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Trump Has Drafted Letter to Fire Fed Chair and Asked Republicans if He Should (www.nytimes.com)
submitted 1 year ago by to c/usa@lemmy.ml
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President Trump showed off a draft of a letter firing the chair of Federal Reserve, Jerome H. Powell, during a meeting with roughly a dozen House Republicans on Tuesday night, polling them as to whether he should do it and indicating that he likely would, according to two people briefed on the meeting.

The NYT contains several quotes from the CBS story ,but skips much of the name calling Trump uses against Powell.

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[–] 2 points 1 year ago (9 children)

Maybe not in this article, but he was throwing around the idea of getting rid of the fed all together and going back to the gold standard.

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  • [–] 1 point 1 year ago (8 children)

    At this point I don't see how that's possible.

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  • [–] 1 point 1 year ago (5 children)

    Well the US is holding a lot of gold. Most of it for other countries...

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  • [–] 1 point 1 year ago (4 children)

    I mean that's all cool, but what, are we just gonna toss the dollar and trade gold bullion?

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  • [–] 1 point 1 year ago (3 children)

    The gold standard is about basing the value of the dollar on the amount printed/minted vs the amount of gold the government physically controls.

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  • [–] 3 points 1 year ago (2 children)

    Right, but as it sits, the USD is extraordinarily inflated compared to the price of gold. I really hope Trump and his goons don't try to say, "as of today, the USD is now worth $x," because that won't fly with the rest of the financial world.

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  • [–] 1 point 1 year ago (1 child)

    Isn't gold basically at the highest it's ever been, even in relation to USD?

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  • [–] 1 point 1 year ago

    Indeed, $3,340/oz as of the time of this comment.

    Historically, a bank note was the equivalent to a fixed amount of gold. However this fell apart due to the volatility of gold once it became traded as a commodity on stock exchanges, as well as when other nations abandoned their own gold standards. Iirc the reason virtually no countries peg their currencies to gold is due to the fact that doing so limits the ability of governments to enact flexible monetary policy (ie QE) in times of economic hardship, or to influence the stability of a given economy (as Powell is doing niw by keeping interest rates up to prevent hyperinflation). It also severely disadvantages nations that do not have gold deposits, and limits the global economy as a result.

    Note: I'm an armchair economist, everything here is as far as I understand it and could be wildly wrong, but I try to read/listen to proper economists and not yahoos spouting off in TV.

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  • [–] 5 points 1 year ago

    I was talking about going back to the gold standard, you're talking about devaluing the USD to insane levels and obliterating the global economy. Eliminating the Fed and moving all monetary policy under the treasury would destroy the remaining faith in the USD, as the US Govt would have direct control, and traditionally, the stability of the USD was respected because of the independence of the Fed.

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  • [–] 4 points 1 year ago

    I didn't think it would be possible for him to start erecting concentration camps, but here we have Gator Alcatraz in FL, and two more being built. Once they are done with brown people, who do you think is next? Who said fascism died, (and btw, I realize it exists on both sides of the isle?)

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