Macro Musings with David Beckworth

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  Nellie Liang on Stablecoins After GENIUS, Private Money, and the Global Dollar 14.09.2026 50dk

  Nellie Liang is a former Treasury and Federal Reserve official and a senior fellow at the Brookings Institution. In Nellie's first appearance on the show, she discusses the future of stablecoins following the GENIUS Act, what stablecoins mean for private money and illicit finance, Fed master accounts, the global role of the dollar, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on August 18th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:23 - Nellie's Career 00:05:48 - The GENIUS Act 00:11:31 - Stablecoins as Private Money 00:27:32 - Fed Master Accounts 00:29:53 - Dollar as Global Reserve Currency 00:35:42 - Stablecoins and US Debt 00:46:49 - Nellie's Policy Recommendations 00:50:11 - Outro
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  Stephen Miran on Regulatory Dominance, Shrinking the Fed's Balance Sheet, and the Return of Monetarism 07.09.2026 55dk

  Stephen Miran is a former governor of the Federal Reserve, a former chairman of the Council of Economic Advisers under President Donald J. Trump, and currently a senior strategist for Hudson Bay Capital Management. In Steve's third appearance on the show, he discusses his life as chair of the Council of Economic Advisers and as a Federal Reserve governor, the Fed's balance sheet, regulatory dominance, the future of the discount window, the possible return of monetarism, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on August 20th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Stephen Miran on X: @SteveMiran Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:42 - Life as CEA Chair 00:08:40 - Reducing the Fed's Balance Sheet 00:42:23 - A Return to Monetarism? 00:54:32 - Outro
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  Donald Kohn on the Fed's Past, Present, and Future 31.08.2026 1sa 9dk

  Donald Kohn is a 40-year veteran of the Federal Reserve System and a senior fellow in the Economic Studies program at the Brookings Institution. Don returns to the program to discuss the lessons of the Greenspan Fed, how Kevin Warsh should think about communication and forward guidance, why inflation remains a concern, the Fed's new task forces, the future of its monetary policy tools, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on July 22nd, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:25 - Working with Paul Volcker 00:08:22 - Working with Alan Greenspan 00:22:11 - The Kevin Warsh Fed 00:31:21 - Fighting Inflation 00:43:26 - Balance Sheet Task Force 01:08:21 - Outro
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  Ben Harris on AI, Fiscal Sustainability, and the Resilience of the U.S. Economy 24.08.2026 57dk

  Ben Harris is vice president and director of economic studies at the Brookings Institution and previously served in senior economic policy roles at the Treasury Department and Council of Economic Advisers. Ben returns to the program to discuss why recent economic shocks have been less damaging than expected, the outlook for inflation and energy markets, whether AI can improve the U.S. fiscal outlook, why we should temper our AI optimism, how longer lifespans and higher interest rates could complicate the fiscal picture, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on July 20th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Follow Ben on X: @econ_harris Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:00:55 - Reasons We Were Wrong 00:11:58 - Stubborn Inflation 00:14:57 - Crude Is Not Really the Problem 00:20:12 - A Novel Sanctions Regime 00:30:35 - Temper Your AI Optimism 00:39:34 - Longer Lives, But Larger Debt 00:45:00 - AI and the Future of Interest Rates 00:49:24 - Policy Implications 00:56:26 - Outro
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  Bill Nelson on Shrinking the Fed's Balance Sheet and Reviving Interbank Markets 17.08.2026 55dk

  Bill Nelson is chief research officer and chief economist at the Bank Policy Institute and a former deputy director of the Division of Monetary Affairs at the Federal Reserve Board. In Bill's 11th appearance on the show, he discusses how central banks are rethinking their operating systems, the case for a smaller Fed balance sheet and more routine discount window borrowing, the revival of interbank markets, lessons from Silicon Valley Bank, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on July 20th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:29 - Bill's Work with Central Banks Abroad 00:11:03 - Reducing the Fed's Balance Sheet 00:30:28 - Fed's Use of a Demand-Driven System 00:40:40 - Voluntary Reserve Target 00:54:31 - Outro
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  Gianluca Benigno on Central Bank Balance Sheets, Stablecoins, and Nonlinear Inflation 10.08.2026 54dk

  Gianluca Benigno is a professor of economics at the University of Lausanne. Previously, he was a senior economist at the Federal Reserve Bank of New York and an economist at the Bank of England. Gianluca returns to the program to discuss financial r-star, the changing landscape of central bank balance sheets, the unique challenges facing the Swiss National Bank, how stablecoins could affect Treasury markets and the demand for reserves, the return of nonlinear inflation, its implications for monetary policy, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on June 22nd, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Gianluca Benigno on X: @BenignoGianluca Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:41 - R-Double-Star 00:04:10 - Central Bank Balance Sheets 00:09:22 - Swiss National Bank 00:32:05 - Working Paper on the Regulation of Stablecoins 00:45:41 - Inflation 00:53:19 - Outro
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  Barry Eichengreen, Paul Blustein, and Brendan Greeley on Dollar Dominance 03.08.2026 58dk

