It would appear that the Trump administration is well along the way to its side of new Federal Reserve Board member Steve Miran’s chimeric Mar-a-Lago Accord, which includes: a) deliberately inducing a devaluation of the dollar; b) inflating away the U.S. government debt; c) driving down interest rates to reduce government debt payments; d) getting foreign Treasury holders to purchase 100-year Treasuries; e) bringing on a recession/depression—and, oh yes, f) churn out gazillions of dollars of worthless crypto-currency to try to prop up the financial speculative bubble, which this gambit is completely committed to maintaining at all costs.
Although they share that end result, British financial media such as Financial Times and The Economist aren’t convinced of the wisdom of this approach to get there.
To wit: The Financial Times wrote that Trump’s attempted firing of Lisa Cook from the Fed “could undermine faith in the world’s most important central bank.” This could all backfire: “Investors are betting that increased political pressure will lead to lower rates in the short term but higher rates in the future as Fed officials are forced to fight higher inflation.”
