The Federal Reserve is reported to be historically apolitical, meaning all considerations are absent of politics. However, no individual Federal Reserve Chairman has been more overtly political than Jerome Powell.
Today, after announcing yet again the Fed will not lower interest rates, Chairman Jerome Powell announced he will not leave the board of the federal reserve even after his term has expired and he is replaced by recently advanced Kevin Warsh. Powell said he plans to maintain a “low profile” as a governor, but it will be the first time since 1948 that a Federal Reserve Chairman has stayed on the board at the end of their chairmanship.
The Inspector General is currently reviewing the massive cost overrun for a new multi-billion-dollar Federal Reserve building that has been the heart of controversy since the initial $1 billion overrun was announced. “I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that,” Powell said.
Paranoid! Powell must have inside knowlege via some commie judge that he’s immune to firing.
Just don’t take away his red stapler. Let the Bob’s “fix the glitch” and move his desk into the basement. Also don’t let him play with matches
I imagine he thinks he can maintain some control over the investigation if he is still in a position of power.
Whatever else this administration has done or not done, it has attempted to restrain and end corruption. How did the lunatics react to DOGE? To ending public benefits to individuals who are in the country illegally?
Just recently another cabinet member was let go, there were questions over her husband’s behavior.
Everything the Trump administration has tried to do to cut off the public spigot has been challenged. Now the federal chairman squanders excess monies on construction (and I guess the question is, did it all go to construction?) and he can’t be fired?
Overwhelming hubris … fatigue.
Democrats ARE NOT protecting their corruption. They are protecting Americans’ private information, or at least that’s the talking point.
The only ‘private’ information they are protecting is who, by how much and by which vehicle are they grifting off the American taxpayers.
What private information about individuals does the federal reserve have?
Powell’s kickbacks, which he considers private–un soupçon de sarcasm
Why do you only say Democrats?
Do you actually think Republicans are not part of the charade?
Cuz deep state RINOs take their direction from Democrats. Like talking about the Nazi occupation of France and complaining about not also mentioning the Vichy.
Will his kickbacks ever be found out?
Not if a Democrat is president—or controls the House.
He’s staying on to continue the search…..
Change the locks on the door…
…. and count the silverware
Can’t trust Democrats at all—Obama won’t leave either.
The list is long: Hillary, Comey, all of the rest. They need to keep their hand in in order to control the research into their corruption. Must be a lovely life they lead.
Also Democrats are incompetent and parasitic egomaniacs, so there’s literally NOTHING else they can do with similar compensation—cf. elite overproduction.
Once you accept the power and riches, you’re in for life.
Did you ever hear Democrats claiming President Trump won’t leave after his term is up??? Well, there you go. Always telling us their plan.
Projection as confession.
I hope President Trump runs like the wind when his term is over… to go enjoy the rest of his life with his family and wife, without having to deal with the TDS nuts and crazy media wannabes.
He deserves a life without the idiotic attacks.
I can’t imagine what the media and crazy liberals will do once he is out of office. They will have no reason to get out of bed.
Best President Ever!
🙏🏻🇺🇸🙏🏻❤️🤍💙
trump should do the same as Powell and say that he is staying on
Did Nixon close the gold window by Executive action or did he have to go through Congress ?
If he closed it by Executive action, then Trump could open it by Executive action. In my conversations with my friends at Bretton Woods Research, which carried on in the wake of Jude Wanniski’s passing, they have said that a new gold peg could be set at a level that prevailed over the past five years. So that is a starting point.
Monetary policy has to be taken out of the hands of bureaucrats and put into the hands of the market.
The quiet part out loud:
Everyone screams for the ‘Fed’s Independence.’
Isn’t it the Fed who creates money out of thin air used to buy treasury bills which in turn creates debt that the US taxpayer has to repay?
I understand the difference between monetary and fiscal policy/dominance. What gets me is the incestual relationship between the Fed and Treasury, while demanding Fed independence.
