Reforming the Fed: The Inside Story with Danielle DiMartino Booth and Vivek Ramaswamy

Truth with Vivek Ramaswamy

Vivek Ramaswamy

Business, News, Government

4.7 • 1.2K Ratings

🗓️ 28 April 2023

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this compelling episode of 'The Vivek Show,' host Vivek Ramaswamy is joined by Danielle DiMartino Booth, founder of Money Strong, LLC, and a former adviser at the Federal Reserve Bank of Dallas. They dive deep into the inner workings of the Federal Reserve, discussing its policies and their consequences on the global economy. Danielle sheds light on the questionable alliance between Wall Street and modern monetary theory, as well as the Fed's role in the 2008 financial crisis. She also shares her insights on the COVID-19 pandemic, the broken notion of trickle-down economics, and the rise of "unicorn" companies. Finally, they discuss the potential for the next US president to reform the Fed and the importance of strong leadership. -- Donate here: https://t.co/PE1rfuVBmb For more content follow me here: Twitter - @VivekGRamaswamy Instagram - @vivekgramaswamy Facebook - http://facebook.com/VivekGRamaswamy Truth Social - @VivekRamaswamy Rumble - @VivekRamaswamy -- Time-codes: 00:00:13 - Vivek's focus on reforming the Federal Reserve 00:02:07 - Danielle calls COVID-19 an "act of war" by China 00:05:31 - Danielle's book "Fed Up" 00:07:33 - The broken notion of trickle-down economics 00:08:12 - How Greenspan and Bernanke distorted price signals 00:11:26 - The Dodd-Frank Reform Act and its impact on small banks 00:13:01 - The 2007 Jackson Hole Symposium 00:15:05 - Negative effects of zero interest rates 00:15:48 - Federal Reserve's role in the 2008 financial crisis 00:17:27 - The boom of venture capital funding and "unicorn" companies 00:19:06 - Raising the capital requirements ceiling to $250 billion for banks 00:20:42 - BlackRock's involvement with the Fed 00:21:29 - Interest rates shouldn't have been reduced to zero after the 2008 crisis 00:22:34 - The shadow banking system 00:23:21 - Only one round of quantitative easing needed after Lehman 00:25:00 - Unequal benefits of low interest rates and asset inflation 00:27:04 - Modern monetary theory and its alliance with Wall Street 00:28:35 - Erosion of checks and balances in government 00:29:19 - Federal Reserve should safeguard the value of the US dollar 00:30:21 - Unfilled job openings due to people being paid not to work 00:31:27 - Opportunity for the next president to reform the Fed 00:32:05 - Importance of a market disciplining event 00:32:26 - A single large regulator for the financial system 00:33:22 - Allowing banks to fail without causing widespread Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So I've become the first presidential candidate in a very long time to focus on serious reform of the Federal Reserve. It has proven itself
0:16.6	to engage in a 25-plus-year disastrous experiment of trying to hit two targets
0:22.4	with a single arrow, balancing, supposedly balancing
0:27.6	inflation and unemployment in this country, itself based on flawed premises that have resulted in serial disasters, that in the
0:36.0	name of smoothing out financial crises, have actually created them and planted the seeds
0:40.6	for creating even more in the future unless we actually do
0:43.8	something about it. There's 22,000 plus people that work in this institution
0:48.2	when in fact if it goes back to restoring itself to the narrow purpose it should
0:52.4	have in the first place, stabilizing the US dollar,
0:56.0	we'd need fewer than 10% of them.
0:58.4	If that means greater than 90% staff reduction, well that's a big part of the reason why I'm running for U.S. President is to reform an administrative
1:04.9	state that's overstaffed. When it's overstaffed, finds things to do, and finds things to do that are more often
1:10.5	than not harmful because there were things that they shouldn't have been doing in the first place.
1:13.7	Exhibit A is the US Federal Reserve itself.
1:16.9	And on today's podcast, I'm pretty excited to be joined by somebody who, let's just say, knows what she's talking about here when it comes to these issues.
1:23.3	Danielle de Martino Booth, she's here in studio with me and Danielle welcome the
1:27.8	podcast and I'm looking forward to getting right into it with you.
1:30.7	Let's get right into it. You speak my language. yeah I think I think we were cut from similar
1:35.7	cloths here you're more of a domain expert than I am for me this is
1:39.6	Exhibit A of the Federal Reserve is Exhibit A of a broader managerial reform that I want to bring to the federal government, but a pretty darn important one.
1:48.0	Now, you actually, you know, I would say came onto a lot of people's radars starting a couple of years ago in a different context
1:55.4	but I thought some of the people who may have heard of you but may not remember where they heard of you.
	...

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