a great choice since the charges are completely… ah… Trumped-up.
They’re after money.
We’re all in the way.
We’re all about to find out how worthless money really is.
Anyone see the price of gold recently. Something is coming
It’s largely because Russia and China are building their gold reserves to decrease reliance on the US dollar. More demand means higher prices. Other investors are moving away from US treasuries and towards gold as the US deficit continues to grow.
I wonder how many countries could have their independent agencies survive a complete partisan government takeover of lunatics
I would argue none, by definition. If they destroy the government through their actions, what comes after isn’t quite the same, even if it isn’t a total collapse scenario. It’s a bit of a ship of Theseus problem though.
Lets save the Fedi instead,
Jerome’s fate is stuck with the corrupt SCOTUS him and his pals cleared the way for.
He lowered the interest rates at a really bad time. He’s not in the way, he’s rolling out the carpet.
I mean… the job markets are undeniably bad, it’s not an indefensible position that the rate should drop.
Trump has been openly and unabashedly trying to throw this guy out for ages, and he (accurately) mentions how tariffs are a big cause of the current economic problems, he’s certainly not Trump’s lackey. I expect the rates to crater almost immediately after he’s gone, because Trump either doesn’t care about or literally doesn’t even understand the concept of long term consequences.
where would we be without him
lol my friend just flipped on trump now because of this. :fellforitagain:
Strange that this particular incident was the one that crossed the line.
Libertarians will holocaust any minority for a 2% tax break (He of course will not be in the minority)
Especially since he’s been attacking the Fed since his first term as president. Like this isn’t even really an escalation.
Really reinforces that most people don’t pay attention to politics.
Cause it doesn’t just affect people they don’t like.
Smash
This fuck is a lackey of Wall Street with a background in private equity. He’s not your friend or a friend of workers. Fed “independence” isn’t good to defend just because Trump is in office, just like the FBI wasn’t heroic or good because of Comey. Liberals need to stop this schismogenesis, defending a bad person in a bad institution just because Trump picks a fight with them.
As far as the mission of The Fed is concerned - Regulating usury so that this oroboros of an economy takes as long as possible to eat itself - He’s been a pretty good steward. As it’s primarily a mission to preserve the stability and dominance of capital I’m inclined to say let them fight. But remember that ultimately, over delayed time scales these high level finance things do ultimately affect the quality of life of regular people in big ways.
Has he not been doing a decent job as fed chair head though? Serious question. He can be a shitty person who still does the job okay enough, I honestly don’t know.
And frankly even if he isn’t, Trump going after him in the position he’s in is extremely serious. I agree that he shouldn’t be lionized and it should be more about the position.
Has he not been doing a decent job as fed chair head though?
I would say yes, even without considering how he has handled Trump. He’s had to deal with the pandemic, in addition to pressure from the current markets, and then there’s Trump. DOGE cleared out so many government agencies, has them working with skeleton crews which means there’s less data for the fed to base their decisions on. Trump himself has been applying constant aggressive pressure even before this investigation.
And frankly even if he isn’t, Trump going after him in the position he’s in is extremely serious. I agree that he shouldn’t be lionized and it should be more about the position.
And yeah, that’s really what it comes down to. Regardless of how you feel about Powell the federal reserve needs to be independent. The economy is fucked even harder than it is now the moment Trump takes control of it. Inflation will go out of control, savings will go up in smoke near instantly.
He’s been doing a great job of steadily driving up the price of assets owned by the 1%, including stocks and housing, as well as bailing out Silicon Valley Bank when they gambled with tech bros’ money. He works for Wall Street, not the American people.
He did that? I’m sure he’s a contributing factor by virtue of being a significant person in the financial sector but besides pure misinformation and misdirection what is your actual point?
Go off king! Burn the Fed down! Let’s have a wild west monetary system! Mom and Pop don’t want predictability, they want to plan their futures knowing that anything they choose could be good or bad! Frenzied Flame ending, FTW!
Get serious. The FDIC protecting retail investors has nothing to do with Powell bailing out SVB. Nor does democratic control of the Fed (as we had during the New Deal) have anything to do with “burning the Fed down.” What silly false equivalences.
As someone whose employer used SVB at the time, that intervention to provide stability directly affected me. Sorry it’s not a black and white scenario.
I didn’t track that you were advocating for a Democrat fed chair. I’m fine with that and would prefer it, though I do think The Fed is one of the last examples where partisanship is held mostly at bay. Wonks gonna wonk, as it should be. Yellen was the reason I started paying attention to The Fed in the first place.
Lovely pun of a name, BTW. My vegetarian fam showed me how good seitan could be.
Thanks for the humane reply! Lemmy gives me hope for humanity
The sleepiness wore off and I realized I shouldn’t just knee-jerk in the morning. Haha
I appreciate it, as well. We build the Lemmy we want with our actions!
