You Got Trumped! Trump not yellin’ about Yellen anymore!

Knave Dave's picture

The following article by David Haggith was published on The Great Recession Blog

central banker mutual admiration

Having castigated Janet Yellen for keeping interest rates artificially low in order to help the Obama Administration keep a Democrat in the White House, Trump now likes Janet Yellen and likes low interest rates, too — so much so that he decided this week that it is finally time to get honest with America about his latest flip-flop:

 

 

“I do like a low-interest rate policy, I must be honest with you. I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting—that will hurt ultimately,” he added. “Look, there’s some very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good.” (The Wall Street Journal)

 

Trump does know a lot about what sounds good. Candidate Trump always said he loved a strong dollar. Now that he’s the president who benefits from this easy economic juice, he’s reversed positions on low interest and high dollar. Some of Trump’s supporters might wish he’d gotten honest with them about all of this a lot sooner, instead of just sounding good because this month brought another massive change from a guy whose orange color and constant flip-flopping make him look more like King Salmon than anti-establishment president.

He is, at least, the king of flip flops on this issue where he has bounced back and forth more than on most other issues:

 

Trump has changed his view of Yellen and interest rate policy on multiple occasions…. “Janet Yellen should have raised the rates. She’s not doing it because the Obama administration and the president doesn’t want her to,” Trump said in 2015…. Early in his campaign, Trump’s interest rate policy was in sync with Yellen, adding she was a very capable person. “She’s a low-interest-rate person, she’s always been a low-interest-rate person. And I must be honest, I’m a low-interest-rate person,” Trump told CNBC in 2015. A week later, Trump doubled down on his low rate policy, saying higher rates would be a disaster for the economy…. Then he hit the campaign trail, where he told his voters (predominantly middle- and lower-middle class) that the Fed’s low interest rate policy had lead to vast inequality, leaving many in the middle class behind. While campaigning in Ohio, Trump said the Fed’s low interest policy had created a “false economy.” He said monetary policy needed to change, to provide a true reflection of asset prices. “At some point, the rates are going to have to change. The only thing that is strong is the artificial stock market,” Trump said at a rally in Ohio…. then there’s the time he said she should be “ashamed” of her low interest rate policy. (Investopedia)

 

A lot of Candidate Trump’s supporters liked it when he often hinted that Janet Yellen would have to go once he got elected, just like they liked it when he was going to lock up crooked Hillary. Last Wednesday, however, Trump aligned himself completely with the nation’s central bank even to the point of indicating he may actually reappoint Janet Yellen for a second four-year term as Fed Head.

Just as Hillary and Bill became “good people” as soon as Trump won the election, so Yellen is now a person about whom he says, “I like her, I respect her.” Is that any wonder, since Trump’s Goldman Boys, Steven Mnuchin and Gary Cohn, have done nothing but praise Fed Chair Janet Yellen?

In an article last year, “Trumponomics: Going for a Ride on the Trump Train,” I warned that Trump’s Goldman-Sachs cabinet members were an almost certain sign of where his administration would head once he got in office. A lot of readers on Zero Hedge were upset that I wasn’t giving Trump a chance to even get into office before I pointed out that Trump’s promises were going to run off the rails quickly, but I call things as I see them, regardless of how popular that is.

(Many thought Trump calls things as he sees them, but it looks increasingly that he calls them as he finds expedient, for he knew his road to success was to tap into legitimate rage against the establishment, feed it, and present himself as the champion to fight the establishment. So much for that battle, for few people could be put in charge of the monetary system that are more establishment than Janet Yellen.)

I hit that theme even harder in another article after the election, and lost even more readers for not taking the side of the anti-establishment candidate. (See: “Team Trump (Pt 3): Trunk Loads of Establishment Baggage” where I said, “Trump’s process looks a lot less like draining the swamp and more like putting the alligators in charge of protecting the flamingos.“)

That was then, and now here we are … exactly where I said it looked like we’d be. Will any of those readers who stormed off mad because I was pointing out danger signs in the establishment candidate now come back? I doubt it, but I write what I believe is true, even when I am certain it will only anger my anti-establishment base.

In the “Baggage” article, I pointed out that Trump had already backtracked on Hillary; so it shouldn’t come as any surprise that he just backtracked without blinking an eye on Yellen now that his presidency will benefit from Fed leniency. It is hard to lose faith in your candidate, so some readers at the time concocted a dream that Trump was shrewdly pretending Hillary was OK just so Obama wouldn’t feel the need to pardon her. (You know, playing 4D chess with his opponents.) That way, as soon as Trump got in office, he could lock her up.

Have you seen any moves to lock up crooked Hillary? Seems that conversation is completely over.

Hillary won’t ever get locked up by Trump, and Yellen won’t be “toast” either (unless, of course, she lets her fake recovery blow up on Trump’s watch). To soften the way for her second term, Trump noted about the position of the Fed chair, “It’s not easy to find somebody who is going to have credibility in that job.” Apparently, he now sees her as one of the few people who have credibility. Yikes! As I recall, Alan Greenspan, who played a huge role in setting up the Great Recession, succeeded in getting things built up to such high crash levels because he had so much credibility that no one in congress seriously questioned his ever-loosening terms of credit.

The bottom line is that Yellen’s Federal Reserve remains fully in charge of the economy, and the Fed is nothing but a legal cabal of the nations greatest bankers. (If you are not aware of how the Fed is NOT government and is owned wholly by banks, read “The US Federal Reserve for Dummies: What is the Federal Reserve System and What is the Gold Standard?.”

The truth is Trump sees rising interest as rapidly eroding the hopes for his stimulus plan, which depends on a huge increase of debt at a low level of interest — another problem I pointed out last year when I wrote about how Trump’s stimulus plan contains the seeds of its own destruction.

If you hoped a vote for Trump would reform the Fed, guess again. Trump isn’t even going to reform monetary policy as the chosen way to stimulate the economy, much less audit the Fed, much less do away with a cabal of banksters owning the US monetary system. A vote for Trump was a vote for more of the same when it comes to the Fed and it economic recovery program … until it all comes crashing down of its own dead weight.

Trump also recently reversed his long-held position that the Export-Import Bank (which loans taxpayer money to aid big businesses like Boeing) should be defunded. Sounds like the Goldman Boys are, indeed, in the economic driver’s seat at the White House. Trump likes whatever they like.

 

The first article in this series was You Got Trumped! Winning horse in presidential race was Trojan. Tomorrow’s article will be about Trump’s taxing switches in tax plans (now working on his fourth major rendition since he was Candidate Trump, having apparently dumped the Kudlow-Moore plan).

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WTFUD's picture

Is Donald Trump, Prescott Sheldon Bush's, illegitimate offspring or just an ordinary Bastard?

TePikoElPozo's picture

i only voted for trump because i like grabbing women by the pussy

UndertheDRADIS's picture

If one is famous, they let you.

WTFUD's picture

You got your hand's full!

TeethVillage88s's picture

Son, Just stay calm. We have seen these Swarming Attacks for some time now.

Big Swarming Attacks:

- 97 different kinds of Taxes:
- 75,000 Pages in the Federal Register of Regulations
- 74,000 Pages in the IRS Income Tax Rules
- 2,700 Pages in ACA (Obama Care) Initially, but more than 20,000 pages with all other related regulations
- Downtown Philly, Orlando, & California
- Al-CIA-Duh in M.E., Africa, Europe, Sweden, Norway,...

