Which is to say that current Fed Chair Jerome H

The other way Trump could be just like Nixon

Fed Chair Jerome H. Powell (Joshua Roberts/Reuters)

best replica bags He promised cheap replica handbags to bring back “law and order.” He said the investigation into replica bags him was a “witch hunt.” And he pressured the Federal Reserve to tailor its Replica Designer Handbags policies to his political needs rather than to help the economy. best replica bags

replica designer bags wholesale I’m talking, of course, about President Richard M. Nixon. Who’d you think? While it’s true that high quality replica handbags President Trump has, at times, echoed his disgraced predecessor’s rhetoric to an uncomfortable degree, it isn’t the case that he’s tried to turn the Fed into just another arm of his reelection campaign. replica designer bags wholesale

aaa replica bags Well, at least not Wholesale Replica Bags yet. aaa replica bags

7a replica bags wholesale It might be only a matter of time until he does, though, according to one of the people Trump interviewed for the Fed’s top job. 7a replica bags wholesale

designer replica luggage Kevin Warsh, aformer Fed governor replica handbags china and onetime Trump short listerto lead the central bank, told PoliticothatTrump did not appear to care about the Fed’s independence and wanted to know exactly what Warsh would do with interest rates. designer replica luggage

bag replica high quality The idea that Trump would have wanted to know exactly what Warsh Replica https://www.handbagaol.com Bags Wholesale would have done with interest rates certainly is in keeping with Trump’s own strongly stated preference for them to stay low. Which is to say that current Fed Chair Jerome H. Powell could very well find himself on the receiving end of not only purse replica handbags very mean tweets but KnockOff Handbags also, perhaps, behind the scenes attempts at arm twisting if he raises rates more than Trump wants especially if he does it in 2020 when Trump is running for a second term. bag replica high quality

replica bags from china There’s a very simple reason the Fed is supposed to be independent: Interest rate decisions thatare good for the president in the short term might be bad for the economy in the long term. After all, political scientist Alan Abramowitz has found that one of the most important factors in how well an incumbent does is how fast the replica Purse economy is Fake Designer Bags growing in the second quarter of Handbags Replica an election year. Therewould be a temptation, then, for a president to try to goose growth by cutting rates, even if inflation was so high that they should be getting raised. replica bags from china

replica bags china This isn’t a hypothetical. It’s history. Nixon, you see, was convinced that the relatively shallow recession the Fed induced in 1960 cost him that year’s election against John F. Kennedy, and he wasn’t about to let thathappen again. replica bags china

To Burns’s discredit, he caved. And the predictable result of cutting rates at the same time that the economy was already growing pretty fast was much higher inflation, which,because of the combination of wholesale replica designer handbags the oil shocks and the Fed’s own timidity, would end up lasting a decade.

buy replica bags online Ithas been the same kind of story, only worse, in places like Argentina and Venezuela, where central banks have slavishly done their presidents’ bidding. In these more extreme cases, inflation has gotten into the thousands, as their officials who are ostensibly charged with maintaining price Designer Fake Bags stability have instead concerned themselves with printing as much money as the government needs to pay its bills. buy replica bags online

luxury replica bags It’s no surprise, Designer Replica Bags then, that economists have found that independent central banks tend to produce lower and less volatile inflation. It’s Fake Handbags easier to do your job when you’re Replica Bags allowed to. Not that Trump seems aware of this. He seems to assume that the Fed protects presidents the same way he thinks the attorney general should. That, at least, is what he accused then Fed Chair Janet Replica Handbags L. Yellen of doing during the campaign sayingshe should be “ashamed” for being “obviously political and just doing what Obama wants her to” before deciding that he liked replica handbags online her when he aaa replica designer handbags took office. This was always nonsense, but it’s nonsense that shows you how he thinks about these things: the same way Nixon did luxury replica bags.