Trump Takes on the Establishment — Literally by Brian Maher
“I would get rid of the Federal Reserve because the volatility in the economy is primarily caused by the Fed.”
Are these the words of a David Stockman or some cranky old gold bug?
No. They’re the words of the next possible Treasury secretary! John Allison is the former CEO of BB&T Bank and board member of the Cato Institute, a libertarian think tank. And Trump’s considering Allison for Treasury Secretary — if the rumors are to be credited.
“When the Fed is radically changing the money supply, distorting interest rates, and overregulating the financial sector, it makes rational economic calculation difficult,” Allison continued.
Bravissimo, bravissimo. Allison’s even whistled for — angels and ministers of grace defend us — “a market standard such as gold.”
The fellow wants a gold standard!
Could it be… Trump’s going to nominate a gold guy as his Treasury Secretary? And someone who’d ditch the Fed into the bargain? If Trump’s serious about draining the swamp, Allison’s just the man for the job.
But alack and alas, Allison’s not getting the gig.
Who is, evidently? A swamp thing — former Goldman Sachs partner Steven Mnuchin. Seventeen years he wriggled and slinked for Goldman. Then he left to run a hedge fund. Mnuchin, incidentally — or not — also ran Trump’s campaign fundraising efforts.
Draining the swamp?
Bloomberg: “The choice of Mnuchin… illustrates the extent to which Trump is relying on Wall Street executives as he prepares to take office, even after decrying the influence of big banks during the campaign.”
There’s justice in these remarks. Trump spent the past year hissing and booing at Wall Street, to the roars of his customers.
Did Donald take us all for a sleigh ride?
Mnuchin has a history of supporting politicians — mostly Democrats. He donated money to Obama in 2008. He also contributed to ahem… Hillary Clinton’s senatorial and presidential campaigns. But a fellow’s got to hedge his bets. He also donated to the Romney campaign in 2012.