Powell Just Defied Trump, Here’s What Happens Next

Off with his head!

Jerome “Big Ballz” Powell has clapped back against Trump’s latest attack on the Federal Reserve Chair.

In his latest TikTok, Powell explained that “the threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.”

And he’s right, this has nothing to do with the Fed renovations that Powell is supposedly subpoenaed for and everyone pretty much knows it. Trump’s been outspoken about his dislike of Powell from the beginning. (idk what tho)

So, here’s a question, how do you think the interest rates should be measured? Should it be decided by taking the data about the economy and then setting the rates accordingly? Or should it be decided by whether or not the chairman spent too much money doing up a building?

Sorry, did I say federal building renovations? I meant to say blatant political coercion.

Jerome Powell? More like Jerome POWell

Because even if you’re a Trump fan, the idea that Trump, or any future president, should have the power to set the interest rates just isn’t very helpful. These decisions need to be made independently, need to be objective and scrutable by their own metric. If these rates are decided based on a subjective whim then they hold no water and are basically useless.

Look, I’ve got zero economics knowledge and even I can tell you that Trump is just undermining his own system here. But don’t take my ill-informed word for it, here’s a statement signed by former Fed Chairs Janet Yellen, Ben Bernanke, and Alan Greenspan, and four other past Treasury secretaries.

“This is how monetary policy is made in emerging markets with weak institutions, with highly negative consequences for inflation and the functioning of their economies more broadly,” the statement reads. “It has no place in the United States whose greatest strength is the rule of law, which is at the foundation of our economic success.”

When the President can set interest rates, he’ll set them in a way that makes him look good and garners more power. The rates will therefore not be an accurate representation of what the economy’s doing and be basically useless, undermining the actual value of our currency and American goods.

That seems obvious right? So why is Trump trying to do it? Well, because in the short term this makes him look good and he thinks it’s a good idea and it’s all about control, isn’t it? Why shouldn’t he be able to decide the interest rates? He can just pluck out the leader of Venezuela, ignore the will of the people, kill a man by guillotine, he can do whatever he wants.

And he wants Powell gone.

So what happens next?

Well, both sides will double down, the show trial will go ahead, but it won’t do much until Powell steps down in May and Trump replaces him with someone more amenable to his whims and our economy suffers as a result.

Just another drip on the slow erosion of this country’s ever-weakening institutions.

But that’s just my guess. What do you think? Let us know in the comments section that we don’t have below!