Sen. Johnson to Newsmax: Fed, Congress Mismanaged Economy

It's Congress' overspending and the Federal Reserve's printing of money to pay for their spending that's led Americans to lose their purchasing power, Sen. Ron Johnson, R-Wis., told Newsmax on Tuesday after Federal Reserve Chair Jerome Powell said he wouldn't step down for President-elect Donald Trump.

In response to Powell's comment, Johnson told "The Chris Salcedo Show" that he encourages people to read 'The Creature from Jekyll,' which describes how this cartel of banks was established and not for the benefit of the American people, but for the benefit of big money [central] banks."

"The bottom line is," Johnson continued, the Federal Reserve has "been set up now as a completely independent agency and it's mismanaged its job. But what has really mismanaged their job — or who has really mismanaged their job — is Congress. The Fed is reacting to the grotesque fiscal mismanagement ... of this place. That's what we really need to get under control. But I hate the dual mandate of the Fed."

Officially, the dual mandate Johnson spoke of is the Fed's role to preserve maximum employment and stable prices.

Johnson argued that instead of the dual mandate, the only mandate the Fed should pursue is "a stable currency. It obviously hasn't done that, as you've seen the devaluation of the dollar decade after decade after decade. And then, of course, the dramatic devaluation of the dollar under the Biden administration."

According to Omnicalculator, in 2023 it would take $30.78 to equal $1 in 1913, the year the Federal Reserve was created.

"So, I mean," Johnson added, "the Fed hasn't worked out. And just read 'The Creature from Jekyll Island,' you see exactly the problems with it: fiat money and the control, the negative control, it has over our economy. Time and time again."

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