“The reason for all financial bubbles”: why Trump criticized the work of the US Federal Reserve

"The reason for all financial bubbles": why Trump criticized the work of the US Federal Reserve
“The reason for all financial bubbles”: why Trump criticized the work of the US Federal Reserve

US President Donald Trump lashed out at the Federal Reserve System (Fed), which, in his opinion, by raising interest rates this year did not support the economic achievements of his administration. Earlier, on October 10, the Dow Jones industrial index fell by more than 800 points, which was the worst figure since February of this year. According to experts, in this way the head of the White House is trying to convince the public that the fall of the US stock market is not caused by its trade wars with China, and wants to disclaim responsibility for this before the upcoming congressional elections. At the same time, former Congressman Ron Paul, in an interview with RT, said that such processes in financial markets are the result of the very existence of the Federal Reserve, which, in his opinion, was the “cause of all financial bubbles.”

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The strongest fall in the US stock market since February 2018 is not caused by Washington’s trade and sanctions policies toward China, Donald Trump said.

“That’s not the point. The problem with the Federal Reserve. They are off the chain – they are raising interest rates, and this is simply unbelievable … The Fed has gone mad, ”Trump said on the call to Fox News.

With a similar statement, the American leader had already spoken earlier during a political rally in support of the Republican party in the upcoming midterm congressional elections.

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“They are so stingy, it seems to me that the Federal Reserve just went crazy,” – said Trump.

Election problem

Such a sharp criticism of Trump in relation to the Fed is explained by the fact that the day of mid-term congressional elections is approaching in the US, and the correction on the stock exchange clearly does not add points to Trump and Republicans, the expert of the International Institute for Humanitarian and Political Studies Vladimir Bruter is sure.

“Therefore, it is necessary to find the extreme ones, which he does,” the specialist noted.

American economists and analysts link the sinking of the stock market with Trump’s tariff-charging measures for Chinese goods, but the US president blames the Fed. So, back in September, he said that he was “dissatisfied” with the third-year increase in interest rates.

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The fall of the US stock market Trump called the expected, while emphasizing his disagreement with the actions of the Fed.

“I think it is good. In fact, this is a market correction, which we have been expecting for a long time. But I do not agree with what the Fed is doing, ”Trump told Fox News.

However, according to experts, the Fed’s interest rate increase was justified.

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