Admiral Beez
Superstar
He’s not going to seize all of Greenland. But I expect Trump will test the waters and declare that the US base there is now sovereign US territory.
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President Donald Trump's United States of America
- Thread starter Monarch Butterfly
- Start date
thettctransitfanatic
Senior Member
Statement from Federal Reserve Chair Jerome H. Powell
Good evening. On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testi
www.federalreserve.gov
Statement from Federal Reserve Chair Jerome H. Powell
Chair Jerome H. Powell
Good evening.
On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.
I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.
This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.
This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.
I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.
Thank you.
Richard White
Senior Member
Statement from Federal Reserve Chair Jerome H. Powell
Good evening. On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testiwww.federalreserve.gov
Statement from Federal Reserve Chair Jerome H. Powell
Chair Jerome H. Powell
Good evening.
On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.
I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.
This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.
This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.
I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.
Thank you.
Somehow I don't think the markets will take kindly to this.
thettctransitfanatic
Senior Member
Sure but the fact that the Reserve Chair has to put a video out like this says a lot... Trump wants to use Powell as a scapegoat for the economic situation in the US.
Richard White
Senior Member
That infighting will spook people. They will start to question the US financial system and the independence of the federal reserve.
I'm so glad the midterms are this year.
thettctransitfanatic
Senior Member
Trump is pulling an Orban with this. Orban frequently attacked the central banks in Hungary, and hell, our PM was constantly attacked by Brexiteers as Governor of BOE. It's good the midterms this year, but count me cynical that it will change too much beyond maybe a bit more pushback against the worst of the insanity...
thettctransitfanatic
Senior Member
After market reaction to Jerome Powell address:
UtakataNoAnnex
Superstar
Prosecuting the federal Reserve folks won't solve their country's dire economic situation. Prosecuting the Administration might...
thettctransitfanatic
Senior Member
Trump's just mad that Powell won't lower interest rates... it sucks that NO ONE wants to impeach this goblin.
He needs more than impeachment. He has already been impeached twice.
Full Metal Junkie
Active Member
Yes, Trump is dismantling Pax Americana faster than Delta Force can storm a Caracas villa.
That's not what I'm talking about though. US invading Greenland a will not cause WWIII on its own. It's not like EU will retaliate. They may quit NATO, and that's not even something I'd like to think about as a hypothetical. But they won't start the war against the US.
The reason I see US actions against Venezuela, Greenland, and Cuba as something leading to WWIII is because is seems a lot like shaping operations. It is something US might do to prevent China from having A2AD foothold anywhere near US Navy operations. And it is something China will take as such and decide to ratchet its military buildup as the result.
And if US can just decide to bend Venezuela to its will, then why would China not be allowed to take Taiwan?
If Putin Can have Crimea, if Trump can have Greenland, then surely Xi can have a tiny little island of Taiwan, no?
And that's how WWIII starts.
narduch
Senior Member
I'm confused as why you think China taking Taiwan would spark WWIII specifically?
Do the Americans care that much about Taiwan?
If anything we are heading to a new kinda Cold War
Full Metal Junkie
Active Member
Taiwan has a near monopoly on semiconductors and microchip production (~90% of global output) and it is not something that can be easily replaced. It's been years and hundreds of billions of dollars since Biden's Chips & Science Act was passed, yet the US still has very little to show in terms of semiconductor production. Having Taiwan fall into China's hands is not something US can afford. They will fight with China over having access to semiconductors - the lifeblood of 21st century tech. They will drag South Korea, Japan, Philippines and possibly Australia into it.
And judging by the types and amount of military equipment China is currently building, invasion of Taiwan seems to be exactly what they are building up to.
For example, they're building ships en masse that are tailor-made for amphibious invasion of a coastline:
The Chinese Amphibious Bridging System - Stairway To Taiwan
New imagery of an intriguing Chinese amphibious bridging system provides more detail on notional approaches for a PLA-invasion of Taiwan.
www.navalnews.com
So China is serious about taking Taiwan by force and the US foreign policy looks like it's serious about not letting them. If that's not a recipe for a global-scale conflict, I don't know what is.
kEiThZ
Superstar
I can see your logic. But from a purely pragmatic/Machiavellian perspective, alienating allies doesn't help. If the USN has to commit more resources to the GIUK, that's less resources elsewhere.
Broadly, I don't think Trump and his advisors (like Miller) are that bright. They are running off vibes. Notably, that "might makes right". And when it fails, we'll see the next step in the fascist playbook: the gaslighting. "We got stabbed in the back. That's why this (dumb) plan didn't work."
China is already building up as fast as it can without actual wartime mobilization. Before Trump, I had already seen notes at work that we need to be ready for some kind of Chinese action long before the end of the decade. I think what emboldens China is the idea that Trump might not respond. And this talk of spheres of influence is music to their ears. Also helps that the US is in chaos internally and has alienated a whole bunch of allies outside their region.
That actually doesn't lead to WWIII. That leads to the Great Power carving up the rest of the world. Of course, it isn't going to be so neat. What happens when SK and Japan develop nukes to guarantee their own security? Taiwan had a nuclear program at one point. And there are two European nuclear powers leading a continent that could dwarf Russia on the battlefield with enough political will. But that's not WWIII. The Great Powers won't be fighting each other. They'll be fighting to dominate their spheres of influence. And probably mostly failing.
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afransen
Senior Member
Semiconductor manufacturing is heavily reliant on the Dutch firm ASML that makes the lithography machines. Makes one wonder if alienating Europe is a wise idea...Taiwan has a near monopoly on semiconductors and microchip production (~90% of global output) and it is not something that can be easily replaced. It's been years and hundreds of billions of dollars since Biden's Chips & Science Act was passed, yet the US still has very little to show in terms of semiconductor production. Having Taiwan fall into China's hands is not something US can afford. They will fight with China over having access to semiconductors - the lifeblood of 21st century tech. They will drag South Korea, Japan, Philippines and possibly Australia into it.
And judging by the types and amount of military equipment China is currently building, invasion of Taiwan seems to be exactly what they are building up to.
For example, they're building ships en masse that are tailor-made for amphibious invasion of a coastline:
You don't build ships like that unless you have a coastline in mind that needs invading.The Chinese Amphibious Bridging System - Stairway To Taiwan
New imagery of an intriguing Chinese amphibious bridging system provides more detail on notional approaches for a PLA-invasion of Taiwan.
So China is serious about taking Taiwan by force and the US foreign policy looks like it's serious about not letting them. If that's not a recipe for a global-scale conflict, I don't know what is.