This CONVERSATION occurs as the US Fed makes its latest move on interest rates to tamp down the hottest US inflation in four decades. On Wednesday, September 21, the Fed increased its key short-term rate by three-quarters of a percentage point to a range of 3% to 3.25%. The move comes on the heels of four rate hikes earlier this year with the central bank now boosting the federal funds rate by 0.75% at each of its last three meetings. Today's inflation is a consequence of the massive growth in the US money supply and the Fed's easy money policies, DICK BOVE, chief financial strategist at ODEON CAPITAL GROUP, reminds us in this episode of the ODEON CAPITAL CONVERSATIONS podcast. There are no solutions, only-trade offs [in seeking to satisfy the problems of our ages], says MAT VAN ALSTYNE, quoting Thomas Sowell, the economist and political commentator. In today's context, VAN ALSTYNE explains, that has meant the excessive printing of money to solve one problem in our economy, has led to problems elsewhere. "The chickens have come home to roost," he adds.

In an in-depth new report, BOVE highlights two major Wall Street firms, Goldman Sachs and Morgan Stanley, to examine seismic changes in the US economy. "My belief is that the United States is being forced into a transformative change of every aspect of its economy and financial system," BOVE writes. "Business models that worked well in the old environment will not work well in the new environment. Therefore, investment must be adjusted to reflect the change that is now underway." How are Goldman and Morgan facing these challenges? BOVE answers by first taking a deep dive into the multiple financial and geopolitical forces buffeting the globe. BOVE notes the massive amount of personal financial wealth in America today, a staggering sum of $100 trillion.

With America’s fertility rate in steady decline, the population aging and worker shortages everywhere, the CONVERSATION agrees that America needs more immigrants to fill jobs. The CONVERSATION also looks at the massive flow of migrants crossing the US border in the south. Is it possible the US State Department is looking to offset labor shortages in the long term through large scale migrant flows across the border today, JOHN AIDAN BYRNE asks.

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