Podcasts about Paul Volcker

Play Episode Listen Later May 4, 2025 51:15

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump's protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026. To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022). “If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual', people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit'. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?” Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer". Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Jerome Powell: “We don't think you're a straight shooter"

Play Episode Listen Later May 4, 2025 51:15

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump's protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026. To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022). “If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual', people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit'. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?” Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer". Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science

Jerome Powell: “We don't think you're a straight shooter"

Play Episode Listen Later May 4, 2025 51:15

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump's protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026. To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022). “If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual', people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit'. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?” Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer". Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/biography

Jerome Powell: “We don't think you're a straight shooter"

Play Episode Listen Later May 4, 2025 51:15

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump's protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026. To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022). “If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual', people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit'. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?” Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer". Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Jerome Powell: “We don't think you're a straight shooter"

Play Episode Listen Later May 4, 2025 51:15

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump's protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026. To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022). “If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual', people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit'. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?” Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer". Learn more about your ad choices. Visit megaphone.fm/adchoices

Jerome Powell: “We don't think you're a straight shooter"

Play Episode Listen Later May 4, 2025 51:15

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump's protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026. To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022). “If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual', people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit'. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?” Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer". Learn more about your ad choices. Visit megaphone.fm/adchoices

Jerome Powell: “We don't think you're a straight shooter"

Play Episode Listen Later May 4, 2025 51:15

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump's protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026. To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022). “If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual', people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit'. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?” Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer". Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Janet Yellen: “She had a view that the world was on fire”

board wall street journal council era fed treasury governors harpercollins janet yellen upheaval yellen us federal reserve economic advisors fed chair ben bernanke bernanke paul volcker bill martin tim gwynn jones

Play Episode Listen Later May 3, 2025 59:43

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke's successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022). “Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”. In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He's still watching the Fed but now for his own advisory firm. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Janet Yellen: “She had a view that the world was on fire”

board wall street journal council era fed treasury governors janet yellen yellen us federal reserve economic advisors fed chair ben bernanke bernanke paul volcker bill martin tim gwynn jones

Play Episode Listen Later May 3, 2025 59:43

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke's successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022). “Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”. In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He's still watching the Fed but now for his own advisory firm. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science

Janet Yellen: “She had a view that the world was on fire”

board wall street journal council era fed treasury governors janet yellen yellen us federal reserve economic advisors fed chair ben bernanke bernanke paul volcker bill martin tim gwynn jones

Play Episode Listen Later May 3, 2025 59:43

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke's successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022). “Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”. In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He's still watching the Fed but now for his own advisory firm. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/biography

Janet Yellen: “She had a view that the world was on fire”

board wall street journal council era fed treasury governors janet yellen yellen us federal reserve economic advisors fed chair ben bernanke bernanke paul volcker bill martin tim gwynn jones

Play Episode Listen Later May 3, 2025 59:43

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke's successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022). “Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”. In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He's still watching the Fed but now for his own advisory firm. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Janet Yellen: “She had a view that the world was on fire”

board wall street journal council era fed treasury governors janet yellen yellen us federal reserve economic advisors fed chair ben bernanke bernanke paul volcker bill martin tim gwynn jones

Play Episode Listen Later May 3, 2025 59:43

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke's successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022). “Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”. In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He's still watching the Fed but now for his own advisory firm. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Janet Yellen: “She had a view that the world was on fire”

board wall street journal council era fed treasury governors janet yellen yellen us federal reserve economic advisors fed chair ben bernanke bernanke paul volcker bill martin tim gwynn jones

Play Episode Listen Later May 3, 2025 59:43

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke's successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022). “Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”. In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He's still watching the Fed but now for his own advisory firm. Learn more about your ad choices. Visit megaphone.fm/adchoices

Janet Yellen: “She had a view that the world was on fire”

board wall street journal council era fed treasury governors janet yellen yellen us federal reserve economic advisors fed chair ben bernanke bernanke paul volcker bill martin tim gwynn jones

Play Episode Listen Later May 3, 2025 59:43

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke's successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022). “Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”. In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He's still watching the Fed but now for his own advisory firm. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ben Bernanke: “Like being a paleontologist”

Play Episode Listen Later May 2, 2025 44:27

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Ben Bernanke: “Like being a paleontologist”

Play Episode Listen Later May 2, 2025 44:27

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science

Ben Bernanke: “Like being a paleontologist”

Play Episode Listen Later May 2, 2025 44:27

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/biography

Ben Bernanke: “Like being a paleontologist”

Play Episode Listen Later May 2, 2025 44:27

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Ben Bernanke: “Like being a paleontologist”

Play Episode Listen Later May 2, 2025 44:27

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ben Bernanke: “Like being a paleontologist”

Play Episode Listen Later May 2, 2025 44:27

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices

Ben Bernanke: “Like being a paleontologist”

Play Episode Listen Later May 2, 2025 44:27

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Alan Greenspan: “The man who knew”

Play Episode Listen Later May 1, 2025 49:08

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

world board washington post council economists fed maestro world bank bankers governors foreign relations us federal reserve greenspan alan greenspan paul volcker bill martin sebastian mallaby mallaby tim gwynn jones paul a volcker

Alan Greenspan: “The man who knew”

Play Episode Listen Later May 1, 2025 49:08

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science

world board washington post council economists fed maestro world bank bankers governors foreign relations us federal reserve greenspan alan greenspan paul volcker bill martin sebastian mallaby mallaby tim gwynn jones paul a volcker

Alan Greenspan: “The man who knew”

Play Episode Listen Later May 1, 2025 49:08

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/biography

world board washington post council economists fed maestro world bank bankers governors foreign relations us federal reserve greenspan alan greenspan paul volcker bill martin sebastian mallaby mallaby tim gwynn jones paul a volcker

Alan Greenspan: “The man who knew”

Play Episode Listen Later May 1, 2025 49:08

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

world board washington post council economists fed maestro world bank bankers governors foreign relations us federal reserve greenspan alan greenspan paul volcker bill martin sebastian mallaby mallaby tim gwynn jones paul a volcker

Alan Greenspan: “The man who knew”

Play Episode Listen Later May 1, 2025 49:08

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

world board washington post council economists fed maestro world bank bankers governors foreign relations us federal reserve greenspan alan greenspan paul volcker bill martin sebastian mallaby mallaby tim gwynn jones paul a volcker

Alan Greenspan: “The man who knew”

Play Episode Listen Later May 1, 2025 49:08

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. Learn more about your ad choices. Visit megaphone.fm/adchoices

world board washington post council economists fed maestro world bank bankers governors foreign relations us federal reserve greenspan alan greenspan paul volcker bill martin sebastian mallaby mallaby tim gwynn jones paul a volcker

Alan Greenspan: “The man who knew”

Macro Musings with David Beckworth

Play Episode Listen Later May 1, 2025 49:08

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. Learn more about your ad choices. Visit megaphone.fm/adchoices

world board washington post council economists fed maestro world bank bankers governors foreign relations us federal reserve greenspan alan greenspan paul volcker bill martin sebastian mallaby mallaby tim gwynn jones paul a volcker

