President Donald Trump continues to enact his campaign of chaos across the United States and world, and the economy is suffering. The stock market has been on a wild roller coaster recently, with the worst December on record since the Great Depression era — and former economics adviser to the Trump campaign turned CNN commentator Stephen Moore thinks it’s as much the Federal Reserve’s fault as anyone else. During an appearance on the network this past week, he lied his way through an argument on the subject that left his position majorly undercut.
Discussing the volatility, he claimed:
‘I think the biggest factor of all is clearly the latest developments in the trade war with China because that has huge implications for the global economy. The Fed did make a major, major mistake a week and a half ago and I think Trump was very right to call them out.’
The Federal Reserve launched another interest rate hike recently, and Trump took it upon himself to complain that the body dared counter his economic policy. He’s been reported to have been mulling over firing Federal Reserve Chairman Jerome Powell, despite the lack of precedent for such a move.
Moore went on during his time on CNN this past week to claim that the stock market began to plummet “the moment Jerome Powell opened his mouth” to announce the rate hike — but as journalist Catherine Rampell pointed out, that’s just not true. The stock market’s value has been falling since September, she noted.
Moore plowed on, insisting that no matter if he fumbled basic facts, “both of the rate hikes were cause for deflation” in the economy, which translates to plummeting prices and a contracted economy as currency becomes more valuable in what would be a counter to Trump’s influx of dollars.
As Rampell went on to point out over his shouting though, that’s not true either:
‘If you look at overall inflation… we’re at about two percent. If you only care about soybeans, soybean prices have fallen because China stopped buying our soybeans… It does not reflect overall inflation, and I think it is completely irresponsible for you to tell the public things that are not actually correct… When we have normal inflation, suddenly your hard money ways have disappeared and you’re claiming that the Fed should pump more money into the economy… it’s totally irresponsible to make up numbers.’
Moore went on to turn the discussion into one of politics, abandoning his attempts to display some kind of technical prowess and instead claiming that the American people support President Trump’s approach to the economy.
In reality, no matter what nonsense Trump allies who are still for some reason employed by major networks want to throw out, Trump’s economic policies are enacting a real toll on the nation and world’s economic health. Hundreds of millions of dollars have vanished from homegrown American businesses across the nation — that’s the real problem, not that the Federal Reserve dares launch a counter move to the money bath Trump wants to provide for the nation’s richest through means like his tax cuts.
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