In this engaging discussion, former senator Pat Toomey, known for his expertise in banking and housing, shares insights from his public service. He delves into the complexities of Federal Reserve governance reforms and the significance of accountability. Toomey critiques the Fed's inflation targeting frameworks and advocates for structured monetary policy rules. He also emphasizes urgent fiscal challenges, highlighting the need for bipartisan cooperation to address the national debt, which has skyrocketed to $36 trillion. A must-listen for monetary policy enthusiasts!

Brian Albrecht, chief economist at the International Center for Law & Economics and co-author of Economic Forces, dives into compelling economic discussions. He examines the decline of business dynamism and the rise of 'greedflation,' explaining how market power affects industries today. Albrecht critiques traditional theories on tariffs and urges a reevaluation of their economic impact. He also discusses the Biden administration's antitrust efforts, emphasizing challenges in regulating big tech. A must-listen for insights on modern economic policy!

Evan Koenig, a former senior advisor at the Dallas Fed, delves into the fundamentals of nominal GDP targeting, including its PCE version. George Selgin responds to Chair Powell’s concerns, emphasizing how this framework can effectively manage supply shocks. They discuss the implications of NGDP targeting for economic stability, accountability in central banking, and highlight the importance of adapting monetary policy to real-time market expectations. This insightful conversation showcases diverse perspectives on the future of economic policy.

Peter Conti-Brown, a historian and legal scholar at Wharton, shares insights on the Federal Reserve's evolving role under the coming Trump administration. He discusses the importance of Fed independence and introduces a proposal aimed at reducing stigma around the discount window for banks. Conti-Brown intertwines personal narratives of faith and community, revealing how these themes shape one's identity amidst modern challenges. His reflections provide a unique lens on the intersection of finance, ethics, and human connection.

David Bahnsen, a Wall Street veteran and managing director of The Bahnsen Group, discusses the challenges posed by the Trump administration's economic policies. He dives into shifts within the Republican Party, revealing a move from optimism to a zero-sum mentality. Bahnsen critiques financialization, highlighting its impact on debt and capital allocation. He also compares traditional financial practices with emerging trends, like cryptocurrencies, and discusses the implications for growth and investment in the U.S. economy.

Marijn Bolhuis, an economist at the IMF, introduces the groundbreaking concept of fiscal R-star, reshaping our understanding of macroeconomic policy. He delves into the interplay between fiscal and monetary policies, particularly post-pandemic. Bolhuis explores consumer sentiment, revealing a gap between public perception and actual economic indicators, especially regarding inflation and borrowing costs. His insights highlight the nuanced dynamics that shape today’s economic environment and the challenges faced in maintaining fiscal discipline amidst changing political landscapes.

Sam Alburger, the producer of the show and guest host, reflects on a transformative year in macroeconomics and highlights memorable discussions with notable guests. They share personal anecdotes linking basketball and economics, revealing David Beckworth’s athletic background. The duo discusses the rise of AI in podcasting and the evolving role of central banks while celebrating the community built around the show. With humor and gratitude, they look back on impactful episodes and the insights gained throughout the year.

George Selgin, a senior fellow at the Cato Institute, dives into the controversial terrain of strategic Bitcoin reserves and their potential implications for U.S. monetary policy. He critiques government involvement in Bitcoin, exploring its evolving status as an alternative to traditional currencies. Selgin also addresses the rising issues of debanking, linking them to macroeconomic factors, and advocates for a reformed regulatory environment. Additionally, he discusses the Fed's framework review and the potential benefits of adopting nominal GDP targeting for more effective economic stability.

Joey Politano, an economist and commentator renowned for his Substack newsletter, joins to explore the AI investment boom and economic growth. He delves into the generational differences in economic views and how the experiences of Millennials and Gen Z shape their perspectives. The conversation shifts to AI's pivotal role in enhancing scientific research and energy demands, particularly highlighting the resurgence of nuclear energy as crucial for powering AI technologies. Politano also discusses how these trends could signify a departure from secular stagnation.

Jeffrey Lacker, a senior scholar at the Mercatus Center and former president of the Federal Reserve Bank of Richmond, dives into the evolution of the Fed's credit policy. He reflects on the Shadow Open Market Committee's role and insights from a recent conference. Lacker discusses the shifts in monetary policy frameworks, including inflation targeting changes. He explores the implications of helicopter drops for fiscal policy and the evolution of the Fed's role as a lender of last resort, especially during financial crises.