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In this episode of Madison’s Notes, Michael McConnell examines the gap between the Founders’ vision of a limited presidency and today’s expansive executive power. Drawing on his book The President Who Would Not Be King (Princeton University Press, 2022), we discuss how the Constitution’s safeguards against monarchical authority have eroded over the past century—and what steps might restore balance to our system of government. From war powers to administrative overreach, the conversation tackles the urgent question: How did we get here, and what can be done?
Michael McConnell is a renowned constitutional scholar, Stanford Law professor, and former federal judge on the Tenth Circuit Court of Appeals. A leading voice on originalism and separation of powers, his work bridges historical intent and modern legal debates, making him the perfect guide for this critical discussion.
Madison’s Notes is the podcast of Princeton University’s James Madison Program in American Ideals and Institutions.
Contributions to and/or sponsorship of any speaker does not constitute departmental or institutional endorsement of the specific program, speakers or views presented.
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Constitutional Conventions: Theories, Practices and Dynamics (Routledge, 2025) is an excellent edited volume exploring the various ways in which governments and constitutional structures operate in the spaces that are not necessarily articulated in law, edict, or formal documents. This is not a text about the folks who gathered together in 1787 in Philadelphia, or even those who wrote new constitutional structures after the fall of the Berlin Wall. Conventions means the rules that govern the interactions between political actors and the governments they inhabit. In many ways, this refers to the kinds of norms that have grown up around different parts of the systems of government. The strength and endurance of those rules or norms can change over time and in response to crises or dynamic changes. Constitutional Conventions: Theories, Practices, and Dynamics explores these thick and thin dimensions of the governing structures from a comparative perspective, taking up Anglo and American systems in the United States, the United Kingdom, and Australia. The book also examines the cases of Hungary and Czechia (the Czech Republic), two post-Cold War systems; and finally, also, China.
In considering these constitutional conventions, we can think of them as structures or engagement that is not enforced by the courts, since these are not, per se, written constitutional laws. In long standing liberal democracies, there is an inclination towards adhering to conventions. But when these conventions are under strain, how they work, or maintain “regular order” becomes a critical test within the established governmental systems. Constitutional Conventions provides another dimension of significant interest in the discussion of how China works within these kinds of conventions within the process in which political individuals come up through the governmental and party systems and move into leadership roles. The comparative case study of Hungary and Czechia indicates that even in somewhat similar structures, the conventions and norms are not always the same.
Constitutional Conventions: Theories, Practices, and Dynamics is an important analysis of the ways in which governmental structures work beyond what is written or built as the official system. The discussions cover theoretical, practical, and comparative dimensions of our understandings of the processes and functions of governments.
Lilly J. Goren is a professor of political science at Carroll University in Waukesha, WI. She is co-editor of The Politics of the Marvel Cinematic Universe (University Press of Kansas, 2022), as well as co-editor of the award winning book, Women and the White House: Gender, Popular Culture, and Presidential Politics (University Press of Kentucky, 2012), Email her comments at [email protected] or send her missives at Bluesky @gorenlj.
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What does liberty entail? How have concepts of liberty changed over time? And what are the global consequences?
Liberty as Independence: The Making and Unmaking of a Political Ideal (Cambridge UP, 2025) surveys the history of rival views of liberty from antiquity to modern times. Quentin Skinner traces the understanding of liberty as independence from the classical ideal to early modern Britain, culminating in the claims of the Whig oligarchy to have transformed this idea into reality. Yet, with the Whig vision of a free state and civil society undermined by the American Revolution of 1776, Skinner explores how claims that liberty was fulfilled by an absence of physical or coercive restraint came to prominence. Liberty as Independence examines new dimensions of these rival views, considering the connections between debates on liberty and debates on slavery, and demonstrating how these ideas were harnessed in feminist discussions surrounding limitations on the liberty of women. The concept of liberty is inherently global, and Skinner argues strongly for the reinstatement of the understanding of liberty as independence.
