George Selgin on Strategic Bitcoin Reserves, Debanking, and the Fed’s Framework Review

乔治·塞尔金 (George Selgin) 谈战略比特币储备、去银行化和美联储框架审查

Macro Musings with David Beckworth

教育

2024-12-23

1 小时 0 分钟
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George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. George is also a returning guest to the program, and he rejoins David on Macro Musings to talk about crypto, strategic Bitcoin reserves, and the Fed’s framework review. Specifically, David and George also discuss George’s outlook for a strategic Bitcoin reserve in the US, the significance of the debanking problem, the path to adopting a nominal GDP targeting framework, and much more.   Transcript for this week’s episode.   George’s Twitter: @GeorgeSelgin George’s Cato profile   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *The ‘Digital Gold’ Fallacy, or Why Bitcoin Can’t Save the US Dollar* by George Selgin   *The Fed’s 2024-25 Framework Review: Optimizing the Dual Mandate Through Nominal GDP Level Targeting* by David Beckworth   *Building a Better Fed Framework* – A monetary policy conference hosted by the American Institute for Economic Research (AIER)   Caitlin Long’s X thread on debanking   David Marcus’s X thread on how Libra was killed   *Does Sovereign Default Risk Explain Cryptocurrency Adoption? International Evidence from Mobile Apps* by Rashad Ahmed, Stephen Karolyi, and Leili Pour Rostami   *Digital Gold: Evaluating a Strategic Bitcoin Reserve for the United States* by the Bitcoin Policy Institute   *Trump Likes the Idea of a Federal Bitcoin Reserve. Don’t Laugh.* by Tyler Cowen   Timestamps:   (00:00:00) – Intro   (00:01:34) – Evaluating the Strategic Bitcoin Reserve and Digital Gold   (00:26:22) – George’s Outlook for the Strategic Bitcoin Reserve   (00:34:16) – The Significance of the Debanking Problem and the Case of Libra   (00:43:18) – *Building a Better Fed Framework*: George’s Takeaways   (00:49:16) – The Path to Nominal GDP Targeting: Incremental vs. Radical   (00:54:10) – Characterizing a Fed Framework Consensus   (01:00:13) – Outro
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  • Welcome to Macro Musings, where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past, present and future.

  • I am your host, David Beckwourth, a senior research fellow at the Merketis center at George Mason University.

  • And I'm glad you decided to join us.

  • Our guest today is George Seljan.

  • George is a senior fellow and director emeritus of the center for Monetary and Financial Alternatives at the Cato Institute.

  • George joins us today to discuss crypto, strategic bitcoin reserves, and the Fed's framework review.

  • George, welcome back to the program.

  • Thanks, David.

  • It's always good to be on it.

  • Will you continue to add to your leading number of podcasts that you've been on, continue to be the number one guest on the show?

  • So it says something.

  • Yeah, Well, I really love it and I do worry that people might catch up to me.

  • So you give me an excuse to write controversial things just so I can.

  • Get on, get back on the show.

  • Well, we have some great news stories to discuss today.

  • We're going to be doing what we've done in the past.

  • We each bring in several items to discuss.

  • Time permitting, we'll go through three each.

  • We may only make it through a couple because I know today's show is loaded with some hot takes from George and myself.

  • And George, let's start with you.