Hello one, hello all. I'm your host, Nicholas Anthony. We may only be a month in,

but what a long, strange trip. 2026 has been so far. Headlines have been dominated by killings,

foreign interventions, lawfare, snow, ice, and much more. However,

today I'm joined by two guests who are going to walk us through an issue that isn't so new.

In fact, it's been a problem for 113 years. No, I'm not talking about the income tax. Today, we are looking at the Federal Reserve.

And to break it down, brick by brick, I have Norbert Michelle and Jay Acadia. Norbert is the vice

president and director of the Cato Institute Center for Monetary and Financial Alternatives,

and Jay is a research

fellow at the center. So today we're going to dig in and see what exactly is going on.

So maybe to kick things off. Norbert, you already know what I'm going to say. Ron Paul said it best,

and the Fed.

However, you have a nine-part series here on reforming the Federal Reserve, digging through all these different pieces.

Why didn't you just quote Paul and call it a day?

You could have left it at three words instead of having all these pages.

What are these pages filled with? Well, you know, if it were only so easy, I'd be on board.

You're not going to find anybody who's as limited government, more limited government than me.

Believe me, I'm all there. and I get the Ron Paul thing.

I get the want to end the Fed, but it's a lot more complicated than that, a lot more.

And what Jay and I have here is a whole series of things that can be done to make things

better. And if you don't do a lot of these things, we would argue that if you don't do a lot of

these things and you just ended the Fed, that things would be worse.

And we don't want things to be worse.

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