Trump doubles down on his rebuke of the Fed, says tightening ‘hurts all that we have done’
The articles about Trump scolding the FED emphasize how unusual it is for a President to do this publicly. But that is not the big story here. The big story is that the FED’s manipulation of money, creating trillions of new money out of thin air, and forcing interest rates lower or higher, mostly lower, grossly inferferes with the economy’s price system and eventually leads to bubble and bust. Politicians love it because it is high octane fuel for the crony capitalist engine and provides plenty of cash for their deficit spending. Trump’s remarks show that he is clueless about how this works. No reason to be surprised by this. Sometimes Trump actually attacks crony capitalism, sometimes he embraces it or makes it worse. There is no clear pattern, probably because he does not really understand how it all works.
President Donald Trump on Friday said monetary-policy tightening “hurts all that we have done,” suggesting a belief that higher borrowing costs undermine the economy’s gains.
His tweet came a day after he told CNBC that he was “not thrilled” the Federal Reserve was raising borrowing costs as the economy improved.
The Fed has raised interest rates seven times since December 2015 and has penciled in two more rate hikes for this year. Fed officials have stressed that they will continue to raise borrowing costs only if the economy keeps improving.
“The United States should not be penalized because we are doing so well,” Trump tweeted. “Tightening now hurts all that we have done. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. Debt coming due & we are raising rates – Really?”
http://www.againstcronycapitalism.org/
Source: https://www.ac2news.com/2018/07/trump-doubles-down-on-his-rebuke-of-the-fed-says-tightening-hurts-all-that-we-have-done/
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