Trump escalates the confrontation with the Federal Reserve … the dismissal of a member of the Council of Governor

In a shocking and unprecedented move in the history of the US Central Bank extending for more than a century, President Donald Trump announced the dismissal of Lisa Cook, a member of the Federal Reserve Governor, which sparked widespread controversy over the independence of the most important financial institution in the United States.

The decision came just days after a speech by Federal President Jerome Powell at the Jackson Hall Forum, during which he hinted at the possibility of reducing interest rates. Many observers considered that the dismissal of Cook is only a new episode of the Trump pressure series on the central bank to implement its economic policy. The White House defended the move, stressing that the American economy proves the success of the president’s policies in reducing inflation, and that the time has come to reduce the benefit to alleviate the burdens on American families. But prominent personalities such as the former treasury minister, Janet Yellen, described the direct intervention in the work of the federal as “very dangerous.” The politician in the central bank. Economist Hans Dieter Holtikman said: “The Argentine experience shows that the absence of the independence of the central bank rushes the collapse of the state’s reputation and enters it in a dangerous landfill.” Although investors exclude Trump to dismiss Powell before the end of his term in May, the last step has sparked real concern about the future of the markets and the confidence of foreign investors who have a share Huge American origins.
(Al -Jazeera)