Illustrates the connections between philosophical debates surrounding liberty and the sociopolitical contexts in which they took place
Provides a comprehensive analysis and bibliography of rival ways of thinking about liberty
Explores the contribution of the American Revolution to discussions on the idea of liberty
Quentin Skinner is Emeritus Professor of Humanities at Queen Mary University of London. He was at the Institute for Advanced Study at Princeton between 1974 and 1979, and was Regius Professor of History at the University of Cambridge between 1996 and 2008. He is the author and editor of numerous books on Renaissance and Modern Intellectual History, and the recipient of many awards including the Wolfson Prize for History and a Balzan Prize. Previous publications include the two-volume study, The Foundations of Modern Political Thought (Cambridge, 1978), Liberty before Liberalism (Cambridge, 1998) and, most recently, From Humanism to Hobbes: Studies in Rhetoric and Politics (Cambridge, 2018).
Morteza Hajizadeh is a Ph.D. graduate in English from the University of Auckland in New Zealand. His research interests are Cultural Studies; Critical Theory; Environmental History; Medieval (Intellectual) History; Gothic Studies; 18th and 19th Century British Literature. YouTube channel. Twitter.
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Hosts Nina Dos Santos and Owen Bennett Jones explore the mounting political and financial pressures confronting higher education on both sides of the Atlantic. In the U.S., it unpacks the unprecedented clash between the Trump administration and Harvard, raising broader questions about academic freedom, ideological conformity, and the role of government oversight. In the U.K., the conversation turns to the sector’s growing reliance on international students and foreign funding—particularly from China—and the implications for institutional independence and research integrity. Together, the episodes chart the uneasy intersection of education, economics, and geopolitics in today’s universities.Guests:-Tyler Coward is the lead counsel for government affairs at the Foundation for Individual Rights and Expression (FIRE).-Rose Stephenson is Director of Policy and Advocacy at Higher Education Policy Institute (HEPI)Producer: Pearse LynchExecutive Producer: Lucinda Knight
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What has gone wrong with the left—and what leftists must do if they want to change politics, ethics, and minds. Leftists have long taught that people in the West must take responsibility for centuries of classism, racism, colonialism, patriarchy, and other gross injustices. Of course, right-wingers constantly ridicule this claim for its “wokeness.”
In Coming Clean: The Rise of Critical Theory and the Future of the Left ( MIT Press, 2025), Eric Heinze rejects the idea that we should be less woke. In fact, we need more wokeness, but of a new kind. Yes, we must teach about these bleak pasts, but we must also educate the public about the left’s own support for regimes that damaged and destroyed millions of lives for over a century—Stalin in the Soviet Union, Mao Zedong in China, Pol Pot in Cambodia, or the Kim dynasty in North Korea. Criticisms of Western wrongdoing are certainly important, yet Heinze explains that leftists have rarely engaged in the kinds of open and public self-scrutiny that they demand from others. Citing examples as different as the Ukraine war, LGBTQ+ people in Cuba, the concept of “hatred,” and the problem of leftwing antisemitism, Heinze explains why and how the left must change its memory politics if it is to claim any ethical high ground.
Eric Heinze is Professor of Law and Humanities at Queen Mary University of London.
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American Democracy in Crisis: The Case for Rethinking Madisonian Government Post January 6 (Palgrave Macmillan, 2024) analyzes the roots of widespread disenchantment with American government. While blame often falls on the individuals in office, they are not operating in isolation. Rather they are working within a system designed by the Framers with one goal in mind, protectionism. Although the Framers got much right, their commitment to protection of liberty led them to design a system replete with divisions of power. Whatever its merits at the founding, the government today is frequently described as dysfunctional and far too often unresponsive to the majority, unaccountable, and unable to deliver for its people.
For those disillusioned with the current state of government and committed to effectuating meaningful change, this book advocates in favor of a fundamental reassessment of the system's primary objectives, followed by deliberation as to how it should be restructured accordingly. It not only presents specific reform proposals, but it ends with a stark warning: until and unless we embrace reasoned structural reform, we cannot be surprised if at some point the people become so frustrated that they either disengage, fight back, or seek solace in autocratic alternatives.
