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Trump Administration Will End The Fed

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  • John Allison, founder and longtime head of the North Carolina-based bank BB&T and, most recently, president of the libertarian think tank Cato.
  • He gave every employee of his bank, the 14th-largest in the U.S. by assets, a copy of “Atlas Shrugged,” and regularly lectured them on the evils of altruism.

On Monday Donald Trump is scheduled to discuss potential cabinet positions with a former bank CEO who bribed colleges to teach Ayn Rand, wants to end the Fed, and has argued that bank regulations dating back to the Great Depression should be chucked.

That man is John Allison, founder and longtime head of the North Carolina-based bank BB&T and, most recently, president of the libertarian think tank Cato. As a Treasury secretary hopeful, Allison’s politics make Jamie Dimon look like Elizabeth Warren.

Some exhibits:

  • Allison has long echoed the Trump campaign’s view that Dodd-Frank should be dismantled. But that’s just the beginning for Allison. He also wants to scrap the Fed, the Federal Deposit Insurance Corporation, which guarantees bank deposits, and the 1968 Truth In Lending Act, whose onerous mandates include the requirement that banks to disclose APRs to borrowers.
  • He wants a return to the gold standard. “A free banking system would almost certainly pick a gold standard,” Allison said in 2014, adding that the late nineteenth century was a halcyon age for banking and the economy. For those who wonder what era “Make America Great Again” refers to, Allison might answer: 1893.
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  • He gave every employee of his bank, the 14th-largest in the U.S. by assets, a copy of “Atlas Shrugged,” and regularly lectured them on the evils of altruism. He also ran a program, through the BB&T Charitable Foundation, that offered $2 million to colleges that taught the book and gave a course on capitalism. At least 25 schools took him up on the offer.
  • As BB&T CEO in 2008, Allison took a $3 billion bailout from the government. He later called it a “rip-off” that he was “forced” to accept (though he also noted he “had an obligation” to exploit an opportunity his competitors were also taking). He was less defensive of other banks. Bailing out Citigroup, he said in 2008, was “like nursing a snake back to health.”

Allison likes to tell the story of two children playing in a sandbox, one of whom takes a toy from the other. When the aggrieved party complains to mommy, she tells them both to share. This is where it all went wrong. As the New York Times recounts:

“You learned in that sandbox at some really deep level that it’s bad to be selfish,” says Mr. Allison, adding that the mother has taught a horrible lesson. “To say man is bad because he is selfish is to say it’s bad because he’s alive.”

Clearly a natural fit for the Donald. And another dark moment for the #DraftDimon campaign.

 

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8 Comments

8 Comments

  • Gregory Baize Sr says:

    The Fed should not have been put in place when it was. It was the beginning of the down fall of America. I pray that he does get rid of the Fed.

  • Eileen Ross says:

    We can thank certain parties for initiating the Fed system, who are situated in England and the U.S. These people are evil and corrupt, and I believe that is the reason President Kennedy was assassinated. He also wanted to dismantle the Federal Reserve. Pray for President Elect Trump.

  • Ronnie says:

    Get rid of it!

  • David Stanley says:

    Since the Fed, a dollar is worth only abour 2-3 cents. God back to the gold standard.

  • Craig Beasy says:

    Because ” The Fed ” is a law unto only itself & answers to nobody whatsoever. It’s long before time to abolish the Dodd-Frank Banking Act & restore what it so arrogantly shoved aside; ” Glass-Steagall ” that had done & was consistently doing so much to provide strong stability, not only within the U.S. economy, but elsewhere throughout the developed world. Slow, consistent, very long-term economic growth & innovation is a far better road to walk; than the current decades long method of soar high, then crash & burn in spectacular fashion that forces ordinary folk to suffer immeasurably.

  • EruditeOne says:

    The Federal Reserve Bank is a private bank created and operating in violation of the United States Constitution requirement to “coin currency” and regulate the value thereof. If Donald J. Trump hints to eliminate Federal Reserve Bank & currency before January 20, 2017 he may not live to become POTUS. After he becomes POTUS he must get the USA back to “legal” currency to eliminate Federal Reserve Notes.

  • Rick says:

    Trump is appointing Goldman Sach alums to Sec of Treasury and Economic adviser and you think he is going to end the Fed – you are dreaming friend!

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