Yes, the President can fire the Chairman of the Federal Reserve, for “cause.” Like Bill Clinton’s indiscretion with Monica Lewinsky (and lying about it), what is or is not impeachable or cause is in the eye of the wielder of power, in this instance, the President. He has the power to fire the Chairman.
No, the President should not fire the Chairman just yet, but can and should make it clear that raising interest rates (which raise the debt and do many other really bad things to the economy) will not be tolerated at this delicate point in time. We need to issue the gold-backed dollar, do the currency re-set, distribute the bottom up energizer funds, and get going with the military tribunals. We also need a new Secretary of Defense committed to border defense, closing bases overseas, and bringing all our troops home from everywhere while also terminating the CIA drone assassination program.