If you are looking to better understand the importance of the independence of the Federal Reserve take a listen to this clip by economist Kathryn Anne Edwards.
She’s really great at breaking things down and making them easy to understand. Here she discusses Trump’s attempts to fire Fed Board of Governors member Lisa Cook.
What is important here is that there has NEVER been a positive outcome where monetary policy has been politicised. When Nixon pressured Fed Chair Arthur Burns to lower interest rates, it lead to 2 years of accelerating inflation of 1972-1974.
Once the button has been pressed, you can’t put the genie back in the bottle and given the current level of debt the U.S. is carrying and the 10% drop in the value of the dollar, I can say without fear of contradiction that the economic outcome would be catastrophic.
Never forget Truth Matters because it does.
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