The U.S. Federal Reserve could have fixed inflation a while ago but refused to do the hard work because the results could hurt President Joe Biden’s re-election efforts, putting former President Donald Trump back in the White House, according to hidden camera footage.
Despite Biden’s insistence that the U.S. economy is stronger than ever and inflation is controlled, Americans can feel the pinch at every turn. Principal economist at the Federal Reserve, Aurel Hizmo, told an undercover reporter that the Fed stopped raising the rates to tackle inflation because it could cause a recession. Something like that would likely end Biden’s 2024 campaign.
Moreover, he said that chair of the Federal Reserve Jerome Powell “hates” Trump and thinks of himself as someone “who held the line against … Trump,” adding that under his first term, Powell refused to help stimulate the economy by lowering interest rates simply because Trump wanted him to.
BREAKING, INSIDE THE FEDERAL RESERVE: Hidden Camera captures Principal Economist @federalreserve talking about Jerome Powell’s legacy as “somebody who held the line against like, Trump.” The influential agency responsible for maintaining a stable monetary system appears to not… pic.twitter.com/5CqZX2LhwT
— James O’Keefe (@JamesOKeefeIII) April 10, 2024
“So Trump nominated him, and Congress approved it, and then as soon as [Powell] became chair, Trump wanted him to lower interest rates. Because when you lower interest rates, it stimulates the economy, And Trump was president, he wanted to stimulate the economy. But [Powell] wouldn’t do it. He started raising interest rates and doing the opposite of what Trump wanted. And Trump tried to find all the loopholes to fire him,” Hizmo said. (ROOKE: Biden Looks To Deal Fatal Blow To Girls’ Sports)
Hizmo said that while Powell’s relationship with Trump was contentious, he does get along well with Biden and his administration. He even boasted about all the progressive changes Powell brought into the Fed as chair, including equity and racial issues, wealth inequality, and climate change.
“[Powell] creates an environment to foster research in [climate change], to foster discussion in the area where, like, it’s a friendly environment where we can hire climate scientists,” Hizmo told the undercover journalist.
He also admitted that even though the Biden administration claims to have tackled inflation, it hasn’t gotten worse “because we’ve been increasing rates for a little while.” Inflation rose for the third month in March, causing Atlanta Fed President Raphael Bostic to retract his early prediction that the Fed would lower rates three times this year.
Krugman: Let them eat charts. pic.twitter.com/G2QWkobSP6
— John LeFevre (@JohnLeFevre) April 10, 2024
“Biden wouldn’t want the interest rates to go lower. At the same time, he doesn’t want inflation. Inflation is bad. Everybody is complaining about it,” he said. The Fed could be doing more to slow inflation but doesn’t want to do anything that would “create a recession,” according to Hizmo, who said Powell is very concerned about his legacy and wants Americans to view him as a “savior.”
Hizmo admitted that he doesn’t work with any Conservatives and that people in the Fed would think Conservatives or people who support Trump are “dumb.”
“So the feeling is this: we don’t want Trump to be in the government. But if he comes, we’re still gonna try to do the best we can for the country. Now, if he messes up, if he does something stupid, then we have to fix it,” he said. Hizmo talked about how, in Trump’s first term, he removed a lot of regulations to get the economy going, so the Fed (led by Powell) went behind Trump to counter the deregulation. (ROOKE: Trump Plans To Spend 2nd Term Dismantling The Left’s Favorite Policy)
It’s no shock that American institutions are captured by progressive activists who hate the U.S. and find regular Americans to be dumb. They are the ones who cringe when the term “America First” is said, and the idea they would do what is right for the country at the risk their guy would lose is something so foreign to them that it might as well be written in Latin.
Biden desperately needs the economy to get better before November to make this election a referendum on Trump and not his policies that are hurting Americans. Since the left controls everything from education to the economy, you can almost guarantee the Fed will lower interest rates before the end of the year to help boost morale and ease pressure off of Biden. It has nothing to do with what’s good for Americans and everything to do with remaining in power.