episode 56: Deconstructing the Federal Reserve with George Selgin and Norbert Michel



If the Fed brought home a report card reflecting its performance since its creation in 1914, its parents would not be pleased. Its record for stability is among the worst in the developed world, and it has done little to fix the problems it was invented to address. Moreover, the Federal Reserve is far from the only way to assure stability in banking. As George Selgin of the Cato Institute and Norbert Michel of the Heritage Foundation persuasive argue on the Bill Walton Show, it may not even be the best way. More provocative views on the Fed from George and Norbert: How the Fed contributed to, then botched its response to, the 2008 recession. Forget the idea that it was only about “greedy bankers.” If you want to learn what really happened, their explanation is lucid. Why an “independent” Fed has never been a reality and probably should not be the goal. We need our money to be politically accountable, but how to do this is a thorny issue. If America could print all the money we needed, we would never have financial problems, right? That’s Modern Economic Theory in a nutshell, and George and Norbert explain why this very seductive idea is such a dangerous one. George and Nobert explain “quantitative easing” to me and how it’s painted the Fed into a corner. I sort of get it. See what you think, here on the Bill Walton Show.


featured guest(s)


episode 56 transcript

Related Episodes


Episode 189: “Ukraine Explained, Taiwan Explained” with Dr Stephen Bryen

This episode takes a hard look at what’s really at stake for the United States with Russian’s war on Ukraine, and China...


Episode 187: “The Federal Government Is Using Twitter to Censor Speech” with Jenin Younes and John Vecchione

Is this right and lawful? Well, we now have a test case to find out. In a first-of-its-kind Fi...


Episode 188: “Why Are We Investing American Retirement Dollars in China?” with Frank Gaffney and Roger Robinson

The Federal Retirement Thrift Investment Board is once again planning to allow federal employees’ to invest their retiremen...


Episode 186: John Tamny and I Don’t Agree About Everything, and That’s OK

Author John Tamny joins me on this episode for a freewheeling back and forth about some of today’s big concerns. John, a fr...


Episode 184: “A Final Report Card on the States’ Response to COVID-19” with Phil Kerpen

We’re more than two years into the Covid-19 pandemic. So by now, we should know enough to...


Episode 185: A Behind The Scenes Story Meeting with The Bill Walton Show Team

Listen in to a behind the scenes story meeting as the Bill Walton Show team speculates on what’s going on in the world. Sta...


Episode 183: “Have US and EU Blunders Led to Putin’s War?” with J. Michael Waller

In this episode I’m talking again...


Episode 182: “Are We Misreading Putin’s War Aims” with Dr. Peter Vincent Pry

...


Episode 181: “A Brave New – and More Dangerous – World” with Brandon Weichert

...


Episode 180: “America’s Open Borders” with Ken Cuccinelli and Russ Vought

...





subscribe to the show


send us your comments


2022 © The Bill Walton Show. Produced by Resolute Protector Foundation 501(c)(3). Privacy Policy.Website Design by Wazeter