Economist has NEGATIVE $750 Billion Trade Balance.

http://www.economist.com/node/21604509

Trade balance Current-account balance Currency units Budget balance Interest rates
Country latest 12 months, $bn latest 12 months, $bn % of GDP, 2016* Feb 16th, per $ year ago, per $ % of GDP 2016* 3-month latest 10-year government bonds, latest
United States -750.1Dec

- Everyone Stay Calm
- Everything is going to be OKAY
- Trade Deficit Swarm Attack is very Old, Has been going on since 1979
- No one is eating mud or dirt yet...
- Trade Crisis & Currency Crisis combined since 2010 as per Jim Rickards
- Low Federal Interest Rates since dot com crisis 2000 or 16 YEARS
- High Consumer Debt Levels since 1999 or 17 YEARS (Now $2.5 Trillion in Tuition & Autos)
- $3.8 Trillion Total Consumer Debt
- $9 Trillion in Housing/Mortgage Debt
- $32 Trillion in Foreign Ownership/Investment in Property in USA
- $20 Trillion in Federal Debt
- $65 Trillion in Total US Debt of all kinds
- Medicare/Medicaid are Broke
- Pension Bailouts are $6 Billion a year (PBGC)(see MTS Treasury Statement)
- Social Security will run out in 20 years
- Pensions, Trusts, Foundations, Insurance all must invest in Risky Complicated Products due to LIRP/ZIRP/NIRP

https://www.federalreserve.gov/releases/g19/current/
https://www.newyorkfed.org/microeconomics/hhdc.html

But plenty of people are buying Tattoos and Obama Guns, so there is still some slush money.

artichoke's picture

Dishonest article!

I don't remember Trump pushing for a strong dollar on the campaign trail.  The article doesn't cite much either.  The quotes provided don't say what the author says he does.

I knew Trump wanted a weak dollar because he wants to export.  Didn't we all pass third grade with flying colors?  And I assumed the reason he would want to get rid of Yellen was that she was protecting Obama but would leave all the hard times for him, Trump.  And that's exactly what she started off to do.

But now Trump seems to be saying to her -- hold off on the tightening and you may still have a job.  Negotiation!

Consuelo's picture

 

 

"I knew Trump wanted a weak dollar because he wants to export.  Didn't we all pass third grade with flying colors?"

 

If 3rd grade post 1971, then well I guess your point may be valid...

 

Given a strong domestic manufacturing/producing/savings-based economy, there is NEVER anything wrong with a strong domestic currency.

WTFUD's picture

Arty, i was in denial also, brother! Let it go, the Man couldn't give a flying fuck about you or any other MARK.

steve2241's picture

But Trump's base WANTED tightening!  That's why they elected him.  It was a pocketbook issue.  0% interest rates have taken their toll.  Trump is continuing on the same path as Obama.  AMERICA FIRST! NOT INTERNATIONALISM!!  Trump is showing his true colors, and it's the color of a Globalist.

highwaytoserfdom's picture

moar regime change.  CFR tri lateral Drug,Police,Spy, freedom killing MIC not so much effected. 

 

Skoikovo key partners and deep state  globalist still  Large and in charge.

https://sk.ru/news/b/articles/archive/2014/11/13/key-skolkovo-partners-m...

USSA USSA USSA USSA

"sweet Caroline" "sweet Caroline" "sweet Caroline" "sweet Caroline" "sweet Caroline" "sweet Caroline"

aliens is here's picture

I might not like what he is doing but the other option is Hillary.

WTFUD's picture

The Hillary card's gonna become as old hat as the holocaust one . . . soon.

We need to face up to the fact we've been SHAFTED, yet again, band together and let this cunt know, that we know ( not that it'll make the slightest iota of a difference to him, mind you - as he's a bigger Sociopath than Obama ).

roadhazard's picture

He could build a Wall around the Fed... Baahahahahaha

jus_lite_reading's picture

Wait. That's a great idea actually.

Knave Dave's picture

Better yet, turn the beltway in Washington into one, and then put a dome over it. Make it deep so they can't tunnel out either. Problems solved.

Conax's picture

He got elected by saying all the popular things he could.

The left was already in Hil's bag. The Big Government Repuglickers hated him, sooo he looked over the landscape and saw a large demographic not represented, us, the small gov't, anti-nwo, anti illegal immigration crowd and said, "Eurethra! I shall play to them!"