It is the Congress that spends more money than the government takes in with taxes. The Congress is the Spending mechanism. If the Fed was not there, Congress would have created something else. The problem goes away if the Congress only spends what it takes in through taxation.
The setting of interest rates was to be a nonpolitical process and hence out of the politicians hands. It worked for along time. But like everything else the Democrats have politicized the Fed too.
That gets me too, but what gets me more is the ownership of the Fed by the City of London banking cartel.
I seem to remember some high school history book claimed the federal reserve was set up to end the depressions and instability caused by the market controlling monetary policy. But since 1913 federal reserve control it’s been same old depressions and recessions cycle
Yes. The Wall Street panic of 1907 was used as the excuse to create a central bank in order to create stability in financial markets. It is said the JP Morgan and other robber barons, banksters and financiers of the day all met in secret and devised the plan to create the panic. And of course create buying opportunities for themselves.
I’m not enough of an independent expert on all of this, I have read Bartley and Wanniski and I lean on what I have learned from them.
I wish I knew how a true gold standard would work in today’s economy, with no central bank issuing currency. Would a local bank in my town in Saskatchewan accept as payment money from someone in Nova Scotia or Brisbane, all currencies in ‘the old days’ being locally created, as I understand it.
From that point of view, I have no problem with a central bank issuing currency; everyone everywhere thus knows it is real and reliable and has value.
As Wanniski held, the entire point of the gold standard was to act as a signal whether there was too much or too little liquidity, Period. He wrote, too, that from the time Newton established the Pound Sterling as being a specific weight of gold, Britain enjoyed 2 centuries of price stability, and that the Bank has very little actual gold in its vault; people believed by demonstrated action that the Bank had no interest in fiddling with the value of the currency, so they were more than willing to hold paper instead of metal.
Wanniski took head-on the Friedman monetarist school that blamed the Depression on monetary policy by stating that the collapse by one third of the money supply was not a Fed decision; the US was still on a gold convertibility standard and because of the collapse of trade in the wake of Smoot Hawley, the economy needed one third less circulating currency and the Fed had no choice because it had to maintain the gold price.
The boom and bust thing is inevitable when the Bank has any objective other than absolute price OF THE CURRENCY stability. Economic growth is purely the responsibility of fiscal policy.
Even the ‘fine tuning’ responsibility of the Fed (or any central bank) is abhorrent. 2% a year of people’s savings just get evaporated why……? If a nation wants more exports without devaluing its currency, that should be the responsibility of fiscal policy.
Changing the yardstick / value of money would never work in any other field of weights and measures. A building started in one year would find it impossible to complete a building in the next year if a foot was suddenly ten inches. “the building was supposed to be 80 stories but is actually 70 now”
That uncertainty in the value of money accounts for interest rate fluctuations, charging a higher interest rate than necessary because in 20 years when the loan is done, a dollar now might be only worth 60 cents.
And so on ……..
The Fed creates inflation and recessions. Those are their specialties.
Power will leave when he is assured he won’t go to prison for nefarious activity.
Did he get an auto-pen pardon?
If the FED is not connected to the federal gubmint, why is the legislative branch appropriating taxpayer💰to pay for the FEDs palatial offices?
It’s the same mystery as state legislatures appropriating taxpayer funds for private businesses to open their doors but at a higher cost with even less of a return.
None of it makes sense.
It makes sense if the idea is to pay for your perks or kickbacks with other people’s money.
…life-changing money…
It does make sense if you do not want someone like Pelosi or Jeffries setting interest rates.
The Fed has been unconstitutional since the moment it was created.
Prox 4:00 mark, Chair Powell,
“The people we serve benefit from your (regarding the media) careful reporting”
Lots of questions:
1. Who are the real people the Fed serves?
The Federal Reserve is a privately held and very secretive institution.
2. What is the benefit these people get?
Mull that one over.
3. The notice to press for their careful reporting.
3. 6:00 mark the first questioner is unidentified. The same person thanked Powell for the kind words about the press. This question was known incoming by Powell. He went directly to his written answer.
