Economist Justin Wolfers slammed the latest escalation in the feud between President Donald Trump and Federal Reserve Chair Jerome Powell, after the Justice Department threatened the central bank with a “criminal indictment” over its multi-billion-dollar headquarters renovation project.
This Is The Stuff of ‘Tin-Pot Dictators’
On Tuesday, Wolfers said that the Trump administration’s move was “unprecedented,” since it involves “the president threatening the Fed chair with jail,” while appearing on MS Now.
Underscoring the gravity of the situation, Wolfers said that while this was the first time a Fed Chair has been threatened with jail for “upsetting the president in U.S. history,” such authoritarian tactics have played out in countries like “Argentina, Russia, Turkey, Venezuela, and Zimbabwe.”
“This is the stuff of tin-pot dictators,” he said, while noting that it was precisely the sort of action that would precede a “hyperinflation,” adding that it was “the sort of story that never ends well.”
Despite the severity of this threat, the markets have reacted …Full story available on Benzinga.com
Netflix preparing all-cash offer for Warner Bros to fend off Paramount
...
Read moreDetails