Donald Trump’s ‘illegal’ move could curse America with hyperinflation where even bread cost ‘$1000 more every day’

Shark Tank investor Kevin O’Leary has issued a strong warning to President Donald Trump about the dangers of interfering with Federal Reserve independence. The businessman made his comments on Fox Business after Trump threatened to replace Fed Chairman Jerome Powell and attempted to fire Fed board member Lisa Cook. O’Leary said such moves could lead to economic disaster similar to what Venezuela has experienced.

Trump has been putting pressure on the Federal Reserve to lower interest rates faster than the central bank believes is safe. The president has called Powell a “stubborn MORON” and has demanded immediate rate cuts. This week, Trump tried to fire Fed Governor Lisa Cook over mortgage fraud allegations, though Cook is fighting back with a lawsuit that claims the president has no legal authority to remove her.

According to The Hill, O’Leary warned that if Trump gains control over interest rate decisions, it could result in hyperinflation where “bread costing $1,000 more every day.” He explained that “the reason we don’t have hyperinflation like Venezuela is we have a Fed. If you allow the ‘el presidente’ to set interest rates, you end up with bread costing $1,000 more every day.” The Shark Tank star has previously supported some of Trump’s economic policies, but drew the line at Fed interference.

Trump reshapes Fed board amid growing tensions

The president has been working to change the makeup of the Federal Reserve board. He nominated Stephen Miran, his White House economic policy chief, to fill a temporary seat after another board member resigned early. If Trump succeeds in removing Cook and appointing her replacement, he could gain a majority of appointees on the seven-member board.

Cook filed a lawsuit this week challenging her firing, calling it “unprecedented and illegal.” Her attorney said Trump’s mortgage fraud allegations are “unsubstantiated” and don’t meet the legal standard for removing a Fed governor. The Federal Reserve Act says board members can only be removed “for cause,” which typically means serious wrongdoing in their official duties.

Meanwhile, Treasury Secretary Scott Bessent has been trying to reassure markets about the administration’s fiscal plans. He said tariff revenue could exceed $300 billion this year and would be used to pay down the national debt rather than provide rebate checks to Americans. However, O’Leary and other economists worry that Trump’s policies could create the very inflation the Fed is trying to prevent.