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Trump Wants the Fed to Pump More Easy Money
by Ryan McMaken
Mises.org
For a few days during the early weeks of the current Trump administration, it appeared that the Trump team might actually try to rein in the Federal Reserve. Trump and Elon Musk hinted that they would push for an audit of the Federal Reserve, and they even suggested that they would bring in Ron Paul to serve as an advisor on the matter. More recently, though, it seems that a meaningful critique of the Fed is going the way of that imaginary trillion dollars that the Department of Government Efficiency has already given up on cutting from the federal budget. In other words, the hinted-at Fed audit has disappeared from the Trump “to do” list.
Even worse, it now is becoming clear that if the Trump team is going to attack the Fed, it’s because Trump wants more inflation from the Fed, not less. Since he was sworn in, Trump has attacked the current Fed chairman Jerome Powell at least three times for not forcing down interest rates enough. He’s done this in spite of the fact that the Fed cut rates by 100 basis points over the past year. Specifically, last fall, the Federal Open Market Committee (FOMC) reduced the target rate three times, lowering it from 5.5 percent to 4.5 percent. This was a major reduction, especially since it occurred during a period when it was hardly clear that CPI inflation was falling sustainably.
The Deeper Dollar: Evidence of a White House Conspiracy to Collapse the Dollar
by David Haggith
GoldSeek
While I generally lean away from conspiracy theories and certainly don’t want to risk creating one of my own that turns out to be wrong, I couldn’t shake a couple of dark thoughts last week:
1) There is no way the nation’s new Treasury Secretary, Scott Bessent, and those working with him could not know that trashing all trade around the world would trash the US dollar as the global TRADE currency as well. Greatly reduced trade on a global scale means greatly reduced need for a trade currency. Therefore, much less demand for the US dollar, especially when all the currency troubles originate from US actions. It’s really as simple as that.
That also had to mean greatly reduced demand for those US money bags we call “Treasuries,” which banks actually use to move the currency that moves the world, and that could even crash the national debt. How did Bessent & Co. not see the risks of that immensity coming when I predicted this as a likely outcome back in January, before Trump was even inaugurated, based on what he promised to do with tariffs? Bessent, after all, oversaw a big hedge fund that traded Treasuries all the time. So, how could he not see this was coming from the hugely broad tariff war he was planning with the president?
A Stagflation Survival Guide
by Adam Sharp
Daily Reckoning
Stagflation is a grim economic diagnosis. High inflation, stagnant growth, and elevated unemployment.
The United States from 1972-1982 is the textbook case. Inflation raged as high as 14%, real economic growth was practically non-existent, and unemployment reached 9.7%.
Now the threat of stagflation once again looms large. Inflation is set for a comeback, growth is slowing, and widespread layoffs have begun.
Today we’ll explore how to survive and even thrive during what will likely be a sustained period of stagflation.
The Anatomy of a Bond and Currency Crisis
from Global Macro Monitor
It was the autumn of 1996 when I arrived in Sofia, Bulgaria. I was working for a major Wall Street investment bank and had a clear and urgent mission to assess the sustainability of Bulgaria’s sovereign debt. The atmosphere in the capital was tense; the economic and political uncertainty hung thick in the air. The government was hanging by a thread while struggling to roll over its maturing Treasury bills. The early signs of a major burst of inflation were no longer subtle, as confidence in the Bulgarian currency was rapidly diminishing. In a series of high-level meetings with senior officials, one stood out: a particularly strained and revealing encounter at the Bulgarian National Bank (BNB), where the full scale of the crisis came into sharp focus.
Central Banker Confession
What I remember most vividly was sitting across from a senior BNB official. When I asked how the government would roll over its large tranches of domestic Treasury bills coming due, he looked me in the eye and said, “Gregor, we will not let the government default.”
Stagflation Risks: Why Retirees Need to Reassess Their Portfolios Now
Understand the historical context of stagflation and its potential impact on today’s retirees. Explore the importance of proactive financial planning and strategic investment choices to mitigate risk.
by David Marra
The Street
It’s a term we’re hearing more and more these days, yet something that hasn’t been a feature of the U.S. economy in fifty years, since the 1970s: stagflation. Unfortunately, a whiff of stagflation is in the air again and those nearing retirement and in retirement should pay attention.
