Lev Menand

speaker

1,295 appearances 6 recordings 1 series first heard Jan 2025 last heard 17 Jul

Lev Menand’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.

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Odd Lots · The Fight Over Fed Independence Just Got Taken To a Whole New Level · 12 Jan 2026 podcast

you know, monetary and financial architecture is it's it's a bit like what they say about bankruptcy.

It happened gradually and then suddenly.

I think that as long as the board

continues to in fact be controlled by non-Trump appointees, you're not gonna see a lot of market pricing reaction.

But if and when we we could reach a sort of tipping point where there's a sort of

Rapid and dramatic negative reaction.

I don't know that we will reach that.

You know, it felt like we might have been approaching one over the summer leading up to the Cook firing.

And then there was a real step back from that by the administration.

But I think we're still several seats on the board away from the market seriously considering and price.

Seen in a central bank that engages in sort of an inflation tax-based policy or monetary financing or something like that.

I also think that there's a lot of issues being raised right now that this policy is about that aren't really related to value of the dollar and the excessiveness or appropriateness of the monetary policy.

Stance.

The central bank is a very powerful organization that carries out a lot of other responsibilities, which could potentially be weaponized by a board in control of the White House that would have no effect on the value of the dollar.

The whole payments system, the sort of financial infrastructure backbone runs through the Federal Reserve and putting that infrastructure in the hands of an

that's willing to abuse it is very very dangerous, but isn't going to change the value of the dollar.

And so, you know, not everything that happens with respect to the Fed, we should like, you know, calibrate how concerned we are based on whether we're seeing, you know, the long bonds move.

It's a very deep question.

My view on this is that monetary policy is bank regulation and vice versa.

That the money supply in the 21st century is created by investor-owned banks.

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