Musk Takes on the Federal Reserve, Is DOGE Going to Slim Down the Central Bank?
Hey, friends, have you heard? Elon Musk is really going head-to-head with the Federal Reserve this time! He said on X (formerly Twitter) that the Federal Reserve has "an absurdly large number of staff."
This billionaire, who doesn’t play by the rules, is reportedly planning to lead a government efficiency department (abbreviated as DOGE) under President Trump. He seems quite focused on the idea of splitting the Federal Reserve.
Speaking of which, the Federal Reserve recently had a "hawkish rate cut," which caused quite a stir in the market, and Trump also heavily criticized it. The Federal Reserve has 24,000 employees, and both Elon and Trump think that number is way too high.
Elon is also teaming up with Vivek Ramaswamy, pushing forward Trump’s $20 trillion government reform plan. Trump said during his campaign: "We need to save money; no one should get paid for nothing—Powell included!"
Trump and Elon are both taking aim at the Federal Reserve and Powell.
Since the day he took office, Trump hasn’t stopped criticizing the Federal Reserve. He claims the Federal Reserve's monetary policy has been a drag on him and he often criticizes his own appointee, Fed Chair Powell.
Trump even joked: "This job is easy! Just show up once a month, say some vague things, and leave the rest to fate."
As a key assistant to Trump, Elon’s new role has escalated the attacks further. He plans to use DOGE to give these "fat institutions" a major makeover.
In fact, the Federal Reserve has fewer staff than the European Central Bank. But Trump thinks it’s too big. ECB President Lagarde is not pleased: "I have thousands of people working hard here—economists, lawyers, computer experts—guarding the euro every day; it’s not as simple as showing up once a month." Powell, on the other hand, remains silent.
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