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Threat to the independence of the "American Federal": Trump is looking to overthrow Powell amid the concern of troubled markets

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Threat to the independence of the "American Federal": Trump is looking to overthrow Powell amid the concern of troubled markets

Post by claud39 on Sun Dec 23, 2018 6:39 pm

https://www.alaraby.co.uk/economy/2018/12/23/%D8%AA%D9%87%D8%AF%D9%8A%D8%AF-%D8%A7%D8%B3%D8%AA%D9%82%D9%84%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D9%81%D9%8A%D8%AF%D8%B1%D8%A7%D9%84%D9%8A-%D8%AA%D8%B1%D8%A7%D9%85%D8%A8-%D9%8A%D8%A8%D8%AD%D8%AB-%D8%A5%D8%B7%D8%A7%D8%AD%D8%A9-%D8%A8%D8%A7%D9%88%D9%84-%D9%88%D9%82%D9%84%D9%82-%D8%A8%D8%A7%D9%84%D8%A3%D8%B3%D9%88%D8%A7%D9%82


[rtl]Threat to the independence of the "American Federal": Trump is looking to overthrow Powell amid the concern of troubled markets[/rtl]




23 December 2018









For the first time in  America, there is talk of the possible removal of Donald Trump, chairman of the Federal Reserve, which many see as undermining the independence of the monetary institution. 

The sudden possibility comes amid legal ambiguity about the possibility of Trump being deposed by central bank governor Jerome Powell, who, if it happened, would drive further turmoil in US and global financial markets. 

Although he has denied any preliminary action to dismiss the central governor, US President Donald Trump's anger at the rate-hike decision, which he described as outrageous , appears to have  taken a different course in the recent heated debate between the White House and the US central.

Two sources familiar with the matter said US President Donald Trump had secretly discussed the possibility of removing US Federal Reserve Chairman Jerome Powell, a move that could shake already troubled financial markets. 

According to Reuters, the sources said they did not expect Trump to dismiss Powell, despite the US president's secret and public objections to the central bank's decision to raise interest rates and his repeated criticism of the Fed chairman personally appointed by him. 

The Federal Reserve law allows the US president to dismiss a member of the bank board "for some reason," but Trump's displeasure at the Council's rate hike probably does not meet this requirement. However, the law was not tested in the removal of the chairman of the board (the governor), since the rules on this issue are legally ambiguous. 

The Federal Reserve declined to comment on this information or to clarify whether such a move was based on a legal basis.

So far, the White House has not reached a final legal decision on Trump's authority to dismiss the Fed chairman he nominated a year ago.



CNN quoted two well-informed sources as saying that Trump had begun to consult with his advisers about the legality of such an action. 

For his part, US Treasury Secretary Stephen Menuchin sought to ease the tension in financial markets. He said in a tweet on late evening yesterday that he had spoken to President Trump, who told him: "I absolutely do not agree with the Fed policy. 

"I think raising interest rates is terrible in this period, especially in the light of important ongoing trade negotiations, but I have never suggested Powell's dismissal and I do not think I have the right to do so." 

Any attempt to remove the Fed chairman would be unprecedented in the history of the Federal Reserve, an attack on the independence of the US central bank, which aims to keep it out of any political considerations, and is likely to hit hard on the world's financial markets, observers said.

Trump, who was appointed Fed chairman in early February, repeatedly attacked the board for raising interest rates and borrowing costs this year, especially as stock prices fell on Wall Street markets, while Treasury yields began signaling a possible recession in the future. 

The US Federal Reserve is one of the largest financial institutions in the world in terms of strength and influence through its monetary policies. Its decisions are followed in detail by all investors around the world, and its decisions are an indicator of interest rates and exchange rates for all global central banks.

On Friday, the New York Stock Exchange saw its worst weekly drop in stocks since the financial crisis in 2008 after the central bank announced interest rate hikes, the threat of disabling some federal departments because of lack of agreement on the state budget, and fears of a slowdown in the economy. in the United States.




[rtl]The Dow Jones industrial average was down 414.23 points, or 1.81 percent, to 22445.37. The Standard & Poor's 500 Index <.SPX> was down 50.84 points, or 2.06 percent, to end unofficially at 2,416.58. The Nasdaq Composite Index closed down 195.41 points, or 2.99%, to close at 6333.00.[/rtl]
 
The three indices closed last week with sharp losses with the Nasdaq falling 8.36%, Standard & Poor's 7.05% and Dow Jones 6.87%. It was the biggest weekly drop for the S & P since August 2008, while the Dow Jones was the biggest weekly drop since October 2008. The Nasdaq posted its biggest weekly loss since November 2008. 

