Hey everyone, welcome back to the What is Money Show. I am sitting down again today with Mr. Jeff Snyder.

And we're going to continue our journey into this rabbit hole of central banking in the global financial system more broadly.

And I think we left off, Jeff, on what you've called GFC2, which was the early 2020 liquidity crisis.

I guess we can start there.

Just what, it seems like every time we go through one of these events, we learn something.

I don't know if it's something actually useful or, you know, perhaps central bankers are

getting false feedback on this particular approach working this time.

They think it'll work again.

So what kind of pain points led us into the March 2020 liquidity crisis and what, if anything,

did we learn as a result?

Well, I'm not sure.

It depends on who you mean when you refer to as we.

I'm thinking policy. It depends on who you mean when you refer to as we. I'm big in policy makers. Yeah. Policymakers don't appear able to learn much at all. In fact, March 2020, which was

most severe dollar shortage we've had since 2008, wasn't actually the only one we've had since 2008.

There have been multiple periods of dollar

shortages, which, you know, which led to, for example, QE2 in 2010 and 2011, QE3 and QE4 in the

United States in 2012, you know, multiple QEEs in Europe. They're on QE 25 and 26 in Japan.

So the ability for central bankers to learn,

hey, this QE stuff, does bank reserves, it doesn't appear to be working. Let's try something out.

I don't think that's there. I think it's really about how do we maintain the status quo,

how do we justify our monetary existence as a not central

bank, central bank, which is really about placating the public, giving the public something to hang their

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