RADIOJuly 17, 2025

Rumors explained: Is Fed Chair Jerome Powell OUT?!

After rumors spread that President Trump would soon fire Federal Reserve Chair Jerome Powell, Trump has said that he's "not planning" on it right now. But is it possible for Trump to fire him? Will he resign? And how is the Fed Chair even chosen in the first place? Glenn and his head researcher Jason Buttrill explain ...

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, last night, I was rapidly looking the lie some of these rumors, on X.

Pretty incredible people on what's going on with Jerome Powell and the fed.

What the heck?

I was actually popping popcorn and watching this. It was so crazy.

GLENN: So it's just the rumors, that he is going to be stepping down?

JASON: Well, yeah.

Yeah. Anna Paulina Luna. Congresswoman. She was saying, it was almost imminent, that he was about to be fired. Actually fired.

There were other rumors saying, well, we're not sure about fired.

But he's considering resigning.

GLENN: Yeah. You know why.

JASON: We were like, what the heck is going on?

GLENN: So do you know why?

Do you know why he's resigning? Any guesses? I mean, you had popcorn out. I would love to hear what you have come up with.

JASON: So there was the CPI stuff coming out. The interest rates going up.

We know that the President wants interest rates to come down. I'm assuming that is what the deal is, and there's some sort of internal battle going on.

GLENN: Well, and the president can't fire the Fed chief. Okay?

So the Fed chief is the one that nominated. The federal reserve is the biggest crock of bullcrap I've ever seen in my life.

It's nothing, but the five biggest banks. Okay? And you know which ones they are. They're the ones that keep getting bigger. And everybody else is falling to the wayside.

So the Federal Reserve is the arm of those five banks.

Okay?

And they suggest, who the president can select from.

So the president can't say, I don't want any of these guys. I want this guy. Can't do it.

He has to take a look at the list that all the banks have put together. Is. Say, pick from this list, Mr. President.

Did you know that?

JASON: It's kind of how Iran chooses their next president.

GLENN: It's exactly. It's exactly that way. Except, this religion is all about the almighty dollar.

Okay. So he can't -- he can't pick on his own. But the president has a right to pick one, you know, every term. If it comes up in his term.

The president wants this guy out. And I think he's been really, really bad.

Because he's been wrong on almost -- on almost everything. But show me the -- show me the Fed, you know, the guy who the Fed was right ever.

So he can't fire him. But he wants him out. Because he wants interest rates dropped.

And, you know, the jobs are coming back. Things are coming back.

But interest rates keep coming up.

And the -- and the interest rates, if we keep our interest rates high, we have a harder time borrowing money for our debt.

And it just gets more and more expensive for everybody all along. So the president wants him to back off interest rates. But the Fed chief believes that that could cause more inflation.

Which I think he's right on that one. And I hate to say he was right on anything.

Because I don't think he was ever right.

Makes me question myself. When he's like, well, I think he might have a point on that one. But the president is like, no. He can handle it.

I want them down. I want cheap money again.

He refuses. So what has the president done?

The president can only fire him, with cause!

So what do you do when you can only fire somebody with cause, and you want them out.

You find a cause, and this one is easy.

So the Fed has been the one leading the way saying, we can't keep borrowing money.

We've got to have some fiscal sanity. Right?

This is going to kill us. We have to keep these interest rates high, because you are borrowing too much money. And maybe this is the only way to stop you.

So we got to keep it high, because you've borrowed too much money. And how many times has he testified in front of Congress? We've got to cut. We've got to cut. You can't keep spending like this.

Okay? Well, did you know that the Federal Reserve, with our tax dollars, the five biggest banks, a/k/a the Federal Reserve, is redoing their offices. To the tune of two billion dollars!

Now, I don't know what kind of wallpaper they need there.

But that seems like a pretty hefty renovation, especially when everybody is looking at cutting things. And you're lecturing me about spending money. So they get money from the government, okay? They're telling us, stop spending.
Stop borrowing.

