Kevin Hassett at Sun Valley

Above: Kevin Hassett, Distinguished Fellow in Economics, Hoover Institution. Sun Valley, ID 24 July 2024. (file image).

I was seated next to Kevin Hassett (former Chairman of the Council of Economic Advisors in the Trump administration) at the Hoover Institution luncheon in Sun Valley.

I asked him about the future of the US dollar in the wake of trends for countries, such as Saudi Arabia, to transact in alternative currencies. He replied that current initiatives, such as the Saudi initiative, pose little or no threat the pre-eminence of the US dollar as the world's reserve currency.

Recognizing that he had no unique expertise on the question, I asked him if he thought that the shooter in DJT's assassination attempt was a lone wolf. "Not a lone wolf," said Hassett. He said he thought a "lonely young man" had made friend(s) on the internet who then trained him and lured him to make the assassination attempt. No speculation on who the "friend" was.

Hassett speech to luncheon goers: Bullish on an ongoing free market America

Hassett referenced Josef Schumpeter's prediction that the US would become socialist. Schumpeter's predictions seem to be playing out. As Schumpeter predicted, today's university professoriate has gone left, and indoctrinated students who have gone into media to indoctrinate the public. However, per Hassett, Schumpeter assumed that the media would have the same power today to curate the news as it did in his own day (1930's). Per Hassett, the internet today has undermined the potential of the traditional media to dominate the news. More free market "truth" is getting out via alternative news sources, thanks to the internet., than had been anticipated by Schumpeter. Hassett expressed optimism that Schumpeter's prediction of America going socialist would not play out in the US as more people, benefiting from a free market in ideas, would assume the positive aspects of capitalism.

Hassett noted the importance of the Hoover Institution in broadcasting the ideas of free markets and individual freedom. He noted that Stanford, notwithstanding recent troubles, remains the top university in the United States and that Hoover's affiliation with Stanford is a big reason for Hoover's ability to attract top level scholars oriented towards free market capitalism. "Hoover is a place that fights," said Hassett.

Hassett continued waxing optimistic as he noted Stanford professor, Erik Brynjolfsson's recent claim that 4% US GDP growth rates are within reach as more artificial intelligence (AI) applications come on stream.