In this bonus episode, Michael Farr has an extended discussion with Dr. Jeffrey Lacker, former President of the Federal Reserve Bank of Richmond. Dr. Lacker previews the dilemma facing the new Warsh era at the Fed as policy makers wrestle with the shocks created by the Iran War and more. While he sees some heartening signs from Congress on fiscal discipline, Dr. Lacker notes that the current reliance on foreign bond buying for profligate deficits has dire implications both economic and political.