145 - Is the Fed Corrupt? with Christopher Leonard
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 21 November 2022
⏱️ 89 minutes
🧾️ Download transcript
Summary
✨ DEBRIEF | Unpacking the Episode:
https://shows.banklesshq.com/p/debrief-leonard
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How is money created? Why? Whose job is it? We often discuss the Federal Reserve, and in this episode, we’re doing a deep dive into what the Fed is—its origins, its purpose, and ultimately, its concerning behavior.
What do we do about this institution? Something has to change, but what is the path forward?
Joining us to answer these questions is Christopher Leonard, investigative journalist and author of The Lords of Easy Money.
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Timestamps:
0:00 Intro
5:30 Should We Be Worried?
8:35 This is Insane
15:30 Origins of the Fed
23:50 A Young Fed
30:40 From Gold to Fiat
35:50 A Tool of the State
43:25 Incentives and Structure
47:25 Against Ben Bernanke
55:20 Institutional Pressure
59:30 Jay Powell
1:05:20 Banking Pressure
1:12:30 Political Actors
1:16:30 The Terminal Point
1:20:40 What Comes Next?
1:24:00 What to do about the Fed
1:29:15 The Legacy of the Fed
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Resources:
Christopher Leonard
https://twitter.com/CLeonardNews?s=20&t=2hDVEsJqii7nFVkuwxDPvQ
The Lords of Easy Money
http://www.christopherleonard.biz/
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
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Transcript
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| 0:00.0 | Welcome to Bankless, where we explore the frontier of internet money and internet finance. |
| 0:11.4 | This is how to get started, how to get better, how to front-run the opportunity. |
| 0:14.7 | This is Ryan Sean Adams. |
| 0:15.7 | I'm here with David Hoffman and we are here to help you become more bankless guys. |
| 0:20.6 | How is money created? |
| 0:22.1 | Why is it created? |
| 0:23.1 | Who actually does the job of money creation and how come everyone is always talking about |
| 0:27.2 | the Fed? |
| 0:28.5 | This episode is going to unpack everything you need to know about this odd little institution |
| 0:33.6 | that governs our lives, a few takeaways for you. |
| 0:36.8 | Number one, we talk about the origins of the Fed, starting this little place called |
| 0:40.6 | Jekyll Island. |
| 0:42.1 | Did we even need it in the first place? |
| 0:43.8 | Number two, has the Fed strayed from its original purpose, has it become corrupted? |
| 0:48.7 | We talk about the massive damage that the Fed has done. |
| 0:51.5 | Number three, what do we do with this institution? |
| 0:53.9 | If it is corrupt, if there's no path forward, what do we do with it? |
| 0:57.5 | Do we reform? |
| 0:58.7 | Something has to change. |
| 0:59.7 | What is the path forward, David? |
| 1:01.7 | This is a really fun episode. |
| 1:03.3 | I learned a lot about the Fed. |
... |
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