Tuesday, January 23, 2018

Senate Confirms Next Chairman of Money Printing

Jay Powell has been confirmed by the US Senate to serve as the next chairman of the Federal Reserve Board.

The Senate voted 85 in favor and 12 against his confirmation earlier today. Current Fed chair Janet Yellen is due to see her term expire on February 3.

Expect money printing by the Federal Reserve to continue under Powell. No doubt billions of new dollars will be printed, in a Keynesian influenced mad roller coaster manipulation of the economy.

Within a few short months of his taking power, I expect that Powell will face a serious threat of accelerating price inflation and an eventual recession. Circumstances are not likely to be as kind to him as they were to Yellen.



Here are the Senators who voted against the confirmation of Powell:

Democratic Sens. Elizabeth Warren of Massachusetts, Kamala Harris of California and Cory Booker of New Jersey. On the Republican side, Sens. Ted Cruz of Texas, Rand Paul of Kentucky, Mike Lee of Utah and Marco Rubio of Florida voted no. Independent Sen. Bernie Sanders of Vermont also opposed the nomination.


California Democrat Sen. Dianne Feinstein initially voted in favor of the nomination but changed her vote after Mr. Powell had been confirmed.

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