Senator Elizabeth Warren

In Argentina, when the same thing happens, inflation goes to 200%.

And the reason for that, for everybody who's listening to this thinking, oh my gosh,

is that we have Fed independence.

We built it into our system because sometimes the Fed has to make really unpopular decisions.

Back in the 1980s, when inflation in this country went up to about 16%,

The Fed actually put the interest rate up at 14% as a way to signal to everybody in this country and everybody around the world, we will bring inflation down, which meant to people around the world, you can invest in the dollar.

it meant to Americans, okay, I'm not going to see crazy price increases.

You know, the price of eggs will go up by another dollar next week and the price of cars will go up by another thousand dollars next week.

I can calm down on prices and start to budget.

And sure enough, it brought the economy under control.

But wow, talk about politically unpopular at the time.

If the president of the time could have fired him,

the head of the Fed, he would have.

So when Donald Trump says he's going to seize the Fed and then use it to try to juice the economy, you know, push down interest rates, even if the numbers don't support it, what he's really playing with here is

is kind of medium term in the economy, what this is going to mean for prices for families, what this is going to mean for investment in jobs domestically, and what it's going to mean for the U.S.

currency as the reserve currency around the world and the leader around the world.

He's just burning all that down.

And

That means everybody in our country will pay a price if Donald Trump successfully seizes control over the Fed.

It's a great question.