The federal debt just crossed $40 trillion, months ahead of schedule and less than a decade after hitting $20 trillion. Net interest payments now exceed what America spends on defense or Medicare. Thomas Hoenig spent 38 years at the Federal Reserve, including two decades as president of the Kansas City Fed, and was one of the earliest voices warning that the Fed's own quantitative easing policies were enabling Congress to borrow without consequence. He joins Newt for a frank diagnosis: how cheap money created a decade of fiscal irresponsibility, why abandoning the gold standard in 1971 removed the last external discipline on spending, what the slow decline of the British pound tells us about the dollar's future, and whether Washington can bend the curve before the debt hits $50 trillion. Hoenig's conclusion: it's possible, but only if Congress chooses to act.
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