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JP Morgan boss says Trump attacks on Federal Reserve could push up inflation (www.theguardian.com)

submitted 1 month ago by tonytins@pawb.social to c/news@lemmy.world

15 comments fedilink hide all child comments

The boss of JP Morgan, the largest US bank, has said Donald Trump’s attacks on the Federal Reserve chair, Jerome Powell, are putting central bank independence at risk and could backfire and ultimately push up interest rates and inflation.

Jamie Dimon told reporters on Tuesday he had “enormous respect” for the Fed chair, who on Friday became the target of a controversial criminal investigation by the US Department of Justice (DoJ) over alleged “abuse of taxpayer dollars”.

Powell has denounced the investigation, linked to a $2.5bn (£1.9bn) renovation of the Fed’s headquarters in Washington DC, claiming it is punishment for not setting interest rates in line with the US president’s wishes.

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[–] Cnote5@lemmy.world 4 points 1 month ago (1 children)

What if that is exactly what he wants?

https://washingtonspectator.org/peter-thiel-and-the-american-apocalypse/

[–] IronBird@lemmy.world 4 points 1 month ago* (last edited 1 month ago)

you'd think everyone would have caught on to this deliberate boom and bust cycle by now...the term itself comes from an investment strategy.

way way back in the day, bankers, who tended to be the most well-traveled/internationally connected and educated people around, knew that certain economies were fundamentally tied to others. if X disaster hit a certain industry, Y town would inevitably fall into ruin as liquidity dried up. so the savy investment bankers had this great idea of extending very generous loans to people in those vulnerable towns, whose livelyhoods were inevitably headed for ruin. them you swoop in, collect what debt you can, then get to get distressed assets extra cheap.

hell, this has been JPM's speciality for centuries...it's no accident they're the largest bank in the world. they just so happened to be the most ruthless capitalists around, in the country where the bottom line is the only thing that's really sacred