Except, okay. What you've borrowed. I need $2 billion of that, to redo our offices in Washington, DC.

Excuse me?

Why don't you do that yourself. Okay. I think banks maybe have some money.

So they're borrowing that money, and there's $700 million over.

So it's $2 billion. $700 million over budget. And they're still not finished.

And the problem is: They're putting in water features.

They have a rooftop garden they're building.

JASON: Okay.

GLENN: I mean, it is -- it's insane. The president now knows, really? You want to play this game with me. I will sit your ass down in front of Congress, and you answer to the American people, how you're lecturing us about spending. And you're putting in a rooftop garden and a water feature in your office. No! No.

So the president is now threatening, I'll fire you for this. You want to quit, now would be the time to quit.

Otherwise, I'm dragging your butt in front of Congress.

You answer to the American people for this. And they will beg me to fire you.

That's what's happening.

JASON: I looked at that a lot.

Because I was like. There's got to be some leverage that the president had, because they can't get rid of.

But that is a pretty big cut. That sounds like a Babylon Bee article. $2 billion.

GLENN: It does. It does. $2 billion, 700 million over budget.

JASON: Oh, my gosh.

GLENN: I mean, and these are the responsible bankers. No, I don't think so.

It just shows, they don't mean what they say. They'll just keep doing it for themselves. You know, if you really believed that America was really on that financial cliff, why would you do that?

You would lead the way and say, guys, we are going to be the only responsible ones here.

We will lead by example.

No renovation. You know what, go to IKEA?

You need a new desk. Go to IKEA, and get a new desk. Well, we have to keep up our image. We're not going to have a country.

So what do you say, we go to IKEA?

Our image should be, we are going to lead the way out of this madness!

That's what a leader would do.

JASON: So, Glenn, I still don't think I get this disconnect between Trump and Powell on -- we know Trump wants to lower interest rates.

Powell is standing back and saying, basically, he doesn't want to do it.

Is he trying to undermine President Trump on this?

GLENN: President Trump thinks so. President Trump thinks so.

I think so, to some degree.

I mean, I'm worried about inflation.

Look, you know what happened. Do you know what's happening with yap?

JASON: What's happening with Japan?

GLENN: So what's happening with Japan, is Japan has always had this really amazing image of, we're solid. We're absolutely solid.

This is target to crack. The foundation.

1989.

Let me go back to 1989.

This was the crown jury trial of the global economy.

Back in 1989, you probably aren't old enough to remember.

All of a sudden, Japan owned everything in America. We were just becoming Japanese, and everything was being purchased by Japan. Kind of like it feels a little bit like China now.

JASON: They even owned Nakatomi Plaza, Glenn, that Bruce Willis had to save -- they owned everything in every '80s movie!

GLENN: Oh, yeah, they owned absolutely everything.

Okay? And the -- things were so insane in Japan. The grounds of the imperial palace, in Tokyo, on paper was worth more than the entire value of the state of California.

JASON: Wow!

GLENN: Okay?

So their land. Everything just shot up. And so they had all of -- they were flush with all this cash.

And people believed that Japan had suddenly, you know, cracked the formula for, you know, eternal prosperity.

That's the problem. Then it all started to fall apart. And the asset prices. That they had mortgaged against.

Okay?

They had borrowed. Well, the imperial palace was worth more than California.

That doesn't make any sense. You wouldn't mortgage it like that. At least long-term. I will do this real quick, and pay it off.

You would never, ever mortgage, because you know that's inane. Well, nobody ever wanted -- and it seems in governments, nobody ever wants to believe that this is just a fluke. Okay?

So the asset prices collapse. The stock markets plunged. And for three decades, they have gone into this very polite political coma.

Okay? Economic coma. And so the central bank did something radical. They were the first ones to set your interest rate at zero. They lowered the interest rate. They made money so cheap, it was nearly free. Zero percent interest. Sometimes, they would pay you to take out money.

