Fed Served With DOJ Subpoenas; Iran Says Protests Quelled After Hundreds Reported Killed

Key takeaways

The Federal Reserve faces increased political and legal pressure from the Trump administration amid ongoing scrutiny.
International diplomacy continues around Greenland as Denmark seeks to stabilize its relationship with the US in light of President Trump's ambitions.
The Iranian government is confronting significant internal unrest, with heavy casualties reported, and is attributing these protests to foreign influence.

Summary

Federal Reserve Subpoenas and Political Pressure

In a dramatic escalation of tensions, Federal Reserve Chair Jerome Powell announced that the US Central Bank had been served grand jury subpoenas from the Department of Justice, threatening a criminal indictment. This action follows increased scrutiny from the Trump administration regarding the Fed's operations, particularly concerning building renovations. Powell emphasized that this subpoena should be viewed within the larger context of ongoing governmental threats to the Fed's independence. President Trump denied any knowledge of the DOJ's investigations but has consistently pushed for aggressive rate cuts.

Diplomatic Moves Over Greenland

In a developing situation regarding Greenland, top diplomats from Denmark and Greenland are scheduled to meet with US Secretary of State Marco Rubio in Washington, aimed at diffusing President Trump's renewed interest in the territory. This meeting reflects Denmark's efforts to reset strained US relations concerning Greenland, which has become a focal point amidst geopolitical tensions.

Protests in Iran Amid Government Response

Iran's Foreign Minister announced that security forces have 'full control' over the protests that erupted two weeks prior, during which allegations have emerged that the US and Israel are inciting violence. Over 540 reported deaths and more than 10,000 arrests have occurred as public protests fueled by a currency crisis have spread across various provinces. The government's categorization of protestors as 'rioters and terrorists' highlights the regime's siege mentality during this critical unrest.

Show notes

On today's podcast:
1) Federal Reserve Chair Jerome Powell said the US central bank had been served grand jury subpoenas from the Justice Department threatening a criminal indictment, a dramatic escalation of the Trump administration’s attacks on the institution. In a forceful written and video statement released Sunday evening, Powell said the action was related to his June congressional testimony on ongoing renovations of the Fed’s headquarters. But he said the move “should be seen in the broader context of the administration’s threats and ongoing pressure.” In an interview with NBC News on Sunday, President Trump denied having any knowledge of the DOJ’s investigation into the central bank.
2) Top diplomats from Denmark and Greenland will meet US Secretary of State Marco Rubio in Washington DC on Wednesday, TV2 reports. Denmark’s Foreign Minister Lars Lokke Rasmussen and his Greenlandic counterpart Vivian Motzfeldt are set to attend the meeting, the Danish broadcaster says, citing a calendar from the US Department of State, which also notes that changes to the schedule may occur. Denmark is banking on the meeting in Washington to defuse President Trump’s renewed push on Greenland and to help reset strained ties with the US over the strategic island.
3) Iran’s Foreign Minister said security forces have “full control” of the country after two weeks of ongoing upheaval, accusing Israel and the US of fomenting the nationwide protests in which hundreds of people have been killed. Abbas Araghchi repeated claims by the Iranian government that “rioters and terrorists” had killed police and civilians and destroyed public property using “daesh-style violence,” referring to the Arabic acronym for Islamic State. Protests in Iran erupted on December 28th after a sudden collapse in the value of the currency. More than 540 have been killed in the protests and over 10,000 arrested, according to the Human Rights Activist News Agency, which is tracking demonstrations in 186 cities across Iran’s 31 provinces.

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