Many of today’s retirees will remember that economically painful decade. For those who either weren’t alive yet, were too young to remember or for those who need a refresher (pretty much everyone), it’s worth devoting some time to understanding what stagflation is and what it means for investors.
The word stagflation comes from combining the words “stagnation” and “inflation.” All of us have become familiar with inflation from the experience of the past few years – a sustained increase in the general price level of goods and services in an economy. Generally, when inflation is high it is because the economy is overheated relative to its capacity. That is why inflation is most often associated with a robust, growing economy, like we’ve had the past few years.
U.S. Risks Turkey-Type Descent Into Hyperinflation if Trump (Like Erdogan) Takes Control of Rates, Nobel Economist Krugman Warns
by Akin Nazli
IntelliNews
The US is risking a dark descent into hyperinflation of the type experienced by Turkey due to Donald Trump’s insistence on bringing in lower policy rates, Paul Krugman, the 2008 winner of the Nobel economic sciences prize, wrote on April 18 in his blog.
Lately, President Trump has been increasing the pressure on Fed governor Jerome Powell to cut the US policy rates.
Since November, when Trump won his second term in the White House, bne IntelliNews has been cautioning that Trump will “definitely be inflationary”.
“He will push the Fed to cut rates more extensively and pump in more liquidity,” this publication noted on November 10.
Foreigners Flee the U.S. Dollar
by Alasdair MacLeod
Gold Money
Anti-dollar sentiment is underestimated, and loss of credibility has only just started. A perfect storm is driving gold higher and the dollar down, compounded by systemic issues.
In this market report for precious metals, we examine the factors driving gold higher. Its remarkable performance is doubtless confusing the wider public, leaving investors in western financial markets invested in non-performing assets while missing out on gold.
So far this year, gold is up 24%, copper 15.5%, and silver 10.15%. The S&P 500 is down 11.5% and the 10-year US Treasury Note up 2%. The least exposure general investment portfolios have is to gold and its investment substitutes.
MN Gordon: Trumpism and the Fading Dollar
by Matt Morgan
The Daily Bell
Breakdown and Reordering of Trade
The breakdown and reordering of global trade via President Trump’s tariff policies will have many consequences. Long established trade relationships come with mutual dependency. Abruptly severing or restricting these ties will yank the rug out from under how people the world over pursue their livelihoods.
America imports and consumes massive amounts of goods and products Made in China and other Asian countries. Trump’s trade tariffs put the export driven economic models of these countries at extreme risk.
America accounts for over 30 percent of the world’s consumer spending. Should tariffs limit the ability for countries to export goods to America, they will be left with a massive supply glut. Thus, they will have two options: Increase domestic consumption. Or decrease production.
“He Who Has the Gold Makes the Rules” President Trump Proclaims Over Easter Weekend
from Zero Hedge
While many are still wondering about whether or not the audit of Fort Knox is happening, it doesn’t seem like President Trump doubts the country’s gold holdings.
With gold surging through $3420/oz. for the first time ever this morning, many are pointing back to one of President Trump’s Truth Social posts from yesterday. Trump wrote on Easter: “THE GOLDEN RULE OF NEGOTIATING AND SUCCESS: HE WHO HAS THE GOLD MAKES THE RULES. THANK YOU!”.
Recall, in early 2025, Donald Trump and Elon Musk publicly questioned whether Fort Knox still holds its gold reserves. Trump announced plans to visit the site, while Musk suggested a live-streamed inspection, saying, “Maybe it’s there, maybe it’s not.”
The Trump Trade: USD/JPY at Critical Juncture as Inflation and Trade Risks Mount
Trump’s aggressive trade policies have shaken global markets and triggered currency volatility. Rising tariffs, inflation risks, and political pressure on the Fed are weakening the US dollar. Moreover, the Japanese yen is gaining strength as a safe haven. As a result, USD/JPY trades at a critical support level near 140, where a breakdown could signal a long-term decline.
by Muhammad Umair
FX Empire
How Trump’s Trade Policy Is Shaking Global Markets
China’s Response and Global Market Impact
Trump has raised tariffs on Chinese goods to 145% and introduced “reciprocal tariffs” on multiple countries. These aggressive actions disrupted trade flows and added pressure on global supply chains. As a result, China’s Ministry of Commerce vowed strong retaliation and warned that any country siding with the US would face countermeasures. This geopolitical threat has created uncertainty across Asia-Pacific markets, with Japan’s Nikkei 225 dropping to around 26,500 on Monday.