
#38: Danielle DiMartino Booth On The Future Of The Federal Reserve
Superinvestors and the Art of Worldly Wisdom
The Ramifications of the Fed's Merger With the Treasury
Jesse Jackson: It's a precedent we've never seen in the history of the Fed. The ramifications are a gigantic unknown because again, we don't know how this is going to play out on the global stage. But there has to be recognition that there was a leveraged buyout of the Federal Reserve system under Stephen Mnuchin," he says. "I can tell you that Christmas Eve 2018 left Federal Reserve a scarred entity"
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Speaker 1
Can
Speaker 2
you walk us through what would we experience as party members if we were participating in a thematic party day? And i recognize that there's no one curricula for a thematic party day, but as you waded through the 14 hundred or so party days, if you could generalize a bit, how long do the activities last? What are we doing and how large of a group are we interacting with? So i do as i say, correctly, there's a lot of variation here. And
Speaker 1
what usually happens is these thematic pie days, whalt we planned, would be planned in advance, so localities would put out notices, really detailing a over the next year, or what the next few months. These are the themes of the thematic party days. This is what we are going to do. So this then actually leads to a very great variety, even within the same party branch, of these sthematic party days. But just to give you an example, i mean, what what would we if we have had participated in one of them? What would we see? Well, party branches can choose oa list of possible actions, are possible, possible events, really. So one of them would be, for example, the revisiting the oath. So here, everybody would stand up, would stand in front of the tin qin spyis flag, would raise ther raise their arms and swear the ot. Yes, exactly. Ha, ha, ha, ha, to the party. Well, this just takes a few minutes, right? Then, ok, this is one part of it. Then the next part of it would be, ok, everybody sits down, everybody studies, for example, a speech. And this could be any speech, really. This could be ech by seizing ping that was recently published in the central committees, a theoretical journal, soser wo. It could be a speech that he recently gave on some anniversary. Or it could be a speech from from a while ago. Or it could be, depending on where the party branch itself is, a temed speech rit so for example, if the party a branch is in the environmental bureau, then the speech could be abouta season ping, talking about the environment. It could also be a compilation of speeches. So we know that ther there are a lots of books that combine and compile excerpts from season pings, very speeches on an themes, et cetera. So they would flip through them. It could also be a pipite, unceasing ping, thought, a sor o, ministry of propaganda, or publicity, however you want to call itand they put out these pipites that some party branches, they just put them on, and then you just go through these pipites that include visual aids that are actually not that boring if you look at them. So this could be one part. Then what they would do is discuss it or care. That's another part. Than they could er in the afternoon. And this, again, this depends on a part, on the party day itself. It can last up to day, up to a full day, from half a day to a full day. In the afternoon they could go and visit the museum, so it could be a field trip. They could pay respects to moters, et cetera, and engage in what scholars have looked at in rhetorism, these kind of things were they would, again, come together as a group and go go there, go get on a bus and go there. And then maybe the party secretary who takes them there while he gives a speech, or he gives a party class on a certain topic. For example, on a campaignte 20 19, we had the buan in, do not forget the original mission, a party history campaign. So he would talk about the parties, party's history, and what you shall learn from it, and these kind of things. So when we participate in a party day, what we actually have is what i describe hereis a ritual in itself, an tat is also composed of various rita s in themselves. And this is what distinguishes them really from normal, if you wish, rituals such as parades, or just simply revisiting the oath and then going home. So here we have the combination that makes them really interesting.
After a successful career on Wall Street, Danielle DiMartino Booth spent years as special adviser to Richard Fisher while he was head of the Dallas Fed. In her role, she provided an invaluable, markets-based perspective to one of the most independent-thinkers to have served in a leadership position at the Federal Reserve. What's more, she did so during one of the most tumultuous periods in the central bank's history: The Great Financial Crisis. In this interview, Danielle discusses the evolution of the Fed through that period and how the policies developed and implemented then have played a role in everything from inequality and social unrest to asset bubbles and inflation. She also lays out several of the potential outcomes facing investors and citizens alike as the result of the fiscal dominance and monetization of the debt we are seeing today. For notes and links related to this episode visit TheFelderReport.com.