Aaron Klein is a senior fellow in economic studies at the Brookings Institution. Aaron returns to the show to discuss his paper with George Selgin calling for real time payments, the inequality caused by the Fed's current payment processes, the results of Covid time QE, recommendations for dealing with future crises, and much more. Check out the transcript for this week's episode, now with links. Recorded on December 11th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Aaron Klein on X: @AarondKlein Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:06- Faster Payments 00:29:09 - Fed Governance 00:30:35 - Quantitative Easing and Housing Inflation Post-COVID 00:52:16 - Fed Assets 01:01:149 - Outro

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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