Podcast appearances and mentions of Ben Bernanke

American economist, central banker, and 14th Chairman of the Federal Reserve in the United States

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Ben Bernanke

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Best podcasts about Ben Bernanke

Latest podcast episodes about Ben Bernanke

Macro Musings with David Beckworth
John Roberts on Macroeconomic Modeling at the Fed, Makeup Policy, and the Future of FAIT

Macro Musings with David Beckworth

Play Episode Listen Later Jan 23, 2023 55:37


John Roberts is a 36-year veteran of the Federal Reserve Board and mostly recently was the Deputy Associate Director in the Division of Research and Statistics, overseeing the board's domestic macroeconomic modeling efforts. From 2017-2019, John also served as a special advisor to Federal Reserve Governor Lael Brainard, where his responsibilities includes preparation of speeches, providing advice on monetary policy, macroeconomic forecasting, and regulatory attending FOMC meetings. John joins Macro Musings to talk about his time at the Fed, macroeconomic modeling at the institution, his work on the zero lower bound, and current Fed policy. Specifically, David and John also discuss the art of interpreting the Fed's Summary of Economic Projections, the future of modeling for policymakers at the Fed, the state of FAIT at the central bank, and a lot more.   Transcript for the episode can be found here.   John's blog John's paper archive   David's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *Monetary Policy in a Low Interest Rate World* by Michael Kiley and John Roberts   *Monetary Policy Strategies for a Low-Rate Environment* by Ben Bernanke, Michael Kiley, and John Roberts   *Unconventional Monetary Policy According to HANK* by Eric Sims, Jing Cynthia Wu, & Ji Zhang

Palisade Radio
Matthew Piepenburg: The Great Reset – Weaponizing Our Debt-Soaked World

Palisade Radio

Play Episode Listen Later Jan 20, 2023 64:08


Matt Piepenburg once again joins Tom Bodrovics on Palisades to discuss the Great Reset proposed by Klaus Schwab, and how it is a symptom of a broken and debt-soaked developed economy. Matt believes Schwab is an opportunist taking advantage of the COVID crisis, and his idea of 'stakeholder capitalism' is actually extreme centralization. This has never worked in history and has led to an addiction to debt, which has been weaponized by pharmaceutical companies, science, the media, political parties, and regulatory bodies. Matt argues that journalists are no longer unbiased and have become propaganda tools. He believes many politicians have become opportunists and most people are good, but their faith in politicians is fracturing. Matt believes that any type of centralized system goes against human nature and the debt crisis has caused a massive wealth transfer from the lower and middle classes to the top 10%. This has left people too tired and too debt-strapped to take a stand for their freedom and makes them vulnerable to opportunists like Schwab. Matt argues that the stock market has gone up due to money printing and rate repression, which is not what Adam Smith or free market capitalism was designed for. This has been great for the top 10% of American wealth, but it has destroyed the middle class and caused an addiction to this type of easy money. Matt believes that central bank policies have had an inflationary, social, wealth transfer, or political effect, which Ben Bernanke was awarded a Nobel Prize in Economics for. He calls out George Santos and Sam Bankman-Fried for their lies, and believes politicians should be held accountable for their decisions. Matt believes that an objective truth is needed to determine what is right and wrong, and that the inflation scale used to measure the economy is completely fraudulent yet still widely accepted. He believes the Fed's pivot to quantitative easing will cause hyperinflation and further fracture faith in the Fed. He suggests that a reset may be the only option, but this could be highly chaotic and could be used to control people. Matt explains that gold is a valuable asset for currencies and is an inflation hedge. He also likes agricultural land and Bitcoin's narrative, as gold offers certainty and security. He believes the US will experience stagflation, with slow growth and rising inflation, and that the Fed's pivot will be very dangerous. Matt encourages people to think more critically, question what they are being told, and be open-minded to changing their opinions. He believes sound money, regardless of what form it takes, is the solution to the issues that come with printing money. Time Stamp References:0:00 - Introduction0:50 - The Great Reset & Debt13:45 - Collectivism Vs. Freedom23:13 - Free Markets Are History29:25 - Metrics and Fictions31:58 - Fed Pivot & Narratives43:40 - Modern Journalism50:33 - Sound Money Alternatives55:46 - Quantitative Kool Aid1:02:22 - Wrap Up Talking Points From This Episode Klaus Schwab's Great Reset is a symptom of the broken and debt-soaked developed economy.The debt crisis has caused an addiction to debt and weaponization of pharmaceutical companies, the media, political parties and regulatory bodies.Centralized systems goes against human nature and has caused a massive wealth transfer.Gold offers certainty and security as it cannot be mouse-clicked, hacked, or recreated and can't be controlled in the same way as a central bank digital currency. Guest LinksTwitter: https://twitter.com/GoldSwitzerlandWebsite: https://goldswitzerland.com/Articles: https://signalsmatter.com/Book (Amazon): https://tinyurl.com/pvpfmy8c Matthew Piepenburg is the Commercial Director of Matterhorn Asset Management AG and the acclaimed author of the Amazon #1 Release, "Rigged to Fail". He is fluent in French, German and English, and a graduate of Brown (BA), Harvard (MA) and the University of Michigan (JD). Prior to joining MAM,

Outside In with Jon Lukomnik
Sarah Bloom Raskin: The State of Economics Today, Climate Risk, Grief, and the Power of Love.

Outside In with Jon Lukomnik

Play Episode Listen Later Jan 17, 2023 33:07


Sarah Bloom Raskin is the Colin W. Brown Distinguished Professor of the Practice of Law at Duke University Law School. She has served as Deputy Secretary of the Treasury for the United States, the second highest official in that cabinet department under President Obama. As Deputy Secretary, she focused on the resilience of the country's critical financial infrastructure and elevated cybersecurity to the level of providence it has today.Professor Raskin also served as a member of the Federal Reserve under then chair Ben Bernanke, where she helped set monetary policy as a member of the Open Market Committee and oversaw the nation's payment system. Finally, she was Maryland's Commissioner of Financial Regulation during the global financial crisis.In all those positions, she brought a strong public policy perspective, which included consumer protection, economic justice, diversity and inclusion, and public service excellence. In other words, she sees the role of the financial system as serving society rather than being the master of it.On this episode of Outside In Sarah talks with Jon about the state of economics today, how climate risk has become falsely controversial in the U.S. and the importance of asking the right questions. She talks about how businesses and households build a capacity for ruggedization and making policy tools for a changed earth. Sarah talks openly about loss, grief and the power of love.

Sovereign Man
And this year's Tommy Franks ‘expert' award goes to…

Sovereign Man

Play Episode Listen Later Dec 9, 2022 61:17


On December 10, 1896, in the picturesque seaside town of San Remo, Italy, the famed Swedish chemist breathed his last breath after suffering a devastating stroke, and died. Nobel was an incredibly wealthy man at the time of his death, and most of his wealth had been placed in a trust. (In doing this, Nobel managed to sidestep Sweden's gargantuan inheritance tax that had been in place since 1884, AND the Kingdom of Italy's estate tax.) Nobel's death is commemorated every year on December 10th, at the annual banquet which honors the newest recipients of the Nobel Prize. That's tomorrow. And among the honorees at this year's banquet is the former head of the US central bank, Mr. Ben Bernanke. I'm sure Bernanke is a wonderful human being who certainly tried his best. But, as you may recall, he was the “expert” who established the precedent of slashing interest rates to zero and conjuring trillions of dollars out of thin air. When Bernanke first became Fed Chairman in 2006, the central bank's balance sheet was about $850 billion. And as the housing market began to decline, he continually insisted that there wouldn't be a housing crash… nor a recession… nor certainly a major economic crisis. He was completely wrong on all three accounts. Within a couple of years, the entire global economy had nearly collapsed. Bernanke responded by printing so much money that the Fed's balance sheet ballooned to $4.5 trillion (from $850 billion). And he cut rates to zero. Bernanke had this power because the nature of our financial system awards dictatorial control of the money supply to a tiny group of unelected central bankers. And Bernanke was the chief of that unelected committee. Bernanke faced some criticism for his actions, most vocally by then Congressman Ron Paul. But similar to the incorrect predictions he made about the economy and housing, Bernanke insisted that there would be no consequences… that the Federal Reserve could continue to keep rates low and print money, and nothing bad would happen. Once again, this view proved to be totally wrong. And we're seeing the consequences now with record high inflation. It's not Bernanke's fault. He's human. He made mistakes. All of us have. The real problem is having a system that gives supreme control to a tiny group of imperfect, mistake-prone human beings. The Fed has virtually zero oversight, zero accountability. They do whatever they want, and hundreds of millions of people have to suffer the consequences of their actions. More perversely, though, they're held up as “experts”. And even though they're just as human as the rest of us, these “experts” are somehow seen as infallible. We experienced the same thing during the pandemic; a tiny, unelected group of public health “experts” were given near totalitarian control over how hundreds of millions of people were allowed to live their lives. And we were expected to suspend all doubt and scrutiny, and to believe everything they say without question… because they were the experts. The most absurd part of all, though, is that even when they're proven to be completely and totally wrong… these “experts” are awarded our society's most esteemed prizes for achievement. Again, Bernanke may be a wonderful guy who tried his best. But his approach had devastating consequences. He created one of the biggest financial bubbles in human history. And tomorrow he's won the Nobel Prize. This makes about as much sense as giving the Nobel Peace Prize to Henry Kissinger or Barack Obama. Or the special 2020 Emmy award to New York's governor Andrew Cuomo. Or when Will Smith received a STANDING OVATION when he won the 2022 Academy Award for Best Actor, literally minutes after assaulting Chris Rock on stage. Or Vladimir Putin receiving the French Legion of Honor. Or Kamala Harris winning Time Magazine's Person of the Year. Or the New York Times and Washington Post winning the 2018 Pulitzer Priz...

The Far Middle
Unrest in the Forest

The Far Middle

Play Episode Listen Later Nov 23, 2022 24:26


The Far Middle episode 79 is a special Thanksgiving edition, dedicated to the 1979 Pittsburgh Pirates. The 1970s Pirates were known as “The Lumber Company” due to the hurting they could do at the plate. Today, on the geopolitical stage, we see Putin trying to lay the lumber on Europe with his use of energy leverage. Nick discusses the new spin from the Left on Europe’s energy chaos, which is that Putin is helping jumpstart Europe’s energy transition. This view is simply a means to justify more climate policy mandates.Nick proceeds to dissect, with Bert Blyleven precision, the recent quote from EU Green Deal Chief Frans Timmermans that, “Renewables give us the freedom to choose an energy source that is clean, cheap, reliable, and ours.” Following Nick’s analysis of Mr. Timmermans’ mistruth, Mr. Timmermans is presented with the first-ever Crown of Claptrap Award.Next, Nick turns to former Federal Reserve Chairman Ben Bernanke, who won the Nobel prize for economics last month. Nick takes exception with the policies of recent Fed chairs that have created negative real interest rates, bloated asset bubbles, stoked inflation, eroded work ethic, and created a false sense of fiscal security. “No one should ever confuse Ben Bernanke with someone like Paul Volcker,” says Nick.Related to Fed chairs is how the Federal Reserve’s leadership over the past roughly 20 years has been mono- or unipartisan under recent presidents. Nick argues the Fed has injected extreme monetary policy into the veins of our economy and the symptoms are too severe to ignore any longer.While on policy, Nick offers a simple solution to address conflicts of interest within government: if the whole of government is going to put its power into pushing and enforcing climate policies, then the whole of government should be precluded and prohibited from profiting through the purchase (direct or indirect) of stock or equity of companies or funds in the favored industries under such policies. It’s a pretty simple solution that Nick pegs has about the same odds of being adopted as the Pirates winning next year’s World Series (currently sitting at 150 to 1).In closing, Nick connects back to the episode’s start, linking the 1979 Pirates to one of his all-time favorite rock bands, Rush. Specifically noting the lyrics to their song “The Trees,” which was released as a single in 1979.

Real Estate Espresso
Things Are Different Now, or Are They?

