“I worry about institutionalism across the world. Central banks don't want to change. Fiscal authorities think that high tax rates are going to make their country better. Markets all over the world need more dynamism.”

Unrealized U.S. capital gains have grown phenomenally large, locked in waiting for basis step-up at death. A lower capital gains tax rate would provide a big windfall to the government and improve capital allocation.

The U.S. has an opportunity to take a bigger market share of stablecoins by adding energy production, defending the dollar, and accelerating growth. The Fed needs substantial reforms -- to downsize, do better on price stability, and stop blocking market innovation.

Thanks to Squawk Box for great discussion of growth policies including stablecoins and capital gains windfall. Fed should cut by 0.5% at next meeting – otherwise it is falling further behind, adding billions to the national debt. Watch here. cnbc.com/video/2025/10/…

Today's Fed's quarter-point cut and comments show the Fed views growth as an inflation risk. It isn't. Trump's pro-growth policies point the way to price stability but the risk is that the Fed fights growth.

My latest WSJ commentary focuses on the likely damage to median income and small businesses from the New York Fed's costly plan to expand the Fed's bank debt to buy more government bonds.

3/3 The New York Fed expects that the Fed’s bank loans and bond holdings will bottom out in 2026 and then grow rapidly. Bond holdings are projected to rise by 45% from the $6.2 trillion low point in January (per chart 23 on page 34 of the New York Fed’s Operating Policy published

2/3 Bank loans to commerce and industry were only $2.7 trillion as of Oct 29, less than the $2.9 trillion banks lent to the Fed. C&I loans are the lifeblood of supply chains and construction but have been shrinking since 2022 and are down 3% in the last year alone per the Fed’s

1/3 Fed policy and regulatory reforms are vital. The Fed channels bank loans into government bonds, crowding out small businesses and wages as Treasury Secretary Scott Bessent explained in his September 5 WSJ commentary.

Politico argues that President Trump should copy the Obama and Biden years by having the Fed buy bonds. This misses the key point. To hold bonds, the Fed borrows from banks at exorbitant cost. It crowds out home builders and small businesses in favor of big government and big

The Obama and Biden years were decimated by weak growth and income inequality. The Fed is planning a repeat. See my Nov 6 WSJ article “The Fed and the Affordability Crisis.”

Very pleased to join Bloomberg Surveillance Bloomberg TV and tom keene to discuss the Fed reforms needed to improve affordability and achieve lower interest rates across the curve -- a smaller Fed, changes in bank capital regulation and sweeping reforms to defend the dollar as

Pleased to join Steve Bannon today to encourage a supply side revolution to defend the dollar and stop China's ascendency. Peace through strength requires permitting reform, nuclear power, another reconciliation bill, capital gains tax relief, three major Federal Reserve reforms

Here's the full clip from this morning's discussion with Steve Bannon. rumble.com/v728a1a-david-…