TYLER COWEN: I want to ask you a series of questions about what’s overrated and underrated. It can be in your area of expertise, it could be in life in general, up to you. JANET YELLEN: Sure. TYLER COWEN: Let me start with an easy one. Bitcoin, overrated or underrated? JANET YELLEN: Oh, that’s a tough one. I’m going to say overrated. TYLER COWEN: Why? JANET YELLEN: Well, it doesn’t produce anything. It doesn’t earn any income for anybody. It’s just essentially speculative, people thinking it will be worth more in the future because other people think it will be worth more in the future. And so it’s kind of a bubble. TYLER COWEN: If we think about the Federal Reserve and its role in society, is it overrated, underrated, or properly rated? JANET YELLEN: I think it’s properly rated. We have a very important role in setting monetary policy,

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