I'd Like to Neuter the Federal Reserve

I believe that it is a thoroughly anti-worker and pro bank institution, and that it uses its extraordinary powers to suppress worker wages and worker power.

That being said, I am on the side of the Federal Reserve, and its Chairman Jerome Powell in his fight against the bogus politically motivated charges filed by the Tump DoJ.

They are clearly about his refusal to lower rates as the orange caudillo demanded.

As to Powell, IMHO, he sucks, but he sucks less than any Fed Chair in my memory, probably because he does not have a background as an economist. 

I also appreciate the fact that he is pushing back publicly against this bullshit. 

There are often few surprises with Jerome Powell. At his handful of public appearances each month, the US Federal Reserve chair always sports the same softly stern expression. His voice, typically dispassionate and near-monotone, never wavers.

As one of the most powerful officials in the world, commanding a platform that has the ability to move global markets with a few words, Powell is often reserved in a way that fails to yield soundbites in this social media era: boring, even.

That changed on Sunday night. In a video statement released by the Fed, Powell looked like his usual self. Calm and composed, though without his usual black glasses frame, Powell announced the Trump administration had instigated a criminal investigation against him – and that he would not back down.

“I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment,” Powell said. “Public service sometimes requires standing firm in the face of threats.”

………

In his statement on Sunday, Powell for the first time outlined the extraordinary campaign that the White House has undertaken to push the Fed to lower rates – an incredible violation of the central bank’s independence.

This criminal investigation is simply “pretext”, Powell said, noting that threat of the criminal charges comes after the Fed refused to follow “the preferences of the president”.

Powell’s term as chair is due to conclude in May. Trump, who has claimed he did not personally know about the justice department’s investigation, says he has already picked a successor.

Trump's claims that he did not know, and merely said something like, "Will no one rid me of this turbulent priest," do not ring true to my ears.