The US financial system is currently experiencing a profound political and economic clash. Former Federal Reserve officials have spoken out, expressing concerns that the current government’s exercise of power could undermine the independence of the central bank.

Prominent economic decision-makers such as former Fed Chair Greenspan, Bernanke, and former Treasury Secretary Yellen have publicly stated their positions, viewing the use of legal procedures to pressure the Fed as an unprecedented move. Such actions could fundamentally weaken the authority of the Fed as an independent financial institution. In April last year, the current Treasury Secretary warned the White House multiple times that any attempt to replace the Fed Chair would trigger a chain reaction in the financial markets.

Market reactions to this situation are quite sensitive. Wall Street investors generally believe that the erosion of the Fed’s independence would directly threaten the long-term credibility of the US dollar. After all, the political neutrality of the central bank has always been a key safeguard against excessive money printing and inflation control. This concern has already been reflected in asset prices— the US dollar index continues to decline, while gold, silver, Bitcoin, and even stock markets have risen. The rise of non-sovereign assets like Bitcoin precisely reflects investors’ reassessment of the stability of the traditional financial order.