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How the United States' regulation of broadband pipelines, digital platforms, and data—together understood as “the cloud”—has eroded civil liberties, democratic principles, and the foundation of the public interest over the past century.
Cloud Policy: A History of Regulating Pipelines, Platforms, and Data (MIT Press, 2024) is a policy history that chronicles how the past century of regulating media infrastructure in the United States has eroded global civil liberties as well as democratic principles and the foundation of the public interest. Jennifer Holt explores the long arc of regulating broadband pipelines, digital platforms, and the data centers that serve as the cloud's storage facilities—an evolution that is connected to the development of nineteenth- and twentieth-century media and networks, including railroads, highways, telephony, radio, and television. In the process, Cloud Policy unearths the lasting inscriptions of policy written for an analog era and markets that no longer exist on the contemporary governance of digital cloud infrastructure.Cloud Policy brings together numerous perspectives that have thus far remained largely siloed in their respective fields of law, policy, economics, and media studies. The resulting interdisciplinary argument reveals a properly scaled view of the massive challenge facing policymakers today. Holt also addresses the evolving role of the state in the regulation of global cloud infrastructure and the growing influence of corporate gatekeepers and private sector self-governance. Cloud policy's trajectory, as Holt explains, has enacted a transformation in the cultural valuation of infrastructure as civic good, turning it into a tool of commercial profit generation. Despite these current predicaments, the book's historical lens ultimately helps the reader to envision restorative interventions and new forms of activism to create a more equitable future for infrastructure policy.
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The influence of partisan news is presumed to be powerful, but evidence for its effects on political elites is limited, often based more on anecdotes than science. Using a rigorous quasi-experimental research design, observational data, and open science practices, The House that Fox News Built?: Representation, Political Accountability, and the Rise of Partisan News (Cambridge UP, 2024) carefully demonstrates how the re-emergence and rise of partisan cable news in the US affected the behavior of political elites during the rise and proliferation of Fox News across media markets between 1996 and 2010. Despite widespread concerns over the ills of partisan news, evidence provides a nuanced, albeit cautionary tale. On one hand, findings suggest that the rise of Fox indeed changed elite political behavior in recent decades. At the same time, the limited conditions under which Fox News' influence occurred suggests that concerns about the network's power may be overstated.
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At the 100 day mark of Donald Trump’s second term as president, the political scientists at Bright Line Watch released their 25th report on the state of American democracy entitled “Threats to democracy and academic freedom after Trump’s second first 100 days.” Based on polling both experts (760 political scientists) and the public (representative sample of 2000 Americans), the Bright Line Watch researchers find that the Trump administration has challenged constitutional and democratic norms on a wide range of issues, including the scope of executive power and the authority of courts to check it, individual freedom of expression, due process and habeas corpus, immigration, and academic freedom. In this episode of POSTSCRIPT: Conversations on Politics and Political Science, two of Bright Line Watch’s co-directors analyze the latest report – and what it means for American democracy. Topics include democratic performance, threats to democracy and academic freedom and self-censorship.
Dr. John Carey (he/him) is the Wentworth Professor in the Social Sciences at Dartmouth College. He is the author of 6 books and dozens of articles on democratic institutions, representation, and political beliefs.
Dr. Gretchen Helmke is the Thomas H. Jackson Distinguished University Professor in the Department of Political Science and faculty director of the Democracy Center at the University of Rochester. Her research focuses on democracy and the rule of law in Latin America and the United States. Her new co-authored article definition and measuring democratic norms is forthcoming in the Annual Review of Political Science. She has been named a Guggenheim Fellow for 2025.
Mentioned:
Bright Line Watch’s April 2025 report, Threats to Democracy and Academic Freedom after Trump's Second First 100 Days (based on parallel surveys of 760 political scientists and a representative sample of 2,000 Americans fielded in April).
Bright Line Watch homepage with data and past reports
John Carey on NPR’s All Things Considered, 4/22 discussing the latest report.
