This is the Cato Daily Podcast for Tuesday, December 27th, 2016.

I'm Caleb Brown.

What would a proper audit of the Federal Reserve look like and what should we expect from a Fed during the Trump administration?

Jim Grant publishes Grant's interest rate observer.

He spoke at the Cato Institute's monetary conference in November.

You know what, the best line on the election, there are two great lines in the election.

One is only he could lose to her and only she could lose to him.

That was a Wolfie Journal editorial in the spring and that's how true that was.

The second great line was one uttered by David Galerter, who was a Yale computer science professor, a polymath of great genius.

I don't throw that word around.

He's a very, very accomplished man in many fields.

He wrote a piece of the Wall Street Journal, propounding the view that Donald Trump is the better alternative, and he said,

quote, Donald Trump is the empty gin bottle of the people's wrath.

And, yeah, close quote. bottle of the people's wrath.

And close quote.

And to me that line is so clarifying.

It's funny and it's winning, but also it speaks to the nature of the election, the nature of the mood of the country,

and it speaks as well to, I think, to think, the true legacy of our recent monetary methods.

You know, the economy can't seem to swing its legs out of bed in the morning, 2% as measured, people feel as if they haven't got much

of a future.

And I'm not sure all this can be laid to the doorstep of the Fed.

In fact, I'm quite sure all of it cannot be, and people have been throwing

...