![\"\"](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/01\/dralanahearne.jpg\")
Dr Alan Ahearne worked under the Fianna F\u00e1il leader from July 2020 to December 2024, where he was a key figure in advising on economy, budget and pandemic-related policies. Pic: Stephen Collins\/Collins Photos<\/p>\nA former economic advisor to An Taoiseach Miche\u00e1l Martin has issued a stark warning as he urged the Irish public to keep an eye on Donald Trump\u2019s moves in the US.<\/p>\n
Dr Alan Ahearne worked under the Fianna F\u00e1il leader from July 2020 to December 2024, where he was a key figure in advising on economy, budget and pandemic-related policies. <\/p>\n
The University of Galway professor also served on the Central Bank of Ireland as an executive director, and also spent seven years with the US Federal Reserve \u2014 America\u2019s central bank.<\/p>\n
Dr Alan Ahearne worked under the Fianna F\u00e1il leader from July 2020 to December 2024, where he was a key figure in advising on economy, budget and pandemic-related policies. Pic: Stephen Collins\/Collins Photos<\/p>\n
Having predicted the 2008 crash, Dr Ahearne has warned of a similar event to take place should Donald Trump<\/a> take control of the US Federal Reserve.<\/p>\n The President of the United States of America is currently at loggerheads with the current chair, Jerome Powell, with Trump wanting to reduce interest rates. <\/p>\n Mr Powell\u2019s term comes to an end in May, and the US President has already confirmed he will soon name who will take over.<\/p>\n The current fear is that the President will put in a \u2018lackey\u2019 as Dr Ahearne called them, who would simply do as they are told by the Trump administration.<\/p>\n Should Trump succeed in taking control of the Reserve, Dr Ahearne warns of \u2018the mother of all recessions\u2019 in Ireland.<\/p>\n The economist detailed that stock markets would fall and credit markets would tighten up \u2018just like in 2008.\u2019 He added that borrowing and lending would freeze.<\/p>\n Speaking to the Irish Independent<\/a>, Dr Ahearne warned: \u2018There would be bankruptcies and all sorts of liquidity problems in global markets. It would potentially be a terrible outcome with that sort of panic.\u2019<\/p>\n Dr Ahearne urged the Irish public to keep an eye on the story and \u2018follow it day by day\u2019 as a panic in the US bond market would lead to a \u2018deep recession\u2019 worldwide.<\/p>\n The Galway professor noted that \u2018most people\u2019 would have saving funds in the US bond market without even realising, with many of their pension plans linked to it. <\/p>\n \u2018It\u2019s the same for businesses and central banks all around the world,\u2019 he added, \u2018They all hold some US government bonds, and if there\u2019s a sell-off, the price of those bonds will fall and that could give rise to a terrible global financial crisis.\u2019<\/p>\n The warning comes not long after Trump detailed his plans to impose tariffs on goods from a number of European countries as part of his push to gain control of Greenland<\/a>.<\/p>\n The head of state pledged to implement a rate of increasing tariffs on goods and services on Denmark, Norway<\/a>, Sweden, France, Germany, Great Britain, the Netherlands and Finland.<\/p>\n The tariffs come into effect on February 1. <\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/01\/Donald_Trump_Greenland_1.jpg\")
The President of the United States of America is currently at loggerheads with the current chair, Jerome Powell, with Trump wanting to reduce interest rates. Pic: Kyle Mazza\/Anadolu via Getty Images<\/p>\n![\"Miche\u00e1l](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/01\/CC-MANSERAGH-FUNERAL42-e1760356066998.jpg\")
A former economic advisor to An Taoiseach Miche\u00e1l Martin has issued a stark warning as he urged the Irish public to keep an eye on Donald Trump\u2019s moves in the US. Pic: Colin Keegan, Collins, Dublin.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/01\/GettyImages-2254852931-e1768146661679.jpg\")
The warning comes not long after Trump detailed his plans to impose tariffs on goods from a number of European countries as part of his push to gain control of Greenland. Pic: SAUL LOEB \/ AFP via Getty Images<\/p>\n