Real Estate Espresso

Play Episode Listen Later Nov 18, 2022 6:57


Folks there are about six weeks remaining in 2022. I believe goal setting is a critical component of success. If you have not started planning for next year, you are probably going to start the year without a solid plan. If you're planning in January, then you missed the starting gun. Every year, our team takes three days to plan the upcoming year. This year, we will be doing that work from December 9-11. It will be a face to face session held over those three days in Ottawa Canada. We have only a few number seats available for those who would like to participate in our planning process. This would be a seat at the table with our team as we develop our individual and personal goals for 2023. If you would like to spend these three days with us, send an email to goals@victorjm.com and we will send you information on how you can participate and work on your own goals following what we believe is a very solid process for goal setting. Send an email to goals@victorjm.com On yesterday's show we talked about the importance of learning from the GFC. It seems that the root causes of the financial crisis have been glossed over and not properly dealt with. Ben Bernanke who was the Fed chairman at the time has gone on record and said that the scope of the subprime mortgage loans was not sufficient to explain the magnitude of financial destruction that took place during those years. He also went on to say that the Fed lacked the tools to effectively deal with the crisis. The Fed stepped in to bail out some institutions. But the crisis did not appear first in the US. The cascade of dominoes started overseas and did not involve any US entities at first. The first inkling of a problem happened on Aug 7, 2007 when trading in three funds based in Lichtenstein virtually stopped. These were money market funds, denominated in US dollars, trading in London and securitized a basket of assets that were considered to be high quality, on par with US Treasuries in terms of quality. A credit bubble appeared in both the United States and Europe. This tells us that our primary explanation for the credit bubble should focus on factors common to both regions. Home prices in the UK, Ireland, Spain, France, Italy and Australia experienced similar effects to the United States. But as we discussed on yesterday's show, Canadian real estate was largely unaffected by the financial crisis. So why is that? What was different? Large financial firms failed in Iceland, Spain, Germany, and the United Kingdom, among others. Not all of these firms bet solely on U.S. housing assets, and they operated in different regulatory and supervisory regimes than U.S. commercial and investment banks. In many cases these European systems have stricter regulation than the United States, and still they faced financial firm failures similar to those in the United States. Did the Financial Crisis Inquiry Commission really get to the root cause of the crisis? ----------------- Hoat: Victor Menasce email: podcast@victorjm.com

Game Changer - the game theory podcast
The 2022 Nobel Prize – why the economy needs banks | with Karolin Kirschenmann

Game Changer - the game theory podcast

Play Episode Listen Later Nov 8, 2022 35:01


In this episode, Karolin Kirschenmann explains why this year's Nobel Prize in economics was given to Ben Bernanke, Douglas Diamond and Philip Dybvig. We discuss their research on the role of banks in the economy and the models developed by the researchers. We deep-dive into the modelling of bank-runs and their relationship to Game Theory.     Karolin Kirschenmann is deputy head of ZEW's Research Unit “Pensions and Sustainable Financial Markets”. Her research focuses on the areas of banking and (global) financial intermediation.

The Wiggin Sessions
Mark Skousen—Forecasts, Strategies, and FreedomFest 2023

The Wiggin Sessions

Play Episode Listen Later Nov 7, 2022 47:47


"We're still being challenged by the 2008 financial crisis and the 2020 pandemic, and we have the Russia and Ukrainian war. What's going to be next nuclear war? Some pretty shocking things are happening that will keep us all busy,"-Mark Skousen What do the current supply chain issues have to do with the current inflation rates? And are the supply chain issues currently resolving themselves? Mark Skousen (Ph.D., economics, George Washington University) was recently named one of the top 20 living economists in the world (www.superscholar.org ). In 2014, he was appointed a Presidential Fellow at Chapman University in California. Since 1980, he has been editor-in-chief of Forecasts & Strategies, a popular award-winning investment newsletter. He's also the author of several books, including the highly referenced, The Making of Modern Economics - 4th Edition. He is the producer of Freedom Fest, "the world's largest gathering of free minds," which meets every July. On this episode of The Wiggin Sessions, Mark joins me to discuss the impact of supply chain issues on the current economy and how the free market is finding solutions to supply chain shortages. Mark shares the type of inflation he believes is on its way down, his prediction of FED panic and what will happen to the economy in 2023, and the stories that led him to update his book, The Making of Modern Economics. Listen in as Mark shares how his work with Hudson Link teaching colleges courses at Sing Sing Correctional Facility is changing lives and why we need groups like Freedom Fest to stay in existence now more than ever. Key Takeaways How the difference between measuring the Gross Output (GO) and the GDP effects the measurement of the economy What the supply chain issues have to do with the current inflation rates How the market is moving to solve the supply change problems Mark shares which type of inflation he feels will soon be on his way down Mark shares his personal prediction of FED panic and what will happen to the economy in 2023 The only tool the FED has to ease the recession Why Mark feels Ben Bernanke should have been fired rather than given the Nobel Peace Prize How Mark developed the theories that led him to write The Making of Modern Economics Mark shares how his work with Hudson Link teaching colleges courses at Sing Sing Correctional Facility helped reduce the recidivism rate Mark shares the background behind Freedom Fest How much of the idea for Freedom Fest is based on the Mont Pelerin Society Why groups like Freedom Fest need to stay in existence to keep socialism from dominating our society Connect with Mark Skousen Mark Skousen Connect with Addison Wiggin Consilience Financial Be sure to follow The Wiggin Sessions on your socials. You can find me on— Facebook @thewigginsessions Instagram @thewigginsessions Twitter @WigginSessions Resources Forecasts & Strategies Skousen Books A Viennese Waltz Down Wall Street The Making of Modern Economics - 4th Edition Hudson Link for Higher Education in Prison Zero Percent (2011) - IMDb The Mont Pelerin Society Freedom Fest

Zonebourse
Prix Nobel d'économie 2022: Il faut sauver les banques !

Zonebourse

Play Episode Listen Later Oct 26, 2022 11:01


Le prix de la Banque de Suède en sciences économiques en mémoire d'Alfred Nobel a été décerné en 2022 à Ben Bernanke, Douglas Diamond et Philip Dybvig « pour la recherche sur les banques et les crises financières ». Un choix surprenant du fait du pedigree de Ben Bernanke (ancien président de la Fed), mais aussi de l'ancienneté des travaux de recherches (1983). Les récents déboires du Crédit Suisse nous rappellent pourtant que les faillites de banques reste un éternel sujet de préoccupation dans le monde financier.

Working Capital The Real Estate Podcast
Money, Inflation and Policy with the Grump Economist John Cochrane | EP126

