U.S. Treasury Secretary Scott Bessent, a man whose life’s work seems to be “dramatically overcomplicating things,” has called for an “internal review” of the Federal Reserve—because nothing says “trust us” like a bureaucratic deep dive 🧠😂.
Bessent’s latest move is as thrilling as a spreadsheet audit, claiming the Fed needs “deeper scrutiny” after its budget ballooned to 4x its 2004 self. Spoiler: This isn’t about fiscal responsibility. It’s about power, prestige, and the existential dread of a central bank that’s basically a 24/7 money wizard 🧙♂️.
Meanwhile, Donald Trump, ever the master of “I hope you quit,” has been quietly drafting a resignation letter for Jerome Powell. Because what’s more American than a president who can’t decide if he’s a king or a comedian? 🎩🎭
“The President has said he is not going to fire Chair Powell. I was somewhat surprised that [economist] Mohamed El-Erian came out and said that [Powell should resign]. And what I’ve come out and said is that I believe that it would do Chair Powell a favor, and he would be doing the institution a favor, if he did an internal review, separate monetary policy from everything else.
And this is something that [economist and former U.S. Secretary of the Treasury] Larry Summers and I agree on, is this mission creep from the Fed is endangering their independence of monetary policy, all these other things that they’re engaging in could threaten monetary policy.
It is a big, sprawling institution. The central budget for the board is up 4x since 2004, and every institution needs to examine themselves.”
Bessent’s proposal is so thrilling, it’s like a toddler asking for a “little talk” about taxes. But hey, at least he’s not suggesting they just print more money and call it a day. 🤷♂️
“It could be a committee. It could be a group. They could invite outside experts in. The Bank of England after the 2022 rate hike shock went back and did a very good examination of what went wrong with monetary policy that brought in outside experts. I think an internal review would be a good start. And if the internal review didn’t look like it was serious, then maybe their could be an external review.”
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2025-07-23 23:02