TFTC: A Bitcoin Podcast #650: The Fed-Treasury Merger and Inflation Reality Check with Dave Collum & Rudy Havenstein
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Aug 11, 2025 This discussion features Dave Collum, a Cornell professor renowned for his economic insights, and Rudy Havenstein, an astute economist known for his analysis of monetary policy. They dive into the merger of the Fed and Treasury, questioning real inflation versus official statistics. The duo unpacks housing market dysfunction, critiques government corruption, and examines the rise of digital authoritarianism. Additionally, they tackle generational economic challenges and the ethics of political systems, all while sharing their unique perspectives and humorous takes.
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Fed And Treasury Have Effectively Merged
- Rudy says the Fed has effectively monetized trillions, collapsing the line between monetary and fiscal policy.
- He warns this fiscal dominance enabled Congress to spend without market discipline and will worsen.
Ten‑Year Yields Hide Historical Perspective
- Rudy compares recent 10-year yields to long-run averages and shows modern yields are anomalously low.
- He argues two decades of central bank mania depressed real yields well below 20th-century norms.
Keep Rates High To Restore Discipline
- Marty argues policymakers should keep rates high to restore opportunity cost and prudent decision-making.
- He advises holding rates as high and as long as possible to reintroduce market discipline.
