Former Republican presidential candidate Vivek Ramaswamy joins Yahoo Finance Executive Editor Brian Sozzi on Market Domination Overtime to discuss his outlook on the economy and the current state of America, as the nation faces economic uncertainty ahead of the 2024 election and prepares for the Federal Reserve to cut interest rates this September.

A former hedge fund manager, Ramaswamy went on to found Roivant Sciences (ROIV) in 2014 and co-founder Strive Asset Management in 2022.

Ramaswamy argues that the focus on the Fed isn't due to their "special knowledge" about economic trends, but rather to "bluntly see what the Fed screws up next." He criticizes the Fed's dual mandate of balancing unemployment and inflation, suggesting it's unsustainable and often results in "badly missing on both" targets.

"I personally believe the right policy is dollar stability," Ramaswamy states. "Make that the sole focus of the Fed's mandate... That allows us to have more efficient markets, with not only a stable dollar but stable prices as a consequence. It would really allow for policymakers outside of the Fed to do their jobs rather than being rescued by the Fed for excess government spending."

Ramaswamy emphasizes the need for clarity in cryptocurrency regulation. He criticizes the current regulatory approach of "regulation by enforcement," calling it "anti-American at its core." He argues that the lack of clear rules, only revealed when regulators enforce alleged violations, creates an unfair environment for firms.

"That's not how this country is supposed to work," he tells Yahoo Finance. "Whether it's crypto or... financial services more broadly, we deserve greater clarity rather than ambiguity. Ambiguity is the friend of the tyrant." Ramaswamy suggests that former President Donald Trump would be "a friend" to the crypto community if reelected in November.

On the topic of the Federal Reserve's independence from the executive branch, Ramaswamy contends that presidential influence has always existed, albeit through "a backdoor dependency." He proposes that having the executive branch run the Fed might be more constitutional, challenging the notion of Fed independence as "a little bit of a myth."

"The idea of Fed independence, I think, is itself a bit of a myth even in the current status quo," he explains. "It looks independent, but just because it has the appearance of independence doesn't mean it's actually behaving that way. It's always been affected by politics." Ramaswamy adds that he's not surprised a rate cut is being considered just before the election.

In conclusion, Ramaswamy expresses concern for average Americans struggling with rising prices outpacing wage growth. He even takes aim at Vice President Kamala Harris's proposed capital gains tax policies: "One of the things that I worry about now is that in the name of addressing that problem, we're going to get even worse solutions that actually leave those everyday Americans worse off."

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This post was written by Angel Smith