Podcasts about Monetary policy

The House of Medici, which ruled over Florence for much of the Renaissance period, established a political dynasty with influence built on successful ventures in commerce and banking. The Medicis predated the concept of geoeconomic power, or governments' ability to wield economic might to achieve geopolitical and economic goals. Today, soft power might be giving way to intensifying competition between great powers. Government leaders are increasingly focused on solidifying economic security through trade leverage, tariffs, sanctions and other measures. As a result, potential new investment risks and opportunities are emerging. This episode of The Outthinking Investor discusses how investors can measure their portfolio's exposure to geoeconomic shifts, which economies and sectors could benefit amid a realignment in supply chains, whether the US dollar can maintain its global dominance, and investment strategies that could potentially mitigate risk and capitalize on new opportunities. Our guests are: Matteo Maggiori, finance professor at the Stanford Graduate School of Business Joseph Nye, political scientist and former Dean of Harvard University's Kennedy School of Government Mehill Marku, Lead Geopolitical Analyst at PGIM Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor. To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

Luis Garicano is a former member of the European Parliament and a professor at the London School of Economics. In Luis's first appearance on the show he discusses his new book, Crisis Cycle: Challenges, Evolution, and the future of the Euro, the ever-changing landscape of digital money, his suggested reforms to the Euro, and much more. Check out the transcript for this week's episode, now with links. Recorded on June 18th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Luis on X: @lugaricano Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:00:55 - Future of Money 00:08:46 - Bank Regulation 00:12:51 - Stablecoins 00:23:35 - Crisis Cycle 00:56:05 - Outro

Monetarists have long believed that the Fed should pursue policies of low inflation in order to counter the effects of lower prices through enhanced productivity. Thus, they reason, overall prices will remain stable. Such policies actually promote economic instability.Original article: https://mises.org/mises-wire/futility-price-stability-policies

Monetarists have long believed that the Fed should pursue policies of low inflation in order to counter the effects of lower prices through enhanced productivity. Thus, they reason, overall prices will remain stable. Such policies actually promote economic instability.Original article: https://mises.org/mises-wire/futility-price-stability-policies

In this episode, I attempt to explain central bank monetary policy in terms and concepts that would make sense to a 10-year-old.

Mark Blyth is a professor of international economics at Brown University. In Mark's first appearance on the show, he discusses his new book Inflation: A Guide for Users and Losers, the concept of angrynomics, a new way to look at price controls, demographic decline, and much more. Check out the transcript for this week's episode, now with links. Recorded on June 4th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Mark on X: @MkBlyth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:00:50 - Angrynomics 00:03:56 - Motivation for ‘Inflation: A Guide for Users and Losers' 00:08:27 - Five Things They Don't Tell You About Inflation 00:14:32 - Good, Bad, and Ugly Inflation 00:18:14 - Interest Rates and Inflation 00:21:33 - Price Controls 00:26:13 - Stories About Inflation 00:35:03 - Hyperinflation 00:42:24 - Pandemic Inflation 00:58:00 - Disinflation, China, and Demographic Decline 01:00:30 - Recommendations for Policymakers 01:02:00 - Outro

Markets hit new highs this week, but under the hood, things are anything but settled. Anthony and Piers unpack the Nasdaq's breakout, Nvidia's relentless rally, and why a historic rebound might be more than just a bounce.They dig into Trump's latest attack on Powell and the rise of a “shadow chair” theory already shifting rate expectations—and markets.Plus, why Iran's missile strike on a U.S. base sent oil crashing, not soaring. From data to geopolitics, this episode filters out the noise and finds the signal.(00:00) Intro & Themes in Focus(01:50) Market Resilience Amidst Turbulence(08:12) Nvidia Back on Top(13:18) Trump's Influence on Monetary Policy(25:18) Geopolitical Tensions and Market Reactions

Given we expect interest rates to fall in coming months, explain monetary policy – what it is, how it works and how the Reserve Bank controls the economy.Join Sean Aylmer & Michael Thompson as they answer questions on business, investing, economics, politics and more.If you have your own question for Ask Fear & Greed, get in touch via our website, LinkedIn, Instagram or Facebook!Find out more: https://fearandgreed.com.auSee omnystudio.com/listener for privacy information.

Hedging, Monetary Policy, and Oil Swings: Insights from FIS's Latest PodcastThis week on Freight Up, we set out to give listeners practical insights into the world of risk management across the commodity spectrum, from freight to metals to crude oil. If you're looking to understand what's really happening under the surface of today's volatile markets, this episode features perspectives from professionals who operate right at that interface between price risk and real-world trade. We started with Samuel Basi, founder of Perfectly Hedged Consultancy and a former Trafigura metals trader, for a deep dive into the realities of commodity hedging in liquid and illiquid markets. From there, we heard from Carlo Boffa, a central bank watcher at Politico, on central bank decisions and how the evolving landscape of monetary policy is shaping the US dollar and, by extension, commodity prices. We wrap up with Archie Smith, oil broker, who broke down the extreme pricing swings in the oil market driven by macro shocks and geopolitical headlines, highlighting what's front of mind for market participants right now.Some of the headline talking points this week include: the merits and pitfalls of one-to-one hedging in today's market, with Sam exploring where hedging can reduce risk and where it might inadvertently add more. We tackled the specific challenges faced by traders and companies in less liquid markets, including practical ways to quantify risk and work with imperfect hedges—or get creative in the over-the-counter space to find coverage. Options came under the spotlight, especially with clients' hesitancy to use them, and Sam gave practical context about why options sometimes get overlooked and when they can be a valuable part of a strategy. Companies mentioned in this episode: FIS Perfectly Hedged Consultancy Trafigura Politico LME CME SGX ICE Citadel GMI