Working Capital The Real Estate Podcast

Play Episode Listen Later Oct 26, 2022 41:33


John Cochrane is an economist, specializing in financial economics and macroeconomics, the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution. Previously John was a Professor of finance at the University of Chicago Booth School of Business and before that at the Department of Economics. Josh is also an author of the Grumpy Economist blog.   In this episode we talked about: John's Background in Economics Interest Rates & Inflation Modern monetary theory  Milton Friedman Market outlook  Fiscal policy Macroeconomic Environment Useful links: https://www.johnhcochrane.com/ https://johnhcochrane.blogspot.com/   Transcription: Jesse (0s): Welcome to the Working Capital Real Estate Podcast. My name's Jessica Galley, and on this show we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, you're listening to Working Capital, the Real Estate podcast. I'm talking with John Cochran today. John is an economist and the Rosemary and Jack Anderson, senior fellow at the Hoover Institute.   He's a former professor of finance at the University of Chicago Booth School of Business, and the Department of Economics, and the author of a great fantastic blog that you should check out The Grumpy Economist. John, how you doing today?   John (45s): Good, thank you.   Jesse (47s): So we talked a little bit before the show, John, you know, the podcast itself, the listeners that we talk a lot about the kind of environment that we play in as entrepreneurs and real estate investors and that being the economy. And you have a up a book that, you know, I heard on another podcast the Fiscal Theory of the Price level, which will put a, a link to and despite the title and to scare anybody off. Maybe you could give a kind of an overview of first of all, maybe your background in economics and, and kind of the work you do, and then we could chat a little bit, a little bit about the book.   John (1m 22s): Great. Let's see. I'm, I'm economist and I've been thinking about money and inflation since 1982 and I've split my time between thinking about that and thinking about stocks and bonds. So money inflation, business cycle stocks and bonds and a whole bunch of other things. Being an economist is a wonderful thing because we, you can, you can jump from one thing to another and, and actually, you know, make real contributions in lots of places. The book is called The Fiscal Theory of the Price Level.   If you Google me and find my website, you'll find the book. You will also, the book is full of equations and designed to convince my fellow economists that they need to come over to this. There are some essays on the same website, which I re recommend. You start with, fiscal histories are particularly like no equations and tries to tell a different story about where inflation came from and where it's going in the US over the last, in the postwar period. The basic idea is where does inflation come from?   Not so much too much money chasing too few goods, but more importantly, too much overall government debt relative to what people think the government is willing and able to pay back. And if you're sitting on say, oh, 30 trillion of government debt and you think government is, is good for about 20 trillion of it, what you do is you try to get rid of that. It's terrible invest. What do you do with an overpriced investment? I think everybody understands this. What do you do with an overpriced house? You sell it. But if we all try to sell government debt, then the only thing we can do for it, it is, oh, buy houses.   And we've been put upward pressure on the price of goods and services. So that ultimately is where inflation comes from. That doesn't mean the Fed doesn't have a big role to play, so I won't bother you the equations, but interest rate policy still is quite important in figuring out where inflation will go. But it isn't everything and when people are, are, don't fundamentally trust the government, there's really not that much the Fed can do about it. The Fed can kind of smooth it out for a while, but there's not that much. So I'll, I'll stop there and we can see how deep you want to go into theory or into explaining the real world or into real estate.   Jesse (3m 34s): Yeah, I think what would be interesting is that from, you know, it wasn't too long ago, we were oh 7, 0 8, 0 9, it was a different environment from the financial crisis, but we had lower interest lowered interest rates to such a degree where people were starting to question the traditional, the traditional economic framework where we have interest rates at this low amount. We had quantitative easing, but we didn't seem to have any inflation. Maybe you could talk a little bit about, you know, what mechanisms were at play during that time and, and if there is a, you know, if there's a logical connection between that environment, you know, what past that and, and where we're at right now.   John (4m 13s): Yeah, so I don't buy there, there's a lot of blah blah about how the Fed kept interest rates absurdly low over 10 years and so forth. Really the Fed is not that powerful. The Fed cannot keep real interest rates low for actually 20, 30 years that they have been very low by historical standards that has to come from the real economy. The Fed can move things around for a year or two, but in the end, very low interest rates come from real factors and interest rates were low, inflation was low.   People were willing to hold the government's debt part that the fiscal situation in the US wasn't great, but there wasn't a lot of news about it. And I think at least not just 7, 8, 9, but also throughout the 2000 tens when interest rates remained low despite deficits. I think the people holding us treasuries say, Look, us is a great country and yes, the CBO reports are scary, but America will always do the right thing after we try everything else.   As Winston Churchill, I guess did not say, but he should have said, and you know, that fixing the long run fiscal problem in the US is not that hard. We just have to sit around and decide we want to do it. So sooner or later we'll do it. I think the, the five, no, why are we having inflation now? The government in the pandemic printed up $5 trillion of new money, well, it printed up three and, and borrowed another two and sent people checks. And that's, that is just massive.   And I, I think people are starting to question, is the government really good for it? And we're seeing that not just in the US and tumult the treasury market. We're seeing that in the uk. We may be starting to see that in Europe as well. Well, so I think that kind of explains the difference. Now, I'm, I'm telling stories, but at least there's plausible stories here.   Jesse (6m 5s): So when it comes to the understanding that in the entrepreneurial space and real estate and the greater economy that we, we go through cycles, we go through time of growth, we go through time of contraction, Is this just an artifact of, of just the modern economy that we're gonna have ebbs and flows and we're gonna have times where, you know, the, the getting's good and, and then times when it's not so not so great. Or is the, is the chief goal the ultimate goal to have some sort of normality that plays out for a longer period of time?   John (6m 36s): I think everyone's goal is normality that plays up for some period of time. And you're asking a deep question, which I won't answer, is how much of fluctuation, especially in, in real estate is, is natural to the economy? How much of it is a, you know, some pathology of the private economy that some government might be able to fix someday? And how much is induced by government policy? I would say for real estate investors batten down the hatches. We're on our way to a tough time. This one is pretty obviously induced by government policy and, and not just monetary policy and fiscal policy.   You know, we, we saw certainly in 2007, 2008, how the regulatory environment encouraged booms and busts. And I think our current regulatory environment makes matters worse rather than makes matters better, you know, subsidizing the boom and then pulling everything back in the bust. But it's certainly where we're heading now is, I think ask your parents and grandparents about the 1970s. I think it's fairly clear we have a burst of inflation that that comes from somewhere. I think it comes from the, you know, the massively overdone stimulus, but take your pick where it comes from.   You know, in the 1970s we had inflation that came from fiscal policy. Johnson wanted the Vietnam War and the Great Society, and then we had also oil price shocks. Ah, welcome to the 1970s. You know, get your flowered shirts and your bell-bottom jeans out cuz oil price shocks get things going. The fed is late to the game and then the fed slams on the brakes. Does that sound familiar? So I think it's fairly clear where we're going to go. Our fed has woken up and I think it's a, I can't really bet on where the economy's going, but I think, I'm pretty sure what the fed's gonna do.   As long as inflation remains high, the Fed is gonna keep raising rates 75 basis points a shot. And so we will see how, what I don't know is if that will lower inflation, how long that will lower inflation, but the fed's gonna keep raising rates. I think it's fairly clear that is going to cause an economic slowdown, if not a recession. I mean they're, what they're trying to do is add just enough recession to offset the boom. You know, you're trying to land a plane, they call soft landing. You're trying to land a plane while the engines are gone full tilt, which ain't that easy.   So they're trying to add enough and, and typically the fed fed adds more recession. So I, I think it's quite possible we head into recession, but the mechanism of what the fed's trying to do is raise interest rates. And that what does that hurt? That raising interest rates doesn't so much make you go out for burgers less often. And so often demand for restaurants raising interest rates is designed to to to lower interest sensitive spending. Okay. Unpack fed speak codes, that means you, Mr real estate, the design here is to raise interest rates, which lowers house prices, makes people less willing to sell houses, lower raises, mortgage rates makes it harder to buy houses.   So, you know, the whole point is to try to soften down a real estate boom. Not made any better by our country's ridiculous zoning planning and other bureaucracy that I, so I live in Palo Alto where it's just infuriating Yeah. Where house prices have been driven very, very high. Not so much by too much demand, but by just the refusal of the government to allow usli.   Jesse (9m 58s): So I was just speaking with you before the podcast. I was just coming back from San Diego. I live in Toronto and and Canada and, and I find that Ontario here is pretty similar in policy too. A lot of the California policies when it comes to real estate. I do wanna ask about a specific thing here on inflation, but before we do on that real estate, on the real estate topic, what we saw for the last few years was an extremely high, especially in our markets and the major markets in the states, an extremely high push on asset valuation, specifically in industrial and multi-res and low, low cap rates, which don't always follow interest rates, but you know, the spread is, is usually somewhat consistent.   I guess the question here is we do have inflation now we have a business real estate where we do pass on inflation typically to our customers, ie. Renters. But what do you think that the, and I I take asset values not just in real estate, but the stock market in general. I think the question often people have is how do we have the valuations going one way from the asset perspective in, in, but inflation hitting people in a different way on the consumer level like the, the interplay there.   John (11m 10s): Yeah, thank you. You put on my asset pricing hat. I mean one of the most fundamental things you have to understand with asset pricing is that when interest rates go up, values go down. When bond yields go up, bond prices go down. And so why are we seeing the stock market go down? Why are we seeing property values go down? You know, every asset, there's two things. There's the cash flow and there's the discount rate go, you know, back to school. Here we go.   Why? Because if an alternative investment can get you a higher rate of return, then you know you're gonna pay less for, you know, this, this whatever investment we're talking about a house or a stock or whatever. In some sense that's good news for very long run investors. When you see all asset valuations, stocks, bonds, real estate going down at the same time, what you're seeing that that effect is just the required rate of return going up, but it means the underlying cash flows are the same as they were before.   So unless you have to post margin Mr UK pension funds or you know, unless you're cash constrained in some sense, the long run investor can just wait it out. It means that those, you know, the dividends you'll get from your stocks haven't particularly gone down the, with the rents you'll get from your house or in fact going up and you know, you can have rising rents and lower property values. Well because the required rate of return goes up. So if you can just wait it out, those, those rents are there.   Now also the, the rents are rising. You know, you, we have to put our inflation hat back on. If you are not, if something isn't going up 10%, it's going down. That goes for everything. Anything that's not, you know, if your rent, if your rent is only going up 10% a year, then it's just treading water, relative inflation. If your wages are not going up 10 per nine, 10%, they're going down. Hello, this is to my boss.   So that, I think that's why it's possible both things they go opposite direction. Now, on top of that, we are I think heading into at least an economic slowdown, if not a recession. And that will bring, you know, pressure on, on the dividends and the cash flows, on the rents and so forth. And real estate is, I shouldn't be telling you about real estate, you know, way more than me, but location, location, location, yeah. So there's all sorts of low rents in, you know, Gary, Indiana or places downtown San Francisco. Places don't wanna be, people don't wanna be anymore.   So it depends on being in the right place, which is where people still wanna be and where unfortunately you're on the wrong side of this, where governments don't let competitors build apartment houses to, to lower their ends on.   Jesse (14m 2s): Yeah. And I think part of it, to me it seems it's the imperfect nature of especially real estate. You know, we can be as sophisticated as we want on the commercial side, but it, I think the stickiness of prices is, is just that very real aspect that the bid ask spread is still there. And owners don't want to admit that they're gonna have to write down to a certain extent these assets. No,   John (14m 25s): I must, this is one from an economist point of view, this is one of the most classic puzzles of real estate. Why is it in soft markets people clinging to yesterday's price rather than, you know, why don't, why don't we have just auctions? You know, I'm gonna say yeah, people keep hoping for it to turn around on, on the downside. And so trading volume falls when the prices are going down. There must be something about, you know, not willing to recognize Mark to market losses or,   Jesse (14m 53s): I I, yeah. I think it's part of the reason that so many investors I would take, take myself included, get into real estate, it's that I can't press a button and sell the thing. I think it's just the aspect that the the the cost, the, the selling costs is so great. But I I totally get what your, your point of view cuz we deal with in commercial real estate and we're supposed to be these sophisticated investors, pension funds, REITs and Yeah, I think that yeah, they just, they clinging to yester yesterday's or last year's price. I think that's, well   John (15m 23s): I know some of them like university endowments. Yeah. Have a cynical view. Why do university endowments like Stanford's invest in a lot of real estate and not just Vanguard total market portfolio and save themselves in van, in Stanford's case, $800 million a year on fees. Well, not marking at the market every year is, is very convenient for not saying, Oh we lost 20% of your money last year on occasion. But I dunno, that's, that's a pet theory that may be false.   Jesse (15m 51s): So, So John, there's a quote that I know you're, you're very familiar with and it's, i i I venture to guess it's somewhat of a misquote cause I don't think it takes the whole quote into account, but it's from Milton Freeman and it's that inflation is always an everywhere a monetary phenomenon. I think he was a little bit more specific, but that's usually the headline. What are your thoughts on that? Because I think you're, you're kind of proposing that fiscal seems to be an equation, part of the equation that, that the mon the mons have left out.   John (16m 23s): Yep. I think Friedman was 90% right and he was maybe 99% right in 1935 and 1965 and, and less so today, most of the episodes that you look at, he was deeply historical in fact based, he wasn't a big lots of equations theorist, but most of the episodes he looked at were cases where governments were printing up money to finance deficits and therefore causing inflation. You, you know, why is Argentina, Venezuela, Zimbabwe having inflation?   Not because their central bankers are too dumb to know what they're doing, but because they are, they they want to spend money and they can't tax it and they can't borrow it, so they print it. Now that is money in that case is just another form of government debt. So, you know, fiscal theory and monetary theory agree entirely. If the government is printing up money to finance a deficit, you get inflation. And that's, I think what we just saw. Now, the disagreement is, is much more subtle.   Suppose the government drops 5 trillion bucks from helicopters, you feel great, you go out and spend it, you create inflation. But suppose at the same time they tell you, Oh by the way our burglars went to your safe and took 5 trillion of treasury bills out of the safe. Or more realistically, you know, they send you a stimulus check for 10,000 thousand bucks, but they also say, Oh by the way, your taxes are going up 10,000 bucks today. Now will that cause inflation? What I've just done is I've, I've wiped out the question of, of wealth, the feeling that this stuff is, is yours to spend and we've just changed it to you have too much money and too few bonds, so the composition of your portfolio is a little off.   You have too many fives and tens and not enough twenties. Is that gonna make you go out and spend like crazy? Hmm, not so obvious. So in fact, the core monitor is prescription is that you can, all that matters is controlling the quantity of money. Don't worry about the quantity of bonds so that if you take in money and give out bonds or gi or take in a bonds and give out money, that's crucial for inflation. Whereas I think it's the overall quantity that that really matters. And, and you can see that's a much less obvious proposition.   Jesse (18m 42s): So his, his prescription, I think, you know, I think generally was that from, from a policy standpoint was that we have some percentage, I don't something similar to a Taylor rule where we are going to raise, raise kind of rates at a consistent percentage each year. I think, I think if I remember there was a, a video or quote, he said, just get a computer and replace the Fed. You know, what, what was, what was the perspective there? What was his, his intent and and what other policy mechanisms do you think like writing this book that, that we have at our disposal or the fed does?   John (19m 18s): Yeah, so to just, to, let me finish the last thought and and add to your question in Friedman was, was right, there's nothing logically wrong about what he said, but it's a world where money really matters. Where, where in Friedman's world you had to cash a check at a bank and get out cash on Friday if you wanted to eat dinner on a Saturday. So, so to let them use, there were no credit cards, there was no I iPhone and he was also thinking of a world where government, nobody worried about the US government paying back its debt.   So if you look at the footnotes, it was always, oh by the way, you know, this only holds if everyone trusts the government to pay back its debt. So there's a very real sense in which, you know, he gave a logically coherent theory for a different world. And we live in a different world. We live in a world where, where we have credit cards, where the money that matters reserves, pays interests. And where we're a little bit worried about Gartner, Now let's back to your, let me now answer your question. Friedman advocated that the Fed should just let the stock of money grow at 4% a year and just, you know, get rid of the huge building and the press conferences and the 15,000 economists and others just let money grow at fourth percent.   