“I would first like to say that I am an immigrant to the U.S.A.,” says our contributor for the day, “and it is the greatest country on earth.
“The leftist media has perpetrated a fraud upon tolerant, hard-working and generous Americans that they are somehow racist because they… are wealthy (part of the gospel of envy from the left).
“Take it from an immigrant: the U.S.A. is the least racist country on earth today. Go to Japan, China, Russia or Pakistan and set up a Polish town or a Portuguese town in the middle of one of their big cities. Then call the hosts ‘racist’ and demand your rights — see how far you get before you’re given the steel-toed boot.
“Leftists hate this country, not because it is bad or racist, but because it stands in the way of their deluded, misguided dream for a global socialist nirvana. Hopefully, the U.S.A can withstand the onslaught from the left. If not, it might lead to our greatest nightmare.”
Your Rundown for Monday, July 8, 2019:
Economist Art Laffer — who received the Presidential Medal of Freedom last week — has gone on record saying the Federal Reserve should be controlled by the executive and legislative branches of government.
“I don’t understand why the Fed is independent, to be honest,” says Laffer, a former economic advisor to Trump and Reagan.
“Fiscal policy is not independent. Military policy is not independent. Social policy is not. Why should monetary policy, this very powerful tool to control the economy not be subjected to democracy just like every other instrument of government?”
Technically, the Fed already reports to Congress twice a year and many of the Fed’s proposed regulations have been passed into law by the legislative body. (Think the Dodd-Frank Act of 2010… among many others.)
Then there’s Trump’s relationship with the central bank: “President Trump has made heckling the Federal Reserve, and its chair, Jerome H. Powell, something of a sport,” The New York Times reports.
“He has berated Mr. Powell for raising interest rates and taking steps to end a crisis-era stimulus program, likening the Fed to a powerful golfer who has ‘no touch’ and cannot win.”
While the mainstream media would have you believe Trump’s behavior is shockingly unprecedented, that’s hardly the case. It’s only since the Clinton administration that presidents have taken a don’t ask, don’t tell approach when it comes to the Fed.
So do you think the executive branch should have a say on monetary policy? Or should the Fed continue to operate “independently” from the president?
Market Rundown for Mon. July 8, 2019
S&P 500 futures are down 14 points to 2,976.34.
Oil is up 56 cents to $58.07 for a barrel of WTI.
Gold’s added $3.20 to its price of $1,403.30 per ounce.
Bitcoin is up $422.25 to $11,896.80.
Have a good day. We’ll catch up tomorrow.
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