Investing in Bizarro World Episodes: https://youtube.com/playlist?list=PLIAfIjKxr02sAztzlJNy1ug5bDvTVZkME&si=w2d_EF-B5jMo1dYD Subscribe to Investing In Bizarro World: @bizarroworld The free version of the 322nd episode of Investing in Bizarro World is now published.Here's what was covered:Macro Musings - Gerardo and Nick open with the breakout in platinum and why it doesn't matter whether the move is driven by jewelry demand, catalytic converters, or speculation. Nick confirms: if it holds above $1,300, it could blast through $1,500 on its way to 2008-style levels. Inflation is ticking back up, hard assets are responding, and the Fed's credibility is unraveling. Position accordingly.Market Takes - Uranium stocks are taking off again as Sprott raises $200 million and the Department of Energy fast-tracks funding for new nuclear projects. Meanwhile, silver's holding strong above $37, gold's consolidating near $3,400, and copper's getting comfy near $4.85. The explorers haven't yet moved—creating a rare window.Bizarro Banter - The conversation turns to stablecoins, tokenized gold, and why Tether is investing in real-world royalty companies. From tokenized orgasms (yes, really) to Tether investing in a royalty company instead of blockchain gimmicks, Nick and Gerardo riff on what's real, what's ridiculous, and why the smartest money is buying gold you can actually get out of the ground. The Senate's “Genius Bill” could force massive T-bill buying. Basel III endgame rules are about to clash with Fed policy. And as always, the system is rigged for asset owners.Premium Portfolio Picks - For paid listeners only. Details here: https://bit.ly/4kWvrsp0:00 Introduction2:12 Macro Musings: Platinum Surges. Monetary Policy. Fed Frozen.10:43 Market Takes: Uranium Rips. Sprott Catalyst. Gold, Silver, Copper Firm.23:31 Bizarro Banter: Stablecoins, Tether Royalties, Basel Rules, Fed Shenanigans.37:02 Premium Portfolio Picks: A Tier-1 PGM Asset. A Staple with Global Exposure (You need to subscribe to Bizarro World Live to get this section) Subscribe here: https://bit.ly/4kWvrspPLEASE NOTE: There are now two versions of this podcast. 1. Bizarro World Live — Pay $2 per episode to watch us record the podcast live every Thursday and get Premium Portfolio Picks every week. Plus an archive of all premium episodes. Subscribe here: https://bit.ly/4kWvrsp2. Bizarro World Free — Published the Monday after the live recording with no Premium Portfolio Picks.Visit our website Daily Profit Cycle for more content like this and more! https://dailyprofitcycle.com/

Sam Schulhofer-Wohl is a senior vice president and the senior advisor to President Lorie Logan of the Federal Reserve Bank of Dallas. Sam returns to the show to discuss recent macroeconomic conferences in the context of changes in the Treasury market and with central bank operating systems around the globe. Check out the transcript for this week's episode, now with links. Recorded on May 27th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Bumper 00:00:20 - Intro 00:01:19 - Monetary Policy Conferences 00:03:15 - Role of Nonbank Institutions in the Treasury and Money Markets 00:07:48 - Central Clearing 00:33:19 - Operating Systems in Central Banks 00:49:52 - Outro

In this episode we answer emails from Isaiah, Jack, Jon and Luke.  We discuss preliminary transition issues and de-risking, Jack's "25 x 4" risk parity style portfolio, Invictus and similar themes, treasury bonds and gold as co-diversifiers and ESG funds.  And revel on how we Tom Sawyer'ed Paula Pant into creating a nice 'Risk Parity Portfolio Blueprint" for us.And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.To donate to the Top of the T-Shirt campaign and double your fun, please visit the Father McKenna Center donation page and note "Risk Parity Radio Match" when making your contribution.Additional Links:Father McKenna Center Donation Page:  Donate - Father McKenna CenterAfford Anything Podcast Episode:  #618: How to Retire at 50 While Supporting Aging Parents, with Frank Vasquez - Afford AnythingPaula Pant's Risk Parity Radio Blueprint:  Frank Vasquez Risk Parity Portfolio Giveaway.docxClaudia Moise Paper:  Flights to Safety, Volatility Risk, and Monetary Policy by Claudia E. Moise :: SSRNProfessor Aswath Damodaran on ESG Funds:  The Difficult Truth about ESG Investing with Aswath DamodaranFRDM Fund:  FRDM – Freedom 100 Emerging Markets ETF – ETF Stock Quote | MorningstarBreathless AI-bot Summary:What happens when retirement portfolio theory meets real-life investment challenges? In this illuminating episode of Risk Parity Radio, Frank Vasquez responds to listener questions that cut to the heart of creating resilient, diversified portfolios for financial independence.A military member with six years left before retirement asks how to transition from a heavy equity allocation to a risk parity approach without triggering unnecessary tax consequences. Frank offers practical guidance on using existing retirement accounts to begin de-risking immediately, demonstrating how macro allocation principles can work within institutional constraints. The advice highlights a crucial lesson: reducing overall market exposure takes precedence over perfecting individual asset selections.The psychological challenges of portfolio construction take center stage when a medical professional shares his "25 by 4" portfolio, showing equal allocations to large cap blend, small cap value, gold, and intermediate treasuries. While validating the approach, Frank addresses the emotional resilience needed when certain assets inevitably underperform for extended periods. This conversation exposes a troubling disconnect between certified financial planning education and practical portfolio construction, particularly regarding gold's vital diversification benefits.Misconceptions about long-term treasury bonds receive special attention, with Frank explaining why their value in risk parity portfolios transcends historical performance during falling interest rates. Their tendency to show negative correlation with stocks during recessions provides the portfolio protection that enables sustainable withdrawal strategies.For those interested in values-based investing, Frank challenges the notion that commercial ESG products truly align with personal ethics. His recommendatSupport the show