Adam Przeworski’s Substack Diary (free to subscribe and read)
Democratic Erosion Project (with dataset that Gretchen mentioned)
Susan’s New Books Network conversation with Dr. Sue Stokes on the importance of integrating comparative politics and American politics.
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A massive oil spill in the Pacific Ocean near Santa Barbara, California, in 1969 quickly became a landmark in the history of American environmentalism, helping to inspire the creation of both the Environmental Protection Agency and Earth Day. But what role did the history of Santa Barbara itself play in this? In Natural Attachments: The Domestication of American Environmentalism, 1920–1970 (U Chicago Press, 2025), Pollyanna Rhee shows, the city’s past and demographics were essential to the portrayal of the oil spill as momentous. Moreover, well-off and influential Santa Barbarans were positioned to “domesticate” the larger environmental movement by embodying the argument that individual homes and families—not society as a whole—needed protection from environmental abuses. This soon would put environmental rhetoric and power to fundamentally conservative—not radical—ends.
Pollyanna Rhee is assistant professor of landscape architecture at the University of Illinois, Urbana-Champaign, and affiliate faculty in history, sustainable design, and theory and interpretive criticism. Twitter.
Brian Hamilton is chair of the Department of History and Social Science at Deerfield Academy. Twitter. Website.
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One small town, two "thousand-year floods" in the span of two years: how does a community become resilient in the face of the ever-increasing risks of climate change?Small towns across America and around the world face mounting challenges with flood risk, a result of not only climate change but also poorly adapted landscapes, sprawl, overdevelopment and poor planning. After the Floods: The Search for Resilience in Ellicott City (Oxford UP, 2024) is about Ellicott City, a small town in central Maryland that experienced two devastating flash floods just 22 months apart. Despite the town's many advantages—wealth, access to expertise, a mobilized community, and a stout identity steeped in 250 years of history—Ellicott City found itself mired in a deeply divisive argument over what to do in the aftermath. As a resident, Ken Conca bore firsthand witness to the conflict that took root when the flood waters receded.While this book is about one residential suburb, the dilemmas that it faces over how to adapt to climate change are coming soon to a small town near you. On one level a story about re-engineering a landscape, After the Floods ultimately grapples with uncertainty over local history, justice, democracy, and identity. What can we know about future risks to our communities? What is the meaning of place and history when preservation goals come into conflict with flood protection? What should we protect? Who gets to speak for the community? In Ellicott City's search for answers, we can find important lessons for other small communities that must begin preparing for future climate risks.
This interview was conducted by Dr. Hannah Pool whose research focuses on human mobilities. She is a senior researcher at the Max Planck Institute for the Studies of Societies.
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In My Tax Dollars: The Morality of Taxpaying in America (Princeton University Press, 2025), Ruth Braunstein maps the contested moral landscape in which Americans experience and make sense of the tax system. Braunstein tells the stories of Americans who view taxpaying as more than a mundane chore: antigovernment tax defiers who challenge the legitimacy of the tax system, antiwar activists who resist the use of their taxes to fund war, antiabortion activists against “taxpayer funded abortions,” and a diverse group of people who promote taxpaying as a moral good.
Though taxpaying is often portrayed as dull and technical, exposure to collective rituals, civic education, propaganda, and protest transforms the practice for many Americans into either a sacred rite of citizenship or a profane threat to what they hold dear. These sacred and profane meanings can apply to the act of taxpaying itself or to the specific uses of tax dollars. Despite intense disagreement about these meanings, politically diverse Americans engaged in both taxpaying and tax resistance valorize the individual taxpayer and “my tax dollars.”Braunstein explores the profound implications of this meaning making for tax consent, the legitimacy of the tax system, and citizens’ broader understandings of their political relationships. Going beyond the usual focus on tax policy, Braunstein’s innovative view of taxation through the lens of cultural sociology shows how citizens in value-diverse societies coalesce around shared visions of the sacred and fears of the profane.
Interviewee: Ruth Braunstein is Associate Professor of sociology at the University of Connecticut.
