Federal Reserve Chairman Jerome Powell has been criminally referred to the Department of Justice (DOJ) for alleged perjury, and it’s about time someone called out the central bank’s shenanigans. This isn’t just a bureaucratic slap on the wrist—it’s a direct challenge to the Fed’s ivory tower, exposing the rot of unaccountable power and reckless spending that’s been fleecing taxpayers for years.
The referral, spearheaded by Rep. Anna Paulina Luna (R-FL), a fierce Trump ally, accuses Powell of lying under oath on two occasions regarding the Fed’s jaw-dropping $2.5 billion renovation of its Eccles Building headquarters in Washington, D.C. Let’s put that number in perspective: $2.5 billion is more than the cost of building brand-new NFL stadiums in Nashville or Buffalo. This isn’t pocket change—it’s a taxpayer-funded palace for unelected bureaucrats who already wield way too much control over our economy. Luna’s letter to the DOJ reveals that Powell misled the Senate Banking Committee on June 25, 2025, by downplaying lavish amenities like VIP dining rooms, premium marble, special elevators, water features, and rooftop gardens—features he flat-out denied existed. Strike one.
Then, in a letter to Office of Management and Budget Director Russell Vought, Powell allegedly misrepresented cost escalations from $1.9 billion to $2.5 billion as “minor” changes, despite evidence of significant upgrades that should’ve required new approval from the National Capital Planning Commission (NCPC). Strike two.
This is classic Fed behaviour—obfuscate, overspend, and operate above the law. The Eccles project, greenlit in 2017, was supposed to cost $1.9 billion, but “unforeseen conditions” like asbestos and a high-water table supposedly jacked up the price. Sounds like a convenient excuse for mismanagement, doesn’t it? Powell’s defence? He’s ordered a “formal watchdog probe” into the costs and insists the changes were minor and compliant with regulations. But the Fed’s own submissions to the NCPC tell a different story, detailing extravagant additions that Powell conveniently left out of his testimony. If this isn’t perjury—knowingly lying under oath, which carries up to five years in prison—then what is?
For those of us who’ve long distrusted the Fed, this is a smoking gun. The Federal Reserve isn’t just a monetary policy machine; it’s a symbol of the Deep State’s unchecked power. It prints money out of thin air, manipulates interest rates, and fuels inflation that crushes the working class—all while Powell and his cronies sip coffee in their soon-to-be-marble-clad offices. President Trump, who appointed Powell but has since called him out for keeping interest rates “ridiculously high,” has been banging this drum for years. He’s even floated firing Powell, though he recently said it’s “highly unlikely” he’d pull the trigger. Still, Trump’s frustration is spot-on: why is the Fed blowing billions on a lavish HQ while dragging its feet on rate cuts that could ease the burden on American businesses and families?
The timing here is no coincidence. With Trump and his allies like Luna and Treasury Secretary Scott Bessent pushing for a full audit of the Fed’s operations, this referral is a shot across the bow. Bessent recently told reporters the Fed needs to be “critically examined” for its effectiveness, and he’s right.. The Fed’s been hiding behind its “independence” for too long, acting like it’s untouchable while making decisions that ripple through every American’s wallet. Luna’s move, backed by whispers from congressional insiders like Bill Pulte, signals a growing revolt against this opaque institution.
The Fed’s track record of secrecy and excess demands scrutiny. Powell’s denials and his scramble to launch an internal probe only underscore how desperate he is to cover his tracks. If the DOJ takes this seriously—and with Attorney General Pam Bondi at the helm, there’s a chance it might—Powell could face real consequences.
As a finance person who sees the Fed for what it really is, I say it’s time to turn up the heat. This referral isn’t just about one man’s alleged lies: it’s about dismantling a system that’s been gaming the people for decades. Whether Powell resigns, gets prosecuted, or skates, the message is clear: the Fed’s days of operating in the shadows are numbered. Luna’s courage in calling out this nonsense deserves a nod, and if it leads to lower rates or a broader reckoning for the central bank, all the better. Keep your eyes on this one—it’s a fight worth watching.
Mass Layoffs Continue Across Big Companies
In 2025, mass layoffs are sweeping through major corporations, from tech giants like Intel, Meta, and Microsoft to legacy industries like retail, manufacturing, and finance. Over 159 companies have slashed approximately 80,000 jobs this year alone, with tech leading the charge. Years of corporate overreach, government meddling, and the looming threat of AI-driven disruption are driving this upheaval.
The Layoff Surge: What’s Happening?
The numbers are stark. Intel’s cutting up to 20% of its global workforce—around 10,000 jobs—despite pocketing over $2 billion in federal CHIPS Act funding. Microsoft axed 9,000 employees, roughly 4% of its staff, while Meta trimmed hundreds from its marketing and Reality Labs divisions. Outside tech, Disney’s shedding hundreds in film and TV marketing, Estée Lauder is slashing 5,800–7,000 jobs, and UPS is eliminating 20,000 roles, citing global trade policy shifts. Even federal agencies aren’t spared, with over 128,000 government workers laid off or targeted under the Trump administration’s push to shrink the state.
These aren’t isolated incidents. Layoffs.fyi reports that 2025 has already seen over 22,000 tech job cuts, with February alone accounting for 16,084. Retail’s been hammered too, with 64,000 jobs lost in the first four months, driven by bankruptcies at Joann Fabrics (19,000 jobs) and Party City (16,000). Manufacturing giants like General Motors and Nissan are also scaling back, with GM cutting 1,695 at its Fairfax plant and Nissan slashing 9,000 due to tariffs and slumping sales in China. Why Are These Layoffs Happening? These layoffs stem from a mix of market realities, government-induced distortions, and technological shifts that expose the rot of centralized control and corporate bloat.