Meera Chandan, Greg Fuzesi, James Nelligan, Octavia Popescu and Patrick Locke discuss the FX implications of a wide range of topics - the upcoming German budget and NATO summit, FX take-aways from central bank meetings last week and the recent Treasury International Capital flows.   This podcast was recorded on 20 June 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5011155-0, https://www.jpmm.com/research/content/GPS-5008977-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

While US markets were closed yesterday for the Juneteenth holiday, the rest of the world did not escapemarket volatility. Global stocks fell as uncertainty surrounding the Israel-Iran conflict and potential US involvement continued. Meanwhile, central banks made their interest rate announcements: the Swiss National Bank cut its benchmark rate to 0%, whereas the Bank of England kept rates unchanged at 4.25%. This morning, oil prices have reversed slightly, trading lower; while gold is also down, putting it on track for a weekly loss. Joining us to discuss the latest developments in the US dollar, the Swiss franc, and precious metals is Tim Gagie, our Head of FX & PM Solutions in Geneva.(00:00) - Introduction by Bernadette Anderko (Investment Writing) (00:31) - Markets wrap-up by Lucija Caculovic (Investment Writing) (06:26) - FX and metals markets by Tim Gagie (Head of FX/PM PB Geneva) (10:36) - Closing remarks by Bernadette Anderko (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Andy Levin is an advisor to many central banks around the world and professor of economics at Dartmouth College. Andy returns to the show for a special bonus episode to discuss his pervious appearance and accompanying policy brief where he calls for an independent inspector general at the Federal Reserve. Check out the transcript for this week's episode, now with links. Recorded on June 10th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:01:48) – Federal Reserve and an Independent Inspector General (00:06:50) – Palace of Versailles on the Mall (00:16:20) – Accountability of the Fed (00:19:21) – Outro

Sign up for the Bitcoin Policy Summit with our special Macro Musings Discount Code! Matthew Pines is the executive director of the Bitcoin Policy institute. Matthew returns to the show to discuss the future of Bitcoin as a strategic reserve, US stablecoin regulation, geopolitics under Trump, monetary policy at the Fed, and much more. Check out the transcript for this week's episode, now with links. Recorded on May 16th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Matthew Pines on X: @Matthew_Pines  Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:00:54 - Matthew's Career Path and BPI 00:03:28 - Bitcoin and National Security 00:06:41 - Bitcoin Policy Summit 00:09:24 - State of Crypto Legislation 00:13:13 - Geoeconomics 00:24:17 - The Dollar's Future 00:31:56 - Stablecoin Use Cases 00:39:29 - Future of Money 00:45:50 - Future of Monetary Policy 00:52:27 - Outro

Etherealize is back with a bold new thesis: ETH is digital oil. In this episode, Vivek and Danny Ryan unpack their freshly released report, The Bull Case for ETH, which positions ether as the next great store of value—and a future global reserve asset for the digital economy. We explore ETH's misunderstood monetary design, its strategic role for institutions, and why Wall Street is waking up to Ethereum not just as a network, but as an investable asset. This is the case for ETH as the asymmetric opportunity of this generation. ------

Professor Steve H. Hanke, professor of applied economics at Johns Hopkins University and the founder and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise, joins Julia La Roche on episode 265 to discuss the economy and his new book "Making Money Work: How to Rewrite the Rules of Our Financial System." Sponsors: Monetary Metals. https://monetary-metals.com/julia Kalshi: https://kalshi.com/juliaIn this episode, Hanke warns of an 80% recession probability by year-end, driven by regime uncertainty from Trump's policy changes and money supply contraction since April 2022. He critiques the Federal Reserve's narrow focus on interest rates while ignoring quantitative tightening and argues for putting money supply and commercial banks back at the center of monetary policy. Hanke explains how Fed policies create wealth inequality by inflating asset prices that benefit the rich, advocating for "neutrality" as the goal of monetary policy. He dismisses Trump's "big beautiful bill" as fiscally irresponsible and calls for a constitutional convention to implement a Swiss-style debt brake. The conversation covers his new book's thesis that monetary policy should focus on money supply growth rather than interest rates, with commercial banks producing 80% of the money supply through lending.Links: Twitter/X: https://x.com/steve_hankeMaking Money Work book: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/139425726000:00 - Introduction of Professor Steve Hanke 01:28 - Regime uncertainty concept and Trump's policy changes 03:52 - Tariffs as taxes on international transactions 06:20 - 80% recession probability by end of year 08:31 - Money supply contraction since April 2022 10:51 - Bubble indicator and market complacency discussion 12:52 - Family call interruption from Dominican Republic 13:24 - Market in bubble territory explanation 16:11 - Federal Reserve critique and FOMC meeting outlook 18:27 - Quantitative tightening vs interest rate focus 19:04 - Three pillars of the book's thesis 25:46 - Neutrality as monetary policy objective 29:30 - How Fed policy creates wealth inequality 32:15 - Catalyst for writing the book 37:09 - "Big beautiful bill" critique and fiscal concerns 42:34 - Swiss debt brake constitutional solution 46:25 - Key prices to watch: gold, 10-year yields, dollar-euro, stocks

In this episode of Market Bites, Sam and Josh discuss the current state of the economy, focusing on the Federal Reserve's interest rate decisions, the labour market, inflation, and the impact of tariffs. They analyse recent non-farm payroll data, the resilience of the tech sector, and the potential for future interest rate cuts. The conversation also touches on geopolitical risks and the upcoming changes in Fed leadership, highlighting the uncertainty in the market and the implications for investors.