Host: Schneur Zalman Newfield is an Associate Professor of Sociology and Jewish Studies at Hunter College, City University of New York, and the author of Degrees of Separation: Identity Formation While Leaving Ultra-Orthodox Judaism (Temple University Press). Visit him online at ZalmanNewfield.com.
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In Banned: The Fight for Mexican American Studies in the Streets and in the Courts (Cambridge UP, 2025), readers are taken on a journey through the intense racial politics surrounding the banning of Mexican American Studies in Tucson, Arizona. This book details the state-sponsored racism that led to the elimination of this highly successful program, and the grassroots and legal resistance that followed. Through extensive research and firsthand narratives, readers will gain a deep understanding of the controversy surrounding this historic case. The legal challenge successfully overturned the Arizona law and became a central symbol in the modern-day Ethnic Studies renaissance. This work is a must-read for anyone interested in understanding the power of community activism, the importance of fighting for educational equity, and why the example of Tucson created an alternative blueprint for how we can challenge states that are currently banning critical race theory.
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Today, and for the past several years, many people both here and abroad have been trying to make sense of the radical right and its financial and ideological grip on the Republican party. Why is it that so many Americans have turned against democracy? What explains the authoritarian reaction of so many American citizens, even when that reaction works so directly against their basic interests? How is it that this anti-democratic trend has escaped the explanatory frameworks of pundits and scholars alike? Perhaps we need to re-frame the narrative about the MAGA movement and the various constituencies that have somehow conspired to undermine democratic values and replace them with radical libertarian principles joined by theocratic, White nationalist, and anti-intellectual ideals.
Addressing these concerns, Katherine Stewart has written Money, Lies, and God: Inside the Movement to Destroy American Democracy (Bloomsbury Press, 2025).
Casting a light on the religious right’s “Funders, Thinkers, Sergeants, Infantry, and Power Players,” Stewart recounts her effort “to record what I have seen and heard from the leaders and supporters of the antidemocratic movement in the auditoriums and breakout rooms at national conferences, around the table at informal gatherings of activists, in the living rooms of the rank and file, and in the pews of hard-line churches. The story features a rowdy mix of personalities: ‘apostles’ of Jesus, atheist billionaires, reactionary Catholic theologians, pseudo-Platonic intellectuals, woman-hating opponents of ‘the gynocracy,’ high-powered evangelical networkers, Jewish devotees of Ayn Rand, pronatalists preoccupied with a dearth of (White) babies, COVID truthers, and battalions of ‘spirit warriors’ who appear to be inventing a new style of religion even as they set about undermining democracy at its foundations.” Over and against the idea that religion is a relatively insignificant factor in the rise of the radical political right, Stewart makes plain how Christian nationalism is “front and center” in the effort to solidify the power of the MAGA movement and Donald Trump’s presidency.
Richard B. Miller is the Laura Spelman Rockefeller Emeritus Professor of Religion, Politics and Ethics at the University of Chicago. He previously taught in the Department of Religious Studies at Indiana University where he also served as Director of the Poynter Center for the Study of Ethics and American Institutions. The author of numerous articles and books, the most of which is Why Study Religion? (NY: Oxford University Press, 2021). Bluesky.
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Universities are under attack, but what exactly are the threats? How does free speech in the last 10 years compare to today? What do we stand to lose if higher education collapses?
In this episode, Brandice Canes-Wrone dives into the major threats facing universities—from defunding to restrictions on free expression—and what we can do to solve them. We explore the history of universities, from their religious roots to the transformative impact of the GI Bill, examine how America’s global leadership is tied to the strength of its higher education system, and discuss why universities must remain vital spaces for intellectual experimentation, free inquiry, and personal growth.
Madison’s Notes is the podcast of Princeton University’s James Madison Program in American Ideals and Institutions.
Contributions to and/or sponsorship of any speaker does not constitute departmental or institutional endorsement of the specific program, speakers or views presented.
