The Federal Reserve (FED) under Jerome Powell was an abysmal failure during the Trump Administration. It still is.
Powell’s actions nearly tanked the economy in 2018 as he tried to kill the Trump economy with frequent interest rate hikes.
Finally Powell stopped the massive increases in interest rates. After keeping interest rates at 0% for Obama for seven years, the Fed increased the rates nine times under President Trump. Had Powell left the rates alone, the US would have paid down its debt but this was not meant to be under Powell’s insane dictatorship.
Now the FED is off on another insane journey which arguably has nothing to do with its mandate to the American people. The Hill reported on December 15th:
The Federal Reserve Board announced Tuesday that it has joined an international network of central banks and regulators devoted to fighting climate change through the global financial system.
The Fed is now a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), the bank announced Tuesday. The Fed board approved the decision to join the NGFS by a 6-0 vote on Dec. 7.
“As we develop our understanding of how best to assess the impact of climate change on the financial system, we look forward to continuing and deepening our discussions with our NGFS colleagues from around the world,” said Fed Chairman Jerome Powell, a Republican first appointed to the Fed by former President Obama and elevated to chairman by President Trump.
This action by the FED is alarming. It comes down to this – Is the FED working for the American people to help with the US economy as it claims in its mandate or does it report to a global network of central banks who are using the debunked theory of global warming to control world commerce?