Danielle DiMartino Booth is a former Dallas Fed staffer and author of the new book Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America. She joins Jeff Deist to talk about her years watching Ivy League PhDs make gross and fundamental errors in an almost comically cloistered environment.
Have Fed economists even read Mises and Hayek? Do they recognize malinvestment as a byproduct of interest-rate setting? Do they know anything about their own institutional history, or at least enough to recognize how mission creep has turned the Fed into a central planning Politburo? And how will Janet Yellen deal with the inherent tension between raising interest rates and keeping the cost of US debt service in check?