Fireworks 🎇 coming.
Any investigation will probably show that Tillis, McConnell, Murkowski, Collins all had their hands in Powell’s money jar.
Its pretty clear Powell is putting his grudge with PDJT above America’s fiscal well being. He couldnt make it more obvious.
Power hunger POS.
NWO operative. Lowered rates a total of 1% in 2nd half of 2024 to try and help Cackles when cpi was running hot 4-6%. Trump gets it down to under 3% and the rat inserts his thumb firmly where the sun don’t shine, closes the shop. It’s been the plan all along.
Time for ICE to deport the FED.
You can read right through this idiot.
Acting like the bully on the block “I’m (not) leaving and I’m taking my ball with me”.
The Fed makes a profit on lending money, right? Why are U.S. taxpayers required to foot the bill for a makeover to their building? It would have been cheaper to buy a new building (I hear they are going cheap).
Or at least, if there is so much asbestos abatement to be done, (isn’t it perilous to the health of people working there) it should have been condemned and gutted and made into a regular government office for some other entity.
Put a bill in to reduce the salaries of these woe-be-gones commensurate with the outrageous overruns.
Well said
Powell and the FED’s post Covid rate cut was March 15, 2020. The next rate change, a hike from 0-0.25% to 0.25-0.5% was March 17, 2022. Inflation was raging and they waited too long to hike. There is market speculation that Powell who was nominated for a second term by Biden on Nov 22, 2021 kept rates lower for longer to get confirmed. He was eventually confirmed on May 12, 2022. CPI was 6.8% in Nov ‘21 on is way to 8.6% in May of ‘22. You decide. There was never more of a political FED decision than to cut rates on Sept 17, ‘24 from 4.5-4.25% to 4.0-4.25% and then again on Oct 29 ‘24 from 4.0-4.25% to 3.75-4.0% twice right before a Presidential Election. Absolutely horrifically political. His legacy will be extremely mixed.
Yellen cut a dozen times for Obama and only raised interest rates for President Trump! 🤔
Well said BC! He’s the NWO’s ape.
No Kings.
It might be that in whatever room Jerome Powell is, he’ll be the most political person in that room.
Whoopy Hindenburg just said the same thing about Trumps Ballroom means he plans to stay ! Ok if Jerome is staying so is Trump ! Right?
Why did Sortero stay in Washington?
Who in their right mind would spend one second more in that cespool after 8 years?
Who? Only filthy America hating, NWO operatives.
No kings in the US except the Fed Chair Powell?
Perhaps he has not considered that he is now faced with a President who knows far more about “building renovation projects” than he ever could. I’m certain that he confronted – and bested – plenty of corrupt contractors just like this person.
Probably the most immediate solution to this situation is to file Federal criminal charges against Powell. Because I am quite sure that such charges could easily be found. “A ‘billion’ dollars” is an awful lot of money, and it can be distributed into a lot of undeserving hands.
Trump vs Powell.
I’m going to have to lay my money on Trump.
Norton pop up scam is rendering this site unreadable
dont let them win! that’s what they want!
Except for when you post to complain about the pop-up ads, ruining the website, correct?
I’m in IT and depend on my credibility to earna living.
The Norton pop up ads on this website would diminish my reputation, should I pass along links to others. Please find another ad mechanism. Thank you.
There is a reason for the chairman not to stay on the board after his chairmanship since 1948. That’s because no one on the board wants to hear his shit again.
Unfortunately, the way Congress set up the Fed board and their terms of office, Powell doesn’t have to leave, at least not completely. There are seven Board members (“governors”), each of them appointed to 14-year terms. Powell is one of those and his term as a governor expires in June 2028. The Chairman and Vice Chairman are also governors and serve for 4 years unless reappointed, and those run concurrent with their terms as a governor. If not replaced, each gets to continue in office until a replacement is confirmed. Powell is serving in his second term as Chair, which expires in May 2026, although he is still a governor until June 2028.
