The Supreme Court, Jerome Powell Fed Chair and Trump – Why we have Much to Fear

First a quick update on Bunk’s Covid…. I am starting to make some progress and still a good way to go. More about that at a later date, but thanks so much for all the prayers and best wishes.

Our intrepid Mustang who comments and posts occasionally spurred me on in a note of concern regarding the latest Supreme court ruling yesterday.

The three liberal members of the court dissented from the decision by six conservative justices, which keeps Wilcox and Harris off their boards as their lawsuit challenging their terminations is pending.

While Thursday’s decision does not explicitly bar Trump — or any other president — from firing a Federal Reserve board member, it suggests that any effort by a president to do so would face strong resistance from the Supreme Court as currently constituted.

A federal district court judge in Washington, D.C., had enjoined Trump from removing both women from their respective boards. An appeals court later upheld that order. More at CNBC

With Moody’s recent downgrade of the U.S. Credit Rating which did not take any hit during Biden’s term with the outrageous spending spree, one has to wonder what truly is going on with our financial system. Back in the day when I was in better form I had more interest in this topic. So I figure why not haul out a few oldies for a bit of an insight on the machinations of the Fed and why Trump may know and have a lot more concern than we are aware of. Drum roll please:

Looking back at Bunks Box of Gold, this nonsense started under Obama. Who else?

Is the Fed’s Debt-Buying Unconstitutional?

Is the Federal Reserve violating the U.S. Constitution’s separation of powers in its new purchases of $600 billion worth of U.S. Treasuries? Is the Fed engaging in an unconstitutional monetization of the   U.S. Congress’ out of control spending spree that is really a bridge loan to fiscal insanity?

Germany, China, Russia and Brazil are attacking the Fed’s move. President Barack Obama is now defending the Fed in his overseas trip to India. Former Republican vice presidential candidate Sarah Palin demanded that the Fed “cease and desist” on its bond purchases. Wall Street experts are now starting to call the Fed’s moves an end run around the legislature.

And even Fed chairman Bernanke has criticized such extracurricular activity on the part of central banks in the past.

Watching closely in the wings are the Congressmen who want a full-fledged audit of the Fed, including Rep. Ron Paul (R-Texas), who said he will push to examine the Federal Reserve’s monetary policy decisions if he takes control of the Congressional subcommittee that oversees the central bank, as expected, in January.

Although Article I of the Constitution specifically gives Congress the power to “borrow,” “coin” and “regulate” money, a little understood section of the Federal Reserve Act, section 14(b)(1), does let the Fed buy Treasuries in the open market — and under the Act the central bank can buy foreign debt, too. But that act, put in place in the early part of the 20th century, was meant for smaller bore purchases to help the government build bridges and roads–not the massive intervention planned now. Fed historians fear the central bank is now pushing the envelope of the Federal Reserve Act. For more on the section, click here.

Now here is more to set your teeth into.. Great graphs to help understand what is going on..

Federal Reserve is Wrecking the Banking System- Looks like printing money constantly is really working!

November 17, 2023

The Fed used to be profitable and send billions of $$$ per year to the US Treasury to help pay for the budget. Because of reverse repos and interest on reserves, now the Fed pays commercial bank $700 million PER DAY to keep the system from falling apart. It will be a long time before the Fed is profitable again, if ever. Quote E.J. Antoni, Ph.D.

Before you gray over thinking this is beyond you understaing this scheme, the Heritage Foundation does a nice piece for us average Joe and Bettys on what these graphs really mean to you an me. Why we should care. The ultimate Ponzi scheme, and it is worth the time. Keep reading

So is the Supreme Court is going to say that this gal cannot be fired?

Marxist Fed Reserve Chair Daly of San Francisco, Former High School Drop Out, Oversaw Bank That Failed

Mary Daly’s career trajectory: drops out of High School, works at a donut shop, gets GED, goes to college, becomes enamored with leftist prof teaching Marxian economics, becomes San Fran Federal labor researcher, ingratiates herself with Janet Yellen, who keeps promoting her first openly gay Fed/ prez/CEO.  Her background is in the study of economic equality

Mary Daly, the Federal Reserve Bank of San Francisco chief who failed to see major red flags at failed Silicon Valley Bank, was inspired by Marxian economist Gene Wagner, who she said “has mentored me my whole life” Talk about moral hazards: The lesbian activist protege of Biden Treasury Secretary Janet Yellen was more concerned with regulating culture than regulating banks. Also a BLM activist.

Federal Reserve Bank of San Fran Prez Mary Daly turned a blind eye to Silicon Valley Bank. President and chief executive officer of the Federal Reserve Bank of San Francisco since October 1, 2018. She serves on the Federal Reserve’s rate-setting Federal Open Market Committee on a rotating basis.

But this is not the worst of it. Included in the post is a video of Kevin O’Leary AKA Mr. Wonderful. His opinion on what just happened?

“Biden Just Nationalized U.S. Banking System”…

Keep reading

Just for fun a giggles to round out the post:

Federal Reserve Now Forces Banks to Stress Test for Climate Change

Translation: Banks would best not lend to energy producers or affiliated companies unless Green.

April 12, 2023 The six largest U.S. banks will analyze the impact of scenarios for both physical and transition risks related to climate change on specific assets in their portfolios. More acknowledgement that the Federal Reserve is becoming nothing more than a political arm of the government. It “might lead to lending restrictions.”  Read more

The best the swamp has to offer.