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The speaker emphasizes the importance of maintaining confidence in the voluntary tax payment system. They discuss the creation of the Federal Reserve by Congress in 1913 and its role in coining money and regulating its value. The speaker explains that the Federal Reserve is an independent agency, meaning no other government agency can overrule its actions. They state that as long as there is no interference in their decision-making process, the specific relationship between the Federal Reserve chairman and the US president is not significant. The speaker expresses concerns about legislation that would allow the Government Accountability Office (GAO) to audit and make judgments on the Federal Reserve's policy decisions, as it could undermine the independence of the Federal Reserve and destabilize the financial system and the economy.

I believe in the ideology and apply it. The Federal Reserve is an independent agency, meaning no other government agency can overrule our actions. As long as there is no evidence of interference from the administration or congress, the relationship between the chairman of the Fed and the president doesn't matter.

Harrell Hizmo, a principal economist at the Federal Reserve who writes speeches for Jerome Powell, was recorded discussing internal Fed matters. Hizmo stated that the Fed's work is "all classified." He said Powell wants to be remembered for "holding the line" against Trump and that the Fed is considering equity, racial issues, wealth inequality, and climate change as part of its mandate. Hizmo believes Powell is slow-rolling solutions to avoid a recession, especially during an election year. He also suggested the Federal Reserve might discriminate against conservatives depending on how "out there" they are. Hizmo claimed that the Fed introduced new regulations to offset actions taken by Trump. James O'Keefe confronted Hizmo about the hidden camera recordings, but the call was cut short.

Speaker 0 says that on Friday the Department of Justice served the Federal Reserve with grand jury subpoenas threatening a criminal indictment related to testimony before the Senate Banking Committee last June about a multiyear project to renovate historic Federal Reserve office buildings. They emphasize respect for the rule of law and state that no one, not even the chair of the Federal Reserve, is above the law. The speaker argues this unprecedented action should be understood in the broader context of administration threats and ongoing pressure, stating the threat is not about the June testimony or the renovation project, nor about Congress’s oversight role. The Fed, through testimony and other public disclosures, allegedly tried to keep Congress informed, and the speaker asserts those are pretexts. The threat of criminal charges, according to the speaker, arises from the Fed setting interest rates based on what will serve the public, rather than following the President’s preferences. The core issue, the speaker says, is whether the Fed can continue to set interest rates based on evidence and economic conditions or whether monetary policy will be directed by political pressure or intimidation. The speaker notes service at the Fed under four administrations, both Republican and Democrat, asserting a record of carrying out duties without political fear or favor, focused on the mandate of price stability and maximum employment. Public service, the speaker adds, sometimes requires standing firm in the face of threats. Finally, the speaker commits to continuing to perform the job the Senate confirmed them to do with integrity and dedication to the American people, and thanks the audience.

Speaker 0 believes Trump is a "dumb guy." Speaker 1 asks if the feeling towards Trump is neutral. Speaker 0 says she wants to be remembered in history as someone who held the line against Trump and helped the economy. When Trump was president and wanted to stimulate the economy, she started raising rates, doing the opposite of what Trump wanted. The feeling is that they don't want Trump in the government.

A principal economist working at the Federal Reserve, Harel Hizmo, discusses his role in writing speeches for Jerome Powell, the chairman of the board of governors. Hizmo reveals that the Federal Reserve deals with classified information and that Powell wants to be remembered as someone who held the line against Donald Trump. Hizmo also mentions that the Fed has shifted its focus to include equity issues, racial issues, and climate change. He suggests that conservatives may face discrimination depending on their views. Hizmo explains that Powell didn't want to create a recession during an election year and discusses the impact of Trump's presidency on the Fed's regulations. The video ends with a call for insiders to share information with the media.

I believe in the ideology and apply it. The Federal Reserve is an independent agency, meaning no other government agency can overrule our actions. As long as there is no evidence of interference from the administration or congress, the relationship between the chairman of the Fed and the president doesn't matter.

Federal Reserve Chairman Jay Powell initially indicated that interest rates would remain high, but later suggested that rate cuts were being considered. This sudden change led some to speculate that it was politically motivated, aimed at helping Joe Biden's presidential campaign. However, there is a deeper concern that the US economy's underlying fundamentals are weak, forcing the Fed to scramble for solutions. The zero interest rate policy has fundamentally changed the world, allowing for increased debt despite low unemployment. This unsustainable debt-based economic scheme is causing the deficit to rise. Society and long-term economic cycles are undergoing radical transformations, as seen in changing attitudes towards environmentalism, women's rights, and political elections.

Confrontation over the phone with a Federal Reserve economist about comments on Jerome Powell's legacy. Economist denies statements made on video, refuses to comment further. Reporter questions economist on Powell's actions, but economist avoids answering. Economist is seen denying statements and driving away. Reporter promotes medical emergency kit during video.

The speaker believes Trump is a "crazy person." They feel that someone wants to be remembered in history as holding the line against Trump. When Trump was president and wanted to stimulate the economy, this person allegedly raised interest rates and did the opposite of what Trump wanted. The speaker concludes that "we don't want Trump to be in the clean government."

