Meraglim Blog

It’s Musical Chairs at the Fed. Who Will Be Left Standing?

Facebook
Twitter
LinkedIn

When President Trump was sworn in on Jan. 20, 2017, he inherited two vacant seats on the seven-person board of governors of the Federal Reserve System. Holders of those two seats are also members of the Federal Open Market Committee (FOMC), the group that sets U.S. interest rates and monetary policies.

President Obama also had the same vacancies, but he did not nominate anyone to fill the seats because he doubted his chances of getting the nominees past the Republican-controlled Senate and he was sure “President Hillary” would do the right thing and appoint pro-Democratic nominees. In the end, Trump beat Clinton and the vacancies fell to Trump.

Then Trump got another windfall. Within 14 months of becoming president, three additional Fed governors resigned (Dan Tarullo, Stan Fischer and Janet Yellen), and Trump suddenly had five vacancies to fill, or 70% of the entire Fed board.

Trump promoted Jay Powell to chair and appointed Richard Clarida as vice chair, Randy Quarles as vice chair for regulation and Michelle Bowman to fill a seat reserved for community bankers. All of those appointments were well regarded by Wall Street and the media. But that still left Trump with the two original vacancies.

As discussed in this article, Trump has indicated he wants to appoint Herman Cain and Steve Moore to fill those seats. Cain is a former presidential candidate, chair of the board of the Federal Reserve Bank of Kansas City and CEO of the Godfather’s Pizza chain. Moore is a think tank analyst, founder of the Club for Growth and a former member of the editorial board of The Wall Street Journal.

Cain has run into opposition from Senate Republicans based in part on old allegations of sexual misconduct. Moore is also being opposed by those who fault him for not having a Ph.D. in economics. Whatever the merits, the real reason they are being opposed by monetary elites is that they are “friends of Trump” and will hold Jay Powell’s feet to the fire to cut interest rates and keep the economic expansion going ahead of the 2020 election.

No worries. If Cain and Moore are withdrawn, (and breaking news is indicating that Cain is withdrawing from consideration to be nominated), there’s some indication that Trump’s next nominee will be Judy Shelton. She does have a Ph.D. and is a well-known advocate of a new gold standard.

For those who want Cain and Moore to step aside, the best advice may be “Be careful what you wish for.”

Institutional investors can schedule a proof of concept with the world’s first predictive data analytics firm combining human and artificial intelligence with complexity science. Check out Jim Rickard’s company at Meraglim Holdings to learn more.

QCI and Meraglim Join Forces to Deliver Capital Markets Risk Analysis Powered by QCI’s Mukai Quantum Computing Software Platform

LEESBURG, VA, December 1, 2020 – Quantum Computing Inc.(OTCQB: QUBT) (QCI), the technology leader in quantum-readysoftware development and execution, and the only public pure play in quantum computing, has partnered with Meraglim Holdings Corporation to deliver advanced capital market risk analysis powered by QCI’s performance-leading Mukai™ quantum software development and execution platform. As an industry leader in predictive analytics, Meraglim was the first

Read More »

IF THE SCIENCE IS NOT ON YOUR SIDE, JUST TRY THREATS

It’s clear that good science does not support the extreme claims of the climate alarmists. Yes, there is such a thing as climate change, but it’s slow, difficult to predict and almost impossible to model because of the complexity of the process. The climate alarmists have grabbed most of the headlines for the past ten

Read More »

WHY TRUMP WILL WIN REELECTION: NOT POLLS OR PUNDITS; JUST COMMON SENSE

Political analysts use polls, betting odds, historic trends and other inputs to make their (usually wrong) political predictions. We all remember that “experts” said Hillary Clinton would win the presidency in 2016 (they gave her a 92% chance on the morning of the election), and that the UK would vote to “remain” in the EU

Read More »

HERE’S ANOTHER ELITE WITH ANOTHER PLAN TO TAX AWAY YOUR WEALTH

The elites never rest when it comes to devising new ways to take your money through taxes, inflation or outright confiscation. The latest Trojan horse the elites are riding to take your money is climate change. The climate does change over long periods of time for reasons that are not well understood except that they

Read More »
Scroll to Top