Airlines represent one of the most challenging and complex industries in today's economy. With thousands of flights moving people and cargo around the world every day, airlines manage a “complicated logistical dance,” as Oscar Munoz, United Airlines' former Chairman and CEO, tells us in this episode of The Outthinking Investor. The airline industry has adapted and evolved through technological innovation, consolidation, regulatory changes, and an increasingly competitive transportation sector—providing universal lessons for businesses and investors. Amid a turbulent outlook, this episode explores how airlines are addressing a host of business challenges, from the threat of aircraft tariffs to volatile fuel costs and customer demand. Topics include business strategies that drive revenues and boost profits, the future of business and leisure travel, navigating antiquated air traffic control systems, the outlook for low-cost carriers, and reflections on United Airlines' turnaround. Our guests are: Oscar Munoz, former United Airlines Chairman and CEO Jack Fitzsimmons, credit analyst on PGIM Fixed Income's US Leveraged Finance Credit Research team Sean Goodier, credit analyst on PGIM Fixed Income's European Investment Grade Credit Research team Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor. To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

The Bank of Canada's decision to leave interest rates at 2.75% tells Canadians that at this stage, the bank's eye is firmly on inflation. However, Governor Tiff Macklem made comments at the press conference showing a willingness to cut rates, if the Canadian economy showed signs of distress later this year. On today's show to help us dig into the considerations being taken by the BoC at this critical juncture - and for his view on how to allocate and balance portfolios in a somewhat more international trade, is Fidelity Portfolio Manager David Tulk. Recorded on June 5, 2025. At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information. For a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics' Advisor Digital Experience Study.

 Peter Conti-Brown is a historian and legal scholar of the Federal Reserve System, and an associate professor at the Wharton School of Business at the University of Pennsylvania. Sean Vanatta is a senior lecturer in financial history and policy at the University of Glasgow. Peter and Sean join the show to discuss their new book titled: Private Finance, Public Power: A History of Bank Supervision in America, as well as how powerlifting can be analogized in macroeconomics, and the implications of Trump v. Wilcox. Check out the transcript for this week's episode, now with links. Recorded on May 27th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:02:02 - Powerlifting 00:06:17 - Trump v. Wilcox 00:12:27 - Private Finance, Public Power 00:15:18 - Supervision vs. Regulation 00:22:52 - Banking in the Early Republic 00:36:10 - Consolidation of Regulators 00:41:06 - Focus of the Fed 00:45:00 - The Great Depression 00:56:10 - When to Let a Bank Fail 01:02:47 - Outro

Gene Tunny and Darren Brady Nelson delve into the gold reserves at Fort Knox, exploring whether the gold is as pure as expected and what the implications might be for the U.S. dollar if it's not. They cover the history of gold confiscation, central bank policies, and the enduring allure of gold in uncertain economic times. This episode was inspired by a question Gene received at a talk he gave to the AusIMM Sydney branch in April 2025. Darren is currently the Chief Economist at Fisher Liberty Gold. This episode contains general information only, and nothing in this episode should be considered as investment or financial advice.  Please email Gene your thoughts on this episode via contact@economicsexplored.com.TimestampsDarren Brady Nelson's Role at Fisher Liberty Gold (0:00)Investing in Gold Through Fisher Liberty Gold (3:00)The Gold in Fort Knox: Historical Context and Implications (5:11)The Quality and Purity of Gold in Fort Knox (7:58)The Role of Gold in Economic Uncertainty and Impact of Tariffs (28:57)Central Banks' Role in Gold Markets (34:08)The Future of Gold and Monetary Policy (38:37)The Independence of Central Banks (40:53)The Role of Government in Economic Growth (48:46)Final Thoughts and Future Topics (53:41)TakeawaysFort Knox's Gold Purity Questioned: Much of the U.S. gold reserve came from coin melts, meaning it may fall short of the “Good Delivery” standard of 99.5% purity.Audit Calls from High Places: Figures like Trump, Elon Musk, and Rand Paul have recently advocated for a Fort Knox audit.Central Banks Stockpile Gold: Global central banks are shifting reserves from U.S. dollars to gold, with 1,000 metric tons of gold purchases expected in 2025.Gold as Growth, Not Just Protection: Darren's modelling shows gold may outperform the S&P 500 over the long term.Audit the Fed?: The episode concludes with a discussion on Ron Paul's push to audit the Federal Reserve and whether central banks should remain as independent as they are.Links relevant to the conversationFisher Liberty Gold:https://www.fisherlibertygold.com/Mises Institute article “The Gold at Fort Knox Was Stolen from Americans”:https://mises.org/mises-wire/gold-fort-knox-was-stolen-americansMises Institute article “How Much Gold Does the US Government Own, and Where Is It?”:https://mises.org/power-market/how-much-gold-does-us-government-own-and-where-itReuters report on central bank gold purchases:https://www.reuters.com/world/india/central-banks-track-4th-year-massive-gold-purchases-metals-focus-says-2025-06-05/Bernanke's apology for Great Depression on behalf of the Fed to Milton Friedman:https://www.federalreserve.gov/boarddocs/speeches/2002/20021108/Perth Mint:https://www.perthmint.com/In Gold We Trust report:https://ingoldwetrust.report/?lang=en   Peter Bernstein's book “The Power of Gold”:https://www.amazon.com.au/Power-Gold-New-Foreword-Obsession/dp/111827010XLumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Today our Governing Council decided on monetary policy, determining what's needed to return inflation to our 2% goal in a timely manner. Listen to President Christine Lagarde present today's decisions. The statement also covers: • how the economy is performing • how we expect pri¬ces to develop • the risks to the economic outlook • the dynamics behind financial and monetary conditions Our monetary policy statement at a glance, 5 June 2025 https://www.ecb.europa.eu/press/press_conference/visual-mps/2025/html/mopo_statement_explained_june.en.html Christine Lagarde, Luis de Guindos: Monetary policy statement, 5 June 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250605~f00a36ef2b.en.html Monetary policy decisions, 5 June 2025 https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.mp250605~3b5f67d007.en.html Combined monetary policy decisions and statement, 5 June 2025 https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/shared/pdf/ecb.ds250605~dc79b630e3.en.pdf?1ae87c3b33214537469188411c6fec52 Macroeconomic projections, 5 June 2025 https://www.ecb.europa.eu/press/projections/html/ecb.projections202506_eurosystemstaff~16a68fbaf4.en.html European Central Bank https://www.ecb.europa.eu/home/html/index.en.html Published and recorded during our press conference on 5 June 2025 #MonetaryPolicy #EuropeanCentralBank #ChristineLagarde #Finance #FinancialConditions #Inflation #EconomicActivity #EconomicOutlook #PressConference #Banking #CentralBanking #Podcast #Economics #EU #Europe #ECB