The Dark Side of Jimmy Carter with Robert Buzzanco

Varn Vlog

Play Episode Listen Later Apr 21, 2025 60:49 Transcription Available

Behind the celebrated image of Jimmy Carter as a Nobel Peace Prize-winning humanitarian lies a presidential legacy that demands closer examination. This revealing conversation with historian Robert Buzzanco challenges the sanitized narrative of Carter's presidency, exposing how he functioned as a crucial transitional figure between postwar liberalism and the full flowering of neoliberalism under Reagan.Buzzanco methodically dismantles popular misconceptions, documenting how Carter accelerated Cold War tensions rather than reducing them. While Nixon had pursued détente with both China and the Soviet Union, Carter reversed course, supporting the genocidal Khmer Rouge, working with apartheid South Africa against liberation movements in Angola, and initiating support for the Mujahideen fighters who would later evolve into Al-Qaeda. These military interventions reveal a hawkish president whose actions directly contradict his later humanitarian image.On the domestic front, Carter's presidency marks the beginning of neoliberal economic policies that would reshape American society. His administration aggressively pursued deregulation across multiple industries, appointed inflation hawk Paul Volcker to the Federal Reserve, sidelined labor unions, and rejected government intervention when factories closed in the Rust Belt. These policies accelerated the decline of working-class living standards and laid the groundwork for Reagan's more explicit dismantling of the New Deal consensus.Perhaps most strikingly, Carter's political transformation after leaving office represents one of the most remarkable second acts in American political history. The same man who collaborated with China to punish Vietnam later won the Nobel Peace Prize and wrote "Palestine Peace, Not Apartheid." Understanding this contradiction helps illuminate broader patterns in American politics, where Democratic administrations have repeatedly embraced corporate-friendly policies while facing pressure to move rightward after electoral defeats.Have we been too quick to sanitize Carter's legacy because of his admirable humanitarian work? What does this selective memory tell us about our political culture? Listen now to this thought-provoking deconstruction of a presidential legacy that continues to shape our world today.You can find Robert Buzzanco's work:https://www.counterpunch.org/2023/03/02/jimmy-carter-is-a-liberal-saint-now-was-a-war-criminal-then/https://afflictthecomfortable.org/https://creators.spotify.com/pod/dashboard/episodesSend us a text Musis by Bitterlake, Used with Permission, all rights to BitterlakeSupport the showCrew:Host: C. Derick VarnIntro and Outro Music by Bitter Lake.Intro Video Design: Jason MylesArt Design: Corn and C. Derick VarnLinks and Social Media:twitter: @varnvlogblue sky: @varnvlog.bsky.socialYou can find the additional streams on YoutubeCurrent Patreon at the Sponsor Tier: Jordan Sheldon, Mark J. Matthews, Lindsay Kimbrough, RedWolf, DRV, Kenneth McKee, JY Chan, Matthew Monahan

Paul Blustein on the Rise, Dominance, and Current Challenges to King Dollar

Play Episode Listen Later Apr 14, 2025 57:44

Paul Blustein is a former Washington Post and Wall Street Journal journalist who has authored several acclaimed books on global economic institutions. In Paul's first appearance on the show, he discusses the historical rise of the dollar, it's present-day power, how it compares to other global currencies, current challenges to its power, the rise of crypto, and much more. Check out the transcript for this week's episode, now with links. Recorded on March 26th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Paul Blustein on X: @PaulBlustein Follow the show on X: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps: (00:00:00) – Intro (00:00:52) – Paul's Books (00:05:08) – Motivations for King Dollar (00:09:02) – History of the Dollar (00:12:57) – Nixon Shock of 1971 (00:23:36) – Paul Volcker (00:33:14) – Dollar Dominance and Statecraft (00:40:46) – What About the Euro? (00:44:42) – Cryptocurrency as a Rival to the Dollar (00:47:54) – Drawbacks of Dollar Dominance (00:57:03) – Outro

Episode 2239: Frank Vogl on why Trump's financial deregulation is likely to lead to another global economic crash

