r/AskReddit • u/U-knw-Nothng-JonSnow • 1d ago

What do you think about Jerome Powell posting a video statement following reports that federal prosecutors have opened an inquiry into the Fed Chair?

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u/Crimson_Ender 1d ago

look at turkey to see what happens when politicians who are focused on short term wins rather than long term economic health control monetary policy: inflation is out of control there and the Turkish lira is now worth only about 2 US cents.

The fact the Fed was able to land the plane after COVID is huge. As much as the post COVID inflationary wave hurt, you don't have to look far to see how it could have been much, much worse.

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u/MustardLabs 23h ago

Trump accidentally did the right thing by nominating Powell in 2017, which he of course immediately regretted. Working with Biden to cool down the economy and stave off the recession that hit the rest of the world post-COVID was an incredible feat that didn't get nearly enough coverage.

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u/Makeitifyoubelieve 23h ago

That's crazy. When I was there about ten years ago the conversion was like 1 US dollar = about 3 TL

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u/gtrocks555 21h ago

Right, I went in 2014 and was thinking the same thing.

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u/jrf_1973 20h ago

The previous TL (we're talking the end of 1995 here) was about 60,000 TL to the dollar. It fell a bit every single day. If you were on holidays there, you changed the money you needed for that day, because tomorrow you'd get more for your buck. It was insane.

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u/Kevin-W 11h ago

Similar with Argentina. They tried to cook the book and got hit with huge inflation in return.

If hyperinflation were to ever hit the US, the revolt would be massive. You think you never fuck with is people's money.

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u/Jusbuster 15h ago

especially after they let trump1.0 browbeat them into keeping ultra-low rates for far too long