President Trump has shown that he’s willing to break tradition time and time again.
But there’s one place where Trump looks ready to move forward hand-in-hand with America’s establishment–the Federal Reserve.
A Wall Street Journal article by Kate Davidson today reports that President Trump is focused on two candidates as potential Federal Reserve chairman for the next term. The first is current Chairwoman Janet Yellen. Yellen has proven to be an extreme dove when it comes to monetary policy. Reappointing her as Chairwoman would rubber stamp the status quo.
The other option is the president’s chief economic adviser, Gary Cohn, a former Goldman Sachs COO. Cohn has made some comments that indicate he’d be more restrained than Yellen & Co. in doling out quantitative easing, but he doesn’t sound like Paul Volcker by any means.
If you haven’t read former congressman Ron Paul’s book, End the Fed, you should buy a copy today. It’s a short read, but is full of information on the problems created by the Federal Reserve and how to fix them. The book’s description reads:
In the post-meltdown world, it is irresponsible, ineffective, and ultimately useless to have a serious economic debate without considering and challenging the role of the Federal Reserve.
Most people think of the Fed as an indispensable institution without which the country’s economy could not properly function. But in END THE FED, Ron Paul draws on American history, economics, and fascinating stories from his own long political life to argue that the Fed is both corrupt and unconstitutional. It is inflating currency today at nearly a Weimar or Zimbabwe level, a practice that threatens to put us into an inflationary depression where $100 bills are worthless. What most people don’t realize is that the Fed — created by the Morgans and Rockefellers at a private club off the coast of Georgia — is actually working against their own personal interests. Congressman Paul’s urgent appeal to all citizens and officials tells us where we went wrong and what we need to do fix America’s economic policy for future generations.
Here’s Paul talking about his book back in 2009.