MissConstrue
@MissConstrue@mefi.social  ·  activity timestamp 7 days ago

Ok y'all...let's talk finance. Big finance, the one that rocks the cradle of the world economy. The US Federal Reserve.

The Reserve, commonly referred to as "#TheFed" is not part of the executive branch; it is an independent central bank that operates within the federal government but is designed to be insulated from political pressures. Its decisions do not require approval from the President.

So why is King Kankles going after Federal Reserve governor Lisa Cook? Because she is a #Black#Woman. That's it. That's all there is to it.

The guy who owns the largest homebuilder in the country #Pulte, sent a tweet with no proof that Ms. Cook had filed a paper incorrectly 4 years before she joined the Fed. That's the whole justification for #47 demand.

It's #racism and #grift all the way down.

Oh, btw, the dollar is falling and countries are dumping t-bills. Fun! Thanks, #KingKankles

#FederalReserve#USPol#FinancialDisasterLooming

https://www.federalreserve.gov/aboutthefed/fedexplained/who-we-are.htm
MissConstrue
@MissConstrue@mefi.social replied  ·  activity timestamp 7 days ago

People smarter than I are weighing in on #KingKankles trying to wrest control of the #FederalTreasury.

“To the extent that Fed independence stands for anything, it stands for the idea that monetary policy should not be made by the whims of the sitting president,” Peter Conti-Brown, a financial and legal scholar at the University of Pennsylvania, said. “If we allow this to become the norm, then this is the end of Federal Reserve independence as we know it.”

“It’s a dark day for the central bank,” said David Wilcox, an economist at the Peterson Institute for International Economics who previously directed research for the Fed board. “This is going to cause tremors in the foundation that underpins monetary policy in the United States, and those tremors will be felt in financial markets domestically and around the world.”

Keep in mind he nominated most of the governors in term 1, and got rid of 2 Obama folks already. If he can fire Ms Cook and replace Powell, he controls it.