Keen On Democracy

Play Episode Listen Later Feb 16, 2025 36:18

The zealously anti-regulatory Trump is back and anti-corruption activist Frank Vogl is very worried. Vogl warns that MAGA's increasingly deregulated America financial landscape could make the 2008 crash look like a minor bump in the economic road. With Trump putting the Foreign Corrupt Practices Act on "pause" and DOGE kingpin Elon Musk openly dreaming of turning X into a bank, we're watching traditional financial regulation shrivel to the minimal levels of Calvin Coolidge's 1920's. Meanwhile, Melania is launching crypto tokens, Putin's kleptocracy has been legitimized by the Ukraine “peace” negotiations, and the increasingly unaccountable banks are begging to gamble with our money again. What could possibly go wrong? Here are the five KEEN ON takeaways from this conversation with Frank Vogl:* Financial Deregulation Concerns - Frank Vogl warns that Trump's administration is actively dismantling financial regulations, including pausing the Foreign Corrupt Practices Act and weakening the Consumer Financial Protection Bureau. He fears this deregulation could lead to a financial crisis potentially worse than 2008.* Three-Pronged Financial Risk - Vogl identifies three interconnected areas of concern:* Traditional banks seeking reduced capital requirements and fewer restrictions* Unregulated expansion of Silicon Valley firms (like X/Twitter) into banking* The growing crypto market and its potential for money laundering and speculation* Regulatory Enforcement Weakening - The Trump administration is systematically weakening regulatory agencies by appointing anti-regulation leaders and reducing staff (e.g., the Federal Deposit Insurance Corporation lost 500 staff). This reduction in oversight capacity could enable financial abuse and fraud.* International Corruption Implications - The suspension of the Foreign Corrupt Practices Act and potential lifting of Russian sanctions could create a vacuum in global anti-corruption enforcement, as no other country (including the UK or Switzerland) is positioned to take over America's leadership role in fighting international financial crime.* Big Tech and Government Contracts - There's growing concern about the relationship between the Trump administration and tech leaders, not just for potential government contracts but also for their control of media platforms. Vogl argues this could be problematic for democracy if proper procurement and transparency processes aren't followed.FULL TRANSCRIPT: Frank Vogl Warns of a New Financial Crisis Under Trump 2.0Interview with Frank Vogl February 16, 2025Two months into Donald Trump's second presidency, financial corruption expert Frank Vogl returns to Keen On to discuss the dismantling of America's financial regulatory system and its potential consequences. Vogl, co-founder of Transparency International and author of "The Enablers: How the West Supports Kleptocrats and Corruption, Endangering Our Democracy," warns of parallels to both the 1920s and 2008 financial crisis, but with new digital-age complications.Andrew Keen: Hello, everybody. It is Sunday, February 16th, 2025. A couple of years ago, we did a show with my old friend Frank Vogl on the global fight against corruption. He is the author of "The Enablers: How the West Supports Kleptocrats and Corruption, Endangering Our Democracy" and co-founder of Transparency International, a nonprofit focused on exposing financial corruption. Last year, we had Frank back to discuss whether Donald Trump 2.0 would be what we called a semi-legal repeat of the Sam Bankman-Fried FTX debacle. Now, almost two months into the Trump regime, I'd like to revisit this question. Frank, you have an interesting new piece out in The Globalist about Trump-style U.S. financial deregulation and its global ramifications. Is it as bad as we feared?Frank Vogl: Yes, it's good to be with you, Andrew. We are in danger of developments that could lead to a financial crisis in a few years' time, potentially worse than the 2008 financial crisis. That crisis led to massive unemployment and economic hardship, not just in the U.S. but across the world. It was caused by wild speculation, greed, and mismanagement by fewer than two dozen financial institutions, many of which were bailed out. Now, thanks to what Trump and Elon Musk are doing, we're setting the stage for a new era of financial deregulation with all the risks that involves.Andrew Keen: It's chilling. Frank, I wonder about the historical parallels. Some people have made much of Trump's interest in McKinley's presidency, colonialism, and Latin America. But I wonder whether we're really returning to the 1920s and the unconstrained speculative capitalism of the Coolidge, Harding, and Hoover era. Are there historical analogies here? The teapot scandal and unregulated capitalism of the '20s resulted in the great crash.Frank Vogl: Yes, that's true. But we should remember it led to a new era of regulation - the establishment of the Securities and Exchange Commission and other regulatory bodies focused on ensuring financial institutions didn't have excessive power. What we're facing now is not only the prospect of excessive power by financial institutions but a much more complicated array of financial institutions. Take Elon Musk, who unquestionably wants to enter the financial arena by operating his own quasi-bank.Andrew Keen: He's always been clear about that - he's said X will ultimately be a bank among other things.Frank Vogl: What we're seeing now is not only the possibility of bank deregulation, but also the emergence of a whole new unregulated system of finance from Silicon Valley. Add to that the complete mayhem of gambling, greed, corruption, and money laundering associated with crypto tokens. Put all of that together and you have a dangerous situation that could affect the global economy.Andrew Keen: Some might say you're overreacting. A Silicon Valley entrepreneur friend who was on the show yesterday argued that the Biden administration, particularly figures like Lina Khan, was stifling innovation. They'd say Trump's people are just letting innovators innovate, with Musk as a prime example. How would you respond to that?Frank Vogl: I disagree when it comes to finance. Let me explain. Our government essentially has two components: the administrative state, where government departments monitor and implement programs and projects, and the regulatory state, where agencies protect American citizens in health, consumer safety, and finance. First and foremost, we need a safe and sound financial system. Everyone benefits from that. We have a healthy financial system right now - just look at the stock market. It could be improved, but let's not demolish it. The profits of the biggest banks in 2024 were at record levels. Jamie Dimon, head of JP Morgan Chase, took home a record $39 million in compensation. The head of Goldman Sachs got an $80 million bonus.Andrew Keen: Which in Silicon Valley terms isn't that much money, certainly compared to the Musks and others of this world.Frank Vogl: My point is that banks are the bedrock of our financial system. The people at the top are being compensated better than ever before. So what are they campaigning for? What are they supporting Trump on? They're arguing for the kind of deregulation that Paul Volcker, the former Federal Reserve Board president, warned would be dangerous.Andrew Keen: My understanding of the 2008 crash was that banks took advantage of vulnerable consumers and lent them money they shouldn't have borrowed, creating the subprime mortgage crisis that crashed the economy. What do bankers want to do in 2025 that, in your view, they shouldn't be allowed to do?Frank Vogl: You're right about what happened, but also many financial institutions borrowed enormous sums. They leveraged their basic resources to speculate on complicated derivative financial instruments. They were essentially gambling. As Chuck Prince, who ran Citigroup, said, "We have to keep dancing as long as the music is playing."Andrew Keen: Capitalism is about dancing, Frank. It's about taking risk, isn't it?Frank Vogl: To some degree, but when you have an institution like JPMorgan Chase with over $4 trillion in assets, you have to think hard about its mission. That mission fundamentally is to serve customers, not just the top executives. Let them get rich at the top, but let them be prudent and maintain integrity. Trump and Musk have no time for that. Let me give you one example: Trump recently announced we're no longer going to investigate international and corporate corruption. He put the Foreign Corrupt Practices Act on pause.Andrew Keen: Yes, that was February 10th. Quoting from whitehouse.gov: "Pausing Foreign Corrupt Practices Act enforcement to further American economic and national security," whatever that means.Frank Vogl: The act was signed by Jimmy Carter in 1977. The largest single fines ever paid for foreign bribery were by Goldman Sachs - nearly $4 billion globally, with $1.6 billion to the U.S. alone. Now we're ending investigations of exactly the kind of activity that made Goldman Sachs very profitable. We're ending all manner of fraud investigation in finance. Take another example: last week, the Consumer Financial Protection Bureau was essentially shuttered. A judge ruled it should continue, but Trump's appointees ensure it has minimal resources to investigate. The CFPB investigates banks that commit fraud against regular customers. Remember what Wells Fargo did? The CFPB caught them, and they paid major fines.Andrew Keen: How does all this add up to a financial crisis? The CFPB situation is troubling, but why should this cause the whole system to collapse?Frank Vogl: Let's look at this in three components: banks, digital finance, and crypto. Starting with banks - they're lobbying hard for reduced capital requirements, meaning less money in reserve for crises. They want fewer regulations on how they use their money so they can speculate on their own account. Why? Because banks' short-term profits determine the bankers' compensation. Their bonuses are tied to those profits.Andrew Keen: So if banks are allowed to gamble aggressively, that's great if they win, but if they lose, we all lose. Is that the argument? Then we have to bail them out again?Frank Vogl: That's part of it. The other concern is that as some banks lose, they may get merged into other banks until you have just a handful of enormous banks that can never fail. If they were to fail, our economy would fail. The moral hazard is that banks know when they take huge risks, they'll be bailed out. Now add to this all these quasi-banking systems from Silicon Valley - PayPal, Venmo, Apple Pay. And X recently announced a