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.”
If they put money supply firmly under the government’s direction, that would eliminate the “technically” argument against MMT that the Fed is independent. Which of course it practically isn’t and these fuckers are going to prove it. If we ever get a worker-friendly government again, they’ll be able to reuse this to pursue a job guarantee program.