  Barry Eichengreen is a is well known author, economist, and economic historian from the University of California, Berkeley. Paul Blustein is a former Washington Post and Wall Street Journal journalist who has authored several acclaimed books on global economic institutions. Brendan Greeley is a veteran journalist from the Financial Times and current PhD student at Princeton studying monetary history. They all return to the show for a special roundtable discussion where they discuss the history of dominant currencies, whether we will always end up with a single reserve currency, whether monetary sovereignty is earned or given, the question of exorbitant privilege, what there is to do about a second China Shock, the future of dollars in the digital age, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on May 11th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Barry Eichengreen on X: @B_Eichengreen Follow Paul Blustein on X: @PaulBlustein Follow Brendan Greeley on X: @BHGreeley Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:02:01 - On Each Author's Book 00:11:12 - Globally Dominant Currencies 00:25:37 - Single Reserve Currency 00:28:34 - Fed's Control Over Global Dollar System 00:38:39 - Exorbitant Privilege 00:46:30 - China Shock 2.0 00:49:23 - Future of the Global Dollar System 00:58:16 - Outro
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  David Wessel on the Fed's Current Inflection Point 27.07.2026 55dk

  David Wessel is a senior fellow in economic studies at Brookings and is the director of the Hutchins Center on Fiscal and Monetary Policy. In David's first appearance on the show, he discusses stories of the Greenspan Fed, what is was like in Europe when the euro was adopted, the legacy of the Powell Fed, his thoughts on the great man theory, the outlook for the Kevin Warsh Fed, the ongoing challenge of Fed independence, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on June 15th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow David Wessel on X: @DavidMWessel Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:48 - David's Career 00:19:30 - Legacies of Fed Chairmans 00:31:51 - Kevin Warsh Fed 00:43:34 - Fed Independence 00:55:13 - Outro
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  Sam Lyman on the Digital Payments Race Between the US and China 20.07.2026 58dk

  Sam Lyman is the head of research at the Bitcoin Policy Institute and formerly was a senior advisor and speechwriter for Treasury Secretary Bessent. In Sam's first appearance on the show, he discusses Secretary Bessent's secret skill, the competition in the digital payments space between the US and China, why the strategic Bitcoin reserve is important, what the future of Bitcoin holds, where things stand with the CLARITY Act, the Q Day conundrum, whether Satoshi Yakamoto is alive or dead, where Sam thinks the anti-AI sentiment is coming from, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on May 21st, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David on X: @DavidBeckworth Follow Sam on X: @SamLyman33 Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:00:49 - Sam's Career 00:05:37 - Nation-States and Digital Payments 00:14:40 - Strategic Bitcoin Reserve 00:18:29 - Future of Bitcoin 00:24:27 - Bitcoin vs. Dollar-Based Stablecoins 00:38:32 - Update on the CLARITY Act 00:44:48 - Quantum Computing 00:49:34 - Satoshi Yakamoto 00:52:20 - Foreign Campaign Against AI 00:57:44 - Outro
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  Stephan Luck on What History can Teach Us about Financial Stability 13.07.2026 57dk

  Stephan Luck is a Financial Research Advisor at the Federal Reserve Bank of New York. In Stephan's first appearance on the show, he discusses how the 2008 Great Financial Crisis shaped his career, how he and his coauthors leverage LLMs to comb through massive amounts of historical data, what this data can teach us about responding to bank failures, what people get wrong when they try and make historical analogies to the GENIUS era, the lessons we can learn from the German hyperinflation, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on June 1st, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:02:55 - Stephan's Career 00:11:21 - Bank Failures 00:28:19 - Policy Implications of Bank Failures 00:37:21 - National Banking System 00:46:30 - German Hyperinflation 00:57:06 - Outro
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  Barry Eichengreen on the History of Global Currencies 06.07.2026 57dk

  Barry Eichengreen is a well known author, economist, and economic historian from the University of California, Berkeley. In Barry's first appearance on the show he discusses a career in untangling the world's monetary history, the origins of his new book Money Beyond Borders: Global Currencies from Croesus to Crypto, the first uses on currencies in the 7th Century BC, the unexpected start of the dollar, how we landed on the central bank model, the dollar's rise to global reserve currency, which if any currencies as poised to take on the dollar, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on May 27th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David on X: @DavidBeckworth Follow Barry on X: @B_Eichengreen Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:17 - Barry's Books 00:10:14 - Money Beyond Borders 00:17:17 - Lydia and Greece 00:20:46 - Renaissance of Credits 00:23:36 - Spanish Silver 00:28:26 - The Emergence of Central Banks 00:38:11 - British Empire vs. Roman Empire 00:43:34 - Dollar as One of the Dominant Reserve Currencies 00:56:29 - Outro
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  Yesha Yadav, Chris Odinet, and Andrea Tosato on the Moneyness of Stablecoins 29.06.2026 1sa 11dk

