Today we've got Carl Smith, he's an economist, he's a columnist with Bloomberg View,

and we're going to try to explore monetary policy, which nobody understands.

Everybody thinks it's boring, but it is incredibly important.

Carl's like a really great original thinker on this topic.

I think he's got a perspective on what's going on today in the economy,

what's been going on during the Obama years that a lot of people miss,

but that explains so much about what's happening.

Here we go.

Hello, welcome to another episode of the Weeds on the Box Media Podcast Network.

I'm Matthew Glacius, I'm joined today by Carl Smith,

he's a columnist for Bloomberg View, and one of my favorite economics Twitter followers,

a wise man in general.

So I'm really glad to have you here.

I want to start off talking about a joke.

I saw you tweeting, is somebody you had a picture of a McDonald's help wanted sign,

and they were like $14 an hour and listing all their benefits,

because the economy is getting better.

You said capitalism has only now just now really been tried.

What did you mean by that?

The joke obviously plays off with the saying that real socialism has never been tried.

And my point was that real capitalism depends upon a tight labor market.

It depends upon the fact that most people who are going to look for a job can find a job.

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