deal with Visa on payment systems, just the first step to creating X Financial.Andrew Keen: You're sounding a bit reactionary, maybe alarmist. What's wrong with PayPal? It's simply a digital system for people to buy stuff.Frank Vogl: You're right, it's fine the way it is today. But what if these entities are allowed to take deposits and make loans, doing everything banks do, all online? Who's regulating that? Where's the safety?Andrew Keen: But where's the evidence that the Trump administration will allow PayPal or X or Apple Pay to become banks without traditional regulations? From a traditional banking perspective, I'd assume Jamie Dimon and his peers would fight this because it undermines them.Frank Vogl: We're seeing an administration tearing the system apart. Look at each regulatory agency - Trump has put people in charge with long histories of opposing regulation. The Federal Deposit Insurance Corporation just lost 500 staff through "voluntary resignations." When you reduce regulatory enforcement and investigation, you open the door to abuse. History shows that when there's opportunity for abuse, abuse happens. I hope your optimism about Silicon Valley's ability to manage complicated finance is justified, but I'm skeptical.Andrew Keen: So you're saying Apple or X or PayPal shouldn't be able to be banks, even with traditional banking regulations?Frank Vogl: No, that would be fine. But who's going to regulate it? Do you see Trump proposing to Congress that a brand new regulatory agency be established for this kind of finance? That's not how the Trump team thinks. Just look at crypto.Andrew Keen: Yes, let's look at crypto. Melania Trump launched her own cryptocurrency - it's an enormous speculative bubble, like the tulip speculation. Last week, both Donald and Melania Trump's crypto tokens plummeted. Someone's profiting, someone's losing. How important is this to the broader economy? Is it just another sideshow, another way for the Trump family to get rich while we lose?Frank Vogl: It's contained at the moment. The whole crypto token business is perhaps $3-4 trillion in size - very small in terms of global finance. But I worry about an administration with strong conflicts of interest developing this kind of rapid gambling speculation. Most people invested in crypto are young, between 18 and 35. Many don't have experience with past financial crises.Andrew Keen: And there's a clear difference between using PayPal to buy something online and investing in crypto. One is entirely speculative, one is just a financial transaction.Frank Vogl: Do you really think Elon Musk's X Financial will be satisfied just being a rival to PayPal's payment system? Or does he have bigger ambitions to turn X Financial into something much more like a bank?Andrew Keen: I think he does, but...Frank Vogl: And then comes the question: who is going to regulate this?Andrew Keen: Musk himself? That's a joke. Although at the moment, there's no concrete evidence. X is still struggling for survival as just a social media platform.Frank Vogl: Look, I may sound pessimistic, but I'm only talking about the potential. There's very little public attention on what's happening with financial deregulation, as I wrote in The Globalist. The impact could be substantial. When you have this complete dismantling of the FCPA, other fraud investigations, the removal of inspectors general - the whole dismantling of the government's apparatus for accountability and transparency - then you have to worry about mounting financial risk in our system.Andrew Keen: Let's return to crypto. When does crypto become dangerous? If it becomes a rival to the dollar? At what point do we start worrying that a crypto crisis could become a broader financial crisis?Frank Vogl: I don't worry about that actually. I worry about the conflicts of interest - Trump and his children and cronies all making money from deregulating crypto. I think crypto will remain a sideshow for a long time. But I'm considerably worried about money laundering. With a Justice Department that's stopped investigating financial crimes, and a cryptocurrency system free of regulation - something Trump has promised - organized crime and kleptocrats worldwide will be able to hide their ill-gotten gains and transfer them between countries. That's worrying in itself, even if it doesn't cause a global financial meltdown.Andrew Keen: I wonder if there's another dimension to Trump's upcoming meeting with Putin in Saudi Arabia to discuss Ukraine. There's what one author called "KGB-style capitalism" - the mass laundering of illegal wealth. How much does Trump's eagerness to bring Putin back into the international system have financial ramifications?Frank Vogl: Putin and the oligarchs, Lukashenko in Belarus and his cronies, the former oligarchs of Ukraine who made their money with Russia - all these people have been sanctioned since the war started in February 2022. We're approaching the third anniversary. Putin really wants those sanctions lifted to restore global money laundering and financial crime opportunities. This might be leverage in a deal.Andrew Keen: Can Trump get away with that politically in D.C.? If he pulls the sanctions card to establish what he'd call a Ukrainian peace - really a peace imposed by America on Ukraine - will mainstream Republicans accept that?Frank Vogl: They seem to accept everything today. Trump seems to get away with an awful lot. But I'd like to return to something earlier - there needs to be more public attention on the dismantling of the Consumer Financial Protection Bureau. To use a new word in the vocabulary, it has been "Musked." The CFPB, like USA Today, has been Musked. Musk and Trump have weaponized their authority to dismantle these institutions. We'll see it at the SEC and the Commodity Futures Trading Commission. When you weaponize authority, you monetize power. This is where the conflict of interest comes in. Unfortunately, Congress isn't alert to these developments.Andrew Keen: In a broader international sense, I've always understood that American law is more aggressive than the UK's. Oliver Pollock, who's been on the show, wrote "Butler to the World" about the corrupt British system that invites dirty money from overseas, particularly Russia. Given that Trump is demanding half of Ukraine's mineral resources, could this Trump revolution undermine America's role in standing up to dirty money, both domestically and overseas?Frank Vogl: It might undermine it, but there's no authority anywhere to replace it. The U.S. Justice Department did a fantastic job investigating cryptocurrencies, crypto finance, and bribery of foreign government officials - not just by U.S. companies but by many companies worldwide with U.S. listings, like Airbus Industries. There's no authority in Europe willing to take on that task. So we leave a vacuum. And who fills the vacuum? Kleptocrats, organized crime, and corrupt businesses. A Nigerian paper recently headlined that Nigerian politicians are now open to American bribes. We're being seen as permitting corruption - a terrible reputation. The Swiss or British won't suddenly become super-active in filling the roles the U.S. Justice Department has played.Andrew Keen: As The Guardian headlined today, "Elon Musk's mass government cuts could make private companies millions." We all know the famous photo from the inauguration with Zuckerberg, Bezos, Google's CEO, and Musk. Some might say, what's wrong with that? These companies are the engine of the American economy. Why shouldn't the Trump administration focus on making big American companies more profitable? Won't that make Americans wealthier too?Frank Vogl: There are two answers. First, I agree - if standard public procurement, accountability, and transparency procedures are in place, then companies winning competitive bidding should win. If these happen to be the companies you mentioned, good for them. But if contracts are given without proper bidding processes and transparency, the public loses. Second, Trump didn't embrace these people primarily for their business power - they control media. Autocrats worldwide, from Orbán to Netanyahu, ensure they have media-controlling business tycoons on their side. Trump is incredibly sensitive to publicity and has attracted these powerful media tycoons. I worry about how this media power will be used to undermine democracy and freedom of speech.Andrew Keen: What's the headline for today? Last time, we discussed whether Trump 2.0 would be a semi-legal repeat of the Sam Bankman-Fried debacle. What's the worst that can happen in this new regime?Frank Vogl: Actions are being taken, sometimes inadvertently, that undermine the safety and soundness of our financial system. If that happens, everyone - not just here at home but internationally - will suffer.Andrew Keen: So we'll get 2008 again, or 1930?Frank Vogl: I hope we get neither. But we must be acutely aware of the risks and call out all deregulatory measures if we believe they risk our system, especially when prompted by corruption and greed rather than public interest.Andrew Keen: Well, Frank Vogl, I hope you're wrong, but I suspect you may be right. This won't be the last time you appear on the show. There will be many twists and turns in the financial history of the Trump regime. Thank you so much, Frank. Keep watching in D.C. - we need eyes and ears like yours to make sense of what's happening.Frank Vogl: Andrew, it was once again a great pleasure. Thank you.Frank Vogl is the co-founder of two leading international non-governmental organizations fighting corruption -- Transparency International and the Partnership for Transparency Fund (Frank is the Chair of the PTF Board). He teaches at Georgetown University, writes regular "blog" articles on corruption for theGlobalist.com and lectures extensively. Frank is also a specialist in international economics and finance with more than 50 years of experience in these fields - first as an international journalist, then as the Director of Information & Public Affairs at the World Bank official and, from 1990 to 2017, as the president and CEO of a consulting firm, Vogl Communications Inc.Keen On is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best known broadcasters and commentators. In addition to presenting the daily KEEN ON show, he is the host of the long-running How To Fix Democracy interview series. He is also the author of four prescient books about digital technology: CULT OF THE AMATEUR, DIGITAL VERTIGO, THE INTERNET IS NOT THE ANSWER and HOW TO FIX THE FUTURE. Andrew lives in San Francisco, is married to Cassandra Knight, Google's VP of Litigation & Discovery, and has two grown children.Keen On is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