In this episode, Jim Bianco Jim Bianco returns to break down why the post-COVID economy has completely broken old models, how soft data continues to mislead markets, and why 5% yields are now the new normal. He explains why everyone got April wrong, what the return of bond vigilantes means for fiscal policy, and how the Fed is out of step with reality. They also dive into Trump's tariff strategy, the collapse of DOGE, the global shift toward bill issuance, and more. Enjoy! __ Follow Jim: https://x.com/biancoresearch Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Subscribe to Milk Road: https://bit.ly/43EDdiW — Join us at Permissionless IV June 24th - 26th. Use code FG10 for 10% OFF! https://blockworks.co/event/permissionless-iv __ Blockdaemon is the gateway to the decentralized economy, securing over $110B in digital assets for 400+ institutions with blockchain nodes, APIs, MPC wallets and vaults, and staking solutions. Learn more: www.blockdaemon.com Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. Ledger, the world leader in digital asset security for consumers and enterprises, proudly sponsors Forward Guidance, where traditional finance meets crypto. As Ledger celebrates a decade of securing 20% of the world's crypto assets, it offers a secure gateway for those entering digital finance. Buy a LEDGER™ device today and protect your assets with top-tier security technology. Buy now on https://Ledger.com. — (00:00) Introduction (01:26) People Just Don't Get it (04:44) The Narrative Market (12:36) Ads (Blockdaemon, Ledger, Arkham, Milk Road) (14:54) Trump Goals vs Reality (21:01) Tariffs or Capital Controls? (27:10) What is the Role of Monetary Policy? (32:43) Ads (Blockdaemon, Arkham, Ledger) (35:05) Rate Cuts vs Hikes (42:22) Who's Buying Bonds? (50:46) The Short Duration Shift (54:59) Gold & Bitcoin (57:44) US vs RoW Assets __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

George Selgin is a senior fellow and director emeritus at the Center for Monetary and Financial Alternatives at the Cato Institute, as well as the author of the new book titled False Dawn: The New Deal and the Promise of Recovery, 1933-1947. George returns to the show to discuss the complicated economic history of the Great Depression, how that history has led us to the macro-events of 2008, 2010, and 2020, how we can apply lessons from the Great Depression to macroeconomic policy to the current moment, and much more. Check out the transcript for this week's episode, now with links. Recorded on May 13th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Follow George on X: @GeorgeSelgin Check out our new AI chatbot: the Macro Musebot! Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:00:25 - Welcoming George Selgin and False Dawn 00:03:25 - Why Another Book on the Great Depression? 00:06:37 - The New Deal's Role in Recovery from the Great Depression 00:08:50 - Myths About the New Deal Overview of the Great Depression 00:12:30 - Measuring Unemployment 00:16:42 - The Gold Standard and the Great Depression 00:27:05 - Helpful: Suspension of the Gold Standard and the Bank Holiday 00:35:47 - Unhelpful: Reconstruction Finance Corporation 00:38:02 - Helpful: Creation of the Home Owners Loan Corporation 00:42:31 - Unhelpful: The National Recovery Administration 00:48:42 - Unhelpful: Fiscal and Monetary Policy and Ignoring Keynes 00:57:17 - Lessons for Today: Uncertainty 01:00:56 - The Lesson of Level Targeting 01:06:42 - Breaching Contracts 01:11:40 - Outro

On May 20, 2025, St. Louis Federal Reserve President Alberto Musalem delivered a compelling speech titled “Economic Conditions and Monetary Policy” at the Economic Club of Minnesota in Minneapolis. Addressing a diverse audience of business leaders, policymakers, and community members, Musalem shared his insights on the U.S. economic outlook and the implications for monetary policy. His visit included a moderated Q&A session, fostering engaging discussions on pressing economic issues.  Musalem highlighted the resilience of the U.S. economy, noting a strong labor market and supportive financial conditions despite recent tightening in some sectors. He cautioned that higher tariffs could exert inflationary pressure in the near term while potentially dampening economic activity. Emphasizing the Federal Reserve's commitment to price stability, he suggested that the current modestly restrictive monetary policy remains appropriate, especially if trade tensions de-escalate, allowing inflation to align with the Fed's 2% target. However, he warned that persistent inflation could necessitate prioritizing price stability over other goals if public expectations shift. 

David Brady, Jr. reviews The Magic Coin by Dr. Jonathan Newman, a children‘s book that explains money in a way that even modern adults can understand.Original article: https://mises.org/mises-wire/magic-coin-and-renewing-interest-monetary-policy

David Brady, Jr. reviews The Magic Coin by Dr. Jonathan Newman, a children‘s book that explains money in a way that even modern adults can understand.Original article: https://mises.org/mises-wire/magic-coin-and-renewing-interest-monetary-policy

Mainstream economists define inflation as the increase in an imaginary “price level” that is relatively neutral in its effects. Austrian economists, however, know better, as they realize that the effects of inflating the money supply are anything but neutral.Original article: Inflation: Looking Beyond Aggregates

The Trump White House has enacted tariffs in the belief that other countries are “cheating” by enacting tariffs against US goods and “manipulating” their currencies. However, with the US dollar being the world's reserve currency, the US has engaged in dollar manipulation through inflation.Original article: https://mises.org/mises-wire/mmt-and-us-history-redefining-chartalism

William Nordhaus coined the term “Political Business Cycle” a half-century ago. The idea was that government authorities, particularly the central bank, would manipulate the economy to correspond with election cycles, a practice that continues to this day.Original article: The Political Business Cycle 50 Years Later

