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MONETARY POLICIES by Ellen Brown


FX


The Controversial Issue of FED Independence


“The job of central banks is to create and maintain scarcity.


The consequence


currency direct that


is


we have to fight with each other in order to survive.”


Bernard Lietaer - Former Belgian Central Banker


For nearly half a century, presidents have refrained from criticizing the “independent” Federal Reserve; but that was before Donald Trump. In response to a question about Fed interest rate policy


in a CNBC


interview on July 19, 2018, he shocked commentators by stating, “I’m not thrilled. Because we go up and every time you go up they want


to raise rates again. . . . I am not happy about it. . . . I don’t like all of this work that we’re putting into the economy and then I see rates going up.” He acknowledged the central bank’s independence, but the point was made: the Fed was hurting the economy with


its “Quantitative


Tightening” policies and needed to watch its step.


In a 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


FX TRADER MAGAZINE October - December 2018 45


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