Saleha Mohsin is a senior Washington correspondent for Bloomberg News, where she covers policy, politics, and power in Washington, DC. Saleha is also the author of a new book titled,&nbsp;*Paper Soldiers: How the Weaponization of the Dollar Changed the World Order,* and she joins David on Macro Musings to talk about it. Specifically, David and Saleha also discuss the intelligence and enforcement tools of the US Treasury, the basics and importance of SWIFT, the effectiveness of US sanctions, and a lot more. &nbsp; Transcript for this week’s  &nbsp; Saleha’s Twitter:  Saleha’s Bloomberg  &nbsp; David Beckworth’s Twitter:&nbsp; Follow us on Twitter:&nbsp; &nbsp; Check out our new AI chatbot: the ! Join the new Macro Musings ! &nbsp; Join the Macro Musings&nbsp; Check out our Macro Musings  &nbsp; Related Links: &nbsp;  by Saleha Mohsin &nbsp;  hosted by Saleha Mohsin &nbsp; Timestamps: &nbsp; (00:00:00) – Intro &nbsp; (00:03:43) – The Weaponization of the Dollar on the Global Stage &nbsp; (00:08:55) – The Intelligence and Enforcement Tools of the US Treasury Department &nbsp; (00:13:10) – Breaking Down SWIFT and Its Importance &nbsp; (00:18:27) – Sanctioning Russian Oligarchs &nbsp; (00:22:42) – The Importance and Significance of Robert Rubin &nbsp; (00:25:29) – The George W. Bush of the Treasury Department &nbsp; (00:37:42) – Breaking Down the Joint Comprehensive Plan of Action &nbsp; (00:41:06) – The Trump Administration, China, and the Rise of Populism &nbsp; (00:45:30) – Evaluating the Effectiveness of the Russia Sanctions &nbsp; (00:51:18) – Threats to the US in the Future &nbsp;  (00:52:48) – Outro

Saleha Mohsin on *Paper Soldiers: How the Weaponization of the Dollar Changed the World Order*

Richard Clarida is a well-known academic and policymaker who most recently was the Vice Chair of the Federal Reserve Board of Governors. Richard is currently a professor of economics at Columbia university and is also a managing director at PIMCO. Richard joins David on Macro Musings to talk about his academic and policy work, as well as his outlook for FAIT, the Fed’s framework review, the future of R-Star, and more. &nbsp; Transcript for this week’s  &nbsp; Richard’s Federal Reserve  Richard’s PIMCO  &nbsp; David Beckworth’s Twitter:&nbsp; Follow us on Twitter:&nbsp; &nbsp; Check out our new AI chatbot: the ! Join the new Macro Musings ! &nbsp; Join the Macro Musings&nbsp; Check out our Macro Musings  &nbsp; Related Links: &nbsp;  by Richard Clarida and Mark Gertler &nbsp;  by Richard Clarida, Jordi Gali, and Mark Gertler &nbsp;  by Richard Clarida, Jordi Gali, and Mark Gertler &nbsp;  by Richard Clarida, Jordi Gali, and Mark Gertler &nbsp; Timestamps: &nbsp; (00:00:00) – Intro &nbsp; (00:03:04) – Richard Clarida’s Background &nbsp; (00:11:37) – Bridging the Gap Between Academic Economics and Real-World Markets &nbsp; (00:21:50) – Richard’s Journey Through the Policy World &nbsp; (00:36:29) – Constructing the Fed’s FAIT Framework &nbsp; (00:40:53) – Evaluating the Results of the FAIT Framework &nbsp; (00:54:17) – The Future of the Fed’s Framework &nbsp; (00:57:08) – The Future of R-Star &nbsp;  (01:00:50) – Outro

Richard Clarida on FAIT, R-Star, and the Future of the Fed’s Framework

Richard Clarida is a professor of economics at Columbia University, a managing director at PIMCO, and was most recently the Vice Chair of the Federal Reserve Board of Governors. Richard rejoins David for this special bonus segment to talk about his interest in music and his first studio album, *Time No Changes.* &nbsp; Richard’s Federal Reserve&nbsp; Richard’s PIMCO&nbsp; &nbsp; David Beckworth’s Twitter:&nbsp; Follow us on Twitter:&nbsp; &nbsp; Check out our new AI chatbot: the&nbsp;! Join the new Macro Musings&nbsp;! &nbsp; Join the Macro Musings&nbsp; Check out our Macro Musings&nbsp; &nbsp; Related Links: &nbsp;  by Richard Clarida &nbsp;   by Macro Musings

BONUS: Richard Clarida on His Musical Interests and *Time No Changes*

Dan Katz and Stephen Miran are former senior advisors for the US Treasury Department and are currently adjunct fellows at the Manhattan Institute. Dan and Stephen have also written a new paper titled, *Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes,* and they join Macro Musings to talk about this paper and the proposed reforms for the Federal Reserve outlined in it. Specifically, Dan, Steve, and David discuss the ever-expanding reach of the Fed, its role as debt manager and bank regulator, the current issue with the central bank’s personnel, and a lot more. &nbsp; Transcript for this week’s  &nbsp; Stephen’s Twitter:  Stephen’s Manhattan Institute  &nbsp; Dan’s Twitter:  Dan’s Manhattan Institute  &nbsp; David Beckworth’s Twitter:&nbsp; Follow us on Twitter:&nbsp; &nbsp; Check out our new AI chatbot: the ! Join the new Macro Musings ! &nbsp; Join the Macro Musings&nbsp; Check out our Macro Musings  &nbsp; Related Links: &nbsp;  by Dan Katz and Stephen Miran &nbsp; Timestamps: &nbsp; (00:00:00) – Intro &nbsp; (00:04:20) – The Fed’s Issue of Picking Winners and Losers &nbsp; (00:09:17) – The Fed’s Role as Bank Regulator &nbsp; (00:12:53) – The Ever-Expanding Reach of the Fed &nbsp; (00:17:50) – The Fed as a Debt Manager &nbsp; (00:23:33) – What Should the Fed Do in a Zero Lower Bound Environment &nbsp; (00:27:26) – Personnel is Policy: The Issue with Fed Personnel &nbsp; (00:29:55) – Options for Personnel Reform at the Fed &nbsp; (00:38:22) – Making the Fed President Selection Process More Robust &nbsp; (00:47:28) – The Nature of Debate at the Fed &nbsp; (00:50:53) – The Scope for Change at the Fed &nbsp;  (00:53:21) – Outro

Dan Katz and Stephen Miran on Reforming the Federal Reserve’s Governance

Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.

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