Ellen Brown: Trump takes on the Fed

Federal Reserve

Photo courtesy Truthdig.

 

In her latest article on Truthdig, PBI Chair Ellen Brown writes:

“The president has criticized Federal Reserve policy for undermining his attempts to build the economy. The best way to make the central bank serve the needs of the economy is to make it a public utility.” …

“In commentary on CNBC.com, Richard Bove contended that the president was positioning himself to take control of the Federal Reserve. Bove said Trump will do it ‘both because he can and because his broader policies argue that he should do so. . . . By raising interest rates and stopping the growth in the money supply [the Fed] stands in the way of further growth in the American economy.’

“Returning the Fed to Treasury control, however, means more than appointing new Board members. It means “nationalizing” the central bank, making it a public utility responsive to the needs of the public and the economy. And that means modifying the Federal Reserve Act to change the Fed’s mandate and tools.”

[Read the full article]

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