📢 Liar in Chief: Trump’s Promises Mean Nothing—Just Ask Jerome Powell (Part 2)
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Trump says he won't fire Powell—don't believe him for a second.
Trump wants to control all aspects of our finances, which is why the Federal Reserve must remain independent.
So yesterday, I started writing this to warn our members about the latest Trump/MAGA Republican scheme to sabotage our rights, freedoms, rule of law, and democracy—this time by inserting themselves into our financial markets and trying to fire Federal Reserve Chair Jerome Powell. However, I realized that this was not just another Trump tantrum. It is part of a bigger pattern of lies, power grabs, and institutional sabotage. Trump is a 34-time convicted felon who treats the presidency not as a duty, but as a weapon. In part one of our piece yesterday, we reminded everyone: don’t listen to what he says—watch what he does.
This move against Powell is not bluster. It is dangerous. According to The New York Times, Trump "has drafted a letter to dismiss Mr. Powell and shown it to congressional Republicans" as he seeks their backing for this extreme step. That single act—drafting the letter—sent shockwaves through Wall Street. The Fed's independence is a cornerstone of economic stability, and Trump is trying to bulldoze right through it.
The Times also reported that Trump "polled Republican lawmakers in the Oval Office" to test the political waters for firing Powell. While Trump publicly shrugged it off as "doubtful," his pressure, retaliation, and manipulation pattern show we should not take his words at face value. This is not about one man. It concerns whether future presidents can bully the Fed into acting as their campaign finance tool.
Let us be clear about what is at stake. If the Federal Reserve loses its independence, the markets lose confidence. That is not speculation—it is already happening. The Guardian reported that Trump's private conversations and draft letter caused the S&P 500 to drop as investors reacted to fears of interference. The Washington Post warned that Trump's assault on Powell "threatens the central bank's crucial political independence" and risks undermining its credibility long-term.
Even a rumor of presidential meddling was enough to get markets swinging and the dollar wobbling. Reuters noted that markets remained volatile even after Trump said it was "highly unlikely" he would fire Powell, because he added a caveat: unless Powell "has to leave for fraud." That kind of rhetorical hedging is not leadership—it is sabotage.
The implications of this go far beyond one market dip. Here is why the Fed must remain free from political interference:
When the Fed is manipulated by the White House, investor confidence crumbles. Inflation expectations rise, borrowing costs increase, and markets become volatile. The U.S. dollar can weaken, and international investors begin looking elsewhere. Companies hesitate to invest. Moreover, once that trust is broken, it is incredibly hard to restore.
A politicized Fed would mean that interest rates—meant to stabilize the economy—could instead become tools to "juice" the market before an election. That creates a boom-bust economy driven not by need, but by re-election strategy.
Trump has a history of demanding lower rates to help his political standing. His current push mirrors past efforts to pressure Powell to cut rates regardless of economic signals. If presidents could fire Fed chairs at will, every administration would be tempted to exploit that power.
This is not how democracy—or capitalism—is supposed to work.
The legal precedent for protecting the Fed from political whims goes back nearly a century. The 1935 Supreme Court case Humphrey's Executor v. United States affirmed that officials like Powell can only be removed for cause. However, Trump's team is now trying to redefine "cause" as overspending on a building renovation—a move Axios and AP News reported is meant to create grounds for dismissal.
As The New York Times editorial warns, this path "would not only be legally suspect but would severely damage the independence of the Fed," and open the door to political loyalists replacing qualified economic leaders.
Even Jamie Dimon, CEO of JPMorgan Chase, weighed in. He urged Trump to stop interfering and let the Fed "do its job" without pressure.
Here is the truth: Trump does not want a Fed that works. He wants a Fed that works for him.
When Trump floated the idea of firing Powell, he did not just cross a political line. He breached the economic firewall that protects all of us—our savings, wages, housing, and futures. Even if Powell is not fired, the damage has begun. Confidence has already been shaken. Moreover, if we let this happen, if we allow one president to seize control of our monetary policy, we will be left with an unstable, politically rigged economy that serves the powerful and punishes everyone else.
That is why this fight matters.1 The Fed must stay independent. If we care about a stable economy, working-class families, and financial fairness, we must rise up, speak out, and build people power before the damage becomes permanent.
📣 Today’s calls to action
*** Click here to send a message to your Member of Congress. This editable template is delivered instantly and can be used daily to raise your concerns. Call them at (202) 224-3121—and if you can’t get through or don’t get a clear answer, ask for a staff contact. Then follow up by calling, emailing, and requesting a virtual or in-person meeting to raise your concerns. Here is the script:
Hi, my name is [Your Name], and I’m a constituent from [Your City or ZIP Code].
I’m calling to urge [Senator/Representative] [Last Name] to speak out publicly and take action to protect the independence of the Federal Reserve.
Donald Trump has openly discussed firing Fed Chair Jerome Powell for his own political gain. This is a dangerous threat to the stability of our economy, and it undermines the rule of law.
The Federal Reserve must remain free from political interference. I’m asking you to defend that independence—and make it clear that no president is above the law.
Thank you for your time. I look forward to seeing [his/her/their] leadership on this issue.
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Must read: If You Like 35 Percent Inflation, Go Ahead, Fire the Fed Chair
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Laurie Woodward Garcia (paid with hugs and kisses, not bought by special interests)
People Power United
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A read everyone needs to see
This is what happens when the federal government is weaponized and sabotaged and people aren’t paying attention.