This is the line you don’t cross in a functioning democracy. Criminalizing the Fed Chair for refusing political rate demands isn’t “oversight” — it’s coercion. Once markets believe monetary policy answers to prosecutorial threats, the dollar, Treasuries, and U.S. credibility all fracture. This is how republics rot: law becomes leverage, independence becomes disobedience, and power tests how far it can go.
I think this has been unfolding for months. Jerome Powell is, for 47, one more piece of collateral damage for 47’s deranged path to global power. This is a James Bond story, only it’s not fiction. 47 hates rules and regulations, he has shown complete disregard to them in all of his marriages, in his campaigning, in his selections for his gang of loyalists (which used to be called cabinets and support staff, and not gangs), and for this comment, in the sanctity given to U.S. monetary practices. It began with crypto, on which 47 has done an about-face solely because it is not transparent, and very, very difficult to track. That is a dream come true for liar-in-chief.
The National Review is a very, very conservative magazine. Below are links and excerpts to three articles.
47 does not want public knowledge of how much foreign countries have handed over to himself and his family. [Reportedly, Hamas loves crypto. I can only guess who else loves it; traffickers, perhaps, to whom he may very well be beholden?].
Jack, you wrote, “the Fed is the last anchor of credibility in an economic world…”; there is no room for credibility in 47’s world. Too often, he said he would present a program for far better coverage than the ACA. We have yet to see that from him. Too often, he said he would attack homelessness; he hasn’t, but funds were found for Argentina.
47 thrives on making institutions ‘uncredible’, and for portraying people as ‘uncredible’ (consider his non-stop name calling).
AND now, he is ruining the reputation of the Fed. The ramifications are, at this point, immeasurable. The guess that crypto will become more and more immersed in our banking is beyond frightening.
“The opacity of crypto creates opportunities for mischief. Regardless of whether you believe cryptocurrency is essentially a fraud, there can be no gainsaying that it is fraud adjacent…”
“…Trump is convinced he has immunity for anything he does as president (which is not what the Court said). Just as important, because Trump sees the Biden enforcement approach to crypto and its proponents as indistinguishable from the Biden enforcement approach to Trump himself, the president’s vengeful streak has him portraying crypto as an unqualified good and its proponents as his allies, even if — or, perhaps, especially if — they’ve been prosecuted by the Biden-era enforcement agencies.”
Mixing the Political and the Personal: Trump’s Swap Scheme and Crypto Reserve
“Trump latched on to the notion of having a “strategic Bitcoin reserve and a U.S. digital asset stockpile,” which he unilaterally decreedby an executive order on March 6. David Bahnsen has described the concept of a reserve fund as “laughably stupid.” Given cryptocurrency’s shortcomings as a currency, particularly its volatility, there’s a lot to be said for that assessment.”
To me, his intentional damaging of the Fed is part and parcel of his ongoing attempts to damage the courts, academic institutions, environmental protection, the executing of protestors, and our relationships with the countries that once were our allies. It is also an acknowledgment on 47’s part of the amount of US debt coming due in 2026 as well as in the additional amount of debt the U.S. will be seeking in 2026. Contrary to his statements, I do not believe our economy is the envy of the world.
Perhaps, we do have solid ground on which to stand as we fight back and that may be to demand loudly and repeatedly the release of the Epstein files. I can’t help but wonder how many of them have also been severely damaged.
Bruising the Fed and/or ending it as we, and the world, know it is beyond dangerous, it is evil and that is all he is.
Mary E, you really did some serious digging here...and I want to acknowledge that upfront ...especially bringing in National Review and McCarthy’s reporting.
That kind of sourcing cuts through the usual partisan defenses...and forces people to engage with the substance...rather than dismiss the argument as BS.
You’re also right that Powell isn’t the story by himself. He’s a pressure point in a much LARGER campaign to strip credibility from ANY institution that imposes limits...whether it’s courts...regulators...science...or monetary policy.
Once credibility is gone...reality becomes optional...and power fills the vacuum.
The crypto angle you raise is particularly important. Opacity is NOT a side effect there...it’s the appeal.
When that intersects with personal enrichment...foreign influence...and a disregard for institutional guardrails...the risks compound quickly. Damaging the Fed at a moment when massive debt is coming due isn’t just reckless...it’s destabilizing by design.
Thank you for connecting those dots so thoroughly. This is exactly the kind of serious...evidence-driven engagement these conversations need!
Yet again, yes! The fact that trump has no boundaries has been apparent for quite awhile. However, as long as the rich and powerful were making money both now and laying groundwork for future riches, their bubble was “safe.” They do understand financial markets though. If they are ever going to rein him in, now is the time.
