The Bizarre Hat-Throwing Game in Washington (A political-economic analysis for American readers)

Two men are playing a dangerous game of "hat-throwing" in Washington—and the stakes couldn’t be higher.

Act I: The Trump-Powell Showdown

Last week, former President Donald Trump lobbed the first insult: Federal Reserve Chair Jerome Powell is a "stupid person" and a "stubborn mule" who should resign. Trump’s message was crude but clear: You’re wrecking the economy, and I’ll replace you.

Powell’s response? Silence. Not even a polite "no comment." Just… nothing. Like a judo master letting an opponent’s punch sail past, Powell’s inaction left Trump swinging at air.

Enraged, Trump escalated. On June 30, he posted a handwritten note to Powell on Truth Social:
"Jerome, you’re always ‘too late.’ You’re costing America billions. Cut rates NOW."
Attached: A global interest-rate chart showing the U.S. paying more than almost anyone else.

Then came the chorus:

• White House Press Secretary Karoline Leavitt flashed the note at reporters.
• National Economic Council Director Kevin Hassett declared the Fed "has no excuse" to keep rates high.
• Treasury Secretary Scott Bessent called the Fed’s 2023 inflation response a "giant mistake."
• Trump’s congressional allies threatened to subpoena Powell.

The message: This economic mess is YOUR fault, Jerome.

Act II: Powell Strikes Back

At the European Central Bank’s forum in Sintra, Portugal, Powell finally spoke—but not to apologize.

"We paused rate cuts because tariffs create inflation uncertainty," he said, barely masking his target. Translation: You started the trade war, Donald. Don’t blame me for the fallout.

A planted question from a reporter gave Powell the perfect opening:
"If not for tariffs, would you have cut rates?"
"Yes," Powell replied bluntly. "Tariffs have made inflation timing, magnitude, and persistence impossible to predict."

Powell wasn’t just defending the Fed. He was returning the hat—hard.

Act III: The Real Storm Behind the Drama

Why this sudden mudslinging? Because both men know the truth: America’s economic foundations are cracking.

• Q1 GDP contracted 0.5%—worse than expected.
• The dollar has lost 10% of its value this year, with the euro hitting a four-year high.
• Domestic consumption is collapsing: goods down 2.8%, services down 0.3%.

Trump sees the writing on the wall: If the economy implodes on his watch, no amount of Biden-bashing will save him. Powell, meanwhile, knows the Fed will be the scapegoat if recession hits.

This isn’t about policy independence. It’s about survival.

Epilogue: The Gathering Storm

The hat-throwing isn’t childish—it’s strategic. Both men are bracing for impact, each trying to pin the blame before the storm breaks.

For Americans, the takeaway is clear:

1. Crisis = Danger + Opportunity. The coming turbulence will create winners and losers.
2. Global contagion is real. When the world’s largest economy stumbles, no one escapes.

Buckle up. The game is just beginning.