It has been custom for a Chair to leave the Fed Board altogether when his term as Chair expires (leaves as Chair at the end of that term and leaves as a governor, even though there may be time left in that term). But that is the custom only and the law does not require it. Powell appears to be intent on going against custom to stick around until the end of his term as a governor in 2028.
Kevin Warsh’s nomination (as both Chair and as a governor) has been okayed by committee, but not yet by the whole Senate. Assuming he is confirmed soon, he will join the board as a governor on that day, but not as Chair before the last day of Powell’s term as Chair.
If Powell flouts custom and does not leave as a governor until 2028, that does not leave Warsh out in the cold, because there is a temporary governor (Stephen Miran) serving out the end of someone else’s term, and since no replacement has been confirmed him, he is available to be replaced as a governor by Warsh if Powell will not resign as a governor as is the custom. Miran already reached the end of the previous person’s term in Jan 2026, so upon confirmation Warsh would immediately replace him as a governor, and then as soon as the last day of Powell’s term as Chair comes (May 23), Warsh will also become Chair for the next 4 years.
Sounds kind of convoluted, but that is the way Congress devised the Fed Board terms of office. Powell, being the egomaniac putz that he is (and trying to protect himself from whatever corruption he may have been involved in), will flout custom to hold on to his governor seat until 2028 while Warsh will still replace him next month as Chair.
P.S. When it comes to setting monetary policy, including rates, there are 12 voting members: the seven governors (including the Chair and Vice Chair), along with the five Federal Reserve Bank presidents. Just to clarify.
thanks for posting this
From an interest rate perspective, that’s disappointing.
How can he just say he’s not leaving? Does he not report to anyone?
Read D-one’s post above yours
How can he just stay?
The oligarchs love to extort money and drool over depopulating people like us. They own most politicians and have murdered many.
🙏
/Crunches some numbers
They were either using golden nails or were paying as if they were using gold nails.
A billion dollar over run is pretty staggering. But I bet you the real crooks weren’t Powell. Powell has the deer in a headlights look, not someone who would scam government out of Billions.
Oooph.
What does that have to do with the topic?
Nothing. That’s the sound commies make when they try to use their brains.
Typical leftist. They just can’t give it up and retire. Leave already.
For Powell, covering your ass is never pretty. Sorry for the visual.
You just can’t make this up
MNN BREAKING…
*PRESIDENT TRUMP TO RE-NAME THE FEDERAL RESERVE “QUALITY BAKING CENTER”
Lol – excellent!
okay for the unitiated this is how this works.
you’ve probably heards, when the USA gets a cold, the world gets the flu. this is true is many significant ways. This should be obvious, but how does the federal reserve set the tone for the rest of the world.
interest rates. Not necessarily raising them, or lowering, BUT KNOWING IN ADVANCE WHAT THE DECISION WILL BE.
You are not in the club. It’s private, you are not invited. YOU ARE THE LIQUIDITY.
this is why Congress chooses not to question the authority of the fed. it’s an ATM machine that spits out billions of dollars…you get advance notice of the chances to interest rates, then you can very efficiently manage and grow quite a sizable portion of wealth. But first you must never question or address the reasons why the federal reasons, specifically why interest rates must be managed.
so for beginners, examine the words of Milton Freidman. Understand why inflation happens. it’s not a function of supply and demand. That’s price changes. We are talking about the VALUE of money. Interest rates are many made. by the fed. it’s designed to not help or hurt the main street economy…it’s has only one purpose. To give private investors a advance notice so they can build wealth.
for example, if I can know how the fed is going to raise interest rates…I can seek certain private deals to purchase US debt and make a small fortune. Likewise, I can cover my risk if I know in advance the feds drop rates. This is the level of game played at all major institutional banks, every single central bank in the world. And just knowing how the US FED will decide, you can duplicate the same insider trade knowledge in any currency…particularly those involving significant liquidity margins. It is literally trillions of dollars.
