Very gracious hosts. Thanks guys. Annotated! Just random things mentioned in the podcast, roughly in order… Speaking of Maria Bartiromo… “The Federal Reserve Reform Act of 1977, for one, does not say ‘price stability.’ It does in particular not say ‘a stable rate of inflation.’ It says ‘stable prices.”
Rudy, since I don’t have a blue check mark I don’t know how to send you things, but check out this (not too terribly long) article from the New Yorker about elites. After the intro about Tucker Carlson, the author posits that the formation of the Federal Reserve insulated the monied elites (Morgan, Rockefeller) from having to personally bail out the system -- “an onus they had carried since medieval times.” Never thought of it that way. It wanders from there into Peter Turchin. There are echoes here of points you have made:
do you know the genesis of 2% inflation targets? Donald Brash, RBNZ governor in 1985, I think, established it there when inflation was running at 12% or more as something that seemed viable. he was successful in tightening policy and achieving his goal and every other central banker attributed a magical quality to the level.
Is Michelle just standing that much closer to the camera or is she really that much larger than Laura and Hillary? I never realized what a large woman she is.
Rudy, since I don’t have a blue check mark I don’t know how to send you things, but check out this (not too terribly long) article from the New Yorker about elites. After the intro about Tucker Carlson, the author posits that the formation of the Federal Reserve insulated the monied elites (Morgan, Rockefeller) from having to personally bail out the system -- “an onus they had carried since medieval times.” Never thought of it that way. It wanders from there into Peter Turchin. There are echoes here of points you have made:
https://www.newyorker.com/magazine/2024/01/29/rules-for-the-ruling-class
Rudy at substack.com
do you know the genesis of 2% inflation targets? Donald Brash, RBNZ governor in 1985, I think, established it there when inflation was running at 12% or more as something that seemed viable. he was successful in tightening policy and achieving his goal and every other central banker attributed a magical quality to the level.
I'd heard that. I think Bernanke made it the Fed target in 2012. Federal Reserve Act says "stable prices."
Is Michelle just standing that much closer to the camera or is she really that much larger than Laura and Hillary? I never realized what a large woman she is.