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London and Wall Street are in a total panic today because their era of free money for the elites is over. Kevin Warsh is president Trump's new pick for the Fed, and this is about much more than interest rates. It marks the beginning of what president Trump is calling a Republican new deal.
Their proposal was to raise taxes very substantially. And our proposal, which is in the great, big, beautiful new deal. It's a new deal in its own way. It's a republican version of the new deal. Right behind you is a nice picture of FDR. This is a much better deal than the FDR deal.
Warsh didn’t just accept the nomination; he declared war on the globalist economic model. He explicitly said that the Fed must abandon the dogma that paying workers causes inflation. He’s calling out the real culprit, money printing and Wall Street bailouts. This follows Ambassador Jamieson Greer’s shockwave speech in Davos last week, where he dusted off Alexander Hamilton to tell the elites, your system is over.
Susan Kokinda explains that since the mid 1970s she’s tracked the war between the American system and the British empire. The show will cover why the globalists fear a Republican new deal, and what the real content of president Trump’s Republican new deal is. Mainstream media coverage of Warsh has been restrained, but The Atlantic Council worries that Warsh and treasury secretary Besant are in sync in their attacks on how the Fed has saved Wall Street at the expense of Main Street. The Atlantic Council’s lead international economist says Walsh believes the Fed has distorted the healthy functioning of the US economy through injections of money into the market, helped assets on Wall Street at the expense of Main Street, and taken on the role of implementing fiscal policy. Treasury secretary Besant agrees with that assessment. CNBC headlines also frame Warsh as touting regime change at the Fed. The CFR and Mark Carney offer mixed responses, with some consoling that Warsh won’t revolutionize the Fed, while others praise him.
The key is not just interest rates in isolation. The CNBC headline’s other part notes a partnership with the treasury. Warsh has stated in 2010 that the Fed’s financial stability responsibilities should not give license to central bankers to be emergency capital providers; capital allocation should reside with the fiscal authority and its fiscal agent, the Department of Treasury. This frames the fight as two centuries of struggle between the American system of Alexander Hamilton and the British imperial system.
Prominent Davos moments included Trump and Commerce Secretary Lutnick telling elites that globalism had failed; Scott Beson’s takedowns of Gavin Newsom; and Jameson Greer’s Hamiltonian economic system speech, which quotes Hamilton’s 1791 Report on Manufacturers advocating tariffs and subsidies to incentivize industrialization to promote an America competitive with foreign producers.
Greer’s speech is framed as the resurrection of the American system. Trump’s cabinet meeting is presented as focusing on workers, production, and Main Street, with tariffs and deregulation fueling manufacturing restarts. John Deere announced two new large plants in Indiana and North Carolina; one will build excavating equipment, relocating from Japan due to tariffs. A graphite processing plant in New York is described as the first in seventy years. Secretary Beson claims the US produced more steel than Japan for the first time in twenty-six years, driven by tariffs; there are other factory restarts and a supposed “golden age” for the economy.
The narrative concludes that the empire fears an American system revival and that the fight is out in the open. The modern British empire is panicking because the fight is visible, with globalists asserting Main Street, not Wall Street. The piece frames Warsh’s nomination as a declaration of war on the Wall Street bailout machine and a direct challenge to decades of central banking independence, with Davos heralding the Hamiltonian revival and Trump’s Republican new deal delivering production for workers, not bailouts for banks.