Trump is ignorant of Federal Reserve’s roles: Analyst
A political analyst says that US President Donald Trump is ignorant about the roles the Federal Reserve plays in the country and criticizes the system for no good reason.
Michael Springmann, a former US diplomat in Jeddah, Saudi Arabia, made the remarks on Tuesday when asked about Trump who renewed his verbal assault against the Federal Reserve on Monday.
"The only problem our economy has is the Fed," Trump tweeted. "The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!"
The Federal Reserve is meant to be independent from the White House but Trump has trampled those barriers in his frustration at what he sees as the bank's harmful interest rate policies.
He has previously called the Fed, which angered him by hiking rates last week, "crazy" and a greater economic threat to the United States than China.
Springmann told Press TV that “Donald Trump’s ranting and raving about the Federal Reserve System is in character for him and out of touch with reality.”
The Federal Reserve’s job is to “stabilize the American economy and particularly the banking system,” he said, but added, “Trump does not seem to understand what its role is.”
He went on to say that Trump should spend less “on wars abroad” and more “on infrastructure at home.”
“The issue is not interest rate, the issue really is the rest of the economy and the failure of the American government to concentrate on the economy.
“And all we’ve got is politicians making faces and then blaming someone else for their own problems, Trump should focus less on what the interest rate is and focus more on the reasons for the interest rate, what he and the rest of the government can do to increase spending on vital infrastructure projects and do something about the terrible situation, lack of healthcare and unemployment in the United States.”
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