20VC: First Republic; Management Responsibility or Result of Contagion in the System, The Future of Regional Banks, Will Interest Rates Go Higher | Net Zero, Where Are We? The Best and the Worst Actors with Mark Carney, Former Governor of The Bank of Engl

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 1 May 2023

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mark Carney is the Vice Chair and Head of Transition Investing @ Brookfield Asset Management, one of the world's leading asset managers with over $800BN in AUM. Mark is also United Nations Special Envoy on Climate Action and Finance. He has also served as Finance Advisor to the British Prime Minister. In addition to this, Mark is on the board of Stripe, PIMCO and The World Economic Forum. In a previous life, Mark spent over a decade as a Central Banker, most recently as Governor of The Bank of England and before that as Governor of The Bank of Canada.

In Today's Episode with Mark Carney We Discuss:

1. Is The Banking Crisis Over? What Happened?

Why does Mark not believe we are in a banking crisis?
Why does he not believe the banking turmoil is over?
Was SVB the fault of regulatory mistakes or management mistakes?
Is FRB a damaged asset in it's own right or the result of contagion within the banking ecosystem?

2. The Impact of the Banking Turmoil: What Happens Now?

What does Mark believe is the future of regional banks?
Why does Mark believe we will see massive consolidation in banks coming soon?
Should the Fed be guaranteeing all deposits automatically?

3. What Happens To The Macro Now?

How does the banking turmoil impact growth rates? Will we definitely go into a recession now?
What is the impact on monetary policy? Can the Fed raise rates even higher?
What does this mean for the future of money? Why is it a silver bullet for stablecoins?
If Mark could bet on China or the US for the next 10 years, who would it be?
Does Mark believe the UK is in a weaker situation than ever? What about Europe?

4. The Future of Climate and Net Zero:

Where are we at with Net Zero? Are we ever going to make progress?
Is it possible to make progress without the cooperation of China?
Why does Mark disagree and suggest China has done more than most to help the climate?
Who is talking more than they are acting in the fight to save the climate?
On the flip side, who is acting more than they are talking?

Transcript

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0:00.0	No, this turmoil isn't over. We see it as we're talking today. FRB is under great strain.
0:07.0	It is the case that almost one in ten U.S. regional banks would fall below their minimum capital levels
0:14.3	if all of their assets were marked to market. I think there's going to be really a wave of consolidation.
0:20.2	I would say, go smaller, go home.
0:22.2	This is 20VC with me, Harry Stebbings, and as we speak, the banking turmoil continues,
0:26.9	and there is no better guess to answer some of the most pressing questions of the day.
0:30.9	He's spent over a decade as a central bank governor,
0:33.9	first as governor of the Bank of Canada and then as Governor of the Bank of England.
0:37.8	Today he is Vice Chair and Head of Transition Investing at Brookfield Asset Management, one of the
0:42.6	world's leading asset managers with over 800 billion in AUM.
0:46.6	He's also United Nations Special Envoy on Climate Action and Finance.
0:50.6	And if all of this wasn't enough, he's also on the board of Stripe, Pimco and the World Economic Forum. Yes, I'm thrilled to welcome back to the hot seat, the main man, Mr. Mark
0:58.7	Carney, and I want to say huge thank you to Mark Evans for making this one happen today.
1:03.1	Huge thanks for that, Mark. But before we dive into the show today, are you building enough
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