https://www.lewrockwell.com/2025/07/thomas-dilorenzo/an-open-letter-to-treasury-secretary-bessent/

An Open Letter to Treasury Secretary Bessent
By Thomas DiLorenzo

Mises.org

Dear Secretary, Bessent,

I read with great interest your July 21 comment at the Federal Reserve Capital Conference that: “What we need to do is examine the entire Federal Reserve institution and whether they have been successful. . . . All of these Ph.D.s over there, I don’t know what they do. . . . This is like Universal Basic Income for academic economists.”

Having been an academic Ph.D. economist for forty-one years I believe I can offer a little insight into whether the Fed has been successful (it unequivocally has not), as well as what “All of these Ph.D.’s over there” do. There is a mountain of academic research that shows that the Fed has failed on all counts. It has not only failed, but has made the economy far more unstable and with more price inflation than there was before the Fed existed, for one thing.

As for what all those Fed economists do, well, their Job Number One is to obfuscate these failures with their writings and speeches and to do their best to censor Fed Critics. ......