Articles for tag: Exekutive, Fiscal policy, Independent agencies, Präsidialbefugnisse

Compound Interest

Last week, President Trump purported to fire a member of the Federal Reserve Board, Dr. Lisa Cook. And although he appointed Jerome Powell Chairman of the Federal Reserve during his first term, Trump has since directed constant scorn at Powell and repeatedly threatened to remove him as well. This controversy forms part of Trump’s broader effort to assert sweeping control over the executive branch. It also reveals his particular interest in loosening U.S. monetary policy. Yet his actions carry significant legal and economic risks of their own.

4. September 2025

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Taxation Without Representation

What started as a trade war in 2018 – and a domestic policy aimed at recalibrating the U.S. trade policy – has quietly transformed into a tool of hidden taxation, enabling the U.S. executive branch, meaning the President of the United States, to raise revenue and dramatically influence fiscal policy without legislative consent or even minimal participation in the legislative process by Congress. This divergence from legal norms represents a constitutional rupture – what I call the rise of a shadow fiscal state: a parallel tax system designed and executed solely through executive discretion rather than transparency and congressional legislation.

4. August 2025

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The Limits of Limiting Democracy

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The intellectual and institutional architectures built around democracy are under pressure – and evolving: Germany reformed its fiscal constitution in March, Europe’s Stability and Growth Pact is undergoing a stress test, and in the United States, the White House is questioning the independence of monetary policy. Historically, democracy has an ambivalent reputation: Plato described it as both the freest and the most unstable of governments. But how far and in what ways can democracy be limited before it loses its democratic nature?

4. Juli 2025

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