While Donald Trump’s attacks on the Fed are deeply authoritarian, the institution itself is far from blameworthy. From the 2008 crash to the pandemic, its primary aim has been to protect the interests of the wealthy.

Since the start of his second term, Donald Trump has relentlessly pushed Federal Reserve (Fed) chairman Jerome Powell to cut interest rates. He’s called Powell every name from a “numbskull” who “makes it hard for people to buy houses” to a “stubborn mule” and “major loser,” and consistently threatens to remove his appointment despite the dubious legality. This month, Trump escalated attacks by firing a top Fed official, Governor Lisa Cook, over mortgage fraud allegations. She’s said she has no plans to step down, and has argued the courts will find the decision “unlawful and

See Full Page