Diving into the Wreckage 6.4 Inflation and Bank Crisis w/ C. Derick Varn

The Antifada

Sean KB and AP Andy

Music, Arts

4.2 • 970 Ratings

🗓️ 29 March 2023

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

Sean and Varn return to their miniseries on the global debt crisis with a very topical bank failure episode.Since Silicon Valley Bank, Signature Bank and Credit Suisse went belly up the last couple of week capital and the state have scrambled to contain the damage to the financial system and the 'real' economy. Why is an adequate explanation for inflation important? Does the Federal Reserve Bank itself even have one? If Fed policy is blowing up banks and barely even working is there some other reason (class based, perhaps?) to induce an economic slowdown?For patrons: what 'Marxism-Leninism in the Age of Multipolarity' gets very wrong; how the shadow banking sector might be the next shