Travis Hill is the Vice Chairman of the FDIC Board of Directors, and he joins David on Macro Musings to talk about discount window and bank liquidity, receivership funding, and the tokenization of financial assets. Specifically, David and Travis also discuss the push for pre-positioning at the discount window, how the FDIC funds receiverships, the impact of tokenization on the future of banking, and much more.

Transcript for this week’s episode.

Travis’s FDIC 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!

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Related Links:

*Reflections on Bank Regulatory and Resolution Issues* – Remarks by Vice Chairman Travis Hill at the American Enterprise Institute

*Banking’s Next Chapter? Remarks on Tokenization and Other Issues* – Remarks by Vice Chairman Travis Hill at the Mercatus Center

Timestamps:

(00:00:00) – Intro

(00:02:36) – The Unique Role of the FDIC and the Vice Chair

(00:10:58) – The Push for Pre-Positioning at the Discount Window

(00:20:19) – Addressing the Current Issues Relating to the Discount Window

(00:28:44) – How Does the FDIC Fund Receiverships?

(00:35:41) – Breaking Down the Federal Financing Bank

(00:40:10) – Discount Window Stigma and Uncollateralized Fed Funding

(00:45:44) – Tokenization and Its Impact on the Future of Banking and Cross-Border Payments

(00:54:40) – Outro

Catherine Pakaluk is an Associate Professor of Social Research and Economic Thought at the Bush School of Business at the Catholic University of America. Catherine is also the author of a new book titled, *Hannah’s Children: The Women Quietly Defying the Birth Dearth,* and she joins David on Macro Musings to talk about it. Catherine and David also specifically discuss the facts of demographic decline, the women who are pushing back against this trend, its broader implications for the economy and society, and more.

Transcript for this week’s episode.

Catherine’s Twitter: @CRPakaluk

Catherine’s website

Catherine’s CUA 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:

*Hannah’s Children: The Women Quietly Defying the Birth Dearth* by Catherine Pakaluk

*Why Americans Aren’t Having Babies* by Rachel Wolfe

*No One Left: Why the World Needs More Children* by Paul Morland

*Promises I Can Keep: Why Poor Women Put Motherhood Before Marriage* by Kathryn Edin and Maria Kefalas

Timestamps:

(00:00:00) – Intro

(00:03:16) – *Hannah’s Children: The Women Quietly Defying the Birth Dearth*

(00:08:30) – The Facts of Demographic Decline

(00:12:48) – The Implications of Demographic Decline

(00:20:28) – Breaking Down the “Chain of Infinity”

(00:23:15) – The Forces Driving Demographic Decline

(00:32:18) – The Influence and Impact of Paul Ehrlich

(00:38:16) – The Motivation and Background for *Hannah’s Children*

(00:43:29) – Why Are Women Having Larger Families?

(00:52:18) – Exploring Pronatal Policy Recommendations

(00:57:03) – Outro

Stephen Miran is a former senior advisor to the US Treasury Department, a senior strategist at Hudson Bay Capital, and a fellow at the Manhattan Institute. Stephen is also a returning guest to the podcast, and he rejoins David on Macro Musings to talk about his recent paper with Nouriel Roubini titled, *Activist Treasury Issuance and the Tug-of-War Over Monetary Policy,* as well as his thoughts on what a second Trump presidential term would mean for the Fed and financial markets.

Transcript for this week’s episode.

Stephen’s Twitter: @SteveMiran

Stephen’s Manhattan Institute 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:

*ATI: Activist Treasury Issuance and the Tug-of-War Over Monetary Policy* by Stephen Miran and Nouriel Roubini

*Trump Wants a Weaker Dollar But Wall Street Doubts He’ll Get One* by Saleha Mohsin and Carter Johnson

*Trump Allies Draw Up Plans to Blunt Fed’s Independence* by Andrew Restuccia, Nick Timiraos, and Alex Leary

Timestamps:

(00:00:00) – Intro

(00:01:49) – Breaking Down *Activist Treasury Issuance and the Tug-of-War Over Monetary Policy*

(00:21:33) – Responding to Criticism from Janet Yellen and Others

(00:28:21) – Addressing Trump’s Push for a Weaker Dollar

(00:38:24) – Can We Weaken the Dollar While Still Ensuring Its Use?

(00:43:07) – What a Second Trump Term Would Mean for Fed Independence and Crypto

(00:49:19) – Outro