Charles Payne Show August 29, 2025

Let's bring it out monetary macro dot com CIO Joseph Wang and Joe listen your want your moniker is the fed guy get I want to cut straight to the chase with you with the better part of valor be for cook to walk away from this just for the just for the establishment itself I think so and let me tell you why so the fed takes its reputation very seriously right a few years ago we've had a basically a vice chair Clarita to fed presence also get pushed out of the basically because they're doing things that were not illegal but the damage to feds reputation and so like James mentioned earlier now the feds reputation is not looking too good right now director polti has done a great job doing an investigation and he's found something said you know don't look very good when it comes to uh.

让我们介绍一下monetary macro dot com 的首席信息官Joseph Wang。Joe，我知道你有"美联储小子"这个称号。我想直接切入主题，现在对于Cook来说，明智的做法是否是为了维护体制本身而选择退出？我认为是的，让我告诉你为什么。美联储非常重视自己的声誉。几年前，副主席Clarida和一些美联储官员因为做了一些虽然不违法但损害美联储声誉的事情而被迫离职。正如James之前提到的，现在美联储的声誉并不太好。Polti主任做了一次很好的调查，他发现了一些在这个问题上看起来不太好的事情。

Governor cook yeah I read governor cook complain yesterday and what really stood out to me was that she didn't deny any of those allegations so it looks like they they might be true so what in that perspective I think it might make sense for governor cook to at least recuse yourself in the federal a little bit and frankly I'm a little bit surprised and share pal has in done much to protect the feds reputation after all he didn't move so aggressively against those three other that more hawkish numbers earlier and on top of that he made trading illegal and many say that's the only reason Joe Biden reappointed him to the job so he did what he had to do to keep the job but he hasn't done much since then you took some heat on the post uh.

州长库克——是的，我昨天看了州长库克的抱怨，真正让我在意的是她没有否认任何指控，所以看起来这些可能是真的。因此，从这个角度来看，我认为州长库克至少应该在联邦事务中暂时回避。而且坦率地说，我有点惊讶，鲍威尔主席没有采取更多措施来保护美联储的声誉。毕竟，他之前对那三位更为鹰派的成员采取了如此激进行动。另外，他还将交易定为非法，许多人认为这就是乔·拜登再次任命他的原因。所以，他为了保住工作做了该做的事，但是从那以后并没有太多作为。你的帖子也受到了不少批评。

About uh. this week about china not having an independence central bank and yet not suffering from deflation this whole notion of independent independent central bank of what was really interesting to me you said it could be good but it's neither necessary nor sufficient for price ability I think a lot of people be shocked by that's that are shocked by that statement well I absolutely so I think it's a huge amount of fear among reading about the potential polarization of the federal reserve a lot of people looking at this and saying oh my god will become turkey now I want to talk about two facts to before we we think about that first off an independent central bank is a really new development I'll think about england or france these are good liberal democracies they didn't have central bank independence until the nineteen nineties and before that they had hundreds of years of prosperity.

关于这个星期关于中国没有独立的中央银行却没有遭受通货紧缩的问题。我认为独立中央银行的概念很有趣。你提到这可能是好的，但对于维持价格稳定既非必要也非充分条件。我想很多人会对这个观点感到震惊。 确实如此，我认为在阅读有关联邦储备系统可能受到政治极化影响的讨论时，许多人感到十分担忧。很多人看着这些情况，说："哦，天哪，我们会变成像土耳其一样的国家。"在讨论这些问题之前，我想谈论两个事实。首先，独立的中央银行是一个非常新的发展。想想英国或法国，它们是成熟的自由民主国家，但直到1990年代才有中央银行的独立性，而在此之前，它们已经经历了几百年的繁荣周期。

And secondly in the united states we've had an independent central bank since the nineteen fifties but if you look back at our history we had decades of high inflation during the nineteen seventies and just a few years ago we had really high inflation as well so an independent central bank it can be good but you don't need it to get low inflation and even if you have an independent central bank you might get high inflation anyway and that's what we that's what history says now there's a bigger point here at play and that is the president one an election and he has a mandate a mandate for change in how the united states runs economy now the goal here is to re-industrialize united states to great jobs from millions of americans now we're seeing some of that right now right tariffs protect our industries we got the obva to subsidize industries we got some maybe different industrial policy but listen this is a huge job because our industry has been neglected for decades it's going to be all hands on deck and so we're going to need a cooperation from the fed to be able to realize this new economic model as well especially since it's a really competitive world.

首先，在美国，自20世纪50年代以来，我们就有了独立的中央银行。但是如果回顾我们的历史，在20世纪70年代有几十年的高通胀，几年前我们也经历了非常高的通胀。因此，独立的中央银行可以是好事，但不一定需要它才能获得低通胀，即使有独立的中央银行，也可能会出现高通胀。这就是历史告诉我们的事实。 然而，这里有一个更重要的点，那就是总统赢得了选举，并获得了对美国经济运行方式进行变革的授权。现在的目标是重新工业化美国，为数百万美国人创造就业机会。在目前我们已经看到了一些变化，比如关税保护了我们的产业，还有关于为一些产业提供补贴的立法，也许还有一些不同的工业政策。 但请注意，这是一个巨大的任务，因为我们的产业已经被忽视了几十年。我们需要所有人的共同努力，尤其是需要美联储的合作，才能实现这种新的经济模式，特别是在当今竞争激烈的世界中。

I mean look at china yeah they don't have an independent central bank and they're supporting their industry into your point central banks are helping governments around the world and not fighting against governments and we are in a war uh this is a war to determine whether we've remained the pre-minute nation in the world Joe I could I could love talking to you you got to come back soon there's so many more things I want to pick up thank you very much my friend next罪.

我的意思是，看看中国，他们没有独立的中央银行，他们在支持自己的工业。就像你说的，世界各地的中央银行都在帮助政府，而不是与政府对抗。而我们现在处于一场战争中，这场战争将决定我们是否仍然是世界上的首要国家。乔，我很喜欢和你聊天，你一定要尽快回来，还有很多话题我想和你讨论。非常感谢你，我的朋友。接下来我们聊下一个话题。