Donald Trump is taking over the US Federal Reserve and financial markets have missed the point Financial markets are missing the point about Donald Trump's takeover of the Federal Reserve.

It's not really about getting interest rates down or even just about the Fed. America is in the midst of an authoritarian revolution with global implications, especially for dependent allies like Australia.

Last week, Trump announced that he was removing Lisa Cook, who is one of the seven governors of the US central bank, the Federal Reserve. The reason: "for cause", based on an unproven allegation of fraud in mortgage applications while she was a professor.
Markets did not freak out, surprising analysts everywhere, even after Trump followed up by telling a televised cabinet meeting that: "We'll have a majority [on the FOMC — the Fed's Federal Open Market Committee] very shortly. Once we have a majority, housing is going to swing, and it's going to be great. People are paying too high an interest rate. (read on)