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Art, Vision, and Impact in Hospitality - Richard Kessler - Defining Hospitality - Episode # 187

Defining Hospitality Podcast

Play Episode Listen Later Feb 5, 2025 61:11

Implementing art and music, seeing potential, and giving back are the key pillars that Mr. Richard Kessler brings to his business. As the Chairman and CEO of The Kessler Collection, and over 50 years of experience in the field of hospitality, Mr. Kessler shares in his unique story. Mr. Kessler discusses his transition from helping found Days Inn to pioneering boutique hotels before they were even a recognized category. He reflects on the resilience needed to navigate economic crises, his passion for creating beautiful spaces, and the significance of hospitality in making guests feel cared for and entertained. Beyond his professional achievements, Mr. Kessler highlights his philanthropic efforts, including building an ecumenical family retreat center and an orphanage, driven by his vision of seeing and nurturing potential in people and places. The episode encapsulates his dedication to leaving a lasting impact through both his business ventures and charitable initiatives.Takeaways: Emphasize creating memorable and emotionally impactful experiences for guests.Recognize potential in both people and properties. Look for unique opportunities to transform properties into high-value assets.Be prepared for external challenges like economic downturns and industry-specific crises. Develop resilience and a problem-solving mindset to navigate tough times effectively.Incorporate elements that can set your property apart, such as boutique aesthetics and special themes.Engage directly with guests to understand their experiences and gather feedback. Use guest feedback to continuously improve service and offerings.Look for ways to give back to the community and support charitable causes, in any way that you can.Quote of the Show:“ It's a process of caring for people and entertaining people all at the same time. Some people need more care, some people need more entertainment.” - Richard KesslerLinks:Website: https://www.kesslercollection.com/https://www.newebenezer.org/ Shout Outs:0:51 - Days Inn https://corporate.wyndhamhotels.com/our-brands/days-inn/ 3:54 - The New Ebenezer https://www.newebenezer.org/ 4:09 - Georgia Tech https://www.gatech.edu/ 5:44 - University of Georgia https://www.uga.edu/ 7:17 - Cecil Day https://en.wikipedia.org/wiki/Cecil_B._Day 10:48 - Motel 6 https://www.motel6.com/en/home.html 10:59 - Holiday Inn https://www.ihg.com/holidayinn/hotels/us/en/reservation 22:37 - Paul Volcker https://en.wikipedia.org/wiki/Paul_Volcker 26:43 - Mulberry Inn https://www.innatmulberrygrove.com/ 27:13 - The Pirate's House https://thepirateshouse.com/ 36:40 - Marriott https://www.marriott.com/default.mi 37:35 - The Bohemian Hotel https://www.kesslercollection.com/bohemian-savannah/ 39:02 - The Grand Bohemian https://www.kesslercollection.com/bohemian-orlando/ 51:34 - Treutlen House https://treutlenhouse.com/ 53:09 - From Houses to Homes https://www.fromhousestohomes.org/

Eric Leeper on Volcker, Friedman, and the Fiscal Theory of the Price Level

The Great Antidote

Play Episode Listen Later Jan 17, 2025 55:26 Transcription Available

Send us a textWelcome back! Happy New Year! Glad to be back! Come one, come all! Eric Leeper is the Paul Goodloe McIntire Professor in Economics at the University of Virginia. He also is a visiting scholar at the Mercatus Center at GMU. Today, we talk about inflation. He explains to us how inflation theory has evolved and how we forgot about the relationship between the fiscal and monetary sides of the economy.Want to explore more?John Cochrane on Monetary versus Fiscal Policy, A Great Antidote podcast.Leonidas Zelmanovitz, The Boundaries of Fiscal and Monetary Policy, at Econlib.Allen Meltzer on Inflation, an EconTalk podcast.Thomas Hoening on Inflation and the Federal Reserve, a Great Antidote podcast.Maryann Keating, Adam Smith and the Public Debt, at AdamSmithWorks.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

291: Remembering A President with James Fallows

2020 Politics War Room

Play Episode Listen Later Jan 9, 2025 74:41

Watch Politics War Room & James Carville Explains on YouTube @PoliticsWarRoomOfficial James and Al reflect on the presidential transition under the shadow of J6, Trump's use of foreign policy distractions to bamboozle the media, how Biden's accomplishments have been ignored, and Mike Johnson's election as Speaker. Then, they welcome President Carter's speechwriter, James Fallows, to discuss the legacy of the 39th president, looking at his appointment of Paul Volcker to tame inflation, the transfer of the Panama Canal, the excitement he generated among voters, and how he set the groundwork for Regan's successes. Then, they compare him to Trump and share their thoughts on what to expect during the upcoming inauguration. Email your questions to James and Al at politicswarroom@gmail.com or tweet them to @politicon. Make sure to include your city– we love to hear where you're from! More from James and Al: Get text updates from Politics War Room and Politicon. Watch Politics War Room & James Carville Explains on YouTube @PoliticsWarRoomOfficial CARVILLE: WINNING IS EVERYTHING, STUPID is streaming on Max! You can also get updates and some great behind-the-scenes content by following James on Twitter @jamescarville and his new TikTok @realjamescarville James Carville & Al Hunt have launched the Politics War Room Substack Get More From This Week's Guest: James Fallows: Twitter | Our Towns Foundation | The Atlantic | BlueSky | Substack | Author Please Support Our Sponsors: MD Hearing: To get a pair of hearing aids for just $297, including a free charger, head to ShopMDHearing.com and use code WARROOM Magic Spoon: Get $5 off your next order of delicious protein-packed Magic Spoon at magicspoon.com/warroom Acorns: Head to acorns.com/warroom or download the Acorns app to start saving and investing for your future today!

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HOUR 3 Jimmy Carter’s Federal Reserve Legacy: How Paul Volcker Appointment Shaped 40 Years of American Prosperity 1-04-25

The Tom Dupree Show

Play Episode Listen Later Jan 4, 2025 44:28

Jimmy Carter's Economic Legacy and Canada's Potential Episode Highlights Jimmy Carter's Presidential Legacy Tom Dupree shares his personal experience voting for Carter in 1976 at age 20 Discusses Carter's groundbreaking […] The post HOUR 3 Jimmy Carter's Federal Reserve Legacy: How Paul Volcker Appointment Shaped 40 Years of American Prosperity 1-04-25 appeared first on Dupree Financial.

