A global flood caused by a renovation

Regarding the recent rumors of Powell's resignation, it is said that the pressure that forced him to resign was not due to any high-end economic policies, but because of the renovation of the Federal Reserve building.

It has been almost 8 years since Powell first took office in 2018, and the renovation of this building has not been completed.

The budget has skyrocketed from 1.5 billion US dollars at the beginning to 2.6 billion US dollars now.

And because the Federal Reserve is independent, it can approve all expenditures by itself and spend as it wants. Didn't expect it?

Trump is really slutty. He seized on this issue and thought Powell was not clean and was ready to hold him accountable.

The Office of Management and Budget of the President of the United States even prepared an official letter:

This official letter from the White House expressed that the president was "extremely concerned" about Powell's "squandering taxpayer funds and building large-scale projects".

In addition, the project cost was overrun (reaching more than $700 million), including: roof garden, VIP private restaurant, luxury elevator, waterscape installation, high-grade marble, etc.

The average office space per employee will be 512 square feet, far exceeding the OMB recommended standard (150 square feet) and much higher than other federal agency renovation projects.

It was also pointed out that the Federal Reserve headquarters (Eccles Building) had been fully renovated from 1999 to 2003, and it would be a waste to spend so much money now.

Many people may have no idea that the Federal Reserve spent $2.6 billion on renovations.
You should know that this expenditure ranks second in the world, only the Pentagon is more expensive!

And the area of the Pentagon is several times larger than the Federal Reserve Building.

Based on the area, the Martin Building + Eccles Building + annexed expansion is about 100,000 square meters, and the decoration cost per square meter is 26,000 US dollars!

I'll show you some photos of the renovated Federal Reserve building. Do you think it's worth the money?

Some people may think that even if Powell resigns, he is still a member of the Federal Reserve Board.

The term of office of the Federal Reserve Board members is 14 years, and one can only be replaced every two years.

But in fact, the Federal Reserve Board members often resign. Since 2000, there have been a total of 23 Federal Reserve Board members, 15 of whom resigned early, and the average term of office was only five or six years.

Therefore, after Trump pushed Powell out of office, the new Federal Reserve Board will also be expected to undergo a major change.

Trump made it clear that interest rates must be reduced by at least three points from the current level.

Such a large interest rate cut will definitely trigger a global flood of money.

The general public probably never dreamed that this flood of money was caused by this renovation?