New Fed Chief Powell – A “Swamp Critter Extraordinaire”

– Is the New Fed Chief Jeremy Powell a “Swamp Critter Extraordinaire”?
– Trump surrounding himself with elites disconnected from everyday society
– Realities of America’s difficulties not recognised by US power makers
– Powell will likely continue to protect Wall Street over Main Street
– Savers should diversify to protect themselves from Fed’s ponzi policies

Just like many of his other campaign promises, Trump isn’t doing a great job of draining the swamp. His nominee for Fed Chair is Jerome Powell.

Powell is a ‘swamp critter extraordinaire’ so declared by Bill Bonner last week. We’re inclined to agree. Name-calling is poor sportsmanship when it comes to politics, but hey, Trump started it.

When Trump traveled around the United States campaigning for the most privileged position in the country he lashed out at the seemingly abstract promise to ‘Drain the Swamp’ at every opportunity. He used it to criticise anything he didn’t like about the status-quo.

He made the ‘swamp critters’ the fall-guys for every hardship Americans were facing. In many ways he was right.

Yet as has been the case throughout the last eleven months, Trump hasn’t done a great job of turning rhetoric into reality.

He has continued to fill the swamp rather than drain it. Spending by lobbyists has reached levels unseen since 2012. Secretaries are flying in private government jets and Trump uses Republican Party money to fund his own legal expenses.

This is nothing compared to the senior appointments he has made. Trump has taken ‘swamp critters’ and placed them in positions of such power and influence one wonders what his supporters make of it all.

Hypocrisy was a word heard frequently during the Obama Presidency. Obama was great with words and preached peace while practicing war. Trump’s hypocrisy is on a whole new level.

Powell is just his latest appointment. With an estimated fortune of $55 million the likely new Fed Chair has spent his career in Washington flip-flopping between roles in both regulation and industry. He is now set to take the wheel at a job whose sole role is to steer the US economy. Indeed, some more imperially minded Americans see the job as being to steer the global economy.