# The Fed’s New Face, Same Old Game

Page: https://stenobird.com/podcast/minor-issues-6016417/the-fed-s-new-face-same-old-game
Text version: https://stenobird.com/podcast/minor-issues-6016417/the-fed-s-new-face-same-old-game.md
Podcast: [Minor Issues](https://stenobird.com/podcast/minor-issues-6016417)
Published: 2026-06-20T11:00:00+00:00
Episode link: https://mises.org/podcasts/minor-issues/feds-new-face-same-old-game
Audio file: https://dts.podtrac.com/redirect.mp3/cdn.mises.org/2026-06/182_Minor-Issues_Thornton_20260620.mp3
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## Resource

Mark Thornton examines Kevin Warsh’s first Fed meeting and argues that despite the tough rhetoric, nothing fundamental has changed. The Federal Reserve still exists to keep government borrowing cheap, protect banks and Wall Street, and manage appearances while real inflation erodes household purchasing power. Mark explains why real interest rates are already low or negative, how Fed liquidity continues to fuel asset bubbles, and why AI, data centers, government debt, and stock-market leverage all point to late-stage business-cycle danger.  On Side B, Thornton joins Murray Sabrin to discuss the economy, the Skyscraper Curse, gold, commodities, and the practical habits that help people navigate a rigged monetary system. 2026 is the Year of Rothbard—Murray's 100th birthday—and we're celebrating by giving away free copies of Keynes the Man through June 30. Grab yours today at https://mises.org/issuesfree Register for our upcoming Mises Circle, Why Is the Healthcare System Broken?, June 27 in Windham, New Hampshire: https://mises.org/events/why-healthcare-system-broken-mises-circle-new-hampshire 20% off listener offer on the insulated Minor Issues tumbler and three of Mark's books: https://mises.org/MinorIssuesTumbler . Use coupon code Thornton. Be sure to follow Minor Issues at https://Mises.org/MinorIssues

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## Transcript

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