He did not argue that this was the best, a perfectly rational all seeing, you know, central planner could do. He just recognized that the Fed is run by humans and they're gonna get overenthusiastic and they're, they're, his analogy was, it's like a, a shower you'd turn on the hot and it would get too hot and turn on the cold and it would get too cold. Just leave it alone and it'll be okay because in his historical analysis, mo the Great Depression as well as many of the postwar sessions were caused by the Fed being too late to the party and then, you know, not just taking the punch bowl away, but, but you know, throwing ice on everybody or or whatever.   Now in 19 eight, the problem first problem with that is in 1980 the Fed did try to just control the money supply and we found out it didn't work. So controlling the money supply it, it led to a lot of volatility and I think even Friedman recognized it. But John Taylor came along and said, well the Fed doesn't have to control the money supply. It could be much more predictable. It can set interest. That's what our fed does. Our fed sets interest rates. It doesn't even pretend to control the money supply because that doesn't, we discovered the real world is the head of theory, the real world discovered controlling the money supply doesn't work.   And and theory is just now with, with my book and some others catching up. So John Taylor has, has this approach, well, okay, the Fed setting interest rates, but rather than sit around a table and, and burn the incense and wave the dead chickens and, and consult the astrologers and figure out what to do, Freedman was right. Being more predictable, not not just figuring out on a base would be much better for markets for everybody because as you know, as, as everyone is everybody's guess, all the volatility in the economy is guessing what the Fed is gonna do.   This is a deep point, you know, what is the financial press about all the time? Is it about how many, you know, the zoning sanity comes to the zoning council of Palo Alto or is it about people moving to, to Toronto is gonna drive no drive housing prices, It's all about what's the Fed gonna do, what's the Fed gonna do, what's the Fed gonna do? So you can tell right there that the Fed by making off the cuff decisions, is in, in in, is putting volatility in the economy. So Taylor came up with this Taylor rule raised interest rates systematically with inflation, which was designed to work like the money growth rule to make it very clear and transparent to stop us guessing all the time about what the Fed is going do.   It, it isn't, Taylor does not claim it's perfect. He doesn't claim that that the god that the Fed thinks it is couldn't do better. The all-knowing, all seeing perfectly rational economic planner of course could do better. He just recognizes the fed's human, it's a bureaucratic institution. It's, it's liable to group think it's gonna be late. And that expectations matter so much. Being clear and transparent about what you're gonna do is, is better than the current, just make it up as you go along.   So there's your, Sorry, you asked a question for a history of monetary economics and you got it.   Jesse (23m 49s): So there is no homo economists out there at the Fed.   John (23m 54s): Homo Bureaucratics is the best we can hope for and you know, we all criticize the Fed. I I I criticize the Fed and I think too harshly cuz I know most of the people at the Fed and, and let's just be clear, these are really good people, these are really smart people. The 1500 PhD economists, I think that's the number that they, as well as the ones at the Bank of Canada are really good, really smart people. There's no corruption here, but they didn't see the biggest inflation of, of your lifetime coming.   So they've got a whole, you know, staff of their, their mandate is inflation. They have a huge staff of economists, the best people in the world at it. They just couldn't see it coming. There are limits to what bureaucracy can do. So simple and transparent has some advantage. Not cuz people are bad or corrupt, it's just, you know, the best bureaucracy in the world can't, you know, we, we saw the Soviet Union fall apart for just that reason. Planning don't work.   Jesse (24m 54s): So I had a podcast, I think about a year ago now, two podcasts. One was a, the name is escaping me, but it was a professor from George Mason on the one hand. And on the other hand it was a bond trainer. A bond trader locally here. And we were talking about modern monetary theory and you know, for listeners, you know, look it up. I I hate to, I hate to do that, to have a huge explainer. But basically what I, you know, you can just tell by the nature of those two conversations or maybe not one was very, very much in favor of it, one was questioning its existence just high level.   Maybe you could, you could kind of get your view on what mon modern monetary theory ex expounds or tries to expound and, and has this last year or last two years, has that, has that been the nail in the coffin for them or has that been, has that bolstered their theory? How do you think that has played into what we've seen now as two second, you know, blurbs in the news that was this really to, from my perspective as a layperson, kind of a fad of economics for, for a while?   John (25m 60s): Yes, it was. If, if your listeners are interested, I wrote a review of Stephanie Kelton's book in the Wall Street Journal, which you can find either there or on my website, which goes into much more detail, modern monetary theory. What was a fad? And one way of noticing it's a fad is that they wrote popular books, Three quarters of Stephanie Kelton's book is about the wonderful ways the government can spend printed money and how desperately important it is to spend the money. Not, not so much why printing it won't cause inflation.   And it was a bunch of sort of, it's interesting, you look at the citations, they stop in the 1940s there was some ideas warmed over from the 1940s with zero contact with anything anybody has done since now maybe everything we've done since 1945 and economics has been wrong. You know, fields and the social sciences go off on fads before I think Kasey and economics was, was one big mistake too. But at least you have to, you know, if you wanna persuade people, you have to at least show that you know what they said and and why it's wrong.   And it did. It was superficially plausible. It, it, there were some ingredients you can take some good ingredients and, and, and just, just cuz the soup is rotten doesn't mean every ingredient was rotten. So they had one insight that, yeah, governments, they, one of their things was governments that borrow in their own currency don't have to default cuz they can just print up money to pay back the debt. Yeah, that's right. And if that causes inflation, they can just raise taxes to so soak up the money. Yeah, that's right. But they took that and and merged those with a whole bunch of things, you know, then the rotten parts of the soup go in to make, make the claim.   I think Kelton said there always is slack in the US economy. Now that's a quote. And the present tense of the verb is also a quote. And we just found out the end of slack in the US and Canadian economy. So we're done. There is not always slack in the US economy if you print up a lot of money and send it to people as Kelton, as Kelton asked, all the modern monitors said, print out money sent to people. Don't worry, there won't be any inflation. It's the clearest prediction you can ask anyone to make. They made it, boom, we printed up money, sent it to people and what do we get?   Inflation. So I, I hope that one goes on, on the dust bin of history, but it was never serious. And certainly you should look in, in today's media world, you have to learn to be an educated consumer and, and one way in which you're an educated consumer is to look at a theory and ask now of, you know, the theories that are, that are accepted by the mainstream are typically wrong and academia's full of all sorts of politically convenient theories.   But, you know, if it's completely out of the mainstream, you know, that does raise an alarm bell that you should, you should ask. And this one was, was one such. And, and if it's also, if you can see that it's all totally motivated by a political agenda, then that should also raise some alarm bells.   Jesse (29m 2s): So I have one of my favorite books here by Joseph Schumpeter recommend anybody that's never heard of Joseph Schumpeter, check out his work. I think, you know, you'll hear terms like creative destruction. One of his favorite quotes just on your point of, of politicians, I I always like was politicians are like bad horsemen who are so preoccupied with staying in the saddle that they can't bother to figure out where they're going. And you know, it's unfortunate that a lot of the, the policies that you know, that we're trying to get at here are, I guess, you know, tied up in, in the political process   John (29m 36s): If I could just, so it's fun to make fun of monitors, but I think we need need to recognize what a watershed moment inflation is for much more serious and well worked out economic ideas for 10 years. All of the worthies of economic policy, all of the government agencies, all the alphabet soup of international agencies, were talking about secular stagnation. That we just have lack of demand, that we need more fiscal stimulus. That the key to prosperity is to borrow or print money and hand it out.   You know, don't worry about the supply side of the economy whatsoever. Even Janet yell herself that our congressional testimony was asked about, Oh, should we run another one point whatever, $6 billion of government spending? And she said, don't worry about it. Interest costs are so low, interest rates are so low, you know, you can make the payments. I think what, you know, one of the, one of the greatest fallacies of real estate, let's get back to real estate, is don't worry, you know, as you look at the monthly payment, here's the big McMansion, Oh, but I don't have a job, don't worry about it.   Get this adjustable rate mortgage with the teaser. Look at the monthly payments you can afford. The monthly payments. Well Janet Yellen went up and said, we can afford the monthly payments. Don't, don't worry about going big. That has hit a brick wall of reality with inflation. And, and here these are all of the, you know, Larry Summers for example, who to his great credits saw the inflation coming before anyone else. But he had spent 10 years saying secular stagnation, our problem is lack of demand borrow. And, and we, it turns out that supply wall boom was a lot closer than we thought it was about like, you know, we, we were 1% away from the supply wall in the beginning.   It wasn't 10, 20, 30% away. So this just, this is a watershed, a bunch of ideas by very respectable people were totally wrong. And our economic challenge now is much harder. It's get the sand out of the gears. Increasing supply is not about throwing money on it, it's not about sending people checks. It's about fixing the zoning code. And can you rehab a commercial building in Manhattan to be apartments? No, because the zoning doesn't let you have bedrooms on the interior.   It's a great man and glaz parts, you know, you have to fix every single thing that's wrong in the economy. That is totally different. But that's where we are. So this is a big, big moment.   Jesse (32m 1s): Yeah. And even on the, the cane side of, you know, I don't the context of it, but the, the idea that markets can, markets can stay irrational longer than than they, than you can stay solvent. I think from the real estate perspective was just this idea where you saw very sophisticated investors buying prices at asset values where it just made no sense. There was negative leverage in some situations and just this idea that, that you there would just continue to be a hockey stick graph, especially here in, in this city and certainly in other ci major major markets in the states.   John (32m 33s): Well a fact of all such booms is you gotta ride the bubble while you can and you, you can make a lot of money buying, flipping, hoping to gut it doesn't crash before you can sell the darn thing. And that can go on for years and years. And if you just sit that out, if you say, oh, you know, properties overvalued stocks are valued, well, you know, three, four years go by and all your buddies are getting rich and you're sitting there, you know, if you go short losing money on your short positions, if you just sit it out, you know, playing golf while they're all getting rich through it's stuff to do.   Especially if you are, you know, working on someone else's behalf.   Jesse (33m 10s): So John, I just wanna be mindful of the time here. I do, I do have a question in chapter four in your book you talk about debt, government debt. And I wanted to kind of go a little bit more granular. I don't know the figures for the states offhand, but I know that Canadian household debt is, is debt to disposable income is is quite high. I believe it's 1.84 for every dollar, you know, Canadians have in consumer debt. What's your take on on that micro-economic aspect of, of the family debt within the family and then that impact into kind of this grander, you know, macroeconomic environment that we're in?   Is it something that you look at?   John (33m 50s): Well, I can offer some sort of general, So there's government debt which has to get paid back by raising taxes, but not raising tax is really by economic growth. Your only hope for the government paying back its debts is if they let the economy grow. Cause if, if you raise tax rates, that kills the economy. So you kill the tax base, you don't, you don't get a lot of taxes. Now private debt is a different matter. Let's remember, you know, your, your mortgage is is my pension. So everyone's liability is someone else's asset.   And it's funny how, you know, all of our economic policy, blah, blah, we simultaneously love and bemoan the same thing on the one hand, oh, you know, too much debt people can't pay back. On the other hand, not enough debt. Send more debt to my constituents so they can buy houses, which is it, you know, we want, government wants us to consume more, but it also wants us to save more and to pay more taxes. How's that happening? And, and you know, a lot financialization is great economies grow because entrepreneurs can borrow to finance new businesses because real estate developers can borrow to build apartments for the rest of us, they're doing us.   I don't know why they're so maligned. They do us a wonderful service. You wanna build your house on your own. How about somebody who knows what they're doing, do it, but they need to be able to borrow to do it. So debt that can be paid off is not so much a problem. Now problem comes in when debt can't be paid off, but risk in return. Guys, I think we need to get back to an economy where risk, we all understand if you buy Tesla stock and, and it turns out that hydrogen and and not batteries is the way of the future, or China shuts off the supply of batteries, you know you're gonna lose your, your money or you know, GM turns out to know what they're doing, you're gonna lose your, we all understand equity holders losing your money.   Now somehow, if you buy something called debt and, and you're getting a 5% return where everyone else is getting a 2% return, you're not supposed to lose money every now and then. So, you know, even debt is a great thing. Risky debt's a wonderful thing, you know, but cafe at em Thor, we need to understand as society that, that making risky loans is a great and wonderful thing, but you're gonna lose money every now and then and don't go crying to grandma government every time you lose your money. Now, you know, debt is, why do we worry about too much that we worry about if it turns into financial crisis?   And that's, you know, that's a problem. That's what the Nobel Prize just gave was given to Diamond and Member Yankee and felt that big about. Is that,   Jesse (36m 27s): Which I believe you, you just read or wrote a blog about, right? Yeah,   John (36m 31s): I just wrote a blog post about it, which is, you know, there's, we, we as a society need to get around, stop having financial crisis. Now that means the debt must be able to lose money when the, when it defaults in a way that isn't so incredibly painful for the society as a whole. And that I think is a failure of government regulation. We, you know, why do we regulate banks? Let's look at a bank's asset portfolios, the bank's asset and compare it to, I don't know, Tesla now, whose assets are more risky, whose cash flows are more risky, a bank or Teslas, you know, by, by three orders of magnitude.   Tesla Bank is, has a, has a portfolio of government guaranteed loans. I mean possibly, you know, yet where are all the regulators? The regulators are all looking at the bank. Now why is that answer? Because banks are leveraged up to the hilt and if they lose enough money to go under, they're, they're kind of big monopolies and, and they, our economy loses the capacity to, to make new debt. So why is that? We need to get the leverage out of the banks. And then you get to a financial system where people can default on debts and it doesn't bring the whole thing crashing down.   So debt's good, default is good, let it happen. Default is reorganization. We just need to not, you know, we kinda have a hostage here. The banks have taken the whole economy and and holding it hostage saying, you know, you government can't let anyone fail or else, and, and it's our political and even the Fed a financial crisis is not the possibility that somebody somewhere might lose money someday on some investment. No, you know, risk and return.   Entrepreneurial capitalism lose money. Financial crisis is when, when, when there's a run on short-term debt and that brings down the banking system. We, we can fix that.   Jesse (38m 26s): It's, you remind me of a, i we'll put a link to it. A really good, I dunno if it was an essay, but it was years ago, Thomas so wrote comparing the American Depression and the branch banking system that we have in Canada. Cuz you know, oftentimes people think Canadians, that we have these five large banks, which we do, or four depending on who you're asking. But we have an extensive branching system. And it was a, it's was interesting to see the difference of branching where it wasn't allowed in states during that time, I guess right after the depression.   But we'll put a link for anybody that's, that's interested. Now   John (39m 1s): This is great important and, and I, you know, I wanna say something. So something nice about Canada, Ben, this is what Ben Bernanke got the Nobel Prize for, he said in the US and the Great Depression. Why was the Great Depression so bad? Well, cause all the banks failed. Now why did the banks and then once the banks failed, not all the banks, sorry, I'm exaggerating. Many banks failed in many places. And when the banks failed, they closed down. And the people in those banks who knew in, you know, Lincoln, Nebraska, who was good for it and who wasn't, who knew how to make loans, they were unemployed.   Why did that not happen in Canada? Well, because, because there are many ways to stop a bank run. And one of them is if a local bank fails, somebody else can come in, a large national bank can come in and buy up the assets, keep the people who know how to make loans employed, you know, stiff the creditors, stiff the stockholders, but keep the operations going. But that needs, the US had had prohibitions on on branches, It had prohibitions on interstate banking. There was no way all the mechanisms of saving a bank and keeping the profitable parts going didn't exist.   And they did exist in Canada, which is why your Great Depression was a whole lot better than ours. Now that doesn't mean the only answer to this is to have a monopolized banking system with four big banks. That, that kept Canada out of a crisis in the Great Depression, but that also leads to a certain amount of financial sclerosis. And so I, I don't want to endorse crony capitalism as the only answer, but it did, it did work better in that circumstance,   Jesse (40m 35s): Economics, real estate and Canadian banking history. John, I think we covered it all today.   John (40m 40s): Thank you. It's a great pleasure.   Jesse (40m 42s): John, for individuals that that want to connect or reach out, where can we send them? We'll put a couple links in the show notes.   John (40m 50s): My website, john h cochran.com and my blog, The Grumpy Economist. And if you just Google John Cochran, I come up first.   Jesse (40m 60s): This is Working Capital. John, thanks for being a part of it.   John (41m 4s): Thanks. Great pleasure.   Jesse (41m 11s): Thank you so much for listening to Working Capital, the Real Estate podcast. I'm your host, Jesse for Galley. If you like the episode, head on to iTunes and leave us a five star review and share on social media. It really helps us out. If you have any questions, feel free to reach out to me on Instagram. Jesse for galley, F R A G A L E. Have a good one. Take care.  

