Trump’s Fed Firing Fiasco: When Making Waves Gets You All Wet!

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Ah, dear old Anthony Pompliano, the crypto chap with the knack for stirring the pot, has thrown his two bits into the presidential tempest. He reckons that our amiable President Trump ought not to follow through on his rather energetic threat to boot the head honcho of the US Federal Reserve. According to Pompliano, doing so would be about as prudent as juggling custard. 🍮

“I do not believe that the President of these United States should march in like a bull at a china shop and give the Fed President his marching orders,” Pompliano opined rather seriously in a video posted on that chatterbox of the internet, X, on the 18th of April.

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Our man Pompliano, with the air of a chap who’s been around the block a time or two, declared, “If you’re going to start sacking people every time you don’t see eye to eye, well, we’d all be unemployed by tea time. That’s not the sort of sport one wants to sign up for.”

“To dismiss the Fed chairman over a spat? That’s a precedent stickier than Aunt Agatha’s toffee pudding.”

The drama reached a crescendo after President Trump took to his own bandwagon on Truth Social, wagging a pointed finger at Fed chair Jerome Powell, accusing the fellow of dilly-dallying on those pesky interest rate cuts. “Powell’s termination cannot come fast enough!” thundered the Commander-in-Chief on April 17. One can almost hear the brass band.

Fed Chairman Powell looking pensive

Pompliano, ever the pragmatist, conceded that while the Fed is supposed to be as independent as a cat with a saucer of cream, it’s more like a cat on a leash at a dog show. “Highly politicized,” he called it – not quite the solo act it likes to pretend.

Now, Pompliano admits he’s not exactly sending roses to the Fed’s address himself, but he urges restraint: “Just because your neighbour’s had a barney doesn’t mean you should set fire to the garden shed. There are limits to squabbling, after all.”

Meanwhile, Senator Elizabeth Warren, no shrinking violet herself, chipped in with a warning about the potential calamity awaiting if Trump pulls Powell’s chair from under him. Investor confidence might take a nosedive, and not the sort that wins you any bets. “Our economy’s strength is partly built on the idea that big fellows in high places don’t tango to the tune of politics,” she intoned on CNBC.

For those keeping score, lower interest rates tend to lubricate the financial joints, making the prices of cheeky assets like Bitcoin and other cryptocurrencies shoot up like a bottle rocket on a midsummer night. 🎇

And lest you think Powell remains a distant curmudgeon, he recently sang a slightly different tune about stablecoins, calling for a proper legal framework. At an April 16 panel in Chicago, he remarked, “The climate’s shifting, and stablecoins are moving from the fringe to the main stage, so Congress is poking about trying to make some rules.” It seems even central bankers can’t resist joining the party.

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2025-04-19 09:08