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 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.
Appearances
And so that's why you have a 14-year term of office here, because we want Fed officials making long-term decisions.
We don't want short-term decisions about changes in the money supply.
And so all of that's true.
There's a time inconsistency problem.
This is a long-term policy making.
domain.
But I actually think right now it's important to emphasize something that's not actually a big part or really any part of the economics literature.
And that has to do with the separation of powers and democracy.
And you don't want to concentrate too much power in a government in any one person.
And that's actually a foundational idea in the American constitutional system.
Arguably
The founders went too far in separating powers.
They made it very difficult for the government to do stuff.
And what's happened here is we've concentrated power in the president in a way that would have all of the framers of the Constitution rolling in their graves and to allow the executive to control the money supply.
That's literally an issue that led to the Glorious Revolution in 1688.
It's one of the key concerns.
Concerns of the founders is to separate control of the money supply from the executive.
And so central bank independence is also about good government and preventing tyranny.
And Alexander Hamilton said this in his report on a national bank.
And so it's not just about having optimal long term monetary policy.
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