Forward Guidance
The Fed Won't Rescue The Housing Market | Danielle DiMartino Booth

Forward Guidance

Play Episode Listen Later Oct 24, 2022 60:41 Very Popular


Danielle DiMartino Booth, CEO and chief strategist of Quill Intelligence, joins Jack Farley to ring the alarm bell about the housing and auto markets, which by her reading of the data are quickly deteriorating. Booth notes that while the credit quality of mortgages remain high, the mortgage origination market itself falling sharply and, because of a “biblical” quantity of single-family houses about to hit the market, Booth expects housing prices to continue to fall. Booth argues that the car loan market is in even worse condition, as car note defaults mount, the car values plummet and the jubilee-like monetary conditions of 2020 and 2021 wither away. Booth's description of the car loan market reminds Farley of his reading of the subprime housing meltdown in 2007. Booth and Farley also discuss Bernanke's Nobel Prize and the means and timing of a Powell pivot. __ Follow Danielle DiMartino Booth on Twitter https://twitter.com/DiMartinoBooth Follow Jack Farley on Twitter https://rb.gy/uesguv Follow Forward Guidance on Twitter https://rb.gy/cy0dki Follow Blockworks on Twitter https://rb.gy/igyzsj __ Founded in 2014 by three cybersecurity engineers, Bittrex is a world-class cryptocurrency exchange with a focus on security and trust. Trade over 150 cryptocurrencies in the United States along with lightning-fast trade execution and dependable digital wallets, all protected by industry-leading security practices. Discover why Bittrex is the best kept secret in crypto trading. Open your account today at: http://fgpodcast.link/bittrex __ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://rb.gy/5weeyw Market commentary, charts, degen trade ideas, governance updates, token performance, can't-miss-tweets and more. Subscribe to the Blockworks Research “Daily Debrief” Newsletter: https://rb.gy/feusos Find out more about the Blockworks video editor role here: https://blockworks.co/careers/ __ Timestamps: (00:00) Intro (00:21) The Housing Recession (09:39) The Brewing Auto Loan Wreck (19:06) Is The Auto Loan Crisis Systemic? (23:14) Sponsor ad Bitrex (24:42) The "Winter" In Investment Banking (26:38) The Fed Is Not Coming To The Rescue (31:31) The Recession Started In January 2022" (43:26) Will The Fed Bail Out The Treasury Market? (48:37) The Bernanke Doctrine Is Failing (51:10) Ben Bernanke's Nobel Prize: "The Prize Was Premature" (53:57)  Is Jay Powell Making The Right Move? (58:38) Closing Thoughts On The Midterms In The U.S. -- Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

The Truth Quest Podcast
Ep. 219 - The Truth About Ben Bernanke, the Nobel Prize and the Federal Reserve

The Truth Quest Podcast

Play Episode Listen Later Oct 24, 2022 23:58


Once I stopped laughing after hearing that Former Federal Reserve Chairman Ben Bernanke was awarded the Nobel Prize in Economics, I immediately began connecting dots and exploring the lessons we can all learn from this occasion. Warning: It is NOT pretty! Show Notes Truth Quest Podcast Episode #27 - The Truth About the Federal Reserve - An Intro Episode #28 - The Truth About the Federal Reserve - The Results Episode #162 - The Truth About Nixon's Closure of the Gold Window Episode #191 - The Truth About the Petrodollar Episode #216 - The Truth About the Central Bank Digital Currency and a Cashless Society   The Truth Quest Podcast Patron Page Join the conversation at The Truth Quest Facebook Fan Page Order a copy of one of my books, Pritical Thinking, The Proverbs Project, The Termite Effect. The video of this episode is available on Rumble and BitChute. Check out short highlight videos of each episode on Instagram. Truth Social: @TruthQuestPodcast GETTR: @TruthQuest_PC Twitter: @apathyreigns Telegram

Bob Murphy Show
Ep. 252 Bob's Reaction to the Bernanke/Diamond-Dybvig Nobel Award

Bob Murphy Show

Play Episode Listen Later Oct 21, 2022 66:03


The 2022 recipients of the Nobel (Memorial) Prize in Economics were Ben Bernanke, Douglas Diamond, and Philip Dybvig, for their work on understanding the role of banks in financial crises. Bob explains what they did and then comments critically, giving the superior Austrian take. Mentioned in the Episode and Other Links of Interest: Bob's discussion of the Nobel https://www.youtube.com/watch?v=nabKJEaZRRc (with Jeff Deist) on the Human Action podcast. The YouTube compilation https://www.youtube.com/watch?v=INmqvibv4UU ("Bernanke was wrong.") Selgin on Diamond-Dybvig (https://www.alt-m.org/2020/12/17/modeling-the-legend-or-the-trouble-with-diamond-and-dybvig-part-1/ (part 1) and https://www.alt-m.org/2020/12/18/modeling-the-legend-or-the-trouble-with-diamond-and-dybvig-part-ii/ (part 2)). McCulloch and Yu's https://www.jstor.org/stable/41953363?seq=1 (critique) of Diamond-Dybvig. The Olin School of Business https://www.youtube.com/watch?app=desktop&v=5GUrBs7Zoek (interview) with Dybvig. https://mises.org/library/more-quibbles-problems-theory-and-history-fractional-reserve-free-banking (Bob's article "More Than Quibbles...") on fractional reserve banking. Block and Barnett on the broader issue of https://philpapers.org/rec/BARTDD (maturity mismatch). http://bobmurphyshow.com/contribute (Help support) the Bob Murphy Show. The audio production for this episode was provided by http://podsworth.com/ (Podsworth Media).

Ask Prof Wolff
Economics Nobel Prize - Ben Bernanke

Ask Prof Wolff

Play Episode Listen Later Oct 21, 2022 7:51


A Patron of Democracy at Work asks: "I'd like to hear Prof Wolff comment on esteemed colleagues, economists around the world who advocate for the fair distribution of economic wealth and resources as well as the Nobel Prize in Economics going to Ben Bernanke."

WealthVest: The Weekly Bull & Bear
S7E6: Bernanke's Nobel Prize

WealthVest: The Weekly Bull & Bear

Play Episode Listen Later Oct 21, 2022 23:40


In this episode Drew and Tim discuss Bloomberg's recessionary outlook, consumer spending, container freight rates starting to normalize, chip delivery and Ben Bernanke's Nobel prize. WealthVest – based in Bozeman, MT, and San Francisco, CA – is a financial services marketing and distribution firm specializing in fixed and fixed index annuities from many high-quality insurance companies. WealthVest provides the tools, resources, practice management support, and products that financial professionals need to provide their clients a predictable retirement that has their best interest in mind.Hosts: Drew Dokken, Tim PierottiAlbum Artwork: Sam YarboroughShow Editing and Production: Tavin DavisDisclosure: The information covered and posted represents the views and opinions of the hosts and does not necessarily represent the views or opinions of WealthVest. The mere appearance of Content on the Site does not constitute an endorsement by WealthVest. The Content has been made available for informational and educational purposes only. WealthVest does not make any representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the Content.WealthVest does not warrant the performance, effectiveness or applicability of any sites listed or linked to in any Content. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning. Investment and investing involves risk, including possible loss of principal. Hosted on Acast. See acast.com/privacy for more information.

Kapitalet | En podd om ekonomi
273: Nobelspecial: Rädda bankerna!

Kapitalet | En podd om ekonomi

Play Episode Listen Later Oct 17, 2022 30:55


Årets vinnare av Nobelpriset i ekonomi har en sak gemensamt: de älskar banker! Men varför vill Ben Bernanke, Douglas Diamond och Philip Dybvig rädda kreditinstitut till (nästan) varje pris? Medverkande: John Hassler, professor i makroekonomi och ledamot i Kungliga vetenskapsakademien.

CONK! Daily
In The Dark with Jim Peters - 10.17.22

CONK! Daily

Play Episode Listen Later Oct 17, 2022 63:49


CONK! News Contributor DR.MURRAY SABRIN talks with Editor-in-Chief JIM PETERS about why Ben Bernanke doesn't deserve the Nobel Prize in economics; and our resident Bigfoot investigator LARRY NEWMAN talks about the latest Sasquatch conference in Missouri. Plus, our president is a pedophile. Produced by CONK! News, the premiere conservative news aggregator on the web at conk.news

More or Less: Behind the Stats
Ben Bernanke and the magic of banking

More or Less: Behind the Stats

Play Episode Listen Later Oct 15, 2022 10:04


The former head of the US Federal Reserve Ben Bernanke is named as one of three winners of the 2022 Nobel Prize in Economic Sciences for his work on how banking collapses were a major factor in the Great Depression of the 1930s. He shares the prize with two fellow US academics, Douglas Diamond and Philip Dybvig. Tim Harford discusses the significance of their work focusing on the role of banks and why their smooth functioning is so important to society. Presenter: Charlotte McDonald Producer: Jon Bithrey Editor: Emma Rippon Production Coordinator: Jacqui Johnson Sound Engineer: James Beard (Image: Former Federal Reserve chairman Ben Bernanke speaks after he was named among three U.S. economists awarded the 2022 Nobel Economics Prize, during a news conference at the Brookings Institution in Washington, U.S., October 10, 2022. REUTERS/Ken Cedeno)

The John Fugelsang Podcast
President Zelensky Tells Ukrainians to Leave Annexed Regions ASAP

The John Fugelsang Podcast

Play Episode Listen Later Oct 15, 2022 49:03


John discusses the war in Ukraine as forces continue to gain ground in territory occupied and annexed by Russia, with Kyiv saying it has liberated some 600 settlements. He then talks with Jay in Illinois about recent comparisons of red and blue cities. He also talks to Rich in Indiana on Ben Bernanke receiving a Nobel prize. Next he talks to Bill from New jersey about dark money in political advertising. Then he chats with Sheryl in Michigan on the best Angela Lansbury movies. And last but not least he interviews actress, poker player, and voice over artist Jennifer Tilly.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Generations Radio
What Makes for Real Accomplishment in this World? - Nothing Burger Nobel Prizes

Generations Radio

Play Episode Listen Later Oct 14, 2022 36:00


Ex Fed Chair, Ben Bernanke gets the Nobel Prize for his last ditch effort to defend Keyensian economics.--We run over a few other nothing burger Nobel prizes. Are these people really helpful or is this more of the Emperor's New Clothes procession, where the clothes makers get all the awards- Without God, man doesn't do much good in science, economics, politics, or peace. Only Jesus brings substantial solutions.---This program includes---1. The World View in 5 Minutes with Adam McManus -Drag queen delivers sermon in church, Conspiracy theorist Alex Jones ordered to pay -1 billion, America rejects the sodomite Superman---2. Generations with Kevin Swanson

The Libertarian Angle
Ben Bernanke's Nobel Prize

The Libertarian Angle

Play Episode Listen Later Oct 13, 2022 33:26


Did former Federal Reserve Chairman Ben Bernanke deserve the 2022 Nobel Prize in Economics? FFF president Jacob G. Hornberger and Citadel professor Richard M. Ebeling discuss the fed, monetary policy, and Austrian economics. Please subscribe to our email newsletter FFF Daily here.

