Sep 1, 2026 · 5 min · 3 segments
Steve Forbes explains how Fed Chair Kevin Warsh and Treasury Secretary Scott Bessent can save the U.S. economy—and the world's—by shifting the core missions of both the Federal Reserve and Treasury…
Treasury Secretary Scott Besant was ridiculed in financial circles when he tried to lower long-term interest rates through a certain bond-buying maneuver.
Rising rates, particularly for home mortgages, hurt Republicans on this sensitive affordability issue.
there is a better and more lasting way to get a lower cost for borrowing money that would not only help the U.S., but also the economies around the globe.
Secretary Besant and new Federal Reserve Chairman Kevin Warsh should sit down together and formulate a firm principle that would now govern monetary policy.
Declare that henceforth, the prime goal of Fed and Treasury actions is achieving a stable value for the dollar.
The Fed would no longer subscribe to the falsehood that prosperity causes inflation.
It would no longer try to depress economic activity in the name of fighting inflation.
Money is supposed to measure value the way a clock measures time, a scale measures weight, and a ruler measures distance.
The size of a gallon doesn't change each day, nor does the number of inches in a foot, nor should the value of a currency.
Say you agree to exchange a bottle of wine for three dozen eggs, but then the currency is devalued and you only get two dozen.
Or, depending on where the currency goes, you could end up with four dozen eggs and the other person is cheated.
When people trust a country's currency, interest rates there are lower than in untrustworthy countries.
The currency that has best preserved its purchasing power in the last century is the Swiss Franc.
By contrast, the U.S. 10-year Treasury is about 4.7%, ten times the rate of its Swiss counterpart.
An announcement by Besset and Warsh that a stable dollar is now our primary goal would see the general level of interest rates lower than what we're getting today.
As time passes and the hard dollar gains more and more credibility, other countries would increasingly find it convenient to fix their currencies to ours.
Having governments focus on stable currencies would create conditions for far greater economic growth.
Treasury Secretary Scott Besant was ridiculed in financial circles when he tried to lower long-term interest rates through a certain bond-buying maneuver.
Rising rates, particularly for home mortgages, hurt Republicans on this sensitive affordability issue.
there is a better and more lasting way to get a lower cost for borrowing money that would not only help the U.S., but also the economies around the globe.
Secretary Besant and new Federal Reserve Chairman Kevin Warsh should sit down together and formulate a firm principle that would now govern monetary policy.
Declare that henceforth, the prime goal of Fed and Treasury actions is achieving a stable value for the dollar.
The Fed would no longer subscribe to the falsehood that prosperity causes inflation.
It would no longer try to depress economic activity in the name of fighting inflation.
Money is supposed to measure value the way a clock measures time, a scale measures weight, and a ruler measures distance.
The size of a gallon doesn't change each day, nor does the number of inches in a foot, nor should the value of a currency.
Say you agree to exchange a bottle of wine for three dozen eggs, but then the currency is devalued and you only get two dozen.
Or, depending on where the currency goes, you could end up with four dozen eggs and the other person is cheated.
When people trust a country's currency, interest rates there are lower than in untrustworthy countries.
The currency that has best preserved its purchasing power in the last century is the Swiss Franc.
By contrast, the U.S. 10-year Treasury is about 4.7%, ten times the rate of its Swiss counterpart.
An announcement by Besset and Warsh that a stable dollar is now our primary goal would see the general level of interest rates lower than what we're getting today.
As time passes and the hard dollar gains more and more credibility, other countries would increasingly find it convenient to fix their currencies to ours.
Having governments focus on stable currencies would create conditions for far greater economic growth.
The rest of this transcript — segmented and speaker-labeled, so you land on the exact moment something was said
Search every transcript — by keyword, by phrase, or by meaning, across every show Radar indexes
Trends — what is surging across podcasts, measured against its own baseline
Alerts — when a name you follow appears in a newly indexed episode
No account is needed to search Radar.