The Layoff Surge: Over hiring During the Pandemic Bubble:
The early 2020s saw companies like Amazon, Meta, and Google go on hiring sprees, fuelled by cheap money and lockdown-driven demand for tech, e-commerce, and remote work solutions. With interest rates near zero, corporations binged on debt and overstaffed, expecting endless growth. Now, with demand cooling and inflation biting, they’re shedding excess. This is basic market correction—businesses bloated by artificial stimulus are now forced to tighten up. Easy-money policies from the Federal Reserve created this bubble, encouraging reckless expansion while shielding companies from real-world consequences.
The Layoff Surge: AI and Automation Disruption
A World Economic Forum survey predicts 41% of companies will cut jobs over the next five years due to AI. Firms like CNN, Dropbox, and Chegg have already cited AI as a factor, with Amazon’s CEO Andy Jassy admitting fewer humans will be needed for certain roles as generative AI takes over. Some would say that this is the free market at work—technology drives efficiency, cutting fat from overstaffed operations. But let’s not kid ourselves: the Deep State loves AI for its surveillance and control potential, and their cronies in Big Tech are all too happy to push automation while dodging accountability for the human cost. The result? Workers in customer service, marketing, and IT support are getting replaced by algorithms, and entire industries like finance and retail are seeing AI chatbots and trading systems take over.
The Layoff Surge: Tariffs and Trade Policy Shocks
The Trump administration’s reciprocal tariffs, particularly on imported vehicles and goods from China, are hitting companies like Nissan (facing a $4.5 billion loss) and UPS, which cited “global trade policy changes” for its 20,000 job cuts. Yes, folks cheer tariffs for protecting American jobs and countering China’s economic dominance, but the short-term pain is real. Tariffs raise costs, disrupt supply chains, and force some companies to downsize to stay competitive. The Deep State’s globalist agenda—pushing free trade deals that gutted U.S. manufacturing—set the stage for this correction. Trump’s policies are a pushback, and they are squeezing corporations that got cozy with cheap foreign labour and imports.
The Layoff Surge: Economic Uncertainty and Cost-Cutting:
Induced Inflation, high interest rates, and recession fears are forcing companies to prioritize profitability overgrowth. The Fed’s rate hikes in 2022–2023, aimed at curbing 40-year-high inflation, jacked up borrowing costs, hitting debt-laden tech firms hardest. Companies like CrowdStrike (5% workforce cut) and PwC (1,500 U.S. jobs) are streamlining to meet financial targets, while retailers like Big Lots cut jobs to avoid bankruptcy. From a conservative lens, this is what happens when markets are distorted by government overreach—years of low rates and stimulus bloated balance sheets, and now firms are paying the price. The Deep State’s economic mismanagement, from printing trillions to funding endless wars, has fueled this instability.
The Layoff Surge: Copycat Layoffs and Wall Street Pressure
Wall Street’s rewarding layoffs with stock bumps, as seen with Microsoft, Meta, and Alphabet hitting record highs after cuts. Stanford’s Jeffrey Pfeffer calls it “copycat layoffs”—when one tech giant downsizes, others follow to signal cost discipline to investors. This herd mentality isn’t just market-driven; it’s egged on by a financial system rigged by Deep State insiders who prioritize shareholder value over workers. Conservative finance guys see through this: corporations are cutting jobs not just for efficiency but to appease Wall Street cronies who thrive on short-term gains while Main Street suffers.
The Deep State—unelected bureaucrats, globalist elites, and their corporate allies—has a hand in this mess. For decades, they’ve pushed policies that hollowed out the American worker: free trade deals that sent jobs overseas, loose monetary policy that inflated bubbles, and now AI surveillance tech that’s replacing humans. The Federal Reserve’s money-printing spree enriched Big Tech and Wall Street while leaving companies overleveraged and workers vulnerable. The same elites cheering AI adoption are the ones cozying up to globalist institutions like the World Economic Forum, which predicts massive job losses while preaching “you’ll own nothing and be happy.” Trump’s tariffs and DOGE initiative are challenge to this system, aiming to restore American sovereignty and cut government fat. But the collateral damage—layoffs, economic uncertainty—hits hard. The Deep State’s influence lingers in corporate boardrooms, where executives mimic each other’s cuts to please investors, not to build a stronger economy. And AI, a tool for control, with Big Tech and government colluding to monitor and manipulate data under the guise of innovation. Skilled professionals are left jobless, and communities where federal agencies or tech firms dominate face unemployment spikes (e.g., Washington, D.C.’s rate could hit 9.6% from 2.8%). The answer isn’t more government handouts or Deep State bailouts—it’s unleashing free markets, cutting red tape, and letting American ingenuity thrive. Companies must stop chasing Wall Street applause and focus on long-term value. Workers, meanwhile, need to adapt to a world where AI and automation are rewriting the rules. In short, 2025’s layoffs are a reckoning—corporations correcting past excesses, markets reacting to government distortions, and technology reshaping labor. The Deep State’s fingerprints are all over the chaos, but the path forward lies in dismantling their influence, embracing market discipline, and empowering workers to navigate the storm.
Written By Tatenda Belle Panashe