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While veterans are often talked about, in Fight to Live, Live to Fight Veteran Activism after War: Veteran Activism after War (SUNY Press, 2019), Dr. Benjamin Schrader flips this this perspective by focusing on veterans telling their own stories. These veterans are not "broken" or "damaged and dangerous" from their experiences in war, rather they are active agents in their own healing and demilitarization. Schrader weaves his own experiences in the US military and then as a member of activist communities with the stories of other activist veterans across the United States. He critically examines US foreign and domestic policy through the narratives of post-9/11 military veterans who have turned to social justice activism after leaving the military. These veterans are involved in a wide array of activism, including antiwar organizing, economic justice, sexual violence prevention, immigration issues, and veteran healing through art. In the process of attempting to demilitarize their communities and themselves, these veterans turned activists remake their understandings of bravery and patriotism. This is an accessible and engaging work that may be read and appreciated not just by scholars, but also students and anyone interested in understanding the lives of veterans and the effects of war.
Benjamin Schrader, Ph.D. is the Director of the Adult Learner and Veteran Services at Colorado State University.
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On this edition of Ctrl Alt Deceit: Democracy in Danger, we are live at the Royal United Services Institute.
Nina Dos Santos and Owen Bennett Jones are joined by a world-class panel to discuss the dangers posed by the waves of dark money threatening to overwhelm our democratic institutions.Panelists:--Tom Keatinge, Director, Centre for Finance and Security, RUSI--Darren Hughes, Chief Executive, Electoral Reform Society--Gina Neff, Executive Director, Minderoo Centre for Technology & Democracy at the University of Cambridge, and Professor of Responsible AI, Queen Mary University London
Producer: Pearse Lynch
Executive Producer: Lucinda Knight
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Since American president Donald Trump was elected to a second term, it is common to hear citizens, journalists, and public officials distinguish between the laws and leaders of their states and the national government. Those who oppose Trump’s policies with regard to reproductive rights, gun violence, LGBTQ+, education, police, and voting often present state constitutions, courts, laws, culture, and leaders as a bulwark against Trump’s autocratic rule.
But Professor Stephen H. Legomsky sees it differently. His new book, Reimagining the American Union: The Case for Abolishing State Government (Cambridge University Press 2025) argues that – if we care about democracy – we should imagine an America without state government. No longer a union of arbitrarily constructed states, the country would become a union of one American people. Reimagining the American Union understands state government as the root cause of the gravest threats to American democracy. While some of those threats are baked into the Constitution, the book argues that others are the product of state legislatures abusing their powers through gerrymanders, voter suppression, and other less-publicized manipulations that often target African-Americans and other minority voters. Reimagining the American Union interrogates how having national, state and local legislative bodies, taxation, bureaucracy, and regulation wastes taxpayer money and burdens the citizenry. After assessing the supposed benefits of state government, Professor Legomsky argues for a new, unitary American republic with only national and local governments.
Stephen H. Legomsky is the John S. Lehmann University Professor Emeritus at the Washington University School of Law. Professor Legomsky has published scholarly books on immigration and refugee law, courts, and constitutional law. He served in the Obama Administration as Chief Counsel of U.S. Citizenship and Immigration Services and later as Senior Counselor to Secretary of Homeland Security Jeh Johnson. He was a member of President-Elect Biden’s transition team, has testified often before Congress, and has worked with state, local, UN, and foreign governments.
Mentioned:
Cambridge University press is offering a 20% discount here (until October)
Susan’s NBN interview with Richard Kreitner on Break It Up: Secession, Division, and The Secret History of America’s Imperfect Union
Jonathan A. Rodden’s Why Cities Lose: The Deep Roots of the Urban-Rural Political Divide (Basic Books 2019)
Hendrik Hertzberg’s review of Robert A. Dahl’s How Democratic Is the American Constitution (Yale)
Shelby County v. Holder, the Supreme Court case that overturned the Voting Rights Act of 1965’s pre-clearance requirement for historically discriminating districts
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More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed’s philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors.
In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation.
This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump’s protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026.
To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022).
“If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual’, people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit’. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?”
Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer".
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More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed’s philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors.
In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation.
The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke’s successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022).
“Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”.
In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He’s still watching the Fed but now for his own advisory firm.
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