Trump was not content with his differences in the economic portfolio with conservative Central , but skip to the differences with Congress on the law of federal spending, prompting Trump to cancel to follow the situation closely holidays. 

White House spokeswoman Sarah Sanders said on Monday that President Donald Trump would stay in Washington during Christmas because of the government's closure. Trump was scheduled to travel to Florida with his family for the year-end holidays.

The US Senate has postponed negotiations to pass a federal spending bill until after Christmas, which means that the partial closure of the government will last until at least Thursday amid continuing disagreement between Congress and Trump over the allocation of funds to build a wall along the border with Mexico. 

" The council will hold a formal meeting on Monday, and the next session will be on Dec. 27," Senate Majority  Leader Mitch McConnell said. 

Trump insists on allocating $ 5 billion to build a wall at the border with Mexico to prevent illegal immigration, which Democrats who strongly oppose the demand reject.

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Does Trump and dismiss the governor of the Central Bank?

Post by claud39 on Sun Dec 23, 2018 6:42 pm

https://www.alaraby.co.uk/economy/2018/12/23/%D9%87%D9%84-%D9%8A%D9%81%D8%B9%D9%84%D9%87%D8%A7-%D8%AA%D8%B1%D8%A7%D9%85%D8%A8-%D9%88%D9%8A%D9%82%D9%8A%D9%84-%D9%85%D8%AD%D8%A7%D9%81%D8%B8-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A


[rtl]Does Trump and dismiss the governor of the Central Bank?[/rtl]


23 December 2018










[rtl]A well-known banking practice in most countries of the world for many years is that heads of state can not isolate central bankers . Rather, countries enact legislation that explicitly states the independence of central banks and prevents the removal of their governors.[/rtl]
[rtl]The established customs prevailing global to commit the folly of isolation of governors  of central banks from office a crime punishable by law, but rather a crime amounting to a felony, because the removal of the governor is a serious threat to the economy of countries and capital markets and stock markets and the banking sector by, and even the stability of the country as a whole, because the central banks Is the thermometer of the economy, which takes its decisions impartially and objectively and according to purely technical bases, and its boards are not subject to political pressures and government decisions. 

So we found  a clash between governments and monetary institutions in some countries because of the dispute over the handling of some economic and financial issues. Governments make decisions that satisfy the public and the electorate, while the central bank makes the decision that is in the interest of the economy as a whole.[/rtl]
[rtl]The central banks protect the depositors' money, monitor the banking sector, fight high inflation, determine the volume of money traded in markets and society, manage the public debt of the government, and most importantly manage monetary policy, determine interest rate and exchange trends and coordinate with economic and financial policies to prevent conflict. May harm the economy and the citizen.[/rtl]
[rtl]So I was surprised by the leaks of major international media such as Reuters, France and CNN today about Donald Trump discussing privately and privately the possibility of removing US Federal Reserve governor Jerome Powell because of the bank's insistence on raising interest rates . To the desire of the US President, who has demanded times to reduce the return on the dollar serving the interests of investors and companies. 

Although US Treasury Secretary Stephen Manuchen quickly denied the news, Trump said: "I do not agree at all with the Federal Reserve policy, I think raising interest rates is terrible at this time, especially in light of the important trade negotiations under way, but I I did not propose to dismiss Powell one day and I do not think I have the right to do so. "

The leaks, however, seem to be largely correct, and the evidence is that prominent media are starting to ask this question: Does US law allow the president to dismiss the central bank governor?[/rtl]


[rtl]It seems that the world markets began to take these leaks very seriously, especially that Trump was sacked in a period of not more than two years of his government ministers, including ministers of foreign affairs, justice, defense, interior, health and human services and others, and dismissed the director of the FBI and the Attorney General and three national security advisers and chief of staff The White House, White House communications managers, the United States Ambassador to Washington and others. 

The seriousness of Trump's dismissal of the central bank governor, if done, gives a strong impression that the current US president does not respect any laws or banking conventions. The mental image of the United States is that it is a state that respects the sovereignty and independence of the central bank, The shake-up also shakes the already volatile financial markets, especially the Wall Street markets.[/rtl]



[rtl]More dangerous, it gives the opportunity for all dictators around the world to dismiss central bankers, blatantly intervene in the management of monetary policy, and manipulate inflation figures, growth and employment and beautify them for the benefit of governments. 

Moreover, it is the government that manages the monetary policy, not the central bank, and thus the regime can then seize the funds of depositors, disclose the confidentiality of customer data and impose taxes on bank profits.[/rtl]
[rtl]In addition to the decision to play with fire and a red line in the community, the move could wipe out the economic successes of the US president in his first two years of rule, notably reducing unemployment, increasing employment and growing foreign investments and exports.[/rtl]

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