Powell Just Got Subpoenaed, You Won’t Believe His Response
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Jerome Powell just got supeenered, wait, suibpoened, no… subpoenaed? …that doesn’t look right, what is that, Greek? What’s it in English? Anyway, Powell just got asked to testify to the DoJ about the Fed renovations and really, we’re still on this? Ugh.
And before I go off on one, yes, you will believe his response, it’s actually very reasonable.
Powell said, “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation”
“I have deep respect for the rule of law and for accountability in our democracy,” he continued. “No one, certainly not the chair of the Federal Reserve is above the law, but this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”
Like everything Trump does, this is so OBVIOUS and brazen. This is not about the Fed building renovations, we’ve been through this, let’s move on, please. No, this is another attack on the Fed for being independent and not bowing to Trump’s pressure.
The whole point is that the Fed is independent of the executive branch, if it’s not and the President can set interest rates then it has literally no purpose and we take one step closer to autocracy.
Yes, Trump can now invade a country, overthrow its leader and declare himself king but that doesn’t mean he can do it on home soil too. Powell isn’t some despot hoarding oil, he’s just some guy…
The dollar has obviously dipped because of this news. Surprise, surprise, attacking your own financial institutions is bad for your economy…
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