Naked Capitalism

From Fed Failures to Inflation and Stablecoins: America’s Trust Is Cracking

The new book *Avoid Fiscal & Economic Disaster with Ethics, Economics, and Excellence* by former Fed official Bill Bergman and retired Air Force Lt. Col. Larry Feltes warns that America’s greatest vulnerability is a collapsing trust in its institutions. They link Fed losses, persistent inflation, soaring military budgets, and the rise of stablecoins to a broader erosion of confidence in government and markets. The authors argue that regulatory capture and fiscal mismanagement amplify the crisis, and they propose ethics‑focused reforms, a revamped budget process, and stronger fiscal oversight. Their interview underscores an imminent risk of another financial shock if trust is not restored.