President-elect Donald Trump’s return to the White House already carried potentially sweeping changes for the Federal Reserve. But now a growing question is not how the Fed will operate under Trump but if it’ll continue to operate at all.

Cross-posted from https://lemmings.world/post/16505345

President-elect Donald Trump’s return to the White House already carried the potential for sweeping changes to the Federal Reserve. But now a growing question is not how the central bank will operate under Trump but if it’ll continue to operate at all.

Elon Musk, a key Trump backer who is expected to have considerable sway in helping shape Trump’s policies, included a “100” emoji while resharing Republican Sen. Mike Lee of Utah’s post on X calling for abolishing the Fed.

“The Executive Branch should be under the direction of the president,” Lee said Thursday in a post on X, hours after Fed Chair Jerome Powell told reporters he wouldn’t resign if Trump asked him to. “The Federal Reserve is one of many examples of how we’ve deviated from the Constitution in that regard,” Lee added. “Yet another reason why we should #EndTheFed.”

  • SeaJ@lemm.ee
    18·
    29 days ago

    You don’t want a government in direct control of the money supply. There is a very high negative correlation between central bank independence and inflation. Countries without independent central banks have much higher inflation. In conclusion, Lee is a fucking idiot.

  • Yodan@lemm.eeEnglish
    166·
    29 days ago

    Elon also is heading the Department of Government Efficiency (DOGE)… I bet they will substitute crypto for cash and pump/dump the nation. Honest opinion? Buy doge coin and bitcoin because inflation will skyrocket if Trump gets to print dollars and slap 100% tarrifs on food and Chinese imports (aka all products you buy). People will park their money in transient currencies and hard assets like houses and watch trump lower interest rates to refinance his real estate and his buddies too. Refinance your home, borrow cash and buy crypto, ride that wave before it burns down.

      • Bahnd Rollard@lemmy.world
        71·
        29 days ago

        Yep, it is a cryptographic tool that has lead to a comodities market that, while large enough to sustain itself for now, is mathamaticly a ponzi scheme. Someone will be left holding the bag, if you have friends invested heavily in crypto, make sure they have an off-ramp.

      • WoodScientist@lemmy.world
        4·
        28 days ago

        Seriously. There are far better inflation hedges. There’s inflation-indexed treasury bonds, land, bonds, stocks, gold, etc.