President Trump plans to audit and then abolish the Federal Reserve, according to former Congressman Ron Paul.
According to Ron Paul, Trump’s recent Tweets expressing displeasure with the Federal Reserve’s recent interest rate increase has destroyed the myth that the Fed is “independent.”
Ronpaulinstitute.org reports: When it comes to intimidating the Federal Reserve, President Trump pales in comparison to President Lyndon Johnson. After the Federal Reserve increased interest rates in 1965, President Johnson summoned then-Fed Chairman William McChesney Martin to Johnson’s Texas ranch where Johnson shoved him against the wall.
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Physically assaulting the Fed chairman is probably a greater threat to Federal Reserve independence than questioning the Fed’s policies on Twitter.
While Johnson is an extreme example, history is full of cases where presidents pressured the Federal Reserve to adopt policies compatible with the presidents’ agendas — and helpful to their reelection campaigns. Presidents have been pressuring the Fed since its creation.
President Warren Harding called on the Fed to lower rates. Richard Nixon was caught on tape joking with then-Fed chair Arthur Burns about Fed independence. And Lloyd Bentsen, President Bill Clinton’s first Treasury secretary, bragged about a “gentleman’s agreement” with then-Fed Chairman Alan Greenspan.
President Trump’s call for low interest rates contradicts Trump’s earlier correct criticism of the Fed’s low interest rate policy as harming middle-class Americans.
Low rates can harm the middle class, but they also benefit spend-and-borrow politicians and their favorite special interests by lowering the federal government’s borrowing costs. Significant rate increases could make it impossible for the government to service its existing debt, thus making it difficult for President Trump and Congress to continue increasing welfare and warfare spending.
President Trump will have a long-lasting impact on monetary policy. Two of the three sitting members of the Fed’s board were appointed by President Trump.
Two more of Trump’s nominees are pending in the Senate. The nomination of economist Marvin Goodfriend may be in jeopardy because Goodfriend advocates “negative interest rates,” which is a Federal Reserve-imposed tax on savings. If Goodfriend is defeated, President Trump can just nominate another candidate.
President Trump will also be able to nominate two other board members. Therefore, by the end of his first term, President Trump could appoint six of the Federal Reserve’s seven board members.
The specter of a Federal Reserve Board dominated by Trump appointees should cause some to rethink the wisdom of allowing a secretive central bank to exercise near-monopoly control over monetary policy.
Fear of the havoc a Trumpian Fed could cause may even lead some to support the Audit the Fed legislation and the growing movement to allow Americans to “exit” the Federal Reserve System by using alternatives to fiat money, such as cryptocurrencies and gold.
Given the Federal Reserve’s power to help or hinder a president’s economic agenda and reelection prospects, it is no surprise that presidents try to influence Fed policy.
But, instead of worrying about protecting the Fed from President Trump, we should all worry about protecting the American people from the Fed. The first step is passing the Audit the Fed bill, which Congress should do before adjourning to hit the campaign trail.
This will let the people know the full truth about America’s monetary policy. Auditing, then ending, the Fed is key to permanently draining the welfare-warfare swamp.
Sean Adl-Tabatabai
I enjoy these articles that speculate on what Trump is “going to do to the elite”. They never come true
Exactly…..but have a look at who wrote it….. sean tata bye bye.. hes always writing shit on this site,, hes a total wanker….
“Trump will never beat Hillary.”
He did.
“Trump will never achieve at least 4% GDP.”
He did.
“Trump will never get his travel ban ruled constitutional.”
He did.
“Trump will never move the embassy.”
He did.
“Trump will never pass tax reform.”
He did.
“Trump will never withdraw us from the Iran Deal.”
He did.
Lesson learned, don’t underestimate Trump.
EXACTLY!! There’s a reason his name is “Trump.”
I was referring to major things that improve life for the people. He beat Hilary, who cares. 4% gdp, those numbers are all manipulated by the satanic bankers who own Trump, Travel ban-who cares nothing changed the US is already filled with terrorists (especially within the government), Moving the embassy to Jerusalem- Setting the stage for the antichrist to rule in Jerusalem…thanks Trump, Tax reform-wont benefit you, only Trumps owners gain, Iran deal- meeting Albert Pikes 1871 plan for 3 world wars….thanks again Trump. You need to break from your media created fantasy world, both Trump and Hillary are in the illuminati and worship Satan
a dead trump…….
Rand Paul is a deceiver But the Fed is a private institution which should never have been allowed to take control over the peoples lives as it has done at all Its Immoral in a democracy for the ownership of their money to be privatized.And especially by foreigners,and it should never ever have been allowed and all of the Senators who permitted it were corrupted and degenerate frauds
Private central banking is the bane of the Western world. Thanks to Woodrow Wilson, we have a banking cartel in charge of the money supply and thus in charge of the government.
The Fed is part of the Beast of Revelation and will remain active and effective at killing billions until the end comes.
Usury, executed most effectively by the Fed, is the most horrendous crime in the entirety of history.
The Fed must be burned and will but the flames will burn down every Capital in the world in the process.
When that day comes silver will again be money and seed will be the currency of life.
It can’t come soon enough.
“Usury, executed most effectively by the Fed, is the most horrendous crime in the entirety of history.”
Really? You think usury is worse than murder and child rape? Or child sex trafficking? REALLY??
“Love of money is THE root of ALL evil”. Maybe you were raped as a child and have issues from that, but, all wars are fought under the direction of the Church, Government and Banks along with the Corporations in league with them.
Most pedophiles who are NEVER caught, or held accountable, are members or employees of the aforementioned agencies.
I can assure you that they would all stop their behavior if we started taking them out and stoning them like the so-called savages do.
Furthermore, human trafficking of all kinds, and most murders, are done for money; the LOVE of money. And that is cultivated by usury.
Give it some thought; or not.
Bullshit……there will be no ending the fed.. as if…. Trump will be killed soon…
…just don’t think people are gonna go to sleep with Trump’s death like they did with JFK’s.
Right. The population is more stoned, drunk, drugged, and deficient, etc., than ever. What would people do? Take off of one of their 3-4 jobs to protest? Yeah, ok.
lol.. exactly….. fuking stupid humans.,.. they will do..NOTHING….. ohh maybe drink some beer and take some drugs…