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Jimmy Carter the Great Deregulator, AmFest, MAGA & Migration, and Why Competition? w/ Darren Brady Nelson - EP269

Economics Explained

Play Episode Listen Later Jan 4, 2025 60:40

Gene Tunny and Darren Brady Nelson discuss the economic legacy of President Jimmy Carter, highlighting his deregulation efforts, particularly in aviation, which led to increased competition and significant cost savings. They also touch on Carter's appointment of Paul Volcker as Federal Reserve Chairman, credited with fighting inflation. The conversation shifts to the America Fest conference in Phoenix, where key speakers included Charlie Kirk, Tucker Carlson, and Glenn Beck. They discuss the tensions within the MAGA movement, particularly around immigration policies. Lastly, they explore the intersection of Christian economics and competition, emphasizing its ethical foundations and the potential for a moral case for free markets.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.Timestamps for EP269President Jimmy Carter's Legacy and Deregulation (0:00)Carter's Economic Policies and Personal Anecdotes (5:16)America Fest Conference in Phoenix (14:36)Trump's Speech and MAGA Movement Dynamics (27:46)Christian Economics and Competition (36:34)Darren's Critique of Mainstream Economics and Antitrust Regulation (51:22)Regulatory Challenges and Natural Monopolies (55:55)Final Thoughts and Future Directions (59:26)TakeawaysJimmy Carter's Deregulation Impact: Carter's policies in aviation, trucking, and beer production revolutionized U.S. markets, creating long-lasting consumer benefits.MAGA's Immigration Debate: Tensions exist between Bannon's nationalist stance and Musk's globalist vision for high-skilled immigration policies.The Role of Competition: Darren highlighted the economic and ethical importance of competition, criticizing overreach in antitrust regulations.Links relevant to the conversationMises Institute article “Jimmy Carter's Legacy Is Much More than Good Deeds Done in His Later Years”:https://mises.org/mises-wire/jimmy-carters-legacy-much-more-good-deeds-done-his-later-yearsThe previous episode with Darren:https://economicsexplored.com/2024/11/10/trump-2-0-w-top-wisconsin-door-knocker-economist-darren-brady-nelson-ep261/Great Reset discussion with Darren from 2020:https://economics-explained.simplecast.com/episodes/the-great-resetLarry Reed, President Emeritus of FEE, speaking about the Parable of the Vineyard Workers:https://economicsexplored.com/2022/02/05/price-controls-to-fight-inflation-a-bad-idea-infrastructure-lessons-from-potus-21-ep125/Darren's articles in Concurrences on competition and antitrust (paywalled, alas):https://www.concurrences.com/en/page/recherche/?recherche=darren+nelson#Alfred Kahn's Economics of Regulation:https://www.amazon.com.au/Economics-Regulation-Principles-Institutions/dp/0262610523Lumo Coffee promotion10% of Lumo Coffee's Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Bitcoin, Trump est en train d'organiser le plus grand casse du siècle…

Chronique Economique

Play Episode Listen Later Dec 18, 2024 4:48

Donald Trump, qui a en partie été élu via une forme de corruption officielle, s'apprête à faire le hold-up du siècle avec le Bitcoin. "Malheur à moi, je suis nuance" disait le philosophe Nietzsche. Et c'est vrai qu'en cette période, être nuancé n'est pas la norme habituelle. Il faut dire que les réseaux asociaux nous ont habitués à des prises de position plutôt tranchées. Raison pour laquelle d'ailleurs cette chronique économique essaie d'être le plus souvent possible dans la nuance. Et c'est vrai que je suis, comme beaucoup de personnes, impressionné par la vitalité de l'économie américaine. Soyons francs, c'est le seul moteur économique qui marche encore au niveau mondial. C'est vrai qu'on peut être épaté par le côté innovant des Américains, et notamment sur le plan de l'intelligence artificielle. C'est vrai également qu'on peut ne pas partager les idées de Donald Trump et être tout de même épaté par le fait qu'il a déjà constitué son gouvernement et qu'il agit déjà comme s'il était le président, alors qu'il n'entre en fonction que le 20 janvier prochain. Mais la nuance arrive et elle m'a été soufflée par ma consœur Bertille Bayart, journaliste au Figaro. Un journal pourtant de droite, comme on dit. Alors je vous résume la pensée de ma collègue Bertille Bayart. En gros, Donald Trump a les qualités que je viens de décrire, c'est évident, mais il bénéficie d'une forme de corruption ambiante et pire encore, il va faire le casse du siècle, le hold-up du siècle avec le bitcoin… Mots-Clés : système électoral américain, entreprises, financer, candidats, montant, limite, résultat, finance, secteurs, déréglementation, Floride, remercier, officiellement, nommé, postes stratégiques, mission, déréglementer, secteur, coté en Bourse, Paris, extrême gauche, lobbying, raison, golf, bonheur, investiture officielle, ticket d'entrée, Mark Zuckerberg, patron, Meta, Jeff Bezos, Amazon, million, dollars, pourboire, proximité, politique, monde des affaires, observateurs, démocratie, ploutocratie, gouvernement, peuple, Paul Volcker, président, Banque centrale, américaine, Joseph Stiglitz, prix Nobel d'économie, Martin Wolff, analyste, vedette, Financial Times, taxer, démonstration, cryptoactifs, campagne électorale, financée, élection, enrichi, barre symbolique, copain, postes clés, État fédéral, réserve stratégique, pétrole, nombre d'unités limitées, hypothèse, achat massif, hausse, valeur, argent, contribuable, service, détenteur, cryptoactif, Belgique, France, dingue, nuance, formule. --- La chronique économique d'Amid Faljaoui, tous les jours à 8h30 et à 17h30. Merci pour votre écoute Pour écouter Classic 21 à tout moment i: https://www.rtbf.be/radio/liveradio/classic21 ou sur l'app Radioplayer Belgique Retrouvez tous les épisodes de La chronique économique sur notre plateforme Auvio.be :https://auvio.rtbf.be/emission/802 Et si vous avez apprécié ce podcast, n'hésitez pas à nous donner des étoiles ou des commentaires, cela nous aide à le faire connaître plus largement. Découvrez nos autres podcasts : Le journal du Rock : https://audmns.com/VCRYfsPComic Street (BD) https://audmns.com/oIcpwibLa chronique économique : https://audmns.com/NXWNCrAHey Teacher : https://audmns.com/CIeSInQHistoires sombres du rock : https://audmns.com/ebcGgvkCollection 21 : https://audmns.com/AUdgDqHMystères et Rock'n Roll : https://audmns.com/pCrZihuLa mauvaise oreille de Freddy Tougaux : https://audmns.com/PlXQOEJRock&Sciences : https://audmns.com/lQLdKWRCook as You Are: https://audmns.com/MrmqALPNobody Knows : https://audmns.com/pnuJUlDPlein Ecran : https://audmns.com/gEmXiKzRadio Caroline : https://audmns.com/WccemSkAinsi que nos séries :Rock Icons : https://audmns.com/pcmKXZHRock'n Roll Heroes: https://audmns.com/bXtHJucFever (Erotique) : https://audmns.com/MEWEOLpEt découvrez nos animateurs dans cette série Close to You : https://audmns.com/QfFankx

