Jay Powell traded during restricted blackout period; failed to disclose most trade dates; apparently lied about muni conflict; directed massive Wall St bailouts despite conflicts
The FED was created in 1913, under the guise, that their job would be to stabilize the markets. What have been the results over the last 109 years. 1. Their policies caused the FIRST Great Depression. 2. With FED created artificial inflation, the FED has STOLEN 98% of our wealth. 3. Their Current MMT (insane) policies WILL push the US And the World into a second Great Depression, 3 TIMES BIGGER THAN THE FIRST ONE !!!! THIS IS GOING TO GET REALLY, REALLY, REALLY UGLY !!!!!
Powell was not directing the trades himself and he did not communicate it to his investment manager, but these investments are under 1% of his portfolio. If he did tell his investment manager, then there is another potential issue of insider trading. The real issue IMHO is that the Fed has increased the money base or cash (as defined by M1) from $4 Trillion to over $20 Trillion dollars since March 2020. They have destroyed the USD, and inflation will make all pay. If you want to get angry for a righteous cause, focus on the profligate spending of the Fed to prop the US Treasury and other public markets and firms without any government approval. Ask Powell where he got the authority to print 16 Trillion dollars, when the Federal government cannot pass a $1T infrastructure bill. Makes you think...
On what authority do you assert that Powell was not directing the trades himself and did not communicate it to an investment manager? We know of zero sources to support that, not even a Fed or Powell assertion. Every transaction over $1,000 is required to be reported. To our knowledge, Powell failed to file required 278-Ts or provide dates on his 278es. And many trades are outside his personal trust accounts (which we have no reason to believe are 'excepted' or 'qualified' trusts). See OGE's instructions here: https://t.co/QVkTdjGBBX
We totally agree that there are even bigger problems with lawlessness at the Fed and we highlighted some of them in the section on their unsanctioned bailouts since 2019. But we believe it's a critically important first step to hold the Chair who oversaw and orchestrated it all accountable.
Yeah Powell and the Fed have absolutely destroyed the dollar. Powell and all the other cronies have been propping up the treasury and public markets to keep the 1% aka our overlords happy and rich. It's disgusting. They are going to hyperinflate the dollar, just cause another depression, or both. These people are destroying America with their corruption and greed. It's only a matter of time until something breaks in the financial system and the 1% and all the corrupt ppl in power could care less cause they will be alright.
Maybe all "officials" (elected or not, because the Fed isn't even a government department much less elected) should have to put any stocks, bond, etc., in a holding account until they are no longer in such position.
I believe, that would also solve the life time politician matter.
If they weren't such cheaters they could have a financial advisor or such, but you know you couldn't trust that relationship.
After all, average people only have investments through IRA's, pensions, etc., and don't have near the information to sway their hard earned money.
Does it really make sense to let officials, with information average people could only hope to have, be given any more advantage than an average citizen?
The FED was created in 1913, under the guise, that their job would be to stabilize the markets. What have been the results over the last 109 years. 1. Their policies caused the FIRST Great Depression. 2. With FED created artificial inflation, the FED has STOLEN 98% of our wealth. 3. Their Current MMT (insane) policies WILL push the US And the World into a second Great Depression, 3 TIMES BIGGER THAN THE FIRST ONE !!!! THIS IS GOING TO GET REALLY, REALLY, REALLY UGLY !!!!!
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Powell was not directing the trades himself and he did not communicate it to his investment manager, but these investments are under 1% of his portfolio. If he did tell his investment manager, then there is another potential issue of insider trading. The real issue IMHO is that the Fed has increased the money base or cash (as defined by M1) from $4 Trillion to over $20 Trillion dollars since March 2020. They have destroyed the USD, and inflation will make all pay. If you want to get angry for a righteous cause, focus on the profligate spending of the Fed to prop the US Treasury and other public markets and firms without any government approval. Ask Powell where he got the authority to print 16 Trillion dollars, when the Federal government cannot pass a $1T infrastructure bill. Makes you think...
On what authority do you assert that Powell was not directing the trades himself and did not communicate it to an investment manager? We know of zero sources to support that, not even a Fed or Powell assertion. Every transaction over $1,000 is required to be reported. To our knowledge, Powell failed to file required 278-Ts or provide dates on his 278es. And many trades are outside his personal trust accounts (which we have no reason to believe are 'excepted' or 'qualified' trusts). See OGE's instructions here: https://t.co/QVkTdjGBBX
We totally agree that there are even bigger problems with lawlessness at the Fed and we highlighted some of them in the section on their unsanctioned bailouts since 2019. But we believe it's a critically important first step to hold the Chair who oversaw and orchestrated it all accountable.
Yeah Powell and the Fed have absolutely destroyed the dollar. Powell and all the other cronies have been propping up the treasury and public markets to keep the 1% aka our overlords happy and rich. It's disgusting. They are going to hyperinflate the dollar, just cause another depression, or both. These people are destroying America with their corruption and greed. It's only a matter of time until something breaks in the financial system and the 1% and all the corrupt ppl in power could care less cause they will be alright.
So...guillotine time?
Thank God somebody is speaking up about the corruption.
Maybe all "officials" (elected or not, because the Fed isn't even a government department much less elected) should have to put any stocks, bond, etc., in a holding account until they are no longer in such position.
I believe, that would also solve the life time politician matter.
If they weren't such cheaters they could have a financial advisor or such, but you know you couldn't trust that relationship.
After all, average people only have investments through IRA's, pensions, etc., and don't have near the information to sway their hard earned money.
Does it really make sense to let officials, with information average people could only hope to have, be given any more advantage than an average citizen?
TALK ABOUT INEQUITY!
I have just maxed out all of my credit cards. I have no intention of paying any of it back. Game over.
Powell using his position and influence for unfair monetary gain?? Surprise of the century! Great article, great read. Thanks for this.
Why a nameless author? If you are so confident in your accusations then stand up and be named.
You cannot compare the two.
Watergate was a big scandal politically.
But the Fed needs to be investigated, that's for sure.