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Donald Trump And The Fed Could Be About To Destroy The U.S. Banking System


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I heard a story that through executive action and emergency powers that Trump has taken control of the FED and is about to wipe out our national debt...

 

Donald Trump And The Fed Could Be About To Destroy The U.S. Banking System

 

 

Donald Trump and the Federal Reserve have gone to extraordinary lengths to prop up the U.S. economy in recent weeks.

The coronavirus pandemic and the lockdowns put in place to slow its spread have ravaged the U.S. economy—with the Fed and the Trump administration pumping a staggering $6 trillion into the system since March and taking interest rates back to record lows to keep it on its feet.

I did a quick read of this article but don't see Trump taking control... click on link above to read the rest of this article..

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Don't forget the new Fed Reserve Board nominee, Judy Shelton,  Trump put forth is a gold standard backer.  

 

 

The 13-12 vote in favor of Shelton’s nomination came despite a stormy confirmation hearing in mid-February, when the former Trump campaign adviser was characterized by some among the committee’s Republican majority as outside the mainstream of economic thought.

 

Several had voiced concerns about placing the longtime Fed critic, who has questioned the need for the central bank and slammed its policies, in a position of influence over U.S. monetary policy.

 

Trump has appointed all but one of the current five governors, including Chair Jerome Powell. The president does not appoint any of the 12 regional Fed presidents. The Fed governors are all voting members of the U.S. central bank’s policy-setting committee, while the regional Fed presidents, save for the New York, are voting members on a rotating basis.

 

Still, critics worry that if Trump is reelected he could name Shelton to succeed Powell as chair in 2022, making the question of her political independence paramount.

Edited by Theseus
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To not think Trump can do this by EO, then those do not know history as there is legal precedence for it.

 

President Andrew Jackson announces that the government will no longer use the Second Bank of the United States, the country’s national bank, on September 10, 1833. He then used his executive power to remove all federal funds from the bank, in the final salvo of what is referred to as the “Bank War."

 

He was censured for this as Congress called this an abuse of power. 

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