The Indicator from Planet Money
Bernanke, bank bailouts and the economics Nobel

The Indicator from Planet Money

Play Episode Listen Later Oct 12, 2022 9:44 Very Popular


Former Fed chair Ben Bernanke and two colleagues were awarded an economics Nobel for research on the role banks play in financial crises — research that's shaped the global financial system.

Money talks from Economist Radio
Money Talks: Panic economics

Money talks from Economist Radio

Play Episode Listen Later Oct 12, 2022 38:34 Very Popular


This year's Nobel prize in economics was awarded to Ben Bernanke, Philip Dybvig, and Douglas Diamond for their pioneering research into the role that banks play in financial crises. On this week's episode, hosts Soumaya Keynes, Mike Bird and Alice Fulwood speak with Professors Dybvig and Diamond about their eponymous model of financial panics - one economics' most cited papers - and ask whether policymakers have truly absorbed their insights.Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at www.economist.com/moneytalks For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer Hosted on Acast. See acast.com/privacy for more information.

ALBERTO PADILLA
Para eliminar la inflación, ¿es inevitable entrar en recesión económica? Análisis con Phd en economía @jmbarrionuevo.

ALBERTO PADILLA

Play Episode Listen Later Oct 12, 2022 57:32


-Pronto economía perderá cientos de miles de empleos al mes. -FMI advierte: ¨Lo peor está aún por venir¨. -Esta semana todos los ojos fijos en la inflación. -Nobel de economía para Ben Bernanke. -Banco de Inglaterra lucha vs el ¨efecto Truss¨. -Su auto NO tiene un piloto automático: Compañías de seguros.

Economist Radio
Money Talks: Panic economics

Economist Radio

Play Episode Listen Later Oct 12, 2022 38:34


This year's Nobel prize in economics was awarded to Ben Bernanke, Philip Dybvig, and Douglas Diamond for their pioneering research into the role that banks play in financial crises. On this week's episode, hosts Soumaya Keynes, Mike Bird and Alice Fulwood speak with Professors Dybvig and Diamond about their eponymous model of financial panics - one economics' most cited papers - and ask whether policymakers have truly absorbed their insights.Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at www.economist.com/moneytalks For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer Hosted on Acast. See acast.com/privacy for more information.

The San Francisco Experience
The Nobel Prize for Economics, 2022. Talking with Professor Ludwig Chincarini, Professor of Finance, School of Management, University of San Francisco.

The San Francisco Experience

Play Episode Listen Later Oct 12, 2022 22:10


The 2022 Nobel Prize for Economics was awarded to Ben Bernanke, former Chairman of the Federal Reserve Bank, Douglas Diamond, University of Chicago and Philip Dybvig, Washington University in St. Louis. All three and their research played a pivotal role in successfully navigating the 2008-2009 Financial Crisis. Professor Chincarini shares his commentary. --- Send in a voice message: https://anchor.fm/james-herlihy/message

ODEON CAPITAL CONVERSATIONS
Jamie Dimon's Recession Warning 'Damaging & Unnecessary,' Dick Bove Says. Elon Musk. Ben Bernanke Wins Nobel Prize. Living With His 'Bad' Policy. Decline Of US Consumerist Society. UKs Financial Storm

ODEON CAPITAL CONVERSATIONS

Play Episode Listen Later Oct 12, 2022 61:04


JAMIE DIMON, one of Wall Street's biggest bankers, pulled no punches, saying in an interview that "serious" headwinds are likely to propel the US and global economies into a recession within the next six to nine months. “These are very, very serious things which I think are likely to push the US and the world — I mean, Europe is already in recession — and they're likely to put the US in some kind of recession six to nine months from now,” Dimon said in the interview Monday with CNBC. Dimon cited a number of indicators including inflation, rising interest rates and the war in Ukraine, that led to his outlook. The CONVERSATION picks up on Dimon's widely reported view with DICK BOVE taken aback. BOVE, Chief Financial Strategist at Odeon Capital Group, said the comments by DIMON, CEO of JP Morgan were, "very damaging to the market." The CONVERSATION elsewhere examines the labor markets with BOVE's forecast for the unemployment rate as the US seems likely to enter recession. JOHN AIDAN BYRNE notes the sharp decline in the numbers of workers entering the labor force today compared with earlier generations as context for today's labor environment and the rise in robotics. With former Fed Chairman BEN BERNANKE honored with a Nobel Prize for his work in economics, MAT VAN ALSTYNE points elsewhere to BERNANKE'S career at the Fed. "I would argue we are living with the repercussions of his bad decisions 14 years ago," VAN ALSTYNE says. In a new comprehensive report covering the roots of today's inflation and monetary policy, and tracing the period of early 2021 through today, BOVE offers a penetrating guide to the realities of today's US economy struggling with the impact of massive money printing. "I don't see the [mass US] consumerist economy continuing in the fashion I have seen," BOVE says. "I see a change."

Snacks Daily

Snacks Daily

Play Episode Listen Later Oct 11, 2022 19:33 Very Popular


In 72 hours, Kanye West said enough stuff to get blocked by social media — but the Ye drama really reveals Elon's future for Twitter. Netflix just announced their biggest movie of the year will debut… in theaters? (*checks notes*) Physical movie theaters. And the award for Nobel Prize in Economics goes to: Ben Bernanke and his beard — For an essay in 1983 that saved us in 2008. $NFLX $AMC $META $TWTR $SPOT $AAPL Follow The Best One Yet on Instagram, Twitter, and Tiktok: @tboypod And now watch us on Youtube Want a Shoutout on the pod? Fill out this form Got the Best Fact Yet? We got a form for that too Learn more about your ad choices. Visit podcastchoices.com/adchoices

Business daily
Frustration mounts as French drivers continue to face fuel shortages

Business daily

Play Episode Listen Later Oct 11, 2022 7:22


Shortages at fuel stations due to a refinery workers' strike continue to impact drivers across France, resulting in long queues. TotalEnergies, which runs about a third of the country's service stations, has offered to advance pay talks but unions remain firm in their strike action. Plus, former Fed chairman Ben Bernanke, has, along with US economists Douglas Diamond and Philip Dybvig, won this year's Nobel Prize for Economics for their work on the role of banks in financial crises. 

Making Sense
Ben Bernanke's Nobel Prize award rewrites the past while darkening future for a single word.

Making Sense

Play Episode Listen Later Oct 11, 2022 21:08


Eurodollar University's Money & Macro AnalysisSources featured in this video:FOMC Jan '09https://www.federalreserve.gov/monetarypolicy/files/FOMC20090116confcall.pdfBernanke speech Nov '02https://www.federalreserve.gov/boarddocs/speeches/2002/20021108/New Yorker Article Dec '08https://www.newyorker.com/magazine/2008/12/01/anatomy-of-a-meltdownBernanke testimony Feb '10https://www.reuters.com/article/usa-fed-bernanke/text-bernankes-prepared-testimomy-to-house-panel-idUSN1016179620100210FOMC Aug 1, '11https://www.federalreserve.gov/monetarypolicy/files/fomc20110801confcall.pdfFOMC Aug 9, '11https://www.federalreserve.gov/monetarypolicy/files/FOMC20110809meeting.pdfBernanke Brookings Mar '15https://www.brookings.edu/blog/ben-bernanke/2015/03/30/inaugurating-a-new-blog/Bernanke Princeton paper Dec '99https://www.princeton.edu/~pkrugman/bernanke_paralysis.pdfTwitter: https://twitter.com/JeffSnider_AIPhttps://www.eurodollar.universityhttps://www.marketsinsiderpro.comhttps://www.PortfolioShield.netRealClearMarkets Essays: https://bit.ly/38tL5a7Epoch Times Columns: https://bit.ly/39ESkRfTHE EPISODESYouTube: https://bit.ly/310yisLVurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39XjrPodcastRepublic:https://bit.ly/3LH8JlVDISCLOSURESJeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.

Lance Roberts' Real Investment Hour
This is not the 1970's Inflation (10/11/22)

Lance Roberts' Real Investment Hour

Play Episode Listen Later Oct 11, 2022 47:48


(10/11/22) Is Jamie Dimon correct in predicting a recession by 2023? 263k jobs number is great, but part of a declining trend. The Paradox of Savings makes for a weaker economy; earnings season is coming with estimates still too high. CEO confidence is at record lows, anticipating layoffs, starting with work-at-home employees. Employment growth is trending negatively. The Fed WILL make a policy mistake, and there is clear evidence Recession will come sooner than later. What kind of inflation is this? Driven by artificial increase in liquidity; the fallacy of Biden's stimulus and poverty; '70's inflation was driven by production, and organic, upward trend. The Volker Mistake; the Fed is operating on lagging indicators. Political divisions are rooted in economic inequalities, and financial "freebies" don't solve problems. Ben Bernanke's Nobel Prize in Economics: was he a firefighter or the arsonist? Why we should have followed the rule of law in 2008 and allowed failing banks to go bankrupt. SEG-1: How the Paradox of Savings Weakens the Economy SEG-2: Is Jamie Dimon Correct About Recession? SEG-3: What Kind of Inflation IS this?? SEG-4: Ben Bernanke - Firefighter or Arsonist? Hosted by RIA Advisors Chief Investment Strategist Lance Roberts, CIO Produced by Brent Clanton, Executive Producer -------- Watch today's show on our YouTube channel: https://www.youtube.com/watch?v=7He3U0TrU8g&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 -------- Our Latest "Three Minutes on Markets & Money: WIs Inflation Cooling?" is here: https://www.youtube.com/watch?v=HNFnFQi7I24&list=PLVT8LcWPeAujOhIFDH3jRhuLDpscQaq16&index=1&t=2s -------- Our previous show is here: "What Happens When the Financial Models Break?" https://www.youtube.com/watch?v=M2qsW-51p78&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=2681s -------- Articles mentioned in this podcast: "Economic Stagnation Arrives As “Sugar Rush” Fades" https://realinvestmentadvice.com/economic-stagnation-arrives-as-sugar-rush-fades/ -------- Get more info & commentary: https://realinvestmentadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to RIA Pro: https://riapro.net/home -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #InvestingAdvice #Inflation #Recession #Jobs #JamieDimon #BenBernake #NobelPrize #Markets #Money #Investing

The Bryan Suits Show
Hour 2: Winter Harvest cancelled

The Bryan Suits Show

Play Episode Listen Later Oct 11, 2022 41:05


Kansas City Chiefs best the Las Vegas Raiders on Monday Night Football. Ben Bernanke wins Nobel Prize. Russia continues attacks against Ukrainians in Kyiv. KNOW IT ALL: 1) Biden has few good options in responding to OPEC cuts. 2) Winter harvest of snow crab cancelled in Alaska over conservation concerns. 3) Seattle's median household income hit a record of $110k. 4) Higher rates coming this October. 5) Shares in Rivian tumble after they announce recall.  // Home invasion in Buckley. // Updates on the war in Ukraine. Man dies at Point Defiance Beach.See omnystudio.com/listener for privacy information.

