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American lawyer, financial commentator, and best-selling author Jim Rickards dubbed Donald Trump a genius in late October 2019. According to an interview with Rickards, Trump’s genius is in large part due to the fact that he “owns” the Fed:
“Trump came in. There were two vacancies on the board of governors at the Federal Reserve. Why were there two vacancies?
Well, Obama was so sure that Hillary was going to win that he didn’t bother with the appointments. He said, well, I’ll give them to Hillary. She’ll appoint some strong hands. So, Trump got two seats right off the bat, then there were a couple of resignations, so there kind of went up to four seats, and then one more since then. Plus promoting J. Powell from a governor, where he already was a governor before Trump, to Chairman.
So, Lael Brainard is going to end up as the only non-Trump appointee on the Board of Governors of the Federal Reserve. She must feel like a hostage when she goes into the room.
Trump owns the Federal Reserve.”