- Trump fires — or tries to fire — a Fed official…
- A possible “Mar-a-Lago Accord”…
- Robert Kiyosaki’s new warning reveals the shocking truth about the economy they don’t want you to know. Don’t be left behind. Click here to get his urgent action plan now!
Dear Reader,
Yesterday the president terminated the employment of a Federal Reserve official — though not Chairman Powell.
He instead terminated the employment of Federal Reserve governor Lisa Cook. Why?
The president claims Ms. Cook — an appointee of the Biden administration — has previously practiced mortgage fraud.
Thus she is unworthy of her seat upon the Federal Reserve Board of Governors.
Ms. Cook has not been formally charged with criminal wrongdoing. She denies she conducted criminal wrongdoing.
The Federal Reserve Act states that a president may only oust Federal Reserve board members “for cause.”
Yet the statute does not define precisely what misconduct constitutes “cause.”
You Can’t Fire Me!
Ms. Cook… in adamant defiance… refuses to recognize her ousting. She will not vacate her seat.
Said she:
- President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.
If the lady was truly consecrated to helping the American economy she would have refused a seat on the Federal Reserve Board of Governors.
She would be employed productively within the private economy. Yet I let it go.
The case lacks all precedent — not once in the Federal Reserve’s tarred and stained history has a United States president terminated a board member.
My legal men inform me that the quarrel will likely be adjudicated by the United States Supreme Court.
Yet when? Possibly by year’s end, I am told.
This Could Get Complicated
The Federal Reserve Board of Governors will convene several times in the interim.
What if the Supreme Court decides in the president’s favor?
Are all Ms. Cook’s official doings following Aug. 26 nulled and voided?
Mr. Jim Bianco of the eponymous Bianco Research:
- If they allow her to continue with her duties as Fed Governor, starting this morning, and the courts find that the President does have the authority to fire her, even if it’s months later during an appeal, anything she does on behalf of the Fed as a Governor starting today will not be valid.
- And the Fed could be held responsible for allowing a non-employee to continue to act like an employee.
- Restated, if the Fed allows her to stay and continue to be a Governor, and the court rules that Trump can fire her (again, even if it is later in an appeal), then Jay Powell has potentially committed a “for-cause” offense for which he could be fired.
The president would terminate Mr. Powell’s employment the instant that verdict comes issuing — depend on it.
Trump’s Looking to Stack the Fed
The president is eager to burrow his men inside the Federal Reserve.
Ms. Cook’s potential termination is but the latest manifestation of that campaign. Here is another:
The president recently emplaced his man Stephen Miran within the Federal Reserve Board of Governors.
He is not merely a Trump stooge who will get in back of the president’s cherished rate reductions.
He is a principle drafter of the president’s trade blueprint.
Last year this fellow authored an essay, “A User’s Guide to Restructuring the Global Trading System,” by title.
In it he argues that the United States dollar — being the world’s premier reserve currency — artificially fortifies that dollar.
And that fortified United States dollar inhibits the competitiveness of American industry.
The result is an unsustainable trade imbalance with the world’s productive nations… which runs up United States debt.
The “Mar-a-Lago Accord”
Mr. Miran is associated with a potential “Mar-a-Lago Accord” — a 21st-century revival of 1985’s “Plaza Accord.”
Under the Plaza Accord the United States dragooned its major trade partners into accepting a cheaper dollar — without retaliatory devaluation.
Reports Stansberry Research:
- Miran writes that as the global economy grows, the burden on the U.S. grows too, and “the manufacturing and tradable sectors bear the brunt of the costs.” Translation: Supporting the dollar’s reserve status has come at the cost of U.S. industry.
- Thus, a major theme in Miran’s plan is that America must engineer a weaker dollar to correct this imbalance…
- By putting tariffs on countries that undervalue their currencies or run big surpluses against the U.S., America can pressure them to adjust.
- During Trump’s first term, for example, tariffs on China did not cause U.S. consumer prices to spike, because China’s currency fell and absorbed much of the impact. Miran cites this to argue tariffs can force other nations to share the burden of adjustment, rather than the U.S. always accumulating debt.
- Ultimately, Miran’s recommendations point toward a coordinated global agreement – what has been nicknamed the “Mar-a-Lago Accord.”
An Ambitious Plan
More:
- Miran’s manifesto… suggests a gathering of world leaders to realign currencies, much like the Plaza Accord of 1985, is the intended endgame. By acting in concert with major economies, the U.S. could devalue the dollar in a controlled way without causing chaos or sparking a currency war… in theory.
“In theory.” In conclusion:
- The idea is to systematically reduce the dollar’s value against other currencies until trade balances improve…
- Miran is the intellectual driver of a bold effort to reset the dollar’s value and overhaul global trading rules. His plan has the ear of the president and the buy-in of key officials. For example, Scott Bessent is said to be “100% on board with Miran’s plan.”
The Most Dangerous Man in the World?
Even if the president does not terminate Mr. Powell’s employment this year, the latter’s term concludes next May.
It is entirely possible the president will tap Mr. Miran upon the shoulder. He could well replace “Too Late” Powell.
For good? For ill?
I do not know. Yet please tune in tomorrow.
You will learn why Stephen Miran may just be “the most dangerous man in America.”
Brian Maher
for Freedom Financial News
