Could A 71-Year-Old Liberal Grandmother Destroy Trump?
By Lowell Ponte
Four “horsemen” of the unelected Deep State are aiming to cause a “Trumpocalypse,” a final destruction of Donald Trump’s presidency. Bureaucrats continue illegally leaking classified data or doing investigations to undermine him. The mainstream media continues nonstop character assassination of President Trump. Leftist judges continue to impede his efforts with rulings based on their personal political ideology, not law.
If Trump’s economic policies succeed at restoring capitalism by shrinking government taxes and regulations, the resulting prosperity will triumph over these enemies. The President’s deadliest foe is thus in some ways almost as powerful as he is. Oddly, this dangerous “Fourth Horseman” is a white-haired, 71-year-old liberal grandmother named Janet Yellen.
Yellen is chair of the Federal Reserve, until her term runs out next February when President Trump picks her replacement. One candidate for the job is Gary Cohn, head of the President’s National Economic Council and a liberal former President of giant bank Goldman Sachs.
Yellen, born in August 1946 only two months after Trump, was a professor at the University of California Berkeley before becoming chair of President Bill Clinton’s Council of Economic Advisors. This former President of the Federal Reserve Bank in San Francisco then became vice chair and chair of the Fed. As the overseer of interest rates and the money supply, she with a single vague sentence can send world stock markets up or down by hundreds of points and redistribute wealth in the global economy.
Under President Barack Obama, this Democratic economist helped shape the slowest economic recovery in American history. Last week at the annual Jackson Hole, Wyoming Fed gathering she credited the heavy regulatory hand of the Dodd-Frank law, signed in 2010 by Obama, with saving our economy. In June, Yellen proclaimed that, thanks to these crushing regulations, she “doesn’t believe that we will see another crisis in our lifetime.”
“She is wrong on this one, big time,” said Investor’s Business Daily. “Dodd-Frank has been an utter disaster for consumers, businesses and the overall economy.” Because of the slow recovery, “we’re missing about $2 trillion in GDP and about $1.4 trillion in personal income.”
Dodd-Frank regulations helped destroy 2,400 small banks, the main source of small business loans, and, according to American Enterprise Institute scholar Paul Kupiec, caused a 21 percent decline in small bank loans.
Government and giant corporations meanwhile have grown fat on zero-interest – and now negative interest – loans unavailable to small business people. A Fed policy of “financial repression” has limited the interest paid to bank depositors to less than the rate of inflation – so bank savers lose more of their savings’ purchasing power every day, and have lost even more to debasement of their money as the Fed conjures trillions out of thin air.
As President Trump works to create economic growth, Yellen could persuade the Fed Open Market Committee (FOMC) to push growth back. The Fed could raise interest rates to reduce investment, or make the dollar more expensive for our exported goods, or further debase or destabilize the dollar, or liquidate some of the $4.5 Trillion the Fed accumulated in financial instruments as part of the Fed’s Quantitative Easing (QE) policy.
By such steps, Yellen could slow economic growth into the 2018 election year, reducing Trump’s political capital and Republican chances of retaining their majorities in both houses of Congress. She could make President Trump more vulnerable to vicious and unprecedented attacks by the other horsemen of the Trumpocalypse.
Yellen has already opposed Trump efforts at financial and monetary deregulation. She apparently wants to do the left thing, not the right thing – knowing that she will not be reappointed by capitalist President Trump.
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