BREAKDOWN: The Mirage of the Money Printer... Why the Fed Is More PR Than Policy, Feat. Jeffrey P. Snider

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4.7 • 698 Ratings

🗓️ 4 June 2020

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

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Summary

The meme is “money printer go brrr,” but according to this macro expert, central banks have almost no power to actually influence money itself. This episode is sponsored by Bitstamp and Ciphertrace. The conventional wisdom is that central banks are the most important economic actors in the world. Markets hang on their every word. Yet, what if that power has less to do with actual monetary policy and more to do with how the performance of that policy creates a self-fulfilling prophecy as market actors respond to media coverage? Jeff Snider is the head of global research at Alhambra Investments. In this conversation, he and NLW explore: How the Fed lost the ability to even determine what the money supply is. How the financialization in the 1980s exacerbated monetary confusion. Why the most important force in the global economy isn’t central banks but the eurodollar and shadow banking system. How the eurodollar and shadow banking sector creates a drag on real economic growth. Why the conventional wisdom and “central bank savior” narrative around 2008 was dead wrong. The problem with “survivor’s euphoria.” Why “money printer go brr” is actually a flood myth. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:43.9	Wondery, UK. That's audible.com slash Wondery UK.
0:53.8	Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond.
1:03.2	This episode is sponsored by BitStamp and Cipher Trace.
1:07.5	The breakdown is produced and distributed by Coin Desk.
1:12.2	And now, here's your host, NLW.
1:17.8	Welcome back to The Breakdown.
1:20.1	It is Thursday, June 4th, and I am really excited for this conversation today, guys.
1:25.4	I'm joined by Jeffrey P. Snyder from Alhambra Investments.
1:29.3	And as you guys know, usually I kind of just give my own rendition of what makes someone
1:34.0	interesting rather than reading their own bio. But for Jeff, I have to read at least part of his
1:38.5	bio. So this is from the Alhambra website. It says, Jeff is the head of global research at
1:43.4	Alhambra Investments. He is not
1:45.2	an economist, which is probably why he's been able to develop a working model of the global
	...

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