Heritage Events Podcast
Floored! - How a Misguided Fed Experiment Deepened and Prolonged the Great Recession
In October 2008, as the U.S. economy plunged, the Federal Reserve began paying interest on banks' reserve balances. The resulting switch to a "floor system" of monetary control, in which changes in the interest rate on reserves, rather than reserve creation or destruction, became the Fed's chief tool for influencing economic activity, was to have far-reaching consequences--almost all of them regrettable. Besides intensifying the downturn by causing banks to hoard reserves, the floor system all but destroyed the market for unsecured interbank loans that had been banks' ordinary "first resort" source of last-minute liquidity. By depriving the Fed's asset purchases of the ability to stimulate investment and spending, it also compelled the Fed to compensate by purchasing assets on an unprecedented scale. All of this resulted in a substantial increase in the Fed's role in allocating scarce credit. Finally, by severing the ordinary connection between the stance of monetary policy and the extent of the Fed's asset holdings, the floor system risks turning the Fed's balance sheet into a fiscal-policy playground. Selgin’s book is the first comprehensive account of the Federal Reserve’s new post-crisis “floor” monetary policy operating system. Selgin will share his three-year research journey into this new experimental system, how the Fed stumbled into it, and its consequences for the economy — including how it could turn the Fed into a Trojan piggybank of fiscal profligacy.
Is the President Trumping Constitutional Norms?
Since taking office, President Trump has been derided by the mainstream media and his critics as running roughshod over constitutional norms, fueling the conviction of liberals and some moderate conservatives that the 45th President poses an ongoing threat to the Constitution. InDefender in Chief, constitutional scholar John Yoo argues that Trump’s adversaries have things exactly backwards. Far from considering Trump an inherent danger to our nation's founding principles, Yoo contends that the Framers would have seen Trump as restoring their vision of presidential power. It is instead liberal opponents who would overthrow existing constitutional norms in order to unseat Trump, thereby inflicting permanent damage on the presidency.Join us for a lively and timely discussion on presidential power and constitutional norms in the Trump era, with the book’s author, John Yoo, and well-known legal scholar David Rivkin.
How to Start an Education Pod: Civil Society's Response to COVID-19
As many schools across the country remain closed, parents are banding together to form “education pods,” pooling resources, grouping their children in co-quarantined clusters, and hiring a teacher or private tutor for instruction. It is a real-time, large scale example of civil society in action; what Edmund Burke called the “little platoons” that make America an exceptional nation. How do these education pods work for students, and how might they benefit teachers and families? How do you form an education pod of your own?Join us for a discussion on how to build your own education pod with policy experts and parents who have created successful pods and microschools.
Re-Designing the Marine Corps for Future War: Necessity or Madness?
General David H. Berger, Marine Corps Commandant, is aggressively pushing a dramatic redesign of the Corps for future war incorporating new missiles, advanced sensors, unmanned platforms, and hypervelocity weapons. HisForce Design 2030effort has drawn enthusiastic support from those who agree that the Corps must change to remain relevant on a more lethal battlefield. But it has generated an equally fervent amount of criticism from others who think the effort is overly focused on China—rendering the Corps irrelevant across a range of other potentially more likely scenarios. To achieve its vision, the Corps is doing away with tanks, reducing conventional artillery, shrinking units, and placing new demands on the Navy, already struggling to modernize its fleet. But it is adding anti-ship missiles, doubling-down on unmanned systems, and reenergizing a profound discussion about the importance of naval power.Will a redesigned Corps make it irrelevant for land operations against conventional militaries of larger state powers or irregular forces like terrorist groups? Or are General Berger’s designs essential to America’s future ability to conduct nearly any military operation in any theater against a host of potential enemies?Join us for an in-depth conversation about all of this with nationally recognized experts who hold informed opinions on both sides of this issue: Dr. Frank G. Hoffman, Lt. Col. USMCR (Ret.), Distinguished Research Fellow at the National Defense University, and Mark F. Cancian, Colonel, USMCR (Ret.), Senior Advisor, International Security Program, Center for Strategic and International Studies.