Economic improvement over time is supposed to be achieved by having vigorous debate from those with varying perspectives. No one has a monopoly on great...
Economic improvement over time is supposed to be achieved by having vigorous debate from those with varying perspectives. No one has a monopoly on great ideas that could unleash economic empowerment for households and economics. But as if often the case on these fronts, those with more fierce views on how to improve things can sometimes get put in a box and labeled as too extreme.
I mean, the most important, the most important part of a capitalist economy is capital and the cost of capital. Should the, I guess I wasn't going to go here but should the fed even exist or what does, what does reform look like? I find it interesting that if the fed were to reduce, say in September, which now it appears to be the consensus on the street, at least it appears to be the consensus and, and now I suppose the fed can say the market made me do it and they can start to justify it.You have really still historically low unemployment, you had 2.8% growth last quarter.
But if the fed believes that you have to have restrictive interest rates, I call it punitive interest rates.So meantime, we're running this, this huge fiscal stimulus, massive deficit spending that is spurring economic activity.Look at all that we're doing, we're building everything and that's spurring economic activity.
So I think that what happens when you have dueling fiscal and monetary policy is you're expanding the government sector at the expense of the private sector.If you're looking for equality and opportunity, a lot of uh CEO S and executives, I'm talking to Judy are starting to at least to me voice their concern about the Trump tax cuts rolling off next year.I think smart energy policy is important savvy trade policy, but none of it really works.
And I think you need real money and a stable monetary platform, not just so you can count on the money in your in United States. I'm, I'm just not sure this is, this is all justified, this, this um, irrational exuberance now instead it's controlled with.I don't think people really understand the way the Fed works today because it has changed in the last few years.These are cash deposits held by financial depository institutions, about a third of them foreign owned at the Federal Reserve in their, in their system district banks and that amount is about 3.4 trillion.
And I loved that you started right off the bat talking about the nominating process for those not familiar.Uh, tell us a little about that process.It was tough, you know, let me, I would, I'll say in advance, I'm very glad I went through that process. Um And, and then another system that we had after the classical international gold standard, it was created in 1944 called the Bretton Woods system.Only the US dollar was convertible into gold at the rate of $35 per ounce of gold, which was the correct price at the time.
And I think that having real money and a and a platform based on stable purchasing power where you could count on money as a store of value as a, as a unit of account that had meaning across borders and then a medium of exchange because it was convertible, it fixed rates was extremely valuable.Well, that's what I was trying to figure out because I remember covering that process, reading the book and I came away thinking why your ideas seem so extreme.
And then there were frankly two senators on the other side who also were supposedly self isolating for COVID who somehow managed to make it back to DC two days later and vote against me. But you have a fed chairman, Janet Yellen who became Treasury Secretary, the most important official in the cabinet of the president couldn't be more political.
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