Reference News Network August 28 report - Germany's Nachrichten TV channel website published an article titled "Trump Attacks the Rule of Law" on August 26. The author is Stefan Schäfer. The following is a summary of the article:

In a country governed by the rule of law, the principle of presumption of innocence should be followed before a court makes a judgment. This also applies to the allegations against Federal Reserve Board member Lisa Cook regarding her alleged irregularities in processing mortgages. Only after a court rules can appropriate actions be taken against her.

The United States under Trump's leadership is increasingly deviating from the definition of a country governed by the rule of law. Trump fired the director of the Bureau of Labor Statistics because he was dissatisfied with the latest employment data; he ordered a search of the home of former President's National Security Advisor John Bolton, who had publicly criticized him; and he also interfered with the business of chip company Intel. The Trump administration is increasingly inclined to use intimidation tactics.

However, Cook's dismissal marks a new level of escalation: for the first time, Trump has specifically intervened in the work of the Federal Reserve, and his purpose is obvious, to appoint a successor who suits him.

The independence of the Federal Reserve is a crucial pillar of global capital markets. After news of Cook's possible dismissal spread, global stock markets were hit: Asian and European stock markets fell, and gold prices rose, indicating that investors were worried.

Trump has already nominated his close ally Stephen Miller to be a member of the Federal Reserve, and there are two other members who support the president's advocated loose monetary policy. If Cook leaves, Trump's influence may continue to grow. His goal is clear: to end the independence of the Federal Reserve. Trump may use any means to make the Federal Reserve submit.

The confrontation is underway. People can only hope that Cook will take this matter to court: there she will have the opportunity to request the restoration of her position, and by then, the issue will be how the judge will rule. So far, the Supreme Court has allowed Trump to pass unchallenged. Some judges have accepted luxury trips funded by billionaires closely associated with Trump.

Cook is now at the forefront of the fight against Trump. It is worrying that she may only have a chance of success if important figures from the Federal Reserve and Wall Street come out in support of her. However, at least participants in the bond market have led the way in sending signals: selling U.S. long-term Treasury bonds. They have sounded the alarm: Trump's attack on the Federal Reserve will lead to higher inflation, affecting all Americans. Therefore, the president's attack on the Federal Reserve is an attack on all Americans. (Translated by Zhong Sirui)

Original: https://www.toutiao.com/article/7543473712000844303/

Statement: This article represents the views of the author. Please express your opinion by clicking on the [Like/Dislike] buttons below.