In this midweek update, Susan Kokinda argues that Kevin Warsh’s Senate Banking Committee testimony—calling for “regime change” at the Federal Reserve and blaming inflation on excessive money creation—signals a broader shift aligned with the Trump administration against what she describes as an Imperial, British-led free-trade order.
She highlights Warsh’s criticism of post-2008 quantitative easing as benefiting financial asset holders while many Americans own no assets, and contrasts this with Democrats’ focus on divestment issues. Kokinda ties Warsh’s stance to Treasury Secretary Scott Bessent’s emphasis on raising living standards over bailing out markets and to Trump’s comments on Fed independence.
She then points to Trump’s April 20 Defense Production Act action citing market failures in energy infrastructure, including transformer shortages, as national-security threats, linking this to energy independence and Iran, and contrasts it with Mark Carney’s globalist posture and references to the War of 1812.
