Threats to the Fed go beyond firing Powell
‘Populist authoritarian’ blogger Curtis Yarvin’s ideas are going ever more mainstream in Trump’s Washington – and investors should be worried
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A COUPLE of weeks ago, I swopped ideas about the Federal Reserve with Curtis Yarvin – the self-styled “populist authoritarian” blogger who recently gave political advice to Elon Musk.
His thoughts might make Fed watchers blanch. The issue is not just with President Donald Trump’s ever-escalating threats to fire Fed chair Jerome Powell; Yarvin also wants Trump to smash the Fed’s independence by putting it under the sway of the Treasury, so it can restructure America’s US$37 trillion debt and “unplug” its finance from the rest of the world.
“My audacious plan is to merge the Fed and Treasury, and revalue assets,” he explained. “It is very incorrect to regard Treasury obligations as debt – they are restricted stock.”
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