Powell is not going to risk having his position replaced by someone else who is not willing to continue the fraud. Because he can’t. Those who make bank would never allow that. he is in many respects a prisoner of his own complicity in the fraud known as interest rate managements. We can just call it “inflation racket”
now you know
God Bless America
Thank you for you’re post,so the rest of us can understand.
God bless you regitiger.
For most of my life I had often wondered why my head was always bobbing just above the surface. Why couldn’t I make any real progress towards my longterm financial security?
Every time I had two cents to rub together some outside circumstance would drag me right back down to earth. Everything from an unforeseen car repair, a (manmade?) health issue or a (manmade?) economic downturn to loot my pension account.. I always had to give back more than I could ever save for a rainy day.
Turns out that has been a feature of the system for the elite who are always privy to what’s coming around the next bend.
The complete surprise of those in DC after our President stood up and defiantly raised his fist to them was obvious to anyone paying attention. Three assassination attempts later and, by all indications, the powers-that-be have NOT been betting on MAGAnomics to continue.
Well ..BOO HOO.. here we are! Now it’s YOUR turn to be the deer in the headlights ..How does it feel you greedy, soulless bas-turds!
Good explanation. Do you have any insight on Gold in relation to this topic?
I’ll never forget the picture of President Trump and Jerome Powell in hard hats last year, as Trump assessed the lack of progress on the abysmally managed and breathtakingly over budget Federal Reserve building.
I’ve spent many an hour on construction sites in hard hats, so I can say with authority that Trump wore his with aplomb, something we’d expect from an old construction pro who spent tens of thousands in similar head gear.
But the same hard hat perched atop Powell’s scrawny neck with the head band setting too tight, the thing looked ridiculously out of place and about as authentic as Michael Dukakis wearing a tank helmet!
What if… the Fed was also laundering the $Trillions being looted by Newsom, Walz and the Uni-Party?
Powell is just a small man trying to act like a big man.
After reading “The Lords of Easy Money” by Christopher Leonard I understand why. He is staying to cover his ass.
His arrogance, horribly bad financial decisions that raised our deficit by Trillions and sent countless manufacturing jobs out of our country while pocketing millions for himself and elitist cronies is downright criminal.
I can only hope that the investigation into his actions will be taken up again after the new head is confirmed.
This man really needs to face prosecution for what he has done to this nation. It is obvious that he thought the Demwits would continue to remain in power and that he would never face scrutiny.
The Fed really needs to be audited. The President knows it and I hope that happens.
It is very much a part of the swamp that needs to be dismantled. I think it never should have existed.
“I will continue to oversee investigations into my malfeasance until I am vindicated.” Jerome Powell
Also, what does Powell expect his Federal salary and pension plan be for this self appointed position? No Kings, but self appointed Governor, that’s different.
Wouldn’t the new chairman be able to disclose everything?
How long is the IG investigation going to take ? We need something right away so Trump can fire him for cause.
I believe that ALL of these people are owned puppets.
Who said that he’s staying because he wants to stay? he’s more likely being made to stay just as Mitch McConnell is, Diane Feinstein was, John McCain, Ruth Bader Ginsberg, I believe a lot of these people have sold their souls to the devil and are being made to stay there until the day they die.
The Fed needs to be Flushed ! Remember they dropped rates for Camel-toe-Hairless’s run
The other little man, The Science™️, has inspired Powell to claim, I am The Rate™️.
End the Fed…..
End the 16th Amendment meant to fund it…..
This guy is a thief…..
It’s time he is treated as much……
This loser is up to his neck in crime. His body language confirms it.
The mullahs are easier to deal with than Powell, and infinitely more forthright.
I believe Chairman Powell intends to block the Strait of Hormuz also.
JP makes a good King
The fed is unconstitutional, therefore should not even exist. End it!
Consciousness of Guilt – Fed Chairman Powell Refuses to Leave Fed Board After Term Expires, “I will leave when the coast is clear”