What happens to the stability of the global financial system when the political desire for economic growth collides with institutional independence?

In this episode of The FRONTLINE Dispatch, listen to an extended interview between filmmaker James Jacoby and former International Monetary Fund Chief Economist Kenneth Rogoff. Originally filmed for Jacoby’s recent documentary The President vs. the Fed, the conversation parses the unprecedented power struggle between the Trump administration and the Federal Reserve.

The conversation goes beneath the surface-level mechanics of short-term interest rates to examine why central bank independence matters to ordinary Americans. Rogoff traces the historical arc of monetary policy, and how the push and pull of political influence can have tangible effects, including higher inflation and interest rates.

Rogoff and Jacoby explore how these domestic fractures can compound a broader international crisis, eroding trust among global investors and driving central banks toward alternatives to the U.S. dollar.

The President vs. the Fed is available to stream now on FRONTLINE’s website, FRONTLINE’s YouTube channel, and the PBS App. Want to be notified every time a new podcast episode drops? Sign up for The FRONTLINE Dispatch newsletter. A video version of this interview is available on our YouTube channel.