Boundaries only start to matter to the powerful...when instability threatens the system that protects their wealth.
As long as the upside looked controllable...the risks were tolerated. What’s different now is that market confidence itself is in play. Whether they act is the open question… and like you...I’m not holding my breath.
I watched Mr Powell in a video about this last night. I knew this was coming and that it was not a good thing. I will not panic and will wait and see where we are going to have to go with this. I knew this would be bad. One hope is that whatever judge is assigned as not been corrupted. The judges have been trying and holding the line. This is so bogus a 5 year old could see it. #HOLDFAST
Teri, that’s a very grounded way to approach it, Teri.
Staying steady matters right now...panic helps no one. You’re also right that judges have been one of the few places where lines are still being enforced...and that hope isn’t naive... it’s earned so far. This DOES feel transparently bogus...which may end up being its weakness. Appreciate you holding the line and speaking up, Teri Gelini.
Jack, I will hold the course. However, this is another item in the long list of why this jackets needs to be removed from the Oval Office, in hand-cuffs AND zip-ties, and walked out of the Whitehouse on national television!!! Enough of this bullshit and chaos! Everyone needs to see, that when you think you're above the law, there's an orange jumpsuit (very fitting in this case), and a set of shackles for your ass!!! Why the hell is this not happening??!!
TimE, I hear the anger...a lot of people feel it...and for understandable reasons.
But the thing that actually matters most is how accountability happens...not just that it does.
If it turns into spectacle or rage...it undermines the very rule of law we’re trying to defend. The frustration is real. The answer has to be lawful...credible...and durable...otherwise it solves nothing.
This is the line you don’t cross in a functioning democracy. Criminalizing the Fed Chair for refusing political rate demands isn’t “oversight” — it’s coercion. Once markets believe monetary policy answers to prosecutorial threats, the dollar, Treasuries, and U.S. credibility all fracture. This is how republics rot: law becomes leverage, independence becomes disobedience, and power tests how far it can go.
I think this has been unfolding for months. Jerome Powell is, for 47, one more piece of collateral damage for 47’s deranged path to global power. This is a James Bond story, only it’s not fiction. 47 hates rules and regulations, he has shown complete disregard to them in all of his marriages, in his campaigning, in his selections for his gang of loyalists (which used to be called cabinets and support staff, and not gangs), and for this comment, in the sanctity given to U.S. monetary practices. It began with crypto, on which 47 has done an about-face solely because it is not transparent, and very, very difficult to track. That is a dream come true for liar-in-chief.
The National Review is a very, very conservative magazine. Below are links and excerpts to three articles.
47 does not want public knowledge of how much foreign countries have handed over to himself and his family. [Reportedly, Hamas loves crypto. I can only guess who else loves it; traffickers, perhaps, to whom he may very well be beholden?].
Jack, you wrote, “the Fed is the last anchor of credibility in an economic world…”; there is no room for credibility in 47’s world. Too often, he said he would present a program for far better coverage than the ACA. We have yet to see that from him. Too often, he said he would attack homelessness; he hasn’t, but funds were found for Argentina.
47 thrives on making institutions ‘uncredible’, and for portraying people as ‘uncredible’ (consider his non-stop name calling).
AND now, he is ruining the reputation of the Fed. The ramifications are, at this point, immeasurable. The guess that crypto will become more and more immersed in our banking is beyond frightening.
The Trump Family Crypto Venture
by Andrew McCarthy, Natl Review
May 10, 2025
1st in the series
https://www.nationalreview.com/2025/05/the-trump-family-crypto-venture/
From the sixth paragraph from the end:
“The opacity of crypto creates opportunities for mischief. Regardless of whether you believe cryptocurrency is essentially a fraud, there can be no gainsaying that it is fraud adjacent…”
What You Need to Know About Trump and Crypto
by Andrew McCarthy, Natl Review
May 13, 2025
2nd in the series
https://www.nationalreview.com/2025/05/what-you-need-to-know-about-trump-and-crypto/
From the thirteenth paragraph:
“…Trump is convinced he has immunity for anything he does as president (which is not what the Court said). Just as important, because Trump sees the Biden enforcement approach to crypto and its proponents as indistinguishable from the Biden enforcement approach to Trump himself, the president’s vengeful streak has him portraying crypto as an unqualified good and its proponents as his allies, even if — or, perhaps, especially if — they’ve been prosecuted by the Biden-era enforcement agencies.”
