Judy Shelton argues that productive growth and rising wages are not inflationary, challenging the Federal Reserve’s Keynesian framework and calling for a New Bretton Woods of low rates, stable exchange rates, and credit aimed at physical productivity. The episode frames her remarks alongside Kevin Warsh’s “regime change” at a Fed seen as crushing demand while backstopping Wall Street, with warnings that a rate hike amid an Iran-war “oil shock” would worsen a supply problem. It revisits the 1944 Bretton Woods fight between Roosevelt’s Harry Dexter White and John Maynard Keynes, claiming the post-1971 system enabled deindustrialization and offshore finance. It then highlights the administration’s alternative executive-branch credit channels and Secretary Rubio’s India trip, including Quad critical minerals coordination, as part of a “Core Five” alignment (U.S., China, Russia, India, Japan) designed to bypass London-centered finance.
Watch Will Wertz’s Class, Why We Need a New Bretton Woods System
00:00 The Midweek Update – Trump’s New Bretton Woods: The Fed Fight Nobody’s Talking About – May 27, 2026
03:15 The Fight at the Fed: Shelton and Navarro Come Out Swinging
05:43 Keynes vs. Roosevelt: The Original Fight at Bretton Woods
09:05 The Credit System Inside the Executive
10:16 Rubio in India and the Core Five
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