Judy Shelton: "Why Don't We Use Our Gold As Collateral For A New Treasury Debt Instrument"

Arcadia Economics

Play Episode Listen Later Nov 23, 2024 49:55

Judy Shelton: "Why Don't We Use Our Gold As Collateral For A New Treasury Debt Instrument" Former Trump economic advisor Judy Shelton has talked a lot about bringing gold back into the monetary system in the US. And while she has not yet been officially brought back aboard Trump's team, it sure is fascinating to imagine what could happen if she is. Because in a recent interview with David Morgan of The Morgan Report, in addition to sharing some fascinating monetary history, including how even Fed officials like Paul Volcker and Alan Greenspan agree that 2% inflation is far from the definition of stable, she also proposes the idea of using the nation's gold as collateral for a new treasury debt instrument. Which is fascinating to hear, especially at the same time when the eastern half of the world continues to express a desire to turn to gold in place of treasuries. So whether you're a monetary advocate, historian, or someone who just wants to navigate the changes to our monetary system that are coming, you're really going to enjoy this interview. And to hear David Morgan talk with Judy Shelton, just click to watch the video now! - To get a copy of Judy's new book: https://www.amazon.com/Good-Gold-Unleash-Power-Sound/dp/1598133896/ref=sr_1_1?dib=eyJ2IjoiMSJ9.GilhQVjnPROPl6focmPkwdiu42Gnk08bS4zXzi14jI2uYTO4yE4rXnsnHKKKiOgtpodlzFs9Vxat6ryKHl_dScQffL3yaBoiXVcqRqcEV8381nl0KCDYBv7ZXIPXt9dQ.G_wRy6cDB9R0bI5oK_y_ZHTvsZT_qDJTZPJDSAA9QNY&dib_tag=se&hvadid=713541207529&hvdev=c&hvlocphy=9012034&hvnetw=g&hvqmt=e&hvrand=11505215478072804659&hvtargid=kwd-2320378241923&hydadcr=22565_13730680&keywords=judy+shelton+good+as+gold&qid=1732378002&sr=8-1 - To get access to David's research at “The Morgan Report” go to: https://www.themorganreport.com/membersportal/aff/go/ArcadiaEconomics - To get your very own 'Silver Chopper Ben' statue go to: https://arcadiaeconomics.com/chopper-ben-landing-page/ - Join our free email list to be notified when a new video comes out: click here: https://arcadiaeconomics.com/email-signup/ - Follow Arcadia Economics on twitter at: https://x.com/ArcadiaEconomic - To get your paperback or audio copy of The Big Silver Short go to: https://arcadiaeconomics.com/thebigsilvershort/ - Listen to Arcadia Economics on your favorite Podcast platforms: Spotify - https://open.spotify.com/show/75OH2PpgUpriBA5mYf5kyY Apple - https://podcasts.apple.com/us/podcast/arcadia-economics/id1505398976 - #silver #silverprice And remember to get outside and have some fun every once in a while!:) (URL0VD)Subscribe to Arcadia Economics on Soundwise

spotify donald trump gold debt fed treasury instrument collateral david morgan alan greenspan paul volcker soundwise judy shelton morgan report arcadia economics

Episode 2235: Peter Osnos on LBJ & McNamara - the Vietnam Partnership Bound to Fail

Keen On Democracy

Play Episode Listen Later Oct 28, 2024 48:05

There are few men politically or intellectually smarter than President Lyndon Johnson and his defense secretary Robert McNamara. So how did LBJ and McNamara screw up America's involvement in Vietnam so tragically? According to Peter Osnos, the author of LBJ and McNamara: The Vietnam Partnership Destined to Fail, it might have been because the two men were, in their own quite different ways, too smart. For Osnos - a legendary figure in American publishing who, amongst many other things, edited Donald Trump's Art of the Deal - the catastrophe of America's war in Vietnam is a parable about imperial hubris and overreach. According to Osnos, who has access to much previously unpublished material from McNamara, The Best and the Brightest orchestrated the worst and dumbest episode in American foreign policy. Peter Osnos began his journalism career in 1965 as an assistant to I. F. .Stone on his weekly newsletter. Between 1966–1984 Osnos was a reporter and foreign correspondent for The Washington Post and served as the newspaper's foreign and national editor. From 1984-1996 he was Vice President, Associate Publisher, and Senior Editor at Random House and Publisher of Random House's Times Books division. In 1997, he founded PublicAffairs. He served as Publisher and CEO until 2005, and was a consulting editor until 2020 when he and his wife, Susan Sherer Osnos, launched Platform Books LLC. Among the authors he has published and/or edited are — former President Jimmy Carter, Rosalyn Carter, Gen. Wesley Clark, Clark Clifford, former President Bill Clinton, Paul Farmer, Earvin (Magic) Johnson, Kareem Abdul Jabbar, Sam Donaldson, Kenneth Feinberg, Annette Gordon Reed, Meg Greenfield, Dorothy Height, Don Hewitt, Molly Ivins, Vernon Jordan, Ward Just, Stanley Karnow, Wendy Kopp, Charles Krauthammer, Brian Lamb, Jim Lehrer, Scott McClellan, Robert McNamara, Charles Morris, Peggy Noonan, William Novak, Roger Mudd. Former President Barack Obama, Speaker of the House Thomas P. (Tip) O'Neill, Nancy Reagan, Andy Rooney, Morley Safer, Natan Sharansky, George Soros, Susan Swain, President Donald Trump, Paul Volcker, Russian President Boris Yeltsin, and Nobel peace prize Winner Muhammad Yunus, as well as journalists from America's leading publications and prominent scholars. Osnos has also been a commentator and host for National Public Radio and a contributor to publications including Foreign Affairs, The Atlantic, and The New Republic. He wrote the Platform column for the Century Foundation, the Daily Beast and The Atlantic.com from 2006-2014. He has also served as Chair of the Trade Division of the Association of American Publishers and on the board of Human Rights Watch. From 2005-2009, he was executive director of The Caravan Project, funded by the MacArthur and Carnegie Foundations, which developed a plan for multi-platform publishing of books. He was the Vice-Chairman of the Columbia Journalism Review from 2007-2012. He is a member of The Council on Foreign Relations. He is a graduate of Brandeis and Columbia Universities. He lives in New York City, with his wife Susan, a consultant to human rights and philanthropic organizations. His children are Evan L.R. Osnos and Katherine Sanford. There are five grandchildren.Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best known broadcasters and commentators. In addition to presenting KEEN ON, he is the host of the long-running How To Fix Democracy show. He is also the author of four prescient books about digital technology: CULT OF THE AMATEUR, DIGITAL VERTIGO, THE INTERNET IS NOT THE ANSWER and HOW TO FIX THE FUTURE. Andrew lives in San Francisco, is married to Cassandra Knight, Google's VP of Litigation & Discovery, and has two grown children.Keen On is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