Mixing the Political and the Personal: Trump’s Swap Scheme and Crypto Reserve
by Andrew McCarthy, Natl Review
May 19, 2025
4th in the series
https://www.nationalreview.com/2025/05/mixing-the-political-and-the-personal-trumps-swap-scheme-and-crypto-reserve/
From about the 12th paragraph:
“Trump latched on to the notion of having a “strategic Bitcoin reserve and a U.S. digital asset stockpile,” which he unilaterally decreedby an executive order on March 6. David Bahnsen has described the concept of a reserve fund as “laughably stupid.” Given cryptocurrency’s shortcomings as a currency, particularly its volatility, there’s a lot to be said for that assessment.”
To me, his intentional damaging of the Fed is part and parcel of his ongoing attempts to damage the courts, academic institutions, environmental protection, the executing of protestors, and our relationships with the countries that once were our allies. It is also an acknowledgment on 47’s part of the amount of US debt coming due in 2026 as well as in the additional amount of debt the U.S. will be seeking in 2026. Contrary to his statements, I do not believe our economy is the envy of the world.
Perhaps, we do have solid ground on which to stand as we fight back and that may be to demand loudly and repeatedly the release of the Epstein files. I can’t help but wonder how many of them have also been severely damaged.
Bruising the Fed and/or ending it as we, and the world, know it is beyond dangerous, it is evil and that is all he is.
Mary E, you really did some serious digging here...and I want to acknowledge that upfront ...especially bringing in National Review and McCarthy’s reporting.
That kind of sourcing cuts through the usual partisan defenses...and forces people to engage with the substance...rather than dismiss the argument as BS.
You’re also right that Powell isn’t the story by himself. He’s a pressure point in a much LARGER campaign to strip credibility from ANY institution that imposes limits...whether it’s courts...regulators...science...or monetary policy.
Once credibility is gone...reality becomes optional...and power fills the vacuum.
The crypto angle you raise is particularly important. Opacity is NOT a side effect there...it’s the appeal.
When that intersects with personal enrichment...foreign influence...and a disregard for institutional guardrails...the risks compound quickly. Damaging the Fed at a moment when massive debt is coming due isn’t just reckless...it’s destabilizing by design.
Thank you for connecting those dots so thoroughly. This is exactly the kind of serious...evidence-driven engagement these conversations need!
#HoldFast
-Jack
Brilliant Mary absolutely brilliant 🙌🏽🫶🏽🙌🏽
Thank you, M.
Well thought out Mary. It is yet another nail in the coffin of America’s history as a democratic republic.
Thank you, M R.
Wow. Just WOW !!!!
Yet again, yes! The fact that trump has no boundaries has been apparent for quite awhile. However, as long as the rich and powerful were making money both now and laying groundwork for future riches, their bubble was “safe.” They do understand financial markets though. If they are ever going to rein him in, now is the time.
p.s. I’m not holding my breath.
Patti B, exactly...and that’s the hinge point.
Boundaries only start to matter to the powerful...when instability threatens the system that protects their wealth.
As long as the upside looked controllable...the risks were tolerated. What’s different now is that market confidence itself is in play. Whether they act is the open question… and like you...I’m not holding my breath.
-Jack
I watched Mr Powell in a video about this last night. I knew this was coming and that it was not a good thing. I will not panic and will wait and see where we are going to have to go with this. I knew this would be bad. One hope is that whatever judge is assigned as not been corrupted. The judges have been trying and holding the line. This is so bogus a 5 year old could see it. #HOLDFAST
Teri
Teri, that’s a very grounded way to approach it, Teri.
Staying steady matters right now...panic helps no one. You’re also right that judges have been one of the few places where lines are still being enforced...and that hope isn’t naive... it’s earned so far. This DOES feel transparently bogus...which may end up being its weakness. Appreciate you holding the line and speaking up, Teri Gelini.
-Jack
Jack, I will hold the course. However, this is another item in the long list of why this jackets needs to be removed from the Oval Office, in hand-cuffs AND zip-ties, and walked out of the Whitehouse on national television!!! Enough of this bullshit and chaos! Everyone needs to see, that when you think you're above the law, there's an orange jumpsuit (very fitting in this case), and a set of shackles for your ass!!! Why the hell is this not happening??!!
TimE, I hear the anger...a lot of people feel it...and for understandable reasons.
But the thing that actually matters most is how accountability happens...not just that it does.
If it turns into spectacle or rage...it undermines the very rule of law we’re trying to defend. The frustration is real. The answer has to be lawful...credible...and durable...otherwise it solves nothing.
#HoldFast
-Jack
Jack, will this issue be part of your next "Financial Stability" article?
CLF, no...consider this one a "supporting" article. There will be a specific article for that series this week.
#HoldFast
-Jack
Trump and his stooges are raping and pillaging our country. #HOLDFAST