  Yesha Yadav is a professor of law, the Milton R. Underwood Chair, the Associate Dean & Robert Belton Director of Culture & Community, and the Co-Faculty Director, Master of Laws (LL.M) Program at the Vanderbilt University Law School. Chris Odinet is a professor of law, Mosbacher Research Fellow, and Affiliate Professor of Finance at Texas A&M University School of Law. Andrea Tosato is professor of law at the Southern Methodist University Dedman School of Law. Yesha, Chris, and Andrea join the show to discuss their avenues into stablecoin regulation, their four-part definition of moneyness (nature of the claim, safety, discharge capacity, and negotiability), how Tether and Circle stack up to these definitions, the stablecoin bankruptcy conundrum, the progress the GENIUS Act made on closing legal loopholes, their prescriptions for policymakers, and much more.   Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on May 20th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David on X: @DavidBeckworth Follow Chris on X: @ChisOdinet Follow Andrea on X: @Andrea_Tosato Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:26 - Career Backgrounds of Chris, Yesha, and Andrea 00:02:35 - Background on the Paper 00:06:52 - Structure of Money 00:17:33 - Moneyness: Nature of the Claim 00:22:37 - Moneyness: Safety 00:23:45 - Moneyness: Discharge Capacity 00:30:50 - Moneyness: Negotiability 00:31:55 - How Stablecoins Currently Hold Up in Moneyness 00:58:18 - Recommendations to Policymakers 01:10:51 - Outro
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  Jeffrey Lacker on What a New Fed Treasury Accord Might Look Like 22.06.2026 56dk

  Jeffrey Lacker is the former president of the Richmond Federal Reserve Bank and is a senior affiliated scholar at the Mercatus Center. Jeff returns to the show to discuss the history of the Fed Treasury Accord, the state of fiscal dominance, his five proposals for a new Fed Treasury Accord, his calls for reform around the discount window, a memorial to his friend and colleague Charlie Plosser, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on May 20th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:00:56 - Fed Treasury Accord 00:18:26 - Fiscal Dominance 00:22:05 - Jeff's Five Proposals 00:49:05 - Charlie Plosser 00:55:49 - Outro
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  Nik Bhatia on Bitcoin and the Case for Using Stablecoins for Statecraft 15.06.2026 59dk

   Nik Bhatia is an author of two economics books, a visiting fellow at the Bitcoin Policy Institute and the founder of The Bitcoin Layer. In Nik's first appearance on the podcast, he discusses his niche in the Bitcoin community, the role of Bitcoin as a transaction asset, the threat or lack thereof of quantum computing on Bitcoin, his issues with the current eurodollar market, his new proposal to use stablecoins as statecraft, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on May 5th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David on X: @DavidBeckworth Follow Nik X: @Timevalueofbtc Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:49 - Nik's Career and Background 00:12:32 - Crypto Assets for Transactions 00:18:28 - Quantum Computing and Bitcoin 00:24:08 - Stablecoins as Statecraft 00:58:36 - Outro
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  Bryan Cutsinger, Peter Ireland, and Will Luther on Lessons Learned from the Fed Framework Review 08.06.2026 1sa 3dk

   Bryan Cutsinger is an assistant professor of economics at the College of Business at Florida Atlantic University. Peter Ireland is a professor of Economics at Boston College. Will Luther is an associate professor of economics at the College of Business at Florida Atlantic University and is the director of the American Institute for Economic Research's Sound Money Project. Bryan, Peter, and Will return to the show to discuss the big takeaways from the 2025 Fed framework review, the flip flopping of FIT to FAIT back to FIT, the biggest lessons from the 2020 Fed framework review, the case for NGDP targeting at the Fed, hope for future reviews, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on May 6th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David on X: @DavidBeckworth Follow Bryan X: @BryanPCutsinger Follow Peter X: @PIrelandecon Follow Will X: @WilliamJLuther Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:00:51 - Origins of Bryan, Will, and Peter's Paper 00:03:40 - Big Takeaways 00:06:14 - The Fed's 2020 Framework Review 00:12:43 - Lessons Learned from 2020 Review 00:14:38 - Nominal GDP Targeting and Productivity Shocks 00:26:59 - Reviewing the Fed's 2025 Framework Review 00:57:20 - Hopes for the Future 01:03:06 - Outro
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  Brendan Greeley on the 500 Year History of the Dollar 01.06.2026 1sa 2dk

