Ben Harris on the Fiscal Health of the US Government
Macro Musings with David Beckworth
Release Date: 07/14/2025
Macro Musings with David Beckworth
Mike Bird is the Wall Street editor for The Economist magazine and is the author of The Land Trap: A New History of the World’s Oldest Asset. Mike returns to the show to discuss the conclusion of Abenomics, the origins of land as an asset, the surge in housing prices during the COVID-19 Pandemic, the unsuspecting story of Wolf Ladejinsky, how housing impacted Japan’s lost decade, the modern history of land in China, and much more. Check out the for this week’s episode, now with links. Recorded on November 4th, 2025 Subscribe to David's Substack: Follow David Beckworth...
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Lukasz Rachel is a former Bank of England economist and currently is an assistant professor of economics at the University College of London. In Lukasz’s first appearance on the show he discusses his big career breaks, the implications of secular stagnation in the industrialized world, what is next for R-star, what non-Ricardian macro policy looks like, his policy prescriptions for the US, and much more. Check out the for this week’s episode, now with links. Recorded on October 29th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Lukasz on...
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Tara Sinclair is a professor and chair of the economics department at George Washington University. Tara returns to the show to discuss her ambitious paper simulating an FOMC meeting before it happens with LLM models, the process of building sim FOMC members, the importance of publicly funding economic data, the future of AI and macroeconomics, and much more. Check out the for this week’s episode, now with links. Recorded on October 27th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Tara on X: Follow the show on X: Check out our Macro...
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Bryan Cutsinger is a monetary historian and an assistant professor of economics at Florida Atlantic University. Bryan returns to the show to discuss how we think about deflation, the history of growth driven deflation, the connection between the postbellum period and today, the potential of rapid productivity growth from AI, and much more. Check out the for this week’s episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Bryan on X: Follow the show on X: Check out our Macro Musings ...
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Will Roberds is an economist emeritus of the research department of the Federal Reserve Bank of Atlanta. Steve Quinn is a professor of economics at Texas Christian University. In Will and Steve’s first appearance on the show they discuss the historical significance of the Bank of Amsterdam, The use of ledger at the Bank of Amsterdam, It’s use of repo and open market operations, it’s connection to central banking today, and much more. Check out the for this week’s episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Follow David...
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Jim Clouse is a veteran of the Federal Reserve System and is currently a fellow at the Andersen Institute. In Jim’s first appearance on the show, he discusses the evolution of monetary rules at the Fed, what happened at the Fed during Y2K, 9/11, the Great Financial Crisis, and the COVID Pandemic, the ever changing stigma of the discount window, Ted Cruz’s calls to end interest on reserves, and much more. Check out the for this week’s episode, now with links. Recorded on September 11th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the...
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Manmohan Singh is the editor-in-chief of the Journal of Financial Markets Infrastructure. Manmohan returns to the show to discuss whether money still matters, the impacts of the GENIUS ACT, the lobbying show down over stablecoins in the US, stablecoins impact on the Eurodollar market, and much more. Check out the for this week’s episode, now with links. Recorded on September 10th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 -...
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Raphael Bostic is the president and chief executive officer of the Federal Reserve Bank of Atlanta. In President Bostic’s first appearance on the show, he discusses his love of birding, what that teaches him about central banking, the unique role of the Federal Reserve Bank of Atlanta, switching for FIT to FAIT back to FIT, what to do about inflation, the importance of globalization, rising fiscal pressures, and much more. Check out the for this week’s episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Follow David Beckworth on...
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Jon Hartley is a macroeconomist and affiliated scholar at the Mercatus Center. Jon returns to the show to discuss the most recent Hoover Monetary Conference, the legacy of John Taylor, why central banks should be using his new measure of r-star, the status of debt management at the US Treasury, and much more. Check out the for this week’s episode, now with links. Recorded on August 26th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Jon Hartley on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube...
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Marc Giannoni is a managing director and the chief US economist at Barclays Capital. In Marc’s first appearance on the show he discusses working on the 2020 Fed Framework Review, the troubling issues of Fed independence and fiscal dominance, the future of long rates and r-star, his influential 2006 paper about what good monetary policy looks like, and much more. Check out the for this week’s episode, now with links. Recorded on August 28th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings ...
info_outlineBen Harris served in numerous high-ranking roles as a public sector economist and is now the vice president and director of economic studies at the Brooking Institution. In Ben’s first appearance on the show, he discusses the fiscal health of the US government, including the rising primary deficient, the impact of the Big Beautiful Bill, the proposition of stablecoins and AI as a solution to our debt, his love of basketball and much more.
Check out the transcript for this week’s episode, now with links.
Recorded on June 18th, 2025
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Timestamps
00:00:00 - Intro
00:02:01 - Ben’s Career
00:05:18 - Fiscal Health of the United States
00:07:57 - Big Beautiful Bill
00:12:15 - Debts and Deficits
00:14:47 - Costs and Risks of the Rising US Debt
00:37:05 - Stablecoins as a Potential Solution to US Debt
00:41:49 - Debt Ceiling
00:50:02 - AI and the Economy
00:54:58 - Outro