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I'm John Batscher. I welcome my colleague and friend Josephberg, a member of the editorial board of the Wall Street Journal.

He writes political economics. He's in London. So he has an excellent vantage point to witness what appears to be these last weeks.

A contest between the White House, represented by the President of the United States, and the Federal Reserve, represented by Chairman Jerome Powell. The complications here are that there's a real concern of something called fiscal dominance. And that is a phenomenon that we don't want anywhere near the shores of the United States. Joe gives the example of Argentina.

That was enough to convince me that it's not a good thing.

But we'll start with that risk before we get into the melodrama of the last weeks and the word lawfare.

Joseph, a very good evening to you.

What is fiscal dominance?

What does it look like? What are the results? good evening to you. What is fiscal dominance? What does it look like?

What are the results?

Good evening to you.

Hey, John.

Well, fiscal dominance is this notion in economics.

The government, the elected or political part of the government makes decisions to spend

lots of money and rack up lots of debt.

And then the central bank finds itself in the situation where it has to set interest rates

...