BREAKDOWN: From Corrupt to Broken... An Insider’s Analysis of the Fed, Feat. Danielle Dimartino Booth
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 30 April 2020
⏱️ 37 minutes
🧾️ Download transcript
Summary
Danielle DiMartino Booth is the CEO and Chief Strategist of Quill Intelligence. Before that, however, after correctly predicting the mortgage meltdown, she was called upon to serve and spent 9 years as an advisor to the President of the Federal Reserve Bank of Dallas. That experience led her to write “Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America.”
In this episode, Danielle and NLW discuss:
- How the Fed went from simply corrupt to corrupt and broken
- Why we’ve been living through the largest experiment in monetary policy history
- Why interest rates are the lowest they’ve been in 5000 years
- Why COVID-19 was the pin, not the balloon
- Why current Fed action compromises the Fed’s independence
- Why the market structure incentivizes consumption and risk investment over savings
- Why risk investments have ceased to be risky because of Fed backstopping
- Why a key concern going forward is a second wave of COVID-19 layoffs in industries beyond the obviously impacted
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Transcript
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| 0:00.0 | Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW. |
| 0:15.0 | The Breakdown is distributed by CoinDesk. |
| 0:20.0 | Welcome back to The Breakdown. |
| 0:22.4 | It is Thursday, April 30th. |
| 0:24.2 | Yes, we have made it through a full lockdown month. |
| 0:27.9 | And today we are talking about the Fed. |
| 0:31.3 | My guest today is Danielle DeMartino Booth. |
| 0:34.7 | Danielle is the CEO and chief strategist for Quill Intelligence, which is a market |
| 0:39.0 | research and analytics firm. She is the author of Fed Up, an insider's take on why the Federal |
| 0:45.2 | Reserve is bad for America. Now, importantly, and one of the things that makes Danielle's |
| 0:50.8 | perspective so unique on this front, is that she spent nine years at the Federal |
| 0:56.0 | Reserve Bank of Dallas where she served as an advisor to President Richard W. Fisher. |
| 1:01.0 | This was through the financial crisis until March 2015. |
| 1:05.0 | As you can imagine, Danielle's perspective on the Fed then is informed not just from hang out on Twitter and in-market |
| 1:12.2 | analysis conversations, but through actually seeing the inner workings of this institution, |
| 1:17.4 | which has, as we've seen, such a dramatic impact on our lives. We talked today about why the |
| 1:23.6 | monetary policy regime we've been living under for the last 10 years is the largest |
| 1:28.2 | monetary policy experiment in history. We talk about why 2019 was setting up 2020 for some |
| 1:35.2 | serious economic trouble in the context of declining world trade even before coronavirus hit. |
| 1:41.4 | We talk about the mass expansion of facilities for the Fed in the context of the |
| 1:46.5 | coronavirus and get into why many of those facilities are actually potentially broaches of the Federal |
| 1:53.7 | Reserve Act and in fact threaten the fundamental independence of the Federal Reserve as an |
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