Trump considers naming Yellen or Cohn to lead the Fed

[corbe]

Trump considers naming Yellen or Cohn to lead the Fed

 By Olivia Beavers - 07/25/17 04:49 PM EDT   

President Trump on Tuesday suggested he may renominate Janet Yellen or consider National Economic Council Director Gary Cohn as head of the Federal Reserve.

Trump said Yellen is “absolutely” under consideration to be named the chairwoman of the central bank for another four-year term, praising her past performance and efforts to keep interest rates low.

“I like her. I like her demeanor. I think she’s done a good job,” Trump told The Wall Street Journal in an interview. “I’d like to see rates stay low. She’s historically been a low-interest-rate person.”

Yellen served as the vice chairwoman of the Federal Reserve from 2010 to 2014 before being appointed chairwoman by former President Barack Obama.

The president said Cohn, who was also present during the Journal's interview, was also being considered for the job.

<..snip..>

http://thehill.com/homenews/administration/343707-trump-considers-naming-yellen-or-cohn-to-lead-the-fed

[txradioguy]

And this is draining the swamp how exactly?

[unite for individuality]

I'd like to see Ron Paul in that job!

[Hondo69]

I'd like to see Ron Paul in that job!

 

Me too.  He'd hold that position for about 10 minutes, long enough to End The Fed, then let Congress and the Supreme Court sort it out later.

[txradioguy]

I'd like to see Ron Paul in that job!

And watch him attempt to kill our economy and that of several other nations by trying to return us to the Gold Standard?

No thanks.

[unite for individuality]

And watch him attempt to kill our economy and that of several other nations by trying to return us to the Gold Standard?

No thanks.

You raise a fair question.
The amount of currency in an economy
needs to increase along with the size of the economy.
The amount of gold is pretty much fixed.
So obviously, it cannot expand enough to
be used as currency for a growing economy.

The currency needs to be "inflatable."
But if we allow politicians or bankers
to have the power to inflate the currency,
their corrupt nature will cause them to
inflate and deflate the currency
to their own advantage,
and to the harm of the general population.

There needs to be a way to inflate the currency,
but to control the inflation
so we can have a stable economy.

[txradioguy]

You raise a fair question.
The amount of currency in an economy
needs to increase along with the size of the economy.
The amount of gold is pretty much fixed.
So obviously, it cannot expand enough to
be used as currency for a growing economy.

The currency needs to be "inflatable."
But if we allow politicians or bankers
to have the power to inflate the currency,
their corrupt nature will cause them to
inflate and deflate the currency
to their own advantage,
and to the harm of the general population.

There needs to be a way to inflate the currency,
but to control the inflation
so we can have a stable economy.

I agree.  I did research back when Paul was calling for this as a Presidential candidate...I don't remember the actual number off hand...but the article said that if Paul got his wish and we went back to the Gold Standard it would take down the economies of something like 13 other western nations.

Yellen has done enough damage where she is at having ridden shotgun over the disastrous QE market manipulation.

I wouldn't mind seeing former Kansas City Fed board member Herman Cain take the reins of the Federal Reserve.

[Rivergirl]

It will be a cold day in heck when he renominates Yellen.

[XenaLee]

And watch him attempt to kill our economy and that of several other nations by trying to return us to the Gold Standard?

No thanks.

Wait..... what's wrong with the Gold Standard?  I thought getting off of it is what screwed up our economy in the first place?

[unite for individuality]

Wait..... what's wrong with the Gold Standard?  I thought getting off of it is what screwed up our economy in the first place?

The screwed-upedness of the economy forced us to abandon the gold standard.
The Federal Reserve had been printing money
and there was no increase in gold to back it up.

It's called "fractional reserve banking."
A Federal Reserve Note could be redeemed for 1/35 of an ounce of gold,
but there was only enough gold in Fort Knox to redeem about 1/10 of the gold.

So a run on the gold was getting started.
In 1971, Nixon abandoned the gold standard
to keep the U.S. government from running out of gold.

A few years later, Nixon (Kissinger) made an agreement with the Saudis
that the Saudis would regulate OPEC production such that
the price of petroleum, in U.S. dollars, would be kept fairly level.

So the U.S. dollar was effectively backed by petroleum, instead of gold.
That's what economists are referring to when they talk about "petrodollars."

[txradioguy]

The screwed-upedness of the economy forced us to abandon the gold standard.
The Federal Reserve had been printing money
and there was no increase in gold to back it up.

It's called "fractional reserve banking."
A Federal Reserve Note could be redeemed for 1/35 of an ounce of gold,
but there was only enough gold in Fort Knox to redeem about 1/10 of the gold.

So a run on the gold was getting started.
In 1971, Nixon abandoned the gold standard
to keep the U.S. government from running out of gold.

A few years later, Nixon (Kissinger) made an agreement with the Saudis
that the Saudis would regulate OPEC production such that
the price of petroleum, in U.S. dollars, would be kept fairly level.

So the U.S. dollar was effectively backed by petroleum, instead of gold.
That's what economists are referring to when they talk about "petrodollars."

IIRC that was also the same time our currency started having "Federal Reserve Note" printed across the top instead of either "Silver Certificate" or "Gold Certificate".

[txradioguy]

Wait..... what's wrong with the Gold Standard?  I thought getting off of it is what screwed up our economy in the first place?

In addition...IIRC under the gold and then the silver standard...the Fed was only allowed to print as much money as we had gold or silver in reserves to back that currency.  To an extent it severely limited the ability of our economy to expand as the nation grew in size and we became more involved on the global stage.

[unite for individuality]

IIRC that was also the same time our currency started having "Federal Reserve Note" printed across the top instead of either "Silver Certificate" or "Gold Certificate".

Actually, "Federal Reserve Note" goes back to 1914.
(The Federal Reserve Act was passed in December 1913,
after many Congressmen had already left for Christmas.)

"Silver Certificate" was a JFK era creation.
He figured that, since there wasn't enough gold to back the dollar,
he'd establish a silver standard.

Just a few months after JFK was eliminated,
dimes and quarters and half dollars were no longer made of silver.
The two events are definitely connected!

Another thing that disappeared from our currency after JFK was the
"and is redeemable in lawful money" after the
"This note legal tender for all debts public and private"
statement on every Federal Reserve Note.

[txradioguy]

Actually, "Federal Reserve Note" goes back to 1914.
(The Federal Reserve Act was passed in December 1913,
after many Congressmen had already left for Christmas.)

"Silver Certificate" was a JFK era creation.
He figured that, since there wasn't enough gold to back the dollar,
he'd establish a silver standard.

Just a few months after JFK was eliminated,
dimes and quarters and half dollars were no longer made of silver.
The two events are definitely connected!

Another thing that disappeared from our currency after JFK was the
"and is redeemable in lawful money" after the
"This note legal tender for all debts public and private"
statement on every Federal Reserve Note.

Ahhh ok thanks.

[austingirl]

Since Trump supposedly likes people with real world experience, why would he keep Yellen, an ivory tower academic? And it would be very swampy to put Cohn in the position.

[unite for individuality]

Since Trump supposedly likes people with real world experience, why would he keep Yellen, an ivory tower academic? And it would be very swampy to put Cohn in the position.

I like  txradioguy's  suggestion: Herman Cain!

(« Reply #6 on: July 26, 2017 at 10:41:35 AM »)