In the shadowed halls of power, where whispers echo louder than thunder, U.S. Treasury Secretary Scott Bessent has cast a stone into the stagnant pond of the Federal Reserve. With a pen sharper than a winter’s frost, he has inscribed upon the digital tablets of X a warning: the Fed, once a guardian of monetary purity, now wanders astray into the wilderness of non-core functions. Its independence, he declares, hangs by a thread, frayed by the weight of its own ambition. 🧵
The Fed’s Jewel Box: A Tale of Creeping Mandates
Bessent’s words arrive as the winds of political discontent howl at the Fed’s gates. He likens the Fed’s monetary policy to a “jewel box,” a delicate artifact of economic stability, yet laments its transformation into a jack-of-all-trades, master of none. “Mandate creep,” he calls it, a term as insidious as the slow march of bureaucracy itself. 🐌
“The Fed’s autonomy is threatened by persistent mandate creep into areas beyond its core mission,” Bessent warned, his voice a clarion call in the wilderness of financial excess.
His critique has ignited a bonfire of debate, casting long shadows over the Fed’s priorities, its financial follies, and the fate of America’s economic soul. 🔥
A $2.5 Billion Monument to Hubris
At the heart of Bessent’s ire lies a monstrosity of marble and glass: the Fed’s $2.5 billion headquarters renovation in Washington, D.C. Conceived in the heady days of 2017, under the watchful eye of Donald Trump, this project has since become a symbol of excess, its costs ballooning like a bureaucrat’s ego. 🏛️💸
Trump, ever the provocateur, has branded the endeavor as fraudulent, demanding Powell’s head on a platter. Bessent, though cautious, questions the wisdom of such opulence amidst financial strain and operational losses. “A palace for the people’s money,” he quips, “or a monument to hubris?” 🏰
Powell’s Throne: Secure, For Now
Yet, Powell sits firm, his reign fortified by a Supreme Court ruling that shields him from the whims of political discord. “For cause,” they say, he may be removed, but not for the sins of policy. His term, a marathon to May 2026, continues unabated. 👑
In defense of his kingdom, Powell proclaims the renovation necessary, a crusade against crumbling infrastructure, safety hazards, and the ghosts of hazardous materials past. “A fortress of finance,” he declares, “must stand the test of time.” 🛡️
Bessent, rumored to be the crown prince in waiting, sidesteps the throne’s shadow. “Such decisions,” he murmurs, “rest with the king.” 🦁
A Call for Oversight: The Fed Under the Microscope
In a moment of candor with CNBC, Bessent draws a parallel between the Fed’s stumbles and the blunders of the FAA. “If this were the FAA,” he muses, “we would demand answers. Why not the Fed, with its legions of PhDs and Ivy League pedigrees?” 🎓
“If this were the FAA and we were having this many mistakes, we would go back and look at why,” he noted, his tone laced with the irony of the absurd.
The Fed’s Crossroads: Accountability or Oblivion?
As the tempest rages, Bessent’s call for accountability may yet reshape the Fed’s destiny. No longer just a policymaker, it must prove itself a steward of boundaries, a guardian of the people’s trust. The question lingers: will it rise to the challenge, or succumb to the weight of its own grandeur? 🌪️
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FAQs
Why is Scott Bessent criticizing the Federal Reserve?
Bessent warns of the Fed’s “mandate creep” into non-monetary policy areas, a folly that threatens its independence. 🕷️
Can President Trump fire Jerome Powell as Fed Chair?
The Supreme Court says “Nyet!” Powell’s throne is safe until 2026, barring a “for cause” revolution. ⚖️
Could Scott Bessent replace Jerome Powell as Fed Chair?
Whispers abound, but Bessent plays the courtier, deferring to the king’s will. 🤴
What is the controversy around the Fed’s $2.5 billion renovation?
A gilded cage, say critics, built on the backs of losses and financial strain. Trump calls it fraud; Bessent raises an eyebrow. 🏗️💔
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2025-07-22 15:08