138: How Global Finance is Making Us All Poorer – Nicholas Shaxson
Invest Like a Boss
Sam Marks Johnny FD Derek Spartz
4.8 • 518 Ratings
🗓️ 18 March 2020
⏱️ 71 minutes
🧾️ Download transcript
Summary
Nicholas Shaxson is a renowned financial journalist from Germany who authored the book, The Finance Curse: How global finance is making us all poorer. He is a journalist, campaigner, and world expert on both tax havens and financial centers, as well as the resource curse. His writing has appeared in Vanity Fair, the Financial Times, the Economist, the Economist Intelligence Unit, and many others.
On this episode, Nick talks about his take on the issues in the economy based on his experiences. He shares his insights about the schemes in the business industry which poses a great danger to the economy and democracy. During the discussion, he delves into the paradox of financialization to a country and enlightens the listeners to the idea of monopoly and imbalance to the business. This episode reveals the problems that an investor may encounter in the business industry.
Where we are:
- Johnny FD - Sri Lanka
- Sam Marks - North Carolina
Links:
Sponsor:
Time Stamps:
- 07:44 - How Nick conceptualized ideas for his book
- 13:51 – What are the impacts of the financial curse to a country?
- 16:18 – Understanding the financialization of an economy
- 19:23 – How monopoly is related to the corporate imbalance
- 24:41 – The harms that tax haven bring to a country/state
- 28:09 – Downsides of investing to a private equity
- 30:17 – “Private equity is a profitable business but the problem is that they make very high internal returns” – Nicholas Shaxson
- 35:30 – Difference in banking system between the UK and USA
- 38:15 – How powerful people control the market and the economy of the country
- 40:25 – Most corrupt and rotten banks in the history
- 44:15 – “I’m a strong believer that tax havens have been a very negative problem for the world economy; and similarly, finance being too big is something that I would like to change” - Nicholas Shaxson
- 50:53 – The problem of a growing company
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Transcript
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| 0:00.0 | Hey guys, this week sponsor is Automation Finance, and it's open to both accredited and non-accredited |
| 0:05.7 | investors. We'll tell you more about them during the break. Welcome to the Invest Like a Boss podcast. I'm Sam Marks, |
| 0:14.1 | and I'm Johnny FD. We're self-made entrepreneurs who invest our own money and use modern technology to invest like a boss. |
| 0:19.3 | Join us each week for exclusive interviews with our network of modern investors, business owners, and multim modern technology to invest like a boss. Join us each week for exclusive interviews |
| 0:21.2 | with our network of modern investors, business owners, and multi-millionaires to discover new ways to |
| 0:25.7 | invest our hard-earned cash. Hey bosses, this is Johnny and welcome to episode 138 of the Invest |
| 0:33.4 | Like a Boss podcast. I'm still out here in Raleighama, Sri Lanka, |
| 0:41.0 | and Sam is in Charlotte, North Carolina. |
| 0:41.9 | Welcome to show. |
| 0:44.2 | Yeah, welcome the show, Johnny. |
| 0:45.6 | It's a wild world out there. I hope we are both in a place of relative peace and health. |
| 0:49.8 | I assume you're kind of isolated there in Sri Lanka |
| 0:51.9 | on a nice beach island without too much coronavirus. |
| 0:55.4 | Yeah, it's funny that you just asked me right before we got on the call if I was here on purpose |
| 0:59.7 | still if I got stuck here. And I was thinking this would be the best place in the world to get stuck. |
| 1:04.7 | It's a tiny little beach town with very, very few people, very few travelers. I'm right by the ocean. I'm just surfing every |
| 1:13.5 | day, getting fresh air, fresh fruit. And there's no panic here. Like, you know, nobody's watching |
| 1:19.2 | the TV and watching the news and stocking my toilet paper. I went to the grocery store yesterday, |
| 1:24.7 | full shelves because nobody even uses toilet paper here. Everyone just uses |
| 1:28.2 | the bum gun. That's how it should be. I think this overstocking a toilet paper is the most |
| 1:34.0 | ridiculous part of this coronavirus. I'm like, of all the things you're going to overstock with, |
| 1:38.5 | why toilet paper? I mean, is it really that essential to survival? I don't think so. Yeah. I mean, that kind of |
... |
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