一旦特朗普拿下美联储，美国引以为傲的三权分立也就名存实亡了

Core Viewpoint - The conflict between Trump and Powell is not merely about the Federal Reserve chairmanship but signifies a profound transformation in American political power dynamics, threatening the independence of the Federal Reserve and the foundational stability of the U.S. system [1][17]. Group 1: Political Dynamics - Trump's public pressure on Powell indicates a shift where the Federal Reserve chair is no longer an untouchable figure, challenging the long-standing political neutrality of the Fed [1][3]. - The Federal Reserve has historically acted as a stabilizing force in the U.S. political system, maintaining independence from the executive, legislative, and judicial branches [1][6]. - Trump's worldview perceives power as either controllable or needing to be weakened, viewing the Fed's independence as a constraint on his authority [3][6]. Group 2: Economic Implications - If the President can undermine the Fed's independence through investigations or public pressure, U.S. monetary policy risks becoming politicized, directly influenced by electoral cycles and presidential approval ratings [6][9]. - The trust in the U.S. dollar as a global reserve currency relies on the Fed's relative independence and restrained monetary issuance; any erosion of this independence could lead to structural risks for the U.S. monetary system [9][10]. - Historical precedents show that politically driven monetary policies often lack long-term constraints, leading to potential credit system collapses when used for political ambitions [12][15]. Group 3: Institutional Integrity - Powell symbolizes the last resistance of the technocratic system against populist politics; his removal would signal a shift from rules to power, professionalism to loyalty, and institutions to individuals [15][17]. - The traditional balance of power, where the White House sets political direction and the Fed manages economic pace, is being disrupted, potentially leading to a concentration of power that resembles electoral authoritarianism [17][18]. - The global financial system could face significant restructuring if the credibility of the dollar declines due to internal U.S. power imbalances, prompting central banks to diversify reserves and seek alternative trade settlement methods [17][18].