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#488 Gold's Resurgence, Petrodollar's Fall & the Battle for Democracy Integrity

The Arterburn Radio Transmission Podcast

Play Episode Listen Later Oct 25, 2024 56:12 Transcription Available

Explore the shifting sands of global finance and geopolitics as we unravel the evolving alliances that are reshaping our world. Discover why the long-standing petrodollar agreement has dissolved and what this means for the global economy, especially with the emergence of the petroyuan and the BRICS bridge payment system. Join me, Tony Arterburn, in understanding how countries are navigating these changes and why gold and silver are back in demand as safe havens during these uncertain times.Are traditional economic policies a relic of the past? We contrast today's economic landscape with historical precedents, like the era of Paul Volcker's interest rate hikes, to see how much has changed—and how some things remain the same. As nations like China amass gold reserves, we examine the shift in perceptions about gold, the challenges faced by the IMF, and the growing skepticism towards fiat currencies, especially the US dollar. This episode is packed with insights into the intricate dance between interest rates, economic policy, and precious metals.The political sphere is no less turbulent, with democracy seemingly at a crossroads. As we gear up for potential electoral showdowns, questions about electronic voting's reliability and the bombastic political rhetoric surrounding figures like Trump and Kamala Harris take center stage. From swing state polls to sensational media narratives, this discussion sheds light on the polarized climate and challenges to democratic integrity. Navigate these complex issues with us, questioning the narratives and uncovering truths that often go unspoken.

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Danielle DiMartino Booth on Post-Pandemic Economic Trends, Inflation Metrics, and Investment Strategies

Lead-Lag Live

Play Episode Listen Later Oct 19, 2024 45:34 Transcription Available

Economic landscapes can be complex, especially in a post-pandemic world. Join us for an engaging discussion with Danielle DiMartino Booth, a former Federal Reserve insider, as she shares her insights on the evolving economic trends and the limitations of traditional inflation metrics. Discover how Jerome Powell's leadership and interest rate strategy draw parallels to the iconic Paul Volcker, and unravel the mystery behind rising 10-year rates amid the Fed's rate cuts. We also take a closer look at employment data, examining the potential for deeper job cuts and the quiet layoff strategies employed by major companies like Verizon.Economic narratives often paint a rosy picture, but how accurately do they reflect reality? Our conversation delves into the discrepancies between initial and final job creation reports and the impact of the birth-death model on perceived business creation. Explore the growing trend of gig work as a financial strategy and its implications for market confidence and valuations. As bullish narratives dominate, we question what lies beneath the surface and how these dynamics might shape the economic landscape.Looking toward the future, financial trends and predictions become crucial for investors. We analyze the potential decline in the federal funds rate and its effects on equity and bond investments, especially for older investors. Concerns about a resurgence of 1970s-style inflation and the housing market dynamics are on the table, with insights into the weakening consumer base. Danielle shares investment strategies, highlighting the importance of precious metals and well-managed municipal bonds in navigating this uncertain financial terrain. Tune in to gain a comprehensive understanding of these critical economic issues and their broader implications.The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It's social media with a secret sauce: FOOD! The world's first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Bonus - The End of the Cold War, Ep. 3 w/ Fritz Bartel

American Prestige

Play Episode Listen Later Aug 18, 2024 5:04

This is a free preview of a paid episode. To hear more, visit www.americanprestigepod.comFritz Bartel, assistant professor at the Bush School of Government & Public Service at Texas A&M University, is back for one final episode on his book The Triumph of Broken Promises: The End of the Cold War and the Rise of Neoliberalism. They explore Paul Volcker's monetarism in the 70s and the ensuing sovereign debt crisis in the Global South and commu…

triumph cold war fritz global south neoliberalism texas a m university bartel paul volcker bush school

Paul Volcker: “The only number that works is zero”

power business politics war seattle board fed new york university seoul governors chairs silber stern school us federal reserve paul volcker bill martin volcker tim gwynn jones

Play Episode Listen Later Aug 9, 2024 49:20

More than any other global institution, the US Federal Reserve's decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed's core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's most influential Chairs, starting with Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In the fourth and final episode of this series, he talks to William Silber – author of Volcker: The Triumph of Persistence (Bloomsbury, 2012). A giant (literally) of 20th-century policymaking, Volcker chaired the Fed from 1979 to 1987, implementing monetarist shock therapy, driving up the fed funds rate from 11% to 20% to crush inflation expectations, and pulling inflation down from nearly 15% in early 1980 to below 3% three years later. “For Volcker, the most important denigrating fact of inflation was … that it undermines trust in government,” says Silber. “When we give the government the right to print money … we trust that the government will not debase the currency … When you think about inflation in that context, there is no number – two, four, six. Any number is bad. The only number that works is zero .. If you asked Volcker – and I asked him – what's the right number, he said zero”. From 1990 until his retirement in 2019, Bill Silber was professor of economics at the Stern School of Business, New York University. His award-winning book is built on more than 100 hours of interviews with Volcker. The author of seven other books, Silber's latest – The Power of Nothing to Lose: The Hail Mary Effect in Politics, War, and Business – will be published in paperback in September 2024. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Paul Volcker: “The only number that works is zero”

New Books in History

Play Episode Listen Later Aug 9, 2024 49:20

More than any other global institution, the US Federal Reserve's decisions and communications drive capital markets and alter financial conditions everywhere from Seattle to Seoul. While its interest rate are set by an expert committee, for almost a century, the Fed's core philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In this podcast series, Tim Gwynn Jones - a veteran central bank "watcher" - talks to authors of books about the Fed's most influential Chairs, starting with Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In the fourth and final episode of this series, he talks to William Silber – author of Volcker: The Triumph of Persistence (Bloomsbury, 2012). A giant (literally) of 20th-century policymaking, Volcker chaired the Fed from 1979 to 1987, implementing monetarist shock therapy, driving up the fed funds rate from 11% to 20% to crush inflation expectations, and pulling inflation down from nearly 15% in early 1980 to below 3% three years later. “For Volcker, the most important denigrating fact of inflation was … that it undermines trust in government,” says Silber. “When we give the government the right to print money … we trust that the government will not debase the currency … When you think about inflation in that context, there is no number – two, four, six. Any number is bad. The only number that works is zero .. If you asked Volcker – and I asked him – what's the right number, he said zero”. From 1990 until his retirement in 2019, Bill Silber was professor of economics at the Stern School of Business, New York University. His award-winning book is built on more than 100 hours of interviews with Volcker. The author of seven other books, Silber's latest – The Power of Nothing to Lose: The Hail Mary Effect in Politics, War, and Business – will be published in paperback in September 2024. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/history

power business politics war seattle board fed new york university seoul governors chairs silber stern school us federal reserve paul volcker bill martin volcker tim gwynn jones

Arthur Burns: “The smartest guy in the room”