Now he says what the real power wants to hear, ie, ZIRP! WAR! Rak rak rak!

It's very popular with them.

Now we are not represented again. C'est la Vie.

TeethVillage88s's picture

Michael Jones did a book intro on youtube in which he stated that the first real populist presidential candidate was William Jennings Bryan. Barren Metal was the book. Kinda liked the video... it is like 20 minutes or more long.

They took out William Jennings Bryan and his farmer base. Later I guess things were resolved with the farmers with new kind of Insurance or something that allowed the businesses to continue.

Populism.

Yeah he played to it. And he will have to keep playing to the public as insurance against the RINOs, GOP, and Progressive Globalists.

All we get is a bunch of Elitist Stiffs, Status Quo all over again.

- Let's Talk about the War on the Middle Class
- Let's Talk about the Wealth Destruction of poor & middle Class
- Let's talk about how we can no longer pass wealth down to other family unless we are wickedly rich in most cases... we end up having to sell or become property renters to make utility payments, property tax payments, inflated maintenance costs (planned inflation),... and investments normally are pretax even when we die after 70 years old

veeger's picture

i could not let , eurethra ,  go by without an up-vote 

Conax's picture

He pisses down our backs and tells us it's rainin'.

TeethVillage88s's picture

PNAC & DNC USSA Empire... Progressive wars for campaign contributions... NeoLiberal & Neocon Wars for their campaign contributors.

PNAC = PNAC 2.0 = Center for New American Security (CNAS) Kagen at lead

- Center for New American Security
- European Royalty
- Vatican Investment Club (meets on Thursday afternoons)
- Foreign Agent PACs
- Empire of the USSR & Mao was so inspirational

ToSoft4Truth's picture

Trump is in negotiation against Americans.  He thinks we are suckers, and he's right. 

Sir Edge's picture

.

Dear America,

.......... Your Fired... DJT

veeger's picture

insanity = repeatedly voting for psycopathic scum and expecting them to act like a normal person.

Peterman333's picture

Option was Hillary Dave, dv all you like.

Knave Dave's picture

She's looking better by the day!

 

(Which makes this a truly pathetic state of affairs.)

Wulfkind's picture

You had an option.  Don't vote. 

Peterman333's picture

Nope, that was NOT an option because that was effectively a vote for HIllary. Also there are a lot of "never trumpers" and HIllary supporter trolls doing their trolling here and writing yet another "you got trumped" article.

Knave Dave's picture

Thanks for the example of how denial works. Keep telling yourself that's all this is and that Trump is really a genius who is playing 10D chess, tricking the establishment to thinking they are getting their way almost 100% of the time ... and then, all of a sudden, he's going to say, "check mate," and they're going to all turn blue and die. Keep livin' the dream, man, because that's all you have left -- the dream of what Trump is going to do for you. Unless...

 

Unless... you actually are an establishment-supporter troll doing your trolling here and writing yet another comment to convince all the anti-establishment types that the Trump Train is right on track, so cut him some slack and wait for the moment of superior intellect and great genius to manifest. And why would you do that? To keep the train going further toward your destination before the anti-establishment folk take out a rail.

BuckWild's picture

lol you actually think the selections are real exercises in democracy? Lets start with America is not a Democracy and was never intended to be.

Lol they are laughing at the stupid Americans that think they can Vote and make a Difference.

 

I read Zero Hedge to see how brain dead and blind the American people are. They never cease to amaze me with their foolish ignorance.

I would say more than 90 percent don't have a clue about anything but where their asshole is located!

veeger's picture

the solution was written into the constitution;;;;;enemies foreign and DOMESTIC

BobEore's picture

Wrong.

Option was breaking out of the red/blue talmudist team sport rut. Refusing to bow to the tyranny of rigged "democracy." But Merikans are waiting for a Popular Mechanics article telling them how to assemble a  real resistance to State Terror and foreign agents. In fifteen minutes, for less than three bucks. Or it's not on.