  Brendan Greeley is a veteran journalist from the Financial Times and current PhD student at Princeton studying monetary history. In Brendan's first appearance on the show, he discusses why he went for a PhD after being a journalist for 20 years, why the dollar's history goes far beyond America's founding, when America actually achieved a currency union, the untold origins of the dollar, how Herbert and Lou Hoover's date nights played a role in the history of the dollar, the crucial importance of Milton Friedman and Anna Schwartz in understanding the dollar's history, the happy accident of Eurodollars, what the future of dollars looks like, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on May 4th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David on X: @DavidBeckworth Follow Brendan X: @BHGreeley Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:12 - Brendan's Career 00:06:27 - How Old Is the Dollar? 00:25:24 - Where Did the Dollar Start? 00:38:11 - The Modern Dollar 00:57:08 - Future of the Dollar 01:01:59 - Outro
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  David Zaring on Skinny Charters and the Future of Banking 25.05.2026 55dk

   David Zaring is legal scholar and professor at the University of Pennsylvania. In David's first appearance on the show, he discusses the role the Great Financial Crisis played in FinReg scholarship, how he came up with the term "skinny" in the new skinny Fed master accounts, the tumultuous road of Custodia vs. the Fed, a reimagined way to look at federal bank charters, whether commerce and banking are actually still separate, Fed independence and how it functions in a more corporatist model, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on April 24th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow David Zaring X: @ZaringDavid Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:02:04 - The Great Financial Crisis and FinReg Scholarship 00:04:58 - David's Experience with Fintech Charter Litigation 00:17:18 - Skinny Charters 00:37:16 - How to Govern the Fed 00:55:10 - Outro
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  Bill Beach on the Future of United States' Economic Statistics and Fiscal Position 18.05.2026 52dk

  Bill Beach is the former commissioner of the US Bureau of Labor Statistics and the current executive director of the Fiscal Lab on Capitol Hill. In Bill's first appearance on the show he discusses a career in and around public service, the important niche his new organization fills, the frightening fiscal outlook of the United States, exactly how long we have before Social Security runs out, why he believes it will take lots of small changes instead of a big one to fix our fiscal outlook, the important role of the BLS, why our statistical methods needs reform, the most underrated economic statistical indicators, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on April 15th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Bill Beach X: @BeachWW453 Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:25 - Bill's Career 00:10:11 - Fiscal Lab on Capitol Hill 00:17:23 - Fiscal Challenges of the United States 00:30:05 - Surveys from Bureau of Labor Statistics 00:43:12 - Challenges to Survey Work 00:52:13 - Outro
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  Tyler Goodspeed on Challenging the Way Economists Look at Recessions 11.05.2026 1sa 1dk

  Tyler Goodspeed is the former chairman of the Council of Economic Advisors and is currently a chief economist in the private sector. In Tyler's first appearance on the podcast he discusses his new book highlighting a different way of looking at recessions, the challenge of breaking away from the human inclination of ascribing patterns to random phenomena, whether recessions are more Dorian Gray or Peter Pan, what history and stories like Jay Cooke tell us about recessions, how to evaluate supply side shocks and the 2008 Financial Crisis, why Milton Friedman's Plucking model might be the best we have at modeling recessions, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on April 15th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:00:43 - Recessions 00:07:07 - Epiphanies or Apophanies 00:26:40 - Peter Pan vs. Dorian Gray 00:33:40 - Jay Cooke and the Railroad 00:39:00 - Models of Recessions 00:47:55 - Supply Shocks 00:50:12 - Recessions in Different Places 01:00:25 - Outro
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  Peter Conti-Brown and David Beckworth on All Things Financial Regulation 04.05.2026 54dk

  Recorded live in front of the Wharton Financial Regulation Conference, former guest Peter Conti-Brown joins David Beckworth as a Macro Musings co-host on this week's episode. Peter and David discuss the inflection point of 2008 in FinReg scholarship, how Macro Musings has become just as much a show about financial regulation as about macro, what to make of the Trump administrations changes to bank supervision, whether we should be enthusiastic about the GENIUS Act and digital assets, the true identity of Satoshi Nakamoto, the crisis that could become Claude Mythos, why networks and Substacks are becoming more important, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on April 10th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:29 - History of Financial Regulation 00:04:23 - Monetary Policy vs. Financial Regulation 00:07:48 - Bank Supervision 00:11:59 - Digital Assets 00:22:48 - Claude Mythos and Banking 00:30:35 - The Market Argument for the Discount Window 00:35:44 - Academia vs. Real-World Impact 00:40:28 - Audience Q&A 00:54:16 - Outro