Senator Schumer seems to have been onto something, given the possible involvement of US national security officials in the various attempts to remove President Trump from office and then sabotage his reelection campaign.

As powerful as the intelligence agencies are, there is another secretive government institution that also has great ability to harm, or help, politicians: the Federal Reserve. By manipulating the money supply and interest rates, the Fed can cause a temporary boom or slowdown. As we have seen over the past several years, the Federal Reserve's money creation will also lead to rising prices, which can offset any economic benefits the average American receives from a Fed-created boom.

While the Fed is responsible for boom and bust cycles that plague the American economy, most people give the credit or blame for a strong or weak economy to the president and other elected officials. Partisan politics play a role in this too, like when Republicans labeled the price inflation created by the Fed's unprecedented money creation "Bidenflation," suggesting Biden was responsible.

Since the Federal Reserve's creation, presidents have pressured the Fed to implement monetary policies helpful to their administrations. Usually, the Fed tries to accommodate presidents, which is why economists refer to the political business cycle. However, the Fed does not always accommodate presidents. President George H.W. Bush and members of his administration blamed his 1992 loss on Fed Chairman Greenspan's refusal to lower interest rates to help the economy recover from a recession.