Paul Kupiec is a senior fellow at the American Enterprise Institute. In Paul’s first appearance on the show, he discusses life at a think tank, the insolvency of the Fed, theories on how to fix the Fed’s balance sheet, Ted Cruz’s call to end interest on reserves, and much more.  Check out the <a href= "https://www.mercatus.org/macro-musings/paul-kupiec-problems-feds-balance-sheet-and-calls-end-interest-reserves">transcript</a> for this week’s episode, now with links. Recorded on June 24th, 2025 Subscribe to David's Substack: <a href= "https://macroeconomicpolicynexus.substack.com/">Macroeconomic Policy Nexus</a> Follow David Beckworth on X: <a href= "https://twitter.com/DavidBeckworth">@DavidBeckworth</a> Follow the show on X: <a href= "https://twitter.com/Macro_Musings">@Macro_Musings</a> Check out our Macro Musings <a href= "https://www.bonfire.com/store/mercatus-podcast-swag/">merch!</a> <a href= "https://www.youtube.com/@BeckworthDavid">Subscribe</a> to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:01:14 - Paul’s Career 00:08:12 - Think Tanks 00:10:42 - Current State of the Fed’s Balance Sheet 00:20:22 - The Federal Reserve and Gold 00:23:04 - The Fed’s Unique Accounting 00:39:28 - Ending Interest on Reserve Payments to Banks 00:50:08 - Outro

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Paul Kupiec on Problems with the Fed’s Balance Sheet and Calls to End Interest on Reserves

Macro Musings with David Beckworth

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