576 - Coronavirus Update: What The Stimulus REALLY Means for The Global Economy with Jim McKelvey, the Deputy Chair of the St. Louis Federal Reserve

The James Altucher Show

James Altucher

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4.6 • 2.7K Ratings

🗓️ 20 April 2020

⏱️ 88 minutes

🔗️ Recording | iTunes | RSS

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Summary

Right now, the Federal Reserve is pumping trillions of dollars of stimulus into the economy. So what does this mean? How are small businesses doing? When will people go back to work? And how does this impact the economy? I called up Jim Mckelvey. He's the co-founder of the multi-billion dollar business, Square. AND, more importantly, he’s the Deputy Chair of the St. Louis Federal Reserve. He tells us how the stimulus works, what the risks are, what we should keep an eye on and more. Jim is also the author of the new book, "The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time." It's a great guide book for today's entrepreneurs. I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast. Thanks so much for listening! If you like this episode, please subscribe to “The James Altucher Show” and rate and review wherever you get your podcasts: Apple Podcasts Stitcher iHeart Radio Spotify Follow me on Social Media: YouTube Twitter Facebook Linkedin

Transcript

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0:00.0	This isn't your average business podcast and he's not your average host.
0:06.6	This is the James Altiger Show.
0:12.6	Today on the James Altiger Show.
0:15.4	I will tell you that when this is over, whenever that is, you will enter a changed world.
0:20.2	Because remember, we live in a world economy.
0:22.2	Like you may not speak German, but believe me, your wallet does.
0:26.2	Okay.
0:27.2	I'm going to call it.
0:28.9	But the point is we have productive workers who should be producing.
0:34.4	And the way we have shut the economy down is not the way an economist would do it.
0:38.7	It's the way a virologist would do it.
0:41.9	When do people make that a mathematical decision?
0:44.8	Like, because there's collateral fatalities from, you know, closing down the hospitals for
0:49.1	other illnesses.
0:50.1	Yeah.
0:51.1	And there's collateral fatalities from every decrease in GDP.
0:55.2	So I can actually give you two really interesting answers here.
0:57.4	Because I'm both on the Federal Reserve.
0:59.4	And I'm also on the Board of Trustees of Washington University, which has one of the world's
1:03.4	best medical schools.
1:13.6	So please to have as my guest today, Jim McElvy.
1:16.4	He is, of course, the co-founder of Square, which he co-founded with Jack Dorsey, who is
	...

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