On July 21, Treasury Secretary Scott Bessent called for a full review of the Federal Reserve system. He said on CNBC’s Squawk Box, “I think what we need to do is examine the entire Federal Reserve institution and whether they have been successful.”

It’s a completely legitimate statement, but Bessent is a bizarre messenger for it.

To be sure, the Treasury secretary is no Ron Paul. The current administration calling for a review of the Federal Reserve is more likely to result in findings that the Fed’s power should be transferred to an official government department so that Donald Trump can play god with the monetary levers.

That said, Secretary Bessent made an interesting comment that harkens back to a day of simpler monetary policy. He quipped, “All these PhDs over there, I don’t know what they do. This is like universal basic income for academic economists.”

Is Secretary Bessent right? Centrally planned monetary policy today is astoundingly complex, supposedly requiring a team of hundreds of professional economists to manage.

Alternatively, under a gold standard, money is tied to a consistent, trusted asset.

Was the old way better? Does money need “interesting features” or esoteric, in-depth explanations from experts using jargon that alienates the average person?

Historically, the answer has been no. …

The Federal Reserve seems to be an institution whose meddling creates more volatility and damage to everyday Americans. Hundreds of economists in the echo chambers of the Eccles Building (now in the midst of its billion-dollar taxpayer-funded renovation) and other Federal Reserve banks enable political manipulation and unrestrained government expansion at the expense of taxpayers and currency holders everywhere in the form of persistent debasement.

The gold standard underpinned periods of unbridled growth, stability, and honesty without technocratic control. Secretary Bessent is correct about the Federal Reserve’s flaws, but a system that further centralizes monetary control is not positive for sound money or freedom at large.

A return to sound money is the way forward. 2025 has featured incredible strides at the state level, with more than 32 states considering pro gold and silver bills, and more than a dozen enacted into law across the country. Public policy groups and companies like the Sound Money Defense League and Money Metals Exchange have led this charge for more than a decade.

When comparing a sound money standard to a central bank-managed unbacked paper money, the choice is clear.

400 Ph.D. economists vs. one shiny rock? My money is on the rock.