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What does the Fed actually do in 2025? We have an extremely vibrant and complicated and interconnected $130
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trillion global economy. It's moving at the speed of light. The Fed gets together once a month, tries to divine
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what monetary policy, what the money supply should look like based on data that is often incorrect. We see that in
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the BLS data. We see that in the GDP prints. We see it in all of the inputs. So, I think the real question is there
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are certain parts of what the Fed does that they can continue to do and I think everybody would probably say it's an
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okay thing. Could they be a lender last resort? Personally, in my opinion, no. I
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think that Treasury does a better job. And I think that Treasury has a better mechanism to get the American taxpayer a
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win than the Fed does. Do they actually create monetary policy and price stability? I would say that the capital
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markets and the free markets actually do a better job of that. They define much more what the spread is. I think sofur
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is a much better rate mechanism than the Fed funds rate at this point. Do they do
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banking supervision and regulation? Yeah, they probably do a reasonably good job of that. Do they do a good job as a
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payment system and a clearing house? Again, probably something that's pretty uncontroversial that they could continue
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to do. The bigger picture is the two things that are the most dynamic, they are the worst at doing. And so I would
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actually question whether that responsibility should sit with a handful of humans looking at faulty month old
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data.