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Jp Cortez: 400 Ph.D economists vs. one shiny rock
By Jp Cortez
Money Metals Exchange, Eagle, Idaho
Tuesday, July 22, 2025
On Monday, Treasury Secretary Scott Bessent called for a full review of the Federal Reserve system. He said on CNBC's "Squawk Box," "I think what we need to do is examine the entire Federal Reserve institution and whether they have been successful."
It's a completely legitimate statement, but Bessent is a bizarre messenger for it.
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To be sure, the treasury secretary is no Ron Paul. The Trump administration calling for a review of the Federal Reserve is more likely to result in findings that the Fed's power should be transferred to an official government department so the secretary can play God with the monetary levers.
That said, Secretary Bessent made an interesting comment that harkens back to a day of simpler monetary policy. He quipped, "All these PhDs over there -- I don't know what they do. This is like universal basic income for academic economists."
Is Secretary Bessent right? Centrally planned monetary policy today is astoundingly complex, supposedly requiring a team of hundreds of professional economists to manage.
Alternatively, under a gold standard, money is tied to a consistent, trusted asset.
Was the old way better? Does money need "interesting features" or esoteric, in-depth explanations from experts using jargon that alienates the average person?
Historically, the answer has been no. ...
... For the remainder of the commentary:
https://www.moneymetals.com/news/2025/07/22/400-phd-economists-vs-one-shiny-rock-004220
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