He is a figurehead so nobody will snoop around to see how things are really done.
The FOMC has only one job: Decide on their preferred target rate for the Federal Funds Rate, which is only the rate that they would like banks to charge each other for overnight lending.
As an overnight rate, it has no effect at all on the economy. It can used, though, as a basis for banks to set their prime rate, which affects their other rates.
But the real interest rates that drive the economy are in the private sector: 10-year treasury bond yields (which are what the mortgage industry uses to determine mortgage rates) and similar.
The Board of Governors only sets the Discount Rate, which is the rates banks are charged if they borrow directly from the Fed, which they are not supposed to do except in emergencies.
The POTUS appoints the members, but what power do they REALLY have?
The real power to create wealth from nothing is done through money printing AND by dishing out money to whomever the hell they want to. There are no real audits of where the money goes, so the whole thing is a big mystery.
The money printing is done at the New York Federal Reserve Bank. I suspect that whoever calls the shots there is who REALLY runs the show, and they tell Powell what to do.
The only issue with what you say is that if Powell didn't have any power at all, we'd still be at or very near the zero bound. In an election year, rates would be lowering. I think there'll be a rate hike by June.
No, what I mean is that Powell is just the puppet of the people who have the real power.
They tell him what to do, and then he goes out and does it, and makes up whatever bullshit excuse he and his speechwriters can come up with.
Also the president of the NY Fed is the only FOMC member who has a permanent seat. All the others rotate.
So, with with the Chair and NY Pres doing what they are told, they can control what happens in those meetings.
Even if they really do decide the Fed Funds Rate for themselves, it is not really all that important, when the printing press is controlled by someone else.
The reason I say this is because I cannot answer this question: If the Rothschild types were the ones who set up the Federal Reserve in the first place (at their meeting at Jeckyll Island in 1912), then why would they EVER give up that power -- wouldn't they just give the illusion that the Fed is controlled by the US government, when in fact they have maintained behind-the-scenes control this whole time?
Maybe you can answer that question; I can't.
There is one other point: The president of the NY Fed is often the person who eventually becomes Secretary of the US Treasury.
All I can say is that perhaps with that one Trump executive order, the Fed was literally seized from the Rothschilds. Shrug
It could even be that the Rothschilds lost control of the Fed long ago. There are more than a single group like them, all vying for control with their own added little flair, even if their end goals are generally aligned.
The way I see it, everything right now is a race to 2025. From the economies of the world to Ukraine and Israel. The cabals aren't winning as much as they were. And these higher rates are bleeding Europe dry. We pretty much declared war on Europe by moving from LIBOR to SOFR. If the NY Fed CEO was the one in control and was owned by the cabal, rates would have gone down, and some sort of magical bullshit would have happened to make Bidenonmics work.
Yellen was placed in the treasury as a counter to someone. And I don't believe it's working.
I don't think Powell has any power ... at all.
He is a figurehead so nobody will snoop around to see how things are really done.
The FOMC has only one job: Decide on their preferred target rate for the Federal Funds Rate, which is only the rate that they would like banks to charge each other for overnight lending.
As an overnight rate, it has no effect at all on the economy. It can used, though, as a basis for banks to set their prime rate, which affects their other rates.
But the real interest rates that drive the economy are in the private sector: 10-year treasury bond yields (which are what the mortgage industry uses to determine mortgage rates) and similar.
The Board of Governors only sets the Discount Rate, which is the rates banks are charged if they borrow directly from the Fed, which they are not supposed to do except in emergencies.
The POTUS appoints the members, but what power do they REALLY have?
The real power to create wealth from nothing is done through money printing AND by dishing out money to whomever the hell they want to. There are no real audits of where the money goes, so the whole thing is a big mystery.
The money printing is done at the New York Federal Reserve Bank. I suspect that whoever calls the shots there is who REALLY runs the show, and they tell Powell what to do.
The entire thing is a con, from top to bottom.
The only issue with what you say is that if Powell didn't have any power at all, we'd still be at or very near the zero bound. In an election year, rates would be lowering. I think there'll be a rate hike by June.
No, what I mean is that Powell is just the puppet of the people who have the real power.
They tell him what to do, and then he goes out and does it, and makes up whatever bullshit excuse he and his speechwriters can come up with.
Also the president of the NY Fed is the only FOMC member who has a permanent seat. All the others rotate.
So, with with the Chair and NY Pres doing what they are told, they can control what happens in those meetings.
Even if they really do decide the Fed Funds Rate for themselves, it is not really all that important, when the printing press is controlled by someone else.
The reason I say this is because I cannot answer this question: If the Rothschild types were the ones who set up the Federal Reserve in the first place (at their meeting at Jeckyll Island in 1912), then why would they EVER give up that power -- wouldn't they just give the illusion that the Fed is controlled by the US government, when in fact they have maintained behind-the-scenes control this whole time?
Maybe you can answer that question; I can't.
There is one other point: The president of the NY Fed is often the person who eventually becomes Secretary of the US Treasury.
Why?
All I can say is that perhaps with that one Trump executive order, the Fed was literally seized from the Rothschilds. Shrug
It could even be that the Rothschilds lost control of the Fed long ago. There are more than a single group like them, all vying for control with their own added little flair, even if their end goals are generally aligned.
The way I see it, everything right now is a race to 2025. From the economies of the world to Ukraine and Israel. The cabals aren't winning as much as they were. And these higher rates are bleeding Europe dry. We pretty much declared war on Europe by moving from LIBOR to SOFR. If the NY Fed CEO was the one in control and was owned by the cabal, rates would have gone down, and some sort of magical bullshit would have happened to make Bidenonmics work.
Yellen was placed in the treasury as a counter to someone. And I don't believe it's working.