So the -- they had negative interest rates. Can you imagine that? Now, you're not fixing the problem. You're just printing wallpaper to cover the mold. All right?

So they've done this for decades.

Now their debt is I think 260. Or 280 percent of their GDP.

I think, what is ours?

100?

80 percent.

Something crazy. 120. You never believe back.

The death threshold is usually 120, 140.

They're 260 percent of their entire economy is debt.

That's not a crack. That's a fault line.

So this week. Or was it last week? Things started to creek and grown in Japan.

And the government bonds, which are like our treasuries. Is this getting too complex.

Are you following this still?

JASON: Yeah.

GLENN: Okay. So their government bonds.

They were the safest investments on earth.

One of them. Okay?

It's us. Japan, Germany.

They started to fall.

Hard. And when bond prices fall, interest rates were the easily go up.

All right?

So they borrow all this money.

260 percent of their GDP is borrowed. Okay?

So they borrowed all of that money. And they had it at like 3 percent interest. Whatever.

2 percent interest.

And they were paying people.

2 percent.

Well, all of a sudden, the cracks started to appear. And people were like, I'm not sure this is stable at all.

And then the belief of the system started to -- to go away. So people started selling their Japanese bonds.

Once they do that, now the yields have to go up.

What happens when yields go up?

What happens when interest rates go up? For a government. You have to pay more interest on your debt!

Okay?

You add two or three points.

Just imagine, you have an adjustable rate. Okay?

This is a government having an adjustable rate. Except, they have 260 percent of everything they make, in debt!

And it's all leveraged.

And now, their adjustable goes up two, three, four points.

You're not able to afford that anymore, okay?

So massive problem.

Because what it really means is. People don't believe in Japan.

They know the con game is now over.

And investors are saying, you know, I want a whole lot more in return.

Because I just don't believe you anymore.

And it's not just Japan's problem. This is not a neighbor's house on fair.

This is -- imagine we're all living under the same roof. This is the neighbor's apartment, on fire.

We're all under the same roof. We all have the same foundation. And so when this happens to Japan, you should pay attention. And I'll show you the ripple effects in just a second.

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GLENN: Okay. So now if Japan -- that means there's a stampede out of Japan.

And people are starting to look and reprice the risk of their money.

Now they're like, wait a minute.

The most stable. You know, if you're driving a car and it is the safest car in the world and all of a sudden, they just start blowing up on the highway.

You're like, I don't think that's the most -- that's the safest car on the highway.

And if that's the safest car, what does it mean for the car I'm in?

You know what I mean? So now, this is going to push US interest rates going up.

Which makes our mortgage rates go can up. And our car loans more expensive. And the national debt. Which is already costing us $1.2 trillion a year, just in interest.

Now, they can't sell their treasuries. People are skittish on treasuries. Maybe they come to the United States, but they're not so far.

They're getting out of the Japanese interest. Or the bonds there.

Japan has to pay their bills.

What do you do when you have to pay a bill?

And you don't have any money coming in.

You don't have enough money coming in. What do you do?

You sell something. Right? You sell your car. You sell something that you have of value.

Well, what do they have? What do they hold of value? US Treasuries.

So now, we are trying to sell our bonds, for our new debt, they hold our old debt.

They're saying, hey. Anybody want to buy this debt? Because I have to sell it. Fire sale. What do you give me for it?

Okay?

Which makes that debt more attractive, because they can get a better deal there.

Which means, if we want to have new debt, we have to raise our interest rates. Which means, we pay more for interest for our mortgages and everything else.

And it floods the market with bonds, crushing the prices, skyrocketing the costs for us.
And causing even more trouble, in other countries, that have US bonds. Because they start to look and go, nobody is buying these bonds.

Well, of course not. You have two countries. The two stablest countries besides Germany.

You have the two stablest countries now selling US Treasury bonds.

Okay? Really, really bad.

Now, let me add this on.

Germany is now having to pay for their own army.

And so they said, they're going to borrow money.