"We had no choice" "Who could have seen it" "The Dog ate my homework"

Sad.

Peterman333's picture

Great then, lead the revolution big guy, the pioneers get the arrows.

BobEore's picture

"Revolution" is an entirely talmudic concept - "pioneered" by the Ashkenazi of east Europe... in the manner of what Stephen Jones calls "The Jewish Revolutionary Spirit."

I said 'breaking out of' the talmudist team sport rut... not buying into this year's new packaging of the same ol same ol!

steve2241's picture

One-Term President.

Consuelo's picture

 

 

Au contraire, mon frère...

 

He does what he's told and sticks to the plan, a 2nd term is all but guaranteed.   Just like his predecessor.   What - you think the people have any say here...???

St. Alphonzo's picture

He is flip-flopping like a shark in the bilge of a boat....some can be explained by situational circumstances but getting too prevalent....i am frankly nervous since I voted for DJT with high conviction

Knave Dave's picture

And, at least, you are honest enough to admit the size of the problems you are now seeing. Read the comments hear and see how many refuse to see reality, even when it is unfolding in terms that starkly contradict nearly everything they were promised. (Not QUITE everything because you have to throw a bone to walking dead once in awhile to keep them from eating you.)

So, you are walking alive with your eyes wide open and seeing what you don't want to see. The next step is accepting the truth you don't want to accept; but you're giving hope a little more time, which is understandable because it's hard to let hope go. At least, you are seeing straight. Yes, what your eyes and ears are telling you is true, and with each passing day that becomes more evident.

JRev's picture

I tried to tell y'all.

Donald Trump is Barack Obama for white people. 

Nobody listened...

jus_lite_reading's picture

Newbie troll alert. Go back to Salon bitch.

Trump never lets anyone really know what he is really going to do so if you fall for a bullshit article like this then you might as well become a Democrap and lick Obunghole's asshole clean.

What will you cocksuckers say when he accomplishes most of what he campaigned for? Will you retract your statement and throw your support behind him?

I'm all for keeping a fire lit under his feet but let's be real - he's not the Master of the universe. 100 days in and he's accomplished more than the last 4 dickwads combined.

Knave Dave's picture

Unfortunately, most of his accomplishments have been goals that he scored for the other team. Someone needs to turn him around and get him to slap the puck in the right direction. In the meantime, you need to start wearing a helmut because it's obvious that a few of Trump's misfires have hit you in the head.

jus_lite_reading's picture

Allow me to clarify a few things:

Trump is not going to be able to turn this ship around. I do believe that in the long run, America, just like Europe, is FUBAR'ed and a sort of Balkanization will take place, leading to an outright bloody civil conflict. The radical left wants their "progressive" borderless NWO future whereas conservatives and libertarians like moi, want our freedom and big gov out of our lives as much as possible. Bottom line -- We're headed for conflict no matter what. History has a very strange way of rhyming every ~80 years. I also think everyone here understands that and didn't vote for Trump because he would be able to fix anything, only retard the decay of the last 100 years to buy us some time. IMO the SCOTUS pick alone was worth the entire election and I'll continue to support him until he proves to be another NWO shill.

BobEore's picture

KnaveDave's first installment on the Truncated Time of Trump got the bum's rush here yesterday... along with several other threads where pesky posters hit bulleyes in the immediate vicinity of Trumptards' most tender rash burns. So I'll jus recycle this most excellent response to the community of buttons boyz at large.... who continue to confuse the vote meter with a defense of their obvious serial amnesia...

Don't rock the boat Dave! It's still too soon to deliver the post-mortem on the Drumpster.

It's all too clear that first we are going to have to go through a "neo-Trumptard" phase... where dead-enders who never give up on the hopey-changey hopium are waiting for a sign that "the Real Donald J Trump"... is gonna come out from under the bed... where he's been playing 4-D chess all this time...

and prove that they were 'right all along'... it's too soon to give up on the man... it's only been

a month

three months

half a year

one term

four moar wars...

A G A M dudes.