Nobel Prize Conversations
Calling Ben Bernanke, 2022 economic sciences laureate

Nobel Prize Conversations

Play Episode Listen Later Oct 11, 2022 13:43


“What we're talking about here is credit.” — In this conversation, recorded the day after the announcement from Stockholm, Ben Bernanke stresses the importance of the financial system as a critical part of the broader economy, not just a 'side show'. “That's the real insight,” he says, “that credit can help provide growth, but if the credit mechanism is badly disrupted it can also be a very adverse development for the economy.” He also talks with Adam Smith about how he approached the challenge of transitioning from academic to practitioner, as Chair of the Federal Reserve: “I tried to keep my focus simultaneously on the very near term, what I had to do next; the next speech, the next testimony, the next decision, while at the same time periodically thinking about the big picture.” From October 3-10, don't miss our mini-season that will showcase the absolute freshest interviews with the new 2022 Nobel Prize laureates. Hosted on Acast. See acast.com/privacy for more information.

The Real Investment Show Podcast
This is not the 1970's Inflation (10/11/22)

The Real Investment Show Podcast

Play Episode Listen Later Oct 11, 2022 47:49


(10/11/22) Is Jamie Dimon correct in predicting a recession by 2023? 263k jobs number is great, but part of a declining trend. The Paradox of Savings makes for a weaker economy; earnings season is coming with estimates still too high. CEO confidence is at record lows, anticipating layoffs, starting with work-at-home employees. Employment growth is trending negatively. The Fed WILL make a policy mistake, and there is clear evidence Recession will come sooner than later. What kind of inflation is this? Driven by artificial increase in liquidity; the fallacy of Biden's stimulus and poverty; '70's inflation was driven by production, and organic, upward trend. The Volker Mistake; the Fed is operating on lagging indicators. Political divisions are rooted in economic inequalities, and financial "freebies" don't solve problems. Ben Bernanke's Nobel Prize in Economics: was he a firefighter or the arsonist? Why we should have followed the rule of law in 2008 and allowed failing banks to go bankrupt. SEG-1: How the Paradox of Savings Weakens the Economy SEG-2: Is Jamie Dimon Correct About Recession? SEG-3: What Kind of Inflation IS this?? SEG-4: Ben Bernanke - Firefighter or Arsonist? Hosted by RIA Advisors Chief Investment Strategist Lance Roberts, CIO Produced by Brent Clanton, Executive Producer -------- Watch today's show on our YouTube channel: https://www.youtube.com/watch?v=7He3U0TrU8g&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1 -------- Our Latest "Three Minutes on Markets & Money: WIs Inflation Cooling?" is here: https://www.youtube.com/watch?v=HNFnFQi7I24&list=PLVT8LcWPeAujOhIFDH3jRhuLDpscQaq16&index=1&t=2s -------- Our previous show is here: "What Happens When the Financial Models Break?" https://www.youtube.com/watch?v=M2qsW-51p78&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=2681s -------- Articles mentioned in this podcast: "Economic Stagnation Arrives As “Sugar Rush” Fades" https://realinvestmentadvice.com/economic-stagnation-arrives-as-sugar-rush-fades/ -------- Get more info & commentary: https://realinvestmentadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to RIA Pro: https://riapro.net/home -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #InvestingAdvice #Inflation #Recession #Jobs #JamieDimon #BenBernake #NobelPrize #Markets #Money #Investing

Chronique Economique
Chronique Economique - Le prix Nobel d'économie attribué ce lundi à Ben Bernanke, Douglas Diamond et Philip Dybvig

Chronique Economique

Play Episode Listen Later Oct 11, 2022 3:41


C'est plutôt une surprise. Ce prix prestigieux est distribué par la Banque de Suède car de son vivant, Alfred Nobel n'avait pas prévu un Nobel d'économie. Le prix Nobel a donc été attribué non pas à une personne, mais à trois, dont Ben Bernanke économiste lui aussi de formation, mais aussi ancien président de la banque centrale américaine entre 2006 et 2014. Et c'est ça qui étonne. Cette année, le prix Nobel d'économie a donc été décerné à trois chercheurs connus pour leurs travaux sur les crises bancaires, dont un ex banquier central. Ben Bernanke a par exemple étudié comment les retraits massifs d'argent des banques par les épargnants avaient donc aggravé la crise des années 30. Et les deux autres économistes ont développé des modèles économiques montrant la fragilité des banques face aux rumeurs. En clair, tout doute sur la solvabilité d'une banque est bien conduit aux retraits massifs des dépôts dans cette même banque et donc qu'au final, cette remise de prix Nobel d'économie nous concerne tous. Car aujourd'hui, le rôle des banques centrales, et c'est le cas de le dire central, elles doivent freiner puis briser l'inflation, mais sans trop casser la croissance économique. Consécration pour Ben Bernanke, car il était aux commandes de la banque centrale américaine quand a éclaté la crise des subprimes en 2008. Mais avec le recul, bien d'autres économistes reconnaissent aussi que Ben Bernanke a peut-être sans doute même provoqué notre perte en réduisant effectivement les taux d'intérêt à quasiment à 0 % et en ouvrant large les vannes pour financer la dette publique américaine, il a empêché les mécanismes d'ajustement naturels de se produire. Et suite à ça, on a donc assisté à une gigantesque bulle en bourse et dans l'immobilier. La remise de ce prix pose la question sur la pertinence de ce prix Nobel. Et pour ma part, la seule chose à garder à l'esprit, c'est que ce prix Nobel aura au moins une utilité montrer que la santé des banques est importante, même pour des scientifiques qui accordent donc ce prix. Mais ce qui fait peur aux banquiers aujourd'hui, c'est le Crédit Suisse, une banque suisse dont on craint tout bonnement la faillite, car elle fait cinq fois la taille de la banque Lehman Brothers en 2007. --- La chronique économique d'Amid Faljaoui, tous les jours à 8h30 et à 17h30.

Mesa Central - RatPack
Las carreras clandestinas en Chile y el perfil de Ben Bernanke, el nuevo Premio Nobel de Economía

Mesa Central - RatPack

Play Episode Listen Later Oct 11, 2022 22:38


Este martes en una nueva edición del Rat Pack de Mesa Central Iván Valenzuela conversó con nuestras editoras Paula Comandari y Marily Lüders, quienes nos entregaron detalles de las cuestionadas carreras clandestinas que se dan a lo largo del país, donde el fin de semana en San Antonio un sargento de Carabineros fue gravemente herido al fiscalizar este tipo de carreras. Como también nos entregaron el perfil del nuevo Premio Nobel de Economía, Ben Bernanke.

WSJ Minute Briefing
China Lifts Grounding of Boeing 737 MAX Jets

WSJ Minute Briefing

Play Episode Listen Later Oct 10, 2022 2:03 Very Popular


Plus: British arms maker BAE Systems in talks with U.S. about restarting production of M777 Howitzer after success in Ukraine. Former Federal Reserve chairman Ben Bernanke among trio awarded Nobel Prize in Economic Sciences. J.R. Whalen reports. Learn more about your ad choices. Visit megaphone.fm/adchoices

Marketplace Morning Report
Nobel Prize in economics goes to trio versed in the ways of financial crises

Marketplace Morning Report

Play Episode Listen Later Oct 10, 2022 7:41 Very Popular


Among the three people who won is former Fed chair Ben Bernanke. To help explain some of the research, we consult with Chris Farrell. Also, Julia Coronado drops in to discuss today’s market activity. We look into the financial benefits of museums letting people in for free.

Focus economia
Nobel per l'economia 2022 a Bernanke, Diamond e Dybvig

Focus economia

Play Episode Listen Later Oct 10, 2022


Il premio Nobel per l economia 2022 va aBen Bernanke (68 anni), Douglas W. Diamond (69 anni) e Philip H. Dybvig (67 anni) per "le ricerche sulle banche e le crisi finanziarie". Il primo, attivo alla Brookings Institution, dal 2006 al 2014 è stato presidente della Federal Reserve. Il secondo lavora all Università di Chicago, il terzo alla Washington University di St. Louis. L annuncio è stato dato dall'Accademia reale delle Scienze svedese. I premiati di quest'anno in Scienze Economiche, si legge, "hanno migliorato in modo significativo la nostra comprensione del ruolo delle banche nell'economia, in particolare durante le crisi finanziarie. Un importante risultato della loro ricerca è il motivo per cui è fondamentale evitare i crolli bancari" dal momento che questi "esacerbano le crisi finanziarie". "Le basi di questa ricerca furono gettate da Ben Bernanke, Douglas Diamond e Philip Dybvig nei primi anni '80. Le loro analisi sono state di grande importanza pratica nella regolamentazione dei mercati finanziari e nella gestione delle crisi finanziarie" continua la motivazione. Ne parliamo con Pietro Garibaldi, professore ordinario di Economia Politica all'Università di Torino e Fellow del Collegio Carlo Alberto. Affare Twitter: bisogna chiudere entro il il 28 ottobre La scorsa settimana l'imprenditore americano Elon Musk ha inviato una lettera a Twitter in cui si dice di nuovo intenzionato a comprare il social networknella. Nella lettera Musk ha offerto 54,20 dollari ad azione, cioè lo stesso valore complessivo di 44 miliardi di dollari (più o meno la stessa cifra in euro) che aveva proposto lo scorso aprile. Secondo alcuni commentatori potrebbe anche trattarsi di una strategia di Musk per ritardare il processo e prendere tempo: una fonte del Financial Times vicina a Twitter sostiene che questa sia una preoccupazione della stessa azienda, che invece è intenzionata a chiudere l'affare. Venerdì scorso è arrivata la decisione del giudice del tribunale del Delaware che ha accolto una richiesta di Musk di sospendere il procedimento a suo carico fissando però nel 28 ottobre alle ore 17 il termine ultimo per raggiungere e finalizzare un'intesa. Approfondiamo il tema con Alessandro Plateroti, direttore di Notizie.it.

Wintrust Business Lunch
Wintrust Business Minute: University of Chicago professor wins Nobel Prize in Economics

Wintrust Business Lunch

Play Episode Listen Later Oct 10, 2022


Dave Schwan has the business news of the day with the Wintrust Business Minute. A University of Chicago economics professor is one of three people sharing this year's Nobel Prize in Economics. Douglas Diamond is professor at the Booth School of Business at U of C. Also winning are former federal reserve chair Ben Bernanke […]

Info 3
Albert Rösti bewirbt sich für den Bundesratssitz

Info 3

Play Episode Listen Later Oct 10, 2022 14:01


Nach SVP-Ständerat Werner Salzmann will sich auch SVP-Nationalrat Albert Rösti für den freiwerdenden Bundesratssitz bewerben. Ob die Berner Kantonalpartei beide Kandidaten zuhanden der nationalen Findungskommission nominiert oder nur einen der beiden, steht noch nicht fest. Weitere Themen: Der Nobelpreis für Wirtschaftswissenschaften geht in diesem Jahr an drei US-Ökonomen. Sie werden für ihre Forschung über Banken und Finanzkrisen ausgezeichnet. Ben Bernanke, einer der drei Preisträger, bekämpfte sie 2008 als Chef der US-Notenbank Fed. Nach den Kinderärzten schlagen nun auch Kinder- und Jugendpsychiatrien Alarm: Es gebe zu viele Notfälle, die Wartezeiten seien lang, es herrsche ein Notstand. Grund dafür sei die Corona-Pandemie, aber eben nicht nur.

