Trump Is Getting Closer to Having an 'Infinite Money Pit'

3 hours ago

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Trump is close to taking over the Federal Reserve, which would give him significant power over the economy.
The Federal Reserve has extensive authority, including setting interest rates, controlling money supply, and lending to various entities without strict limits.
Trump could use the Fed's lending power to reward allies, fund favored industries, or even support his own businesses.
Control of the Fed could also allow Trump to punish enemies by cutting off their access to the financial system, similar to how cannabis businesses were debanked.
Legal experts suggest there are few checks on the Fed's power, making it difficult to stop Trump from exploiting it.
Congress could intervene by amending the Federal Reserve Act, but this would require a two-thirds majority to override a veto.
The Supreme Court's decision on whether Trump can fire Federal Reserve Governor Lisa Cook will be pivotal in determining the future of the Fed's independence.

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