As a financial crisis spread across the globe in September of 2008, the U.S. Fed...
WASHINGTON - As a financial crisis spread across the globe in September of 2008, the U.S. Federal Reserve gathered in an emergency atmosphere as requests flooded in from other central banks for access to dollars.
Both economic commentator Stephen Moore and businessman Herman Cain have been critical of Fed policies, and Moore in particular has opposed the extraordinary measures employed to stabilize the economy through the deepest crisis since the Great Depression. Trump’s ongoing trade battles have been cited as a reason global growth is slowing, and the idea of a Fed stacked with officials looking first at the U.S. political calendar has overseas central bankers nervous.
If the Fed were to cut rates to counter a U.S. slowdown, it would be one thing. But juicing a mostly healthy economy to make Trump look good would send a bad signal - and hurt countries that are grappling with their own economic problems. Already some of Trump’s policies have European financial leaders thinking about ways to boost the euro as a reserve currency on views the oversized influence of the dollar in global markets leaves Europe vulnerable to U.S. political decisions.Both Moore and Cain have yet to be nominated formally, and Cain’s prospects look bleak. Fed governors must be approved by the U.S. Senate, and enough Republican lawmakers have come out against Cain to scuttle his chances.
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