Kees de Kort | BNR
Macro met Boot en Mujagić | Boot heeft de Nobelprijs niet gewonnen

Kees de Kort | BNR

Play Episode Listen Later Oct 10, 2022 5:50


De Nobelprijs voor de Economie is uitgereikt en niet aan econoom Arnoud Boot, en dat ziet hij als grote teleurstelling. 'Maar wat het gedeeltelijk goed maakt, is dat hij voor een groot deel bij directe collega's van mij terecht is gekomen.' Boot doelt daarmee op twee van de winnaars; Douglas Diamond en Phil Dybvig. 'Zij zitten precies op mijn gebied en hebben toonaangevende artikelen over hoe bank runs kunnen ontstaan.'  Volgens Boot heeft Diamond naast het schrijven van artikelen een hoop gedaan als het gaat om onderzoek naar de economie, terwijl Dybvig 'als een soort monnik door het leven gaat'. 'Hij ziet er ook een beetje zo uit, maar naast die twee mannen heeft ook een man die we allemaal kennen gewonnen: Ben Bernanke. De voormalig gouverneur van de Amerikaanse Federal Reserve, en hij heeft die prijs gekregen om twee redenen: hij was de kenner van de financiële crisis van de jaren 20 van de vorige eeuw.' Boot stelt dat Bernanke daarom ook een zwaar criticus was van het beleid van de centrale bank in historisch perspectief. 'Hij vond ook dat de centrale bank direct liquiditeit in het systeem moest pompen, net zoals hij deed tijdens de crisis van 2008 en 2009. Dat was de les van Bernanke, en die kwam voort uit zijn eigen onderzoek. Ook heeft hij met Mark Gertler belangrijk onderzoek gedaan waarin hij laat zien dat hiccups in financiële systemen bij banken en geweldige accelerator kunnen zijn voor problemen. Zijn er problemen in de economie en is het financiële systeem niet in orde, dan krijg je een financial accelerator waardoor de echte economie nog zwaarder getroffen wordt. See omnystudio.com/listener for privacy information.

Nobel Prize Conversations
Calling Douglas Diamond, 2022 economic sciences laureate

Nobel Prize Conversations

Play Episode Listen Later Oct 10, 2022 10:54


“There are very few people in the world I'd rather be sitting next to when discussing these issues” — In this interview recorded just after the public announcement, Douglas Diamond, the first of the three laureates to hear the news, speaks about his happiness at receiving the economic sciences prize together with Philip Dybvig and Ben Bernanke. He tells Adam Smith how he and Dybvig laid the groundwork for their intense working relationship, which lead to the influential Diamond-Dybvig model, while waiting outside their supervisor's office at Yale, plentifully supplied with cookies. Fast forward to the financial crisis 15 years ago and, Diamond says, “The world was incredibly lucky to have Ben Bernanke sitting in the Federal Reserve”. From October 3-10, don't miss our mini-season that will showcase the absolute freshest interviews with the new 2022 Nobel Prize laureates. Hosted on Acast. See acast.com/privacy for more information.

Good Morning Liberty
Cancel Paypal? | Bernanke Wins Nobel Prize | FL Vax Warning | Kamala Weed Comments || 829

Good Morning Liberty

Play Episode Listen Later Oct 10, 2022 39:37


New PayPal Policy Lets Company Pull $2,500 From Users' Accounts If They Promote ‘Misinformation' https://www.dailywire.com/news/new-paypal-policy-lets-company-pull-2500-from-users-accounts-if-they-promote-misinformation Former Fed boss Ben Bernanke wins Nobel Prize in economics with 2 others for their work on financial crises https://www.msn.com/en-us/money/markets/former-fed-boss-ben-bernanke-wins-nobel-prize-in-economics-with-2-others-for-their-work-on-financial-crises/ar-AA12N7MU Better Late Than Never on Weed, Kamala https://reason.com/2022/10/10/kamala-harris-says-people-shouldnt-go-to-prison-for-pot-possession-so-why-did-she-help-put-them-there/?utm_medium=email Grow your best beard with Beard Club! BeardClub.com/gml 20% off your first order w/ promo code “gml”     Join the private discord & chat during the show! joingml.com   Check out our sponsor BetterHelp! Betterhelp.com/gml   Invest in your future & your human capital today  natescrashcourse.com   Like our intro song? https://www.3pillmorning.com Advertise on our podcast! Learn more about your ad choices. Visit megaphone.fm/adchoices

Marketplace All-in-One
Nobel Prize in economics goes to trio versed in the ways of financial crises

Marketplace All-in-One

Play Episode Listen Later Oct 10, 2022 7:41


Among the three people who won is former Fed chair Ben Bernanke. To help explain some of the research, we consult with Chris Farrell. Also, Julia Coronado drops in to discuss today’s market activity. We look into the financial benefits of museums letting people in for free.

Was jetzt?
Update: Russlands Rache für die Krim-Brücke

Was jetzt?

Play Episode Listen Later Oct 10, 2022 10:16


Über 80 Raketen feuerte Russland am Morgen auf mehrere ukrainische Städte ab, darunter auch die Hauptstadt Kiew. Russlands Präsident Wladimir Putin bezeichnete die Angriffe als Vergeltung für die Explosion auf der Krim-Brücke am vergangenen Samstag und drohte mit weiteren Angriffen. Der Zwischenbericht der Expertenkommission zu Gas und Wärme sieht ein zweistufiges Modell vor, um den Gaspreis für Privathaushalte und Unternehmen zu senken. Wie soll die Gaspreisbremse funktionieren? Und: Geht dadurch der Anreiz zum Energiesparen verloren? Diese Fragen stellt Moses Fendel an Mark Schieritz, wirtschaftspolitischer Korrespondent im Hauptstadtbüro der ZEIT. Der Nobelpreis für Wirtschaftswissenschaften geht in diesem Jahr an die drei US-Ökonomen Ben Bernanke, Douglas Diamond und Philip Dybvig. Was noch? Die Ice Bucket Challenge trägt Früchte. Moderation und Produktion: Moses Fendel Redaktion: Jannis Carmesin Mitarbeit: Clara Löffler Fragen, Kritik, Anregungen? Sie erreichen uns unter wasjetzt@zeit.de Weitere Links zur Folge: Ukraine-Krieg: Putin droht Ukraine mit weiteren "harten" Angriffen (https://www.zeit.de/politik/ausland/2022-10/ukraine-krieg-raketenangriff-kiew-staedte) Alexander Lukaschenko: Belarus kündigt gemeinsame Truppe mit Russland an (https://www.zeit.de/politik/ausland/2022-10/alexander-lukaschenko-belarus-russland-militaer-ukraine-krieg) Waffenlieferungen: Deutschland liefert Ukraine erstes Luftabwehrsystem (https://www.zeit.de/politik/ausland/2022-10/luftverteidigungssysteme-iris-t-slm-ukraine) Gaspreiskommission: Einmalzahlung und Preisdeckel gegen die Energiekrise (https://www.zeit.de/wirtschaft/2022-10/sonderzahlung-und-preisdeckel-gaskommission-legt-stufenplan-vor) Nobelpreis für Wirtschaft: Wirtschaftsnobelpreis geht an Trio um Ex-US-Notenbankchef Ben Bernanke (https://www.zeit.de/wirtschaft/2022-10/wirtschaftsnobelpreis-geht-an-drei-us-oekonomen) Was noch? Die "Ice Bucket Challenge" trägt Früchte (https://www.fda.gov/news-events/press-announcements/fda-approves-new-treatment-option-patients-als)

TIME's Top Stories
Former Fed Chair Ben Bernanke Shares Nobel Prize for Research on Banks

TIME's Top Stories

Play Episode Listen Later Oct 10, 2022 2:29


The Nobel Prize committee said the research of the three winners had shown “why avoiding bank collapses is vital.”

American Monetary Association
429: The FED, Paul Volcker, Jerome Powell, Alan Greenspan, Ben Bernanke, Inflation & Interest Rates, Hartman Comparison Index

American Monetary Association

Play Episode Listen Later Sep 10, 2022 16:46


Michael Zuber of One Rental At A Time interviews Jason about the Federal Reserve, its chairmen, past and present and offers a few predictions on how the Fed will be dealing with inflation and interest rates. Michael also asks Jason to comment on 3 potential things that could happen in our economy, given the "plandemic" and its consequences. Key Takeaways: 1:49 Jerome Powell may be turning into Paul Volcker and the ramifications on the market 4:15 An economic malaise, taking away the punch bowl and reloading the metaphoric gun 5:55 Redeeming the "transitory" legacy of a non-automaton 6:53 The "Fed Put", saber-rattling and deciphering Greenspan 8:57 Ben Bernanke and the taming of inflation, mortgage rates versus house price, Hartman Comparison Index 12:01 Back pedaling, supply shortages and allocating human resources 14:02 Closing thoughts, Misery Index, Philipps Curve   Tweetables: "The price of money is of major significance" - Jason Hartman   Follow Jason on TWITTER, INSTAGRAM & LINKEDIN Twitter.com/JasonHartmanROI Instagram.com/jasonhartman1/ Linkedin.com/in/jasonhartmaninvestor/ Call our Investment Counselors at: 1-800-HARTMAN (US) or visit: https://www.jasonhartman.com/ Free Class:  Easily get up to $250,000 in funding for real estate, business or anything else: http://JasonHartman.com/Fund CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Get wholesale real estate deals for investment or build a great business – Free Course: https://www.jasonhartman.com/deals Special Offer from Ron LeGrand: https://JasonHartman.com/Ron Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com

Making Sense
Global Money Scarcity Observed in Recent 1 Month Treasury Auction [Ep. 276, Eurodollar University]

Making Sense

Play Episode Listen Later Aug 17, 2022 22:00


A recent US Treasury auction for one-month Treasury Bills showed heavy premiums paid by the market to secure the global monetary system's most desired financial collateral. It signals ongoing collateral / credit / money scarcity, so says Ben Bernanke (in a roundabout way).****DISCLOSURES****Jeffrey Snider (The Promoter) is acting as a promoter for an investment advisory firm, Atlas Financial Advisors, Inc. (AFA). Jeffrey Snider is affiliated with AFA as a promoter only and is not in any way giving investment advice or recommendations on behalf of AFA. The Promoter is being compensated by a fee arrangement: The Promoter will receive compensation on a quarterly basis, based on the increase in account openings that can be reasonably attributed to the Promoter's activity. The Promoter will not be receiving a portion of any advisory fees. The Promoter has an incentive to recommend the Adviser because the Promoter is being compensated. The opinions expressed on this site and in these videos are those solely of Jeffrey Snider and Eurodollar University and do not represent those of AFA.****EP. 276 REFERENCES****Welcome to the Worst Kind of Party: http://www.marketsinsiderpro.com/RealClear Markets Essays: https://bit.ly/38tL5a7Epoch Times Columns: https://bit.ly/39ESkRf****THE EPISODES****YouTube: https://bit.ly/310yisLVurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39XjrPodcastRepublic:https://bit.ly/3LH8JlV****THE TEAM****Jeff Snider, Emperor Eurodollar. Emil Kalinowski, Ceremony Master. David Parkins, Illustrator Deus. Audio and video editor, Terence. Episode intro/outro music is "Neon Dreams" by Lazer Boomerang.****FIND THE TEAM****Jeff: https://twitter.com/JeffSnider_AIPJeff: https://www.eurodollar.university/Emil: https://twitter.com/EmilKalinowskiEmil: https://www.EuroDollarEnterprises.comDavid: https://DavidParkins.com/Terence: https://www.VisualFocusMedia.comLazer Boomerang: https://www.youtube.com/channel/UCPnl9BuBDKx8_uQ2xNy-djg"Neon Dreams": https://youtu.be/8vk_pnHbeZ4****DISCLOSURES****Emil Kalinowski is acting as three-ring circus ring master; he can neither confirm nor deny the presence of nuclear weapons on this show. Mister Kalinowski is neither employed by AFA nor does he receive any compensation from AFA -- not even the expensive gift basket that comes with those fancy nuts. El señor Kalinowski does not offer investment advice. Nevertheless should you torture a statement by him into taking on the form of advice, or perhaps the shape of a suggestion -- let's even say a contortion resembling a hint -- AND then act on le monsieur Kalinowski's 'recommendations'?  Well, YOU WILL LOSE MONEY! Even if you do the opposite of o senhor Kalinowski's 'advice' you will ALSO lose money -- it is some kind of a paradox (both the National Aeronautics and Space Administration and Securities and Exchange Commission are investigating). The Kalinowski's only guidance is that you do not listen to him for any purpose other than deep, rapid eye movement sleep.

The John Batchelor Show
#LondonCalling: Ben Bernanke remembers 2008 and the tools of the Fed. @JosephSternberg @WSJOpinion

The John Batchelor Show

Play Episode Listen Later Jul 27, 2022 14:26


Photo: No known restrictions on publication. @Batchelorshow #LondonCalling:  Ben Bernanke remembers 2008 and  the tools of the Fed. @JosephSternberg @WSJOpinion https://www.wsj.com/articles/the-economic-mess-were-in-jerome-powell-federal-reserve-elizabeth-warren-larry-summers-inflation-11658783704?mod=hp_opin_pos_1