William Nordhaus coined the term “Political Business Cycle” a half-century ago. The idea was that government authorities, particularly the central bank, would manipulate the economy to correspond with election cycles, a practice that continues to this day.Original article: The Political Business Cycle 50 Years Later

Mainstream economists define inflation as the increase in an imaginary “price level” that is relatively neutral in its effects. Austrian economists, however, know better, as they realize that the effects of inflating the money supply are anything but neutral.Original article: Inflation: Looking Beyond Aggregates

The Trump White House has enacted tariffs in the belief that other countries are “cheating” by enacting tariffs against US goods and “manipulating” their currencies. However, with the US dollar being the world's reserve currency, the US has engaged in dollar manipulation through inflation.Original article: https://mises.org/mises-wire/mmt-and-us-history-redefining-chartalism

MMT uses chartalism and a few dubious examples to appeal to history to establish the theory‘s authority and validity, only to discard this element as irrelevant and unnecessary.Original article: https://mises.org/mises-wire/mmt-and-us-history-redefining-chartalism

MMT uses chartalism and a few dubious examples to appeal to history to establish the theory‘s authority and validity, only to discard this element as irrelevant and unnecessary.Original article: https://mises.org/mises-wire/mmt-and-us-history-redefining-chartalism

Luca Fornaro is a senior researcher at CREI and professor at both UPF and the Barcelona School of Economics. In Luca's first appearance on the show, he discusses his expansive work on, hysteresis, stagnation traps, endogenous growth, aggregate demand policies, the medium run, population growth and much more.  Check out the transcript for this week's episode, now with links. Recorded on April 23th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Follow Luca on X: @LucaFornaro3 Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:00:51) – Luca's Background (00:03:19) – Hysteresis (00:7:23) – Why Talk About Hysteresis Now? (00:10:55) – Stagnation Trap (00:16:07) – The Medium Run (00:22:25) – Managing Expectations with Automatic Stabilizers (00:28:48) – What About Population Growth? (00:31:47) – The Empirical Side (00:39:24) – Directing Capital Flows (00:42:30) – The Scars of Supply Shocks (00:48:57) – The Nominal GDP Targeting Solution (00:51:28) – Fiscal Stagnation (00:59:21) – Outro

President Trump has withdrawn his threat to fire Federal Reserve Chairman Jerome Powell for the time being, but the administration continues to criticize the Fed for postponing interest rate cuts and for its quantitative tightening policy, which increases the amount of bonds available in the market and thus requires higher interest rates to attract buyers. Confluence Associate Market Strategist Thomas Wash joins Phil Adler to discuss whether the Fed's independence is truly at risk and what this might mean for investors.

In this episode we answer emails from Yangon, The Value Stock Geek, and Graham.  We discuss the ins and outs of margin accounts at Interactive Brokers, some annoyances with gold ETFs and 1099s, and BTAL vs. treasury bonds.And THEN we our go through our weekly and monthly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Additional Links:Father McKenna Center Donation Page:  Donate - Father McKenna CenterTyler On The Security Analysis Podcast:  Tyler (@PortfolioCharts): The Amazing Power of Uncorrelated AssetsAnalysis Of BTAL vs. SPY vs. TLT With Correlations:  testfol.io/analysis?s=jAQO2TjzAPaper Re Stock Market Volatility And Treasury Bonds (C. Moise):  Flights to Safety, Volatility Risk, and Monetary Policy by Claudia E. Moise :: SSRNBreathless Unedited AI-Bot Summary:Diving deep into the financial weeds, Frank tackles several practical questions that impact do-it-yourself investors managing their own portfolios. What begins as a detailed exploration of Interactive Brokers' margin loan program reveals valuable insights about using portfolio assets as collateral, the tax deductibility of margin interest, and how to monitor your account to avoid margin calls.The conversation shifts to an unexpected tax headache many gold ETF investors face: those annoying tiny distributions that clutter 1099 forms while providing minimal value. Frank compares how different brokerages handle these transactions, offering practical advice for simplifying your tax reporting experience. For those weary of manually entering dozens of nickel-and-dime transactions each tax season, this segment provides welcome relief.Perhaps most valuable is Frank's thoughtful analysis of asset correlations and why treasury bonds remain irreplaceable in risk parity portfolios despite recent correlation changes. "Correlations are not magical and they're not random," Frank explains, dismissing the notion that we've entered a "new paradigm" where traditional diversification no longer works. He articulates why correlation changes are tied to macroeconomic conditions and why treasury bonds still serve as essential recession insurance that alternatives like BTAL cannot replace.The weekly portfolio review brings welcome news as most sample portfolios show positive performance, with gold continuing its strong 2024 despite recent pullbacks. Small cap value remains the year's underperformer, while the diverse range of portfolio strategies demonstrates how risk parity principles can adapt to different investor needs.Whether you're considering margin loans, puzzling over gold ETF tax statements, or questioning the role of treasury bonds in today's market environment, this episode delivers practical wisdom for navigating these complex investment waters. Frank's straightforward approach strips away the mystique surrounding these topics, empowering listeners to make more informed decisions with their portfolios.Support the show