Speaker 0 lays out a sequence of observations and interpretations regarding financial markets and political moves. They begin by noting a pattern: gold and silver prices had been moving up by record amounts, the dollar had fallen to a four-year low in the dollar index, and the dollar had even fallen to an all-time record low against the Swiss franc, while the bond market was starting to roll over. From this, the speaker infers that something unusual and potentially destabilizing was occurring in the financial landscape, and they suggest that this situation prompted a response from the administration. The speaker then posits that Scott Bessent, along with other people who are close to the president, communicated a message to the president indicating that there was a problem that needed attention. In the speaker’s view, the Trump administration recognized the need to act in order to stop the perceived slide or derail the momentum of the developing situation and to buy some time. The implication is that the administration deliberately sought to intervene in the markets in a way that would slow or modify the trajectory of events. Following this assessment, the speaker asserts that the administration coordinated with short sellers and with big banks to target silver, suggesting a conspiratorial collaboration aimed at affecting market dynamics. This is presented as part of a broader strategy to exert influence and to create the impression that actions were being taken to counter the market’s movement. A key element of the narrative is the announcement of Kevin Walsh as the new chair of the Federal Reserve. The speaker describes there being a coordinated public relations campaign around Walsh’s appointment, implying that the public portrayal of the move was designed to show that Trump had done something unexpected. The narrative further claims that the campaign depicted Walsh as an inflation hawk and suggested that he might advocate for rate hikes and perhaps even return to quantitative tightening. Crucially, the speaker asserts that Walsh was selected because he has marching orders to do exactly what Donald Trump wants him to do. The claim is that, if this were not the case, Walsh would not have been chosen for the job. The speaker contrasts this with any public portrayal of Walsh as independent or hawkish in a neutral sense, arguing that those portrayals are not genuine according to the speaker’s interpretation. In sum, the transcript presents a view that a set of market signals prompted a deliberate, coordinated intervention by the Trump administration, including collaboration with short sellers, the strategic targeting of silver, and the appointment of Kevin Walsh to the Fed as a means to implement a policy direction aligned with the president’s objectives.

Speaker 1 stated that Jerome Powell is too late and slow, and that he is not happy with him. Speaker 1 claims he has let Powell know this. Speaker 1 believes that if he wanted Powell out, Powell would be out of his position very fast.

Harrell Hizmo, a principal economist at the Federal Reserve, prepares speeches for Jerome Powell. He says his work is "all classified." Hizmo believes Powell wants to be remembered for "holding the line" against Trump and helping the economy. He claims Powell is responsive and has shifted the Fed to consider equity, racial issues, wealth inequality, and climate change. Hizmo says Powell raised interest rates against Trump's wishes to stimulate the economy. He believes Powell is slow-rolling solutions to avoid a recession during an election year, fearing people could lose their homes and jobs. Hizmo states that some people think conservatives are dumb and that the Federal Reserve might discriminate against them depending on how "out there" they are. He also says the Fed had to introduce new regulations to offset actions taken by Trump.

Fed Chair Powell stated he wouldn't resign if asked by President Trump, citing legal protections. However, the real issue is the existence of the Federal Reserve, which many believe operates outside constitutional authority. The Fed prioritizes its own survival and that of major banks, undermining a genuinely free society. For true economic freedom, sound money is essential. Education is key to helping the public understand these issues, as seen with other political matters. If the central bank continues to create money at will, currency value will decline, leading to rising prices. The founders understood that true wealth comes from productivity, not money creation. Emphasizing freedom can maximize productivity and prosperity.

Confrontation over the phone with a Federal Reserve economist about comments on Jerome Powell's legacy. Economist denies statements made on tape about Powell's views on Trump. Refuses to elaborate, claiming not to work closely with Powell. Journalist questions economist's role and contradictions in statements. Economist avoids further discussion and leaves. Journalist promotes medical emergency kit. To order, use code "OMG" for a discount. Visit twc.help/omg.

The speaker argues that Jerome Powell is keeping interest rates too high despite inflation being under control, potentially due to personal feelings about the president. Inflation is near a four-year low after five consecutive better-than-expected readings, yet interest rates remain near twenty-year highs, with mortgage rates near 7% and credit card rates above 20%. The proposed solution is for the Federal Reserve to livestream its meetings, similar to the SEC, FTC, and FCC, to provide public scrutiny of their deliberations. The speaker believes the public deserves to know what this "secret group of bankers" is doing, as they are setting the cost of money.

Harrell Hizmo, a principal economist at the Federal Reserve, helps write speeches for Jerome Powell. Hizmo stated that the information he deals with is classified. He said that Powell wants to be remembered as someone who "held the line" against Trump and helped the economy. Hizmo believes Powell is responsive and that the Fed has changed under Powell to consider equity, racial issues, wealth inequality, and climate change. Hizmo said that Powell didn't want to create a recession, especially during an election year. He also stated that some people think conservatives are dumb and that the Federal Reserve might discriminate against them depending on how "out there" they are. Hizmo noted that the Fed has had to offset actions taken by Trump by introducing new regulations.