To build the army.

And they're going to lower their interest rate. So they can borrow more money. All right?

And now, the German bund, which is -- you know, like our Treasury. That's now starting to fall apart.

Well, Germany has some assets, they can sell.

What do you think that asset might be that they want to sell?

US treasuries.

We have been playing an extraordinarily horrible game.

This is why I believe the president wants somebody else in charge of the Fed, because the Fed can say, we're lowering the interest rates.

Because he's got to get more money into the system. So people can spend money, can start businesses. Borrow money.

Get things moving, so we can increase the amount of taxes that we collect.

The more people money -- the more people make, the more taxes we collect.

So he's like, we've got to grow the economy. And the only way we can grow the economy is to lower the interest rates.

But at the same time, interest rates around the world because of what's happening with the bonds is going through the roof.

We are in a very -- we've never been in this position before.

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Conspiracies are of course real and occur every single day. But yet, many in the media and elite political circles attempt to use the term "conspiracy theory" to smear and discredit those who are skeptical of conventional narratives. Where did this term come from and how should we understand it? Journalist Alex Newman joins Glenn Beck to break this down and how it impacts the world as we see it today.

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Chalkboard Breakdown: How George Soros & the 'Deep State' funnel YOUR money to radical groups

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You WON’T BELIEVE this leftist demand for ICE

As ICE agents continue to conduct immigration raids throughout the country, the Left is demanding that they be required to remove their masks and show their faces. Could this be because the Left wants to easily identify these agents so that they can dox them?

Transcript

Below is a rush transcript that may contain errors

GLENN: There's a couple of things going on. There's a new democratic-leaning activist group, that has now raised more than $750 for mobile response teams.

Now, I know we just talked about Mercury One and their mobile response teams, you know, going -- trying to help find bodies here in Texas.

There's is to confront immigration and customs enforcement during raids in California.

Organization is save America movement.

It's asking for your donation, so its teams can follow ICE raids in real time.

The group began launching its first political ads and social media accounts in June in a fundraising web page.

It shows, they wanted to raise $1 million for the anti-ICE initiative. So far, I believe they have, yes.

$764,254.

Quote, ICE agents are raiding LA in masks without badges, names, or accountability. These ICE agents don't have names, or badges. Really?

Wow. And they wear masks. I wonder why they might wear masks.

You know, maybe it's because the people on the streets are also wearing masks.

Now, why would the people on the streets be wearing masks, Pat. I'm trying to figure that one out. Why would they be wearing masks?

PAT: Perhaps they don't want to be identified.

GLENN: Don't want to be identified. Why?

PAT: They're committing illegal acts.

GLENN: Yeah. Good. Good. Good.

And they know if they're identified, then the good guys will come and arrest them. But seeing that they think they're the good guys, and the police are the bad guys. Why would the police be wearing masks?

Because the police know the bad guys will identify them, and come get them and their children at night.

There's one that's on the righteous side. One that is not on the righteous side. I'm trying to remember which one is which.

So the Save America Movement is launching its liberty vans. Mobile response teams with cameras, chaplains. Now, I'm just trying -- I'm just trying to imagine the chaplains that might be going with them.

Chaplains, lawyers, and veterans. To show the world what's happening in our communities.

What is happening in the communities? I'm wondering.

Now, the group announced its steering committee on June 18th. That includes Erica Alexander. Dr. Reverend William Barber. Ryan Busse. Steve Smith. And Billy Ray. These -- at least Alexander and Barber have spoken at the Democratic National Convention. Alexander campaigned for a -- the -- for Hillary Clinton. She was, you know, campaigning for Hillary Clinton. And, by the way, Hillary Clinton was so popular. She lost.

Schmitt was also the cofounder of the anti-Trump Lincoln project before stepping down in 2021.

So this is just the usual suspects. Do you remember, Pat, when we were working at Fox? And we were doing all that research?

And, remember, we would look into these organizations. Like, well, same 12 people. Every time. Same 12 people.

