Today’s episode is called “There’s a New Sheriff in Town.”

With the announcement that Kevin Warsh will replace Jerome Powell as Chair of the Federal Reserve this May, we take a hard look at what this change really means.

We’ll break down the four major think-tank traditions that shape policy across the Federal Reserve, Congress, and the White House and explain where Warsh fits in that lineage.

We’ll also place Warsh in context against the last five Federal Reserve chairs, exploring how their philosophies shaped markets, how policy drifted over time, and which assumptions may finally be challenged.

Is this just another routine transition at the Fed — or are we about to see monetary reform unlike anything in the last 45 years?