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Andy Levin is an advisor to many central banks around the world and professor of economics at Dartmouth College. Andy returns to the show for a special bonus episode to discuss his pervious appearance and accompanying policy brief where he calls for an independent inspector general at the Federal Reserve. Check out the transcript for this week’s episode, now with links. Recorded on June 10th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps: (00:00:00) – Intro (00:01:48) – Federal Reserve and an Independent Inspector General (00:06:50) – Palace of Versailles on the Mall (00:16:20) – Accountability of the Fed (00:19:21) – Outro

Sign up for the Bitcoin Policy Summit with our special Macro Musings Discount Code! Matthew Pines is the executive director of the Bitcoin Policy institute. Matthew returns to the show to discuss the future of Bitcoin as a strategic reserve, US stablecoin regulation, geopolitics under Trump, monetary policy at the Fed, and much more. Check out the transcript for this week’s episode, now with links. Recorded on May 16th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Matthew Pines on X: @Matthew_Pines 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 00:00:54 - Matthew’s Career Path and BPI 00:03:28 - Bitcoin and National Security 00:06:41 - Bitcoin Policy Summit 00:09:24 - State of Crypto Legislation 00:13:13 - Geoeconomics 00:24:17 - The Dollar’s Future 00:31:56 - Stablecoin Use Cases 00:39:29 - Future of Money 00:45:50 - Future of Monetary Policy 00:52:27 - Outro

Yesha Yadav is a law professor and associate dean at the Vanderbilt University Law School, where she works on banking and financial regulation, securities regulation, and the law of money and payment system. Yesha has written a recent paper titled, *The Failed Regulation of US Treasury Markets*, and she joins Macro Musings to discuss it. Specifically, David and Yesha talk about the implications of the 2020 Treasury market collapse, the fragmented nature of the Treasury market’s regulatory structure, solutions for reform, and more. Transcript for the episode can be found here. Yesha’s Vanderbilt Law profile: https://law.vanderbilt.edu/bio/yesha-yadav Yesha’s Google Scholar archive: https://scholar.google.com/citations?user=Dn5cmSQAAAAJ&hl=en Related Links: *The Failed Regulation of U.S. Treasury Markets* by Yesha Yadav https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3365829 *Fragile Financial Regulation* by Pradeep Yadav and Yesha Yadav https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3685404 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

Hester Peirce is a Senior Research Fellow at the Mercatus Center at George Mason University and director of Mercatus' Financial Markets Working Group. She joins the show to discuss the new Mercatus book, *Reframing Financial Regulation: Enhancing Stability and Protecting Consumers*, which she coedited. The book examines the problems with the United States' current financial regulation regime (including the Dodd-Frank Act) and offers alternative policies that rely less on a centralized regulation and more on market discipline. David's blog: http://macromarketmusings.blogspot.com/ Hester's Mercatus profile: https://www.mercatus.org/hester-peirce David's Twitter: @davidbeckworth Hester's Twitter: @HesterPeirce *Reframing Financial Regulation: Enhancing Stability and Protecting Consumers* edited by Hester Peirce and Benjamin Klutsey https://www.mercatus.org/publications/reframing-financial-regulation