00:00You know, Jerome Powell said, listen, the Fed has to stay independent from politics
00:06and independent from the White House.
00:09And why is he so determined on this?
00:13So I would say that he's sticking up not just for the U.S. central bank,
00:18but for central banks around the world.
00:20And, you know, he defined it so well today, the way he explained it.
00:25He said central banks need to remain independent so that they have the ability to make decisions
00:32based on data and not politics.
00:36Imagine, to paraphrase him again, if you had the ability to affect interest rates, for instance,
00:45ahead of an election, it would have a detrimental effect for certainly for the party that's not in power.
00:53And this is something that is crucial for the American economy, not just...
01:00See, Donald Trump speaks about what's going to help him look good in the eyes of his voters.
01:06And I understand that, right?
01:07The global community doesn't vote for the president of the United States.
01:10But what he doesn't always take into account, or so it seems,
01:13is that the American economy represents so much more than just how it helps the 350 million Americans.
01:24It is, you know, the reserve currency for countries as well.
01:28Most currencies are pegged to the dollar.
01:30Absolutely. We're in a country that's pegged to the dollar.
01:32And if the global community starts to lose faith that the central bank and interest rates can be manipulated,
01:41then what the U.S. has built up for almost 100 years will dissipate
01:46and things will not be as rosy as they could be.
01:50So, let's see.
