The podcast episodes discuss the Phillips curve, which is a model that describes the inverse relationship between unemployment and inflation rates.

In the episodes, the Phillips curve theory is critiqued, with Steve Forbes arguing that the Fed should abandon its reliance on this model and instead focus on maintaining a stable dollar value. The weakening of the traditional relationship between unemployment and inflation is also highlighted as a key issue facing the Federal Reserve.

For example, in The Federal Reserve's fork in the road, the discussion centers on how the traditional Phillips curve relationship has weakened, while in Spotlight: Price Of Gold Should Be Sounding Alarm Bells At The Federal Reserve and Spotlight: This Is Why The Federal Reserve Must Cut Interest Rates At Next Month's Meeting, Steve Forbes directly criticizes the Phillips curve model as being discredited.