
Episode #1
Fed Independence, Fiscal Reality (S3, E1)
<p>Send us a text</p><p>Think the Fed can always tame inflation if it just hikes a little harder? We sat down with economist Eric Leeper to unpack why that story falls apart once you account for Congress’s power over taxes, spending, and debt. Eric explains operational independence in plain terms, traces how the modern central bank mandate evolved, and shows why economic outcomes depend on both monetary and fiscal choices—especially when higher rates swell interest costs and the bill gets rolled into more borrowing.<br/><br/>We walk through the fiscal foundations of inflation: $40 trillion in g...

