現在，特朗普總統裁定他“無意解僱”美聯儲董事長杰羅姆·鮑威爾（Jerome Powell）

現在，特朗普總統承認他“無意解僱”美聯儲主席杰羅姆·鮑威爾

Now that President Trump is conceding that he has “no intention of firing” the Federal Reserve’s chairman, Jerome Powell, and “never did,” it’s an apt moment to mark the root cause of the monetary crisis confronting America.

現在，特朗普總統承認，他“無意解僱”美聯儲的董事長杰羅姆·鮑威爾（Jerome Powell），“從未做過”，這是一個恰當的時刻，標誌著美國面臨的貨幣危機的根本原因。

That crisis is traced in the collapse of the dollar. The constitutional blame for that debasement of the dollar lies not at the feet of the Federal Reserve, but with the Congress of the United States.

這場危機是在美元崩潰中追溯到的。這種貶低的憲法責任不是在美聯儲的腳下，而在於美國國會。

It is, after all, to the Congress, and only the Congress, that the Constitution grants the monetary powers of the United States. They are the power to lay and collect taxes, to coin money and regulate the value thereof and of foreign coin, to spend money, to borrow money on the credit of the United States, and to fix the standard of weights and measures.

畢竟，憲法授予了美國的貨幣權力，畢竟是向國會和國會授予國會。它們是徵收稅收，賺錢和規範其外國硬幣的價值，花錢，以美國貸款借錢以及確定權重和措施標準的權力。

Those are basically the monetary powers, and they belong to the Congress.

這些基本上是貨幣大國，它們屬於國會。

This suggests the need for, amid a historic plunge in the value of the dollar, a shift in focus away from Mr. Powell and toward Capitol Hill. The lack of such a focus is, to us, the biggest disappointments of Mr. Trump’s second term.

這表明，在美元價值的歷史性暴跌中，需要將重點轉移到鮑威爾先生向國會山的轉變。對我們來說，缺乏這種重點是特朗普第二任期的最大失望。

The greenback’s convertibility in gold is to what the Sun refers when we speak of the value of the dollar. The value of the greenback has been trading this week at record lows below a 3,500th of an ounce of gold.

Greenback用黃金的可兌換性是我們談論美元價值時的太陽所指的。綠衛的價值本週以低於3,500盎司黃金的創紀錄的低點進行了交易。

At a 3,500th of an ounce of gold, the dollar has shed more than 19 percent of its value since Mr. Trump was sworn the second time. Yet Mr. Trump wants the greenback to be even less valuable. We’ve rarely had such a moment of intentional weakening of the dollar since Jimmy Carter was president and W. Michael Blumenthal was Treasury secretary.

自從特朗普第二次宣誓就職以來，美元的黃金是3500盎司的黃金，其價值超過了其價值的19％以上。然而，特朗普先生希望綠背更不重要。自吉米·卡特（Jimmy Carter）擔任總統以來，我們很少有意削弱這筆錢的時刻，而邁克爾·布魯門塔爾（W​​. Michael Blumenthal）擔任財政部長。

Rarely in 50 years have we seen such a collapse in the dollar’s value such as has been occurring on Mr. Trump’s watch.

在50年以來，我們很少看到這種美元價值崩潰，例如特朗普先生的觀看情況。

So desperate is Mr. Trump for a weaker dollar that he’s taken to railing at the Fed chairman. That was at the top of the Drudge Report just the other day.

特朗普先生以較弱的成本是如此絕望，以至於他被帶到美聯儲主席欄杆。那是前幾天在Drudge報告的頂部。

“Unhinged president ramps up attack on ‘loser’ Powell,” one headline went. “Demands Lower Rates ‘Now’ ” was another. “Stokes ‘Sell America’ Trade,” a third, along with “Dollar Trumbles . . . Dow Tumbles.” And another headline boomed: “Survey: Just 13% of Americans Feel Secure About Finances.”

一個頭條新聞說：“無關的總統加劇了對'失敗者'鮑威爾的攻擊。” “現在要求較低的利率'”是另一回事。 “斯托克斯'出售美國貿易”，第三，以及“美元捕撈……道瓊斯士”。另一個標題蓬勃發展：“調查：只有13％的美國人對財務感到安全。”

Now, by our lights, Mr. Trump is, at this juncture, wise to dial back his attacks on the leadership of the Fed. Better that he direct his criticism to the leadership of the Congress.

現在，在我們的燈光下，特朗普先生在這個關頭是明智的，可以撥打他對美聯儲領導的攻擊。更好的是，他將批評引向國會領導。

The Bretton Woods monetary system was ended — and the age of fiat money was begun — amid promises that the dollar would slide only slightly. Since then, in a long and rarely interrupted collapse, it has shed more than almost all of its value in terms of specie.

布雷頓·伍茲（Bretton Woods）的貨幣制度結束了 - 菲亞特（Fiat）貨幣的年齡開始了，因為他們承諾美元僅會稍微滑行。從那時起，在漫長而罕見的中斷崩潰中，它幾乎在特定方面散發出了幾乎所有價值。

In an editorial this week the Wall Street Journal notes, among other points, that inflation, at 2.5 percent, is still above the Fed’s target. It defends Chairman Powell generally and suggests it’s tariffs that are hurting stocks.

在本週的社論中，《華爾街日報》指出，除其他方面，通貨膨脹率（2.5％）仍高於美聯儲的目標。它捍衛鮑威爾主席的辯護，並表明其關稅正在損害股票。

All the more reason, as we see it, to turn the criticism toward Congress, which for more than 50 years has failed to address the decision to move to a system of fiat money — and instead left monetary policy to the unelected economists.

正如我們所看到的，所有的理由將批評轉向國會，而國會已經50多年來未能解決轉移到菲亞特貨幣體系的決定，而是將貨幣政策留給了未當選的經濟學家。