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 transcript for this week’s episode, now with links.

Recorded on June 24th, 2025

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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

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

Macro Musings with David Beckworth

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