Peter St Onge Podcast Ep 118 Weekly Roundup: Will Trump fire Jerome Powell?
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Apr 28, 2025 Speculation swirls around whether Trump will fire Jerome Powell as tensions rise over the Fed's inflation strategies. Gold prices are surging, driven by economic instability and historical central bank behaviors. Meanwhile, China's economy faces hurdles due to tariffs, causing a reevaluation of federal funding for universities with hefty endowments. A startling survey reveals that 81% of Americans view their government as corrupt, prompting discussions about the need for accountability and the potential for transformative change in our democratic system.
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Trump vs Powell Fed Conflict
- Donald Trump considers firing Jerome Powell due to the Federal Reserve's unusual behavior amid deflation and economic troubles.
- The Fed broke a 112-year precedent by not bailing out the stock market crash caused by tariffs.
Unclear Legal Grounds to Fire Powell
- Trump can fire Fed members for cause, but 'cause' is legally undefined and vague.
- Experts expect Kevin Warsh to replace Powell, balancing inflation concerns and loyalty to Trump.
Fed Independence via Gold or Bitcoin
- The Fed claims independence is necessary to control inflation, but backing the dollar with gold or Bitcoin would provide true stability.
- Returning to a gold or Bitcoin standard offers a path to both growth and price stability.