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    Justice department opens investigation into Jerome Powell as Trump ramps up campaign against Federal Reserve

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    Fed chair accuses DoJ of threatening criminal charges over building renovation projects because central bank defied Trump’s interest rate demandsThe Department of Justice has opened a criminal investigation into Jerome Powell and the Federal Reserve, a significant escalation in Donald Trump’s extraordinary attack on the US central bank.Powell said the Department of Justice had served the Fed with grand jury subpoenas on Friday, threatening a criminal indictment related to his testimony before the Senate banking committee in June last year, regarding renovations to the Fed’s historic office buildings in Washington DC. Continue reading… More

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      Why Russia’s economy is unlikely to collapse even if oil prices fall | Phillip Inman

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      Hopes that tougher sanctions and lower oil prices could derail Putin’s war effort underestimate how far the Kremlin has rewired its economyPacing inside the Kremlin last weekend, as news feeds churned out minute-by-minute reports of Donald’s Trump’s Venezuelan coup, Vladimir Putin may have been wondering what it would mean for the price of oil.Crude oil has lubricated the Russian economy for decades – far more than gas exports to Europe – and so the threat of falling oil prices, prompted by US plans for control of Venezuela’s rigs, will have been a source of concern. Continue reading… More

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      in US Politics

      Corporation For Public Broadcasting formally dissolves after federal funding cuts

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      Board of directors vote to dissolve organization after nearly 60 years in operation after funding cuts under TrumpThe nonprofit charged by Congress with allocating funds to NPR, PBS and other US public radio and television stations announced is dissolving after massive federal funding cuts under Donald Trump.The Corporation for Public Broadcasting (CPB) announced on Monday that its board of directors had voted to dissolve the organization after nearly 60 years in operation. Continue reading… More

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      in US Politics

      ‘They sowed chaos to no avail’: the lasting legacy of Elon Musk’s Doge

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      The billionaire – who had no government experience – left various federal agencies in disarray while overseeing an ‘efficiency’ drive across WashingtonAs Elon Musk, the world’s richest person, splurged more than $250m on Donald Trump’s 2024 re-election campaign, the US president commissioned his new ally to oversee a sweeping “efficiency” drive across the federal government.The Tesla and SpaceX boss, who had no experience inside government, was tasked with eradicating waste and cutting spending as part of the so-called “department of government efficiency” (Doge) – and was quick to stoke expectations. Continue reading… More