Intro

Paul Kupiec is a senior fellow at the American Enterprise Institute. In Paul’s first appearance on the show, he discusses life at a think tank, the insolvency of the Fed, theories on how to fix the Fed’s balance sheet, Ted Cruz’s call to end interest on reserves, and much more. 

Check out the transcript for this week’s episode, now with links.

Recorded on June 24th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel 

Timestamps

00:00:00 - Intro

00:01:14 - Paul’s Career

00:08:12 - Think Tanks

00:10:42 - Current State of the Fed’s Balance Sheet

00:20:22 - The Federal Reserve and Gold

00:23:04 - The Fed’s Unique Accounting

00:39:28 - Ending Interest on Reserve Payments to Banks

00:50:08 - Outro