In this premiere episode of The Bitcoin for Corporations Show, host Pierre Rochard, CEO of the Bitcoin Bond Company, explains how Bitcoin is transforming modern corporate finance.Coming off the heels of the landmark Bitcoin for Corporations 2025 event co-hosted by Strategy (formerly MicroStrategy), this episode delivers a masterclass on why Bitcoin is being adopted by leading firms around the globe—from Japan's Metaplanet to America's fastest-growing Bitcoin treasuries.We explore the corporate Bitcoin flywheel, examine the MSTR strategy, and analyze global adoption trends including sovereign wealth funds and newly public firms like 21, Strive, and Nakamoto.Whether you're a CFO, institutional allocator, or strategist, this show is your front-row seat to the future of finance.Chapters:00:00 – Intro: The Speculative Attack Thesis01:00 – Meet Your Host: Pierre Rochard02:45 – Challenges Facing CFOs Today05:00 – Bitcoin as a Balance Sheet Solution09:30 – Bitcoin's Monetary Policy & Technical Reliability17:00 – Structuring Financial Products Around Bitcoin24:00 – Bitcoin vs. Gold, Real Estate & Global Assets28:00 – Corporate Demand is Outpacing Bitcoin's Supply29:30 – Strategy's Convertible Bond Model39:00 – The Corporate Bitcoin Adoption Flywheel42:00 – Global Case Studies: Metaplanet, Blockchain Group, 21, Strive, Nakamoto45:30 – What's Next: Guests, Metrics, and the Road AheadFollow Pierre Rochard on X: https://x.com/BitcoinPierreFollow Bitcoin for Corporations on X: https://x.com/BitcoinForCorpsFollow Spencer Nichols on X: https://x.com/DeSpencer_

Critical shipping routes around the world, from the Panama Canal to the Bosphorus Strait, hold strategic importance for global trade. As a result, these chokepoints are often caught in the crosshairs of geopolitical competition. But in a new age of economic warfare, invisible chokepoints are also emerging. The dominance of the US dollar, economic sanctions, and tariffs on imported goods can all be leveraged to achieve political goals. Meanwhile, nations are laying out plans to increase defense spending—potentially altering the outlook for productivity, industrial activity, and economic growth. With economic warfare becoming a lasting feature of the investment environment, new winners and losers based on country, region, sector and asset class could emerge. This episode of The Outthinking Investor explores how economic warfare, national security concerns, and friend-shoring in global trade are creating new implications for investors to consider. Our guests are: Edward Fishman, senior research scholar at Columbia University's Center on Global Energy Policy and author of the new book, “Chokepoints: American Power in the Age of Economic Warfare” Katharine Neiss, PGIM Fixed Income's Deputy Head of Global Economics and Chief European Economist Jeff Rathke, President of the American-German Institute at Johns Hopkins University and former American diplomat Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor. To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

// GUEST //Websites: https://professorwerner.org/ and https://richardwerner.org/Substack: https://rwerner.substack.com/Book: https://www.quantumpublishers.com/index.htmlX: https://x.com/drrichardwerner and https://x.com/scientificecon // SPONSORS //The Farm at Okefenokee: https://okefarm.com/iCoin: https://icointechnology.com/breedloveHeart and Soil Supplements (use discount code BREEDLOVE): https://heartandsoil.co/In Wolf's Clothing: https://wolfnyc.com/Blockware Solutions: https://mining.blockwaresolutions.com/breedloveOn Ramp: https://onrampbitcoin.com/?grsf=breedloveMindlab Pro: https://www.mindlabpro.com/breedloveCoinbits: https://coinbits.app/breedlove // PRODUCTS I ENDORSE //Protect your mobile phone from SIM swap attacks: https://www.efani.com/breedloveNoble Protein (discount code BREEDLOVE for 15% off): https://nobleorigins.com/Lineage Provisions (use discount code BREEDLOVE): https://lineageprovisions.com/?ref=breedlove_22Colorado Craft Beef (use discount code BREEDLOVE): https://coloradocraftbeef.com/ // SUBSCRIBE TO THE CLIPS CHANNEL //https://www.youtube.com/@robertbreedloveclips2996/videos // OUTLINE //0:00 - WiM Episode Trailer1:23 - History of the USD5:46 - History of Tally Sticks11:13 - Interest Rates and Growth25:19 - The Farm at Okefenokee26:29 - iCoin Bitcoin Wallet27:59 - Central Planning and Price Fixing, We Don't Need Central Banks33:45 - The Importance of Sound Money39:52 - Heart and Soil Supplements40:52 - Helping Lightning Startups with In Wolf's Clothing41:44 - Central Planning vs Decentralized Planning51:43 - Nature to be Commanded, Must be Obeyed58:05 - Mine Bitcoin with Blockware Solutions59:31 - Onramp Bitcoin Custody1:00:54 - Has Real Capitalism Ever Been Tried?1:02:01 - The Vikings and European Civilization1:24:07 - Mind Lab Pro Supplements1:25:18 - Buy Bitcoin with Coinbits1:26:28 - The Origins of the Petrodollar1:44:42 - Closing Thoughts and Where to Find Richard // PODCAST //Podcast Website: https://whatismoneypodcast.com/Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsERSS Feed: https://feeds.simplecast.com/MLdpYXYI // SUPPORT THIS CHANNEL //Bitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7Sats via Strike: https://strike.me/breedlove22Dollars via Paypal: https://www.paypal.com/paypalme/RBreedloveDollars via Venmo: https://account.venmo.com/u/Robert-Breedlove-2 // SOCIAL //Breedlove X: https://x.com/Breedlove22WiM? X: https://x.com/WhatisMoneyShowLinkedin: https://www.linkedin.com/in/breedlove22/Instagram: https://www.instagram.com/breedlove_22/TikTok: https://www.tiktok.com/@breedlove22Substack: https://breedlove22.substack.com/All My Current Work: https://linktr.ee/robertbreedlove

Federal Reserve Governor Adriana Kugler discusses monetary policy outlook and her hope to keep long-run inflation expectations anchored. She speaks with Bloomberg's Francine Lacqua in Reykjavik, Iceland.See omnystudio.com/listener for privacy information.

