PBS News Hour full episode, Jan. 12, 2026
Quick Read
Summary
Takeaways
- ❖The Justice Department has initiated a criminal investigation against Federal Reserve Chair Jerome Powell, which Powell and former Treasury Secretary Janet Yellen assert is politically motivated to influence interest rate decisions.
- ❖President Trump has consistently attacked Powell, threatening to fire him and criticizing the pace of interest rate cuts, framing the Fed's headquarters renovation as a pretext for the probe.
- ❖The Trump administration is employing public campaigns that incorporate imagery and slogans from white nationalist and QAnon conspiracy theories, signaling a deliberate shift in propaganda tactics.
- ❖Protests in Iran are intensifying, marked by a rising death toll from security force crackdowns and an unprecedented internet shutdown, as the US considers military responses and new tariffs.
- ❖The decline in reading for pleasure and literacy rates in the US is addressed by the Mellon Foundation, which launched a $50 million fund to support literary arts and combat a perceived 'atmosphere of dehumanization'.
Insights
1DOJ Criminal Probe Against Fed Chair Powell Seen as Political Weaponization
The Justice Department launched an 'unprecedented' criminal investigation into Federal Reserve Chair Jerome Powell, ostensibly over the $2.2 billion renovation of the Fed headquarters. However, Powell himself stated these are 'pretexts' and the real threat is a 'consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.' Former U.S. Treasury Secretary Janet Yellen explicitly called this 'weaponization' of the DOJ to 'intimidate Fed leadership to be able to control monetary policy decisions, to bend monetary policy to the president's will.'
Jerome Powell's statement (, ), Janet Yellen's interview (, ).
2Trump Administration Adopts Extremist Rhetoric in Public Campaigns
The Trump administration has rolled out a campaign across various departments, including Labor and ICE, that draws on images and ideas from right-wing and white nationalist circles. Examples include the Department of Labor's 'One homeland, one people, one heritage' video, an ICE recruitment ad using the Proud Boys anthem 'We will have our home again,' and the QAnon slogan 'Trust the plan.' Cynthia Miller-Idriss of American University describes this as a 'turning point in the propaganda campaign' designed to confuse people and undermine established truths, linking such conspiratorial language to real-world terrorist attacks.
Liz Landers' report (-), Cynthia Miller-Idriss's analysis (, ).
3Iran Protests Escalate Amid Brutal Crackdown and Internet Shutdown
Protests in Iran have grown significantly, leading to an estimated death toll of at least 500 protesters at the hands of security forces. The regime has responded with ruthless tactics, including an 'unprecedented Internet shutdown' across the country, which Ali Tehrani of Psiphon states indicates the regime perceives the protest threat as 'existential.' The Trump administration has responded with threats of a 25% tariff on countries doing business with Iran and is considering military strike options.
Nick Schifrin's report (, , ), Ali Tehrani's comments (, ).
4Threat to Central Bank Independence Risks Hyperinflation
Janet Yellen warns that President Trump's desire for lower interest rates is partly driven by a goal to reduce the government's interest payments on its $38 trillion federal debt, which is not a mandate of the Federal Reserve. She states that 'once central banks lose their independence and are forced to help governments finance deficits, that's when we see that's always a precondition for high and even hyper inflation.' This direct pressure on the Fed, combined with attempts to remove board members, represents the 'most significant attack on the Fed's independence that we've seen.'
Janet Yellen's interview (, , ).
Lessons
- Monitor the legal developments in the DOJ's investigation into Federal Reserve Chair Jerome Powell, as the outcome could significantly impact the independence of the Fed and future monetary policy.
- Be aware of the evolving propaganda tactics used by political administrations, particularly the integration of extremist rhetoric and imagery into official communications, and critically evaluate information sources.
- Support organizations that provide tools for bypassing internet censorship in countries like Iran, as these are crucial for protesters to communicate and share information during government crackdowns.
- Advocate for the protection of independent institutions like the Federal Reserve, recognizing that political interference in monetary policy can lead to severe economic consequences, including hyperinflation.
- Engage with literary arts and promote reading, as these activities are highlighted as essential for fostering empathy, critical thinking, and countering an 'atmosphere of dehumanization' in society.
Quotes
"This is an atmosphere that is one of intimidation, where people will feel pressured to do what the president wants."
"No one, certainly not the chair of the Federal Reserve, is above the law, but this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure."
"The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president."
"When you get people to stop knowing what's true and false, it's very easy for them to stop knowing what's right and wrong."
"The biggest crisis of our time is the atmosphere of dehumanization that we're living in."
Q&A
Recent Questions
Related Episodes
BREAKING: DOJ Threatens Fed Chair With Criminal Charges
"The Department of Justice's criminal investigation into Fed Chair Jay Powell for alleged false testimony is framed by hosts as a politically motivated attack by Donald Trump, aiming to undermine the Federal Reserve's independence and control interest rate policy."
Markets PANIC As Trump Threatens Fed Chair w Prosecution
"Donald Trump's alleged threat to criminally prosecute Fed Chair Jerome Powell over a building renovation project has sent shockwaves through financial markets and ignited a political firestorm over the independence of the Federal Reserve and the Department of Justice."
Trump And Hegseth BUSTED For Iran War LIES!! Tucker Carlson & Joe Kent SLAM Israel’s Aggression
"The Young Turks expose alleged lies from the Trump administration and Pete Hegseth about the Iran war, criticize Israel's role in escalating conflicts, and highlight widespread political corruption, while Melania Trump addresses Epstein ties and Trump attacks his conservative critics."
They’re talking about 1 to 2 years in Iran
"David Pakman dissects the escalating Iran conflict, the controversial White House ballroom project, and internal political fractures, arguing that Trump's erratic leadership and self-interest are driving concerning national and international developments."