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This is CBS, I on the world. I'm John Batchel. I welcome my colleague John Cochran.

He is at the Hoover Institution in Stanford campus. He's just back from Switzerland, however,

and his blog, the Substack blog, Grumpy Economist, is a lesson in

Swiss risk-taking, if I understand correctly. The Swiss franc is highly desirable by

everyone in the world. But that's not the risk. The risk is the Swiss Central Bank,

which actually invests in equities along with other things. I'm not the risk. The risk is the Swiss Central Bank, which actually invests in equities along

with other things. I didn't know central banks did such a thing. Stocks go up and down. John,

a very good evening to you. The Swiss Central Bank is very different animal from the Federal Reserve

Bank that I've learned to watch in America.

Is that generally accepted by you, Cognacente, you economists, these are different creatures?

Good evening to you.

Good evening, yes. Central banks are different around the world.

They do very different things.

And as we think about the Fed and its independence

and what it should do, I think it's important to travel around a bit and see how things are

...