It was like, there were only like 25 to 50 revolutionaries that were actually. And then none of these guys were revolutionaries.

All of these guys were all political figures, that were all orchestrating and funding everything.

It was the revolutionaries that would be like, yeah.

You go out and do that!

Yeah. I'm going to be here. I've got your back.

I've got your back.

You should go out and blow yourself up.

I mean, it's -- it's the same thing with the mullahs.

The mullahs aren't ever the ones going out.

They're never like, and I'm going to show you how much I believe in this.

I'm going out and blowing myself up.

No. No. It's the same thing with the DNC.

All of these people, all behind the scenes, they're using you.

They don't know how you don't see that.

They're using you.

And, again, on the other hand, I don't see how the Democrats don't see, no!

The radicals now are using you.

Now the radicals are in charge. And be afraid. Be very afraid.

Because they're going to come for you. Before they come for me.

You think they're going to eat us first.

But, I mean, we had this story. What was it last week?

Did you see the story where -- where Democratic politicians are now saying, they're afraid of their own constituents?

PAT: Yeah.

GLENN: Right?

PAT: Yeah.

GLENN: Their own constituents are saying, maybe you should die, so we can get some attention to our cause.

You know, we need some blood to be spilled for a real revolution.

And the democratic politician was like, wait. Wait.

Wait. My blood.

PAT: And they got a little taste of that, during the Palestinian Israeli situation. Because err where Democrats went, they were committing genocide. Because they supported Israel.

So they got a little taste of -- of how the left could turn on them.

GLENN: I -- too we need to go through Minneapolis?

I mean, look what happened in Minneapolis.

I mean, I don't know -- do I have this -- where is it?

There's a story today, on the Minneapolis -- okay. Yeah.

Here.

The Minneapolis -- the Minnesota assassin Vance -- what is it?

Bolter said neither his pro-life worldview, nor his support for Donald Trump were motivations behind the deadly June 14th shooting rampage.

That left a top Democratic lawmaker dead, and another seriously wounded. Now, he's pro-life.
And he's a supporter of Donald Trump. Yet, he worked for the Democrats.

PAT: Uh-huh.

GLENN: Appointed by two Democratic governors, I believe.

GLENN: Yeah. And I'm trying to -- I'm trying to make that fit.

You're a pro-lifer that also is a big supporter of Donald Trump.

And you go to work for Tim Walz?

I'm just -- I mean, I know sometimes Common Core math hurts with be when you try to think.

But this one is almost impossible. Even -- even, even -- if I say you're right, if you just show me how you got there.

I don't think I can show you that you're right on that one.

He said, his pro-life worldview. Or his deep, deep support for Donald Trump were not motivations.

I'm going to let you chew on that for a while.

That's his quote for prison.

He's waiting for trial.

And the New York Post. Did an interview with him.

He said, you're fishing.

And I can't talk about my case.

I'll say, it didn't involve either Trump or pro-life us stuff.

I'll just say, there's a lot of information that will come out in the future. That people willing look at.

And judge for themselves.

That goes back 24 months before the 14th.
If the governor ever lets that get out.

Now, wait a minute. Tim Walz is the governor. He faces possible federal grand jury indictment this week, after being charged with six felonies, stalking and murder-related counts of killing, of the Democratic lawmaker.

And, by the way, if you're really -- if you're really on the right. Why would you kill the lawmaker that just voted with the Democrats?

Or, I'm sorry, just voted with the Republicans. She actually took a hard line, and a very hard decision, she didn't want to.

But she said, I just feel like, it's the right thing for the state. And it's killing me to vote this way. But I feel I really have to.

And so she does. And then this guy goes and kills her? Because he's such a big conservative?
What? Any of this makes sense to you?

PAT: None. No.

None of it.

GLENN: During two 20-minute video visits with the Post, he said police have withheld key details from his handwritten letter, left by the alleged person in a getaway car. Let's see. Alleged person.

