Podcasts Capital Record

Episode 44: Way More Than a Lender of Last Resort

Judy Shelton receives questions from Senators, February 13, 2020. (Bloomberg Politics/via YouTube)

David is joined today by Judy Shelton, Senior Fellow at the Independent Institute, who was famously (and tragically) one vote away from being approved for a seat on the Federal Reserve Board of Governors. Judy and David talk about the Fed’s legitimate function, where it has exceeded that function, and what the repercussions have been for all of us. The “moral contract” that the government’s “legal monopoly” on legal tender implies means we are doing a lot of things wrong, and Judy Shelton is the person to walk us though this.