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

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.

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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

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