I think that's his wife. The letter which has not been released is addressed to FBI director Kash Patel. My wife and family had nothing to do with any of this.

Certain details of that letter were leaked out. That probably painted one kind of a picture, but a lot more important details that were in that letter were not leaked out.

He refused to elaborate, saying the withheld details related to things that were going on in Minnesota. Huh.

PAT: Hmm.

GLENN: I also made sure, when I was arrested, that they secured that letter.

I made the request. That they secure that letter, before it gets destroyed.

Because I was concerned somebody would destroy it.

Police found a handwritten note in the suspect's fake police SUV with a hit list of more than 50 Democrat officials from at least six states.

Police found other notes with directions to the Hortman home, and a list of websites used to gather information on the targets.

Asked by the Post how he felt about the shooting victims and their families.

He said, you can maybe ask, if someone believes that. And they love God. And they love their neighbor.

Allegedly, how they could be involved in a situation where some people were no longer here that were here before.

But I'll let you chew on that one too.

PAT: It's so bizarre.

GLENN: A little nuts. A little nuts.

PAT: Yeah. Yeah.

GLENN: The letter left behind for the FBI, also alleged that they claimed Tim Walz told him to murder Amy Klobuchar. And others. So he could run for US Senate.

Now, I can believe a lot of things about Tim Walz. But I don't believe --

PAT: You don't buy that? Huh.

GLENN: No. I don't buy that.

You can believe a lot of stuff about Tim Walz, but no. No. I'm not going to buy that one.

He would not discuss his views or relationship with Tim Walz, the Democratic vice presidential nominee.

PAT: Hmm.

GLENN: Walz appointed Boelter to a four-year term on the governor's workforce development board in December of 2019.

And then the mark Dayton. The -- also tempted Minnesota governor. Appointed him to another board. The same kind of board in 2016.

So the guy has been working for --

PAT: Democrats.

GLENN: For a very, very long time.

But pay no attention to that. Pay no attention to that.

Democrats, you're fine.

Your base isn't about to rise up and kill you.

Remember warning about this?

We -- in 2008 and '9. I was like, you cannot get into bed with crazy radicals.

You can't. Crazy, being part of the word.

Radical, the other important word.

In crazy radicals. They'll kill you!

When they don't think that you're taking this revolutionary -- revolution seriously enough, which is exactly what's happening.

ICE, they're now going out in the streets.

And they're -- they're shooting at ICE.

And they know that Donald Trump doesn't want them to do that. But you're on their side.

And let me see if anybody remembers where this line came from.

You betrayed the revolution. Oh, yeah. That's right. That's right. That's right.

Right at the gallows. I don't remember which country that was. Not the gallows. But guillotines.

You betrayed the revolution. That's what happens in revolutions. If you're not revolutionary enough for the most bloodthirsty, they come after you. And they come after you first!

That's what's coming, America.

What is happening -- and I will give you some other stories. What is happening on the streets right now, is a lead-up to serious, serious trouble on the streets. And a bloodbath on the streets.

Pray for our law enforcement.

Oh, no.

Don't even pray about that. Because what could possibly happen. If law enforcement decides, I'm not putting up with this anymore. Because the city will not support them.

What could possibly go wrong?

We have Elon Musk, and Grok four, and his robots all ready to go. He said last week, all I have to do now is download Grok four into the heads of my robots. And they will be able to take care of everything.

Wouldn't that be great?

We could have a robot police force.

PAT: That usually works out well. And all the documentaries I have seen, it works out really well.

GLENN: It always works out really well. Well, it didn't in iRobot. Remember?

PAT: Oh, that one document.

GLENN: Yeah. That one documentary.

But that's because, you know, they had m.-- you know, they had the four rules. Remember?

PAT: Yeah. Yeah.

GLENN: And the good news in RAI, we decided those four rules didn't need to be put in.

So we don't have those four rules in RAI, so I don't know why.

But probably wasn't going to work anyway.