The Fed kept rates on hold - no surprise there. But in this episode, Anthony and Piers dig into the real story: the subtle shifts in language, the rising risk of stagflation, and how Trump's tariff war is clouding the economic outlook. They break down why traders hang on Powell's every word, how markets react before policy changes, and what conflicting data says about where the US economy is headed. Whether you're trying to make sense of monetary policy or sharpen your market instincts, this is the episode that connects the dots, minus the jargon, with all the context.(00:00) Understanding the FOMC Announcement(02:47) Monetary Policy's Impact on Markets(05:52) Decoding Economic Data and Fed's Challenges(08:33) Powell Fires Back at Trump(11:32) Unpacking Changes in the Fed's Statement(16:14) Market Reactions and Future Expectations(18:48) Tariffs, Negotiations, and Market Sentiment(21:10) Interest Rate Futures and Market Predictions Hosted on Acast. See acast.com/privacy for more information.

President Trump is flirting with the idea of firing Fed Chairman Jerome Powell while the administration is attempting to lay off 90% of the CFPB's employees. John Heltman, Washington bureau chief of American Banker, and Kate Berry, the paper's consumer reporter, discuss what's next for these two agencies.

Andy Levin is a professor of economics at Dartmouth College and longtime advisor to many central banks. Andy returns to the show to discuss his policy brief on holding the Fed accountable for its spending practices. Check out the transcript for this week's episode, now with links. Recorded on April 9th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:00:50) – Andy's Professional Background (00:02:07) – Overstaffed or Overworked? (00:04:09) – The Fed's Extraordinary Independence (00:10:10) – Inspector Generals and the Fed (00:20:33) – The Fed's Workers and Payroll (00:37:35) – Updates to the Fed's Headquarters (00:48:24) – Other Fed Challenges (00:56:26) – How to Improve the Fed (00:58:24) – Outro

// GUEST //Websites: https://professorwerner.org/ and https://richardwerner.org/Substack: https://rwerner.substack.com/Book: https://www.quantumpublishers.com/index.htmlX: https://x.com/drrichardwerner and https://x.com/scientificecon // SPONSORS //The Farm at Okefenokee: https://okefarm.com/iCoin: https://icointechnology.com/breedloveHeart and Soil Supplements (use discount code BREEDLOVE): https://heartandsoil.co/In Wolf's Clothing: https://wolfnyc.com/Revero: https://www.revero.com/breedloveBlockware Solutions: https://mining.blockwaresolutions.com/breedloveOn Ramp: https://onrampbitcoin.com/?grsf=breedloveMindlab Pro: https://www.mindlabpro.com/breedloveCoinbits: https://coinbits.app/breedlove // PRODUCTS I ENDORSE //Protect your mobile phone from SIM swap attacks: https://www.efani.com/breedloveNoble Protein (discount code BREEDLOVE for 15% off): https://nobleorigins.com/Lineage Provisions (use discount code BREEDLOVE): https://lineageprovisions.com/?ref=breedlove_22Colorado Craft Beef (use discount code BREEDLOVE): https://coloradocraftbeef.com/ // SUBSCRIBE TO THE CLIPS CHANNEL //https://www.youtube.com/@robertbreedloveclips2996/videos // OUTLINE //0:00 - WiM Episode Trailer1:41 - What is Money?12:56 - How the Fed Bought Universities22:40 - The Farm at Okefenokee23:59 - iCoin Bitcoin Wallet25:29 - Does Money Come from Government?32:48 - What is Banking?40:39 - Heart and Soil Supplements41:39 - Helping Lightning Startups with In Wolf's Clothing42:31 - Personalize Your Health with Revero43:33 - Gold and the Birth of Modern Banking1:22:00 - Mine Bitcoin with Blockware Solutions1:23:25 - Onramp Bitcoin Custody1:25:22 - The History of Monetary Conquest1:39:56 - Austrian Business Cycle Theory1:42:24 - Mind Lab Pro Supplements1:43:35 - Buy Bitcoin with Coinbits1:45:02 - The Japanese Real Estate Bubble2:08:04 - The Moral Hazards of Central Banking2:14:55 - Are Gold and Bitcoin Solutions to Central Banking?2:22:10 - Where to Find Richard Werner // PODCAST //Podcast Website: https://whatismoneypodcast.com/Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsERSS Feed: https://feeds.simplecast.com/MLdpYXYI // SUPPORT THIS CHANNEL //Bitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7Sats via Strike: https://strike.me/breedlove22Dollars via Paypal: https://www.paypal.com/paypalme/RBreedloveDollars via Venmo: https://account.venmo.com/u/Robert-Breedlove-2 // SOCIAL //Breedlove X: https://x.com/Breedlove22WiM? X: https://x.com/WhatisMoneyShowLinkedin: https://www.linkedin.com/in/breedlove22/Instagram: https://www.instagram.com/breedlove_22/TikTok: https://www.tiktok.com/@breedlove22Substack: https://breedlove22.substack.com/All My Current Work: https://linktr.ee/robertbreedlove

If our goal is a monetary policy that minimizes interventions and distortions in the marketplace and most optimally allows capital to find its most efficient use, the last thing we should want is a Fed that is less independent and more captive to political whims and desires. David explains his various criticisms of Jerome Powell this week, but points out how we make things much worse, not better, if we believe it a good idea for the Fed to be a pawn of the president. In this case, it is counterproductive; for future precedent, it is downright dangerous.

Kathryn Judge is a law professor at Columbia University and a legal scholar of the Federal Reserve and financial policy. Kathryn returns to the show to discuss the Fed's Emergency Lending Facilities, or 13(3) and current happenings at the Federal Reserve. Check out the transcript for this week's episode, now with links. Recorded on March 27th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Kathryn Judge on X: @ProfKateJudge Follow the show on X: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:01:43) – History of Section 13(3) (00:03:55) – Increasing Use of 13(3) (00:06:55) – Unusual and Exigent Circumstances (00:08:53) – Changes to 13(3) (00:13:17) – Classification of the Facilities (00:21:13) – Should the Fed Be Doing Emergency Lending? (00:25:42) – Feature or Bug? (00:33:19) – Fed Independence (00:47:45) – Regionalism of the Fed (00:55:23) – Outro