The Fed has these narrow but incredibly decisive powers. I mean, imagine US fiscal policy decided on by Congress and the president guiding the global redistribution of wealth. It's technically possible and well beyond the sort of more narrow technical means of the Fed, but politically impossible. We're about to face another debt ceiling standoff where we face this really totally wild situation.
Featuring historian Tim Barker on the state of monetary politics amid the current fight over inflation.
Check out my July 2021 interview with Barker if you want a more expansive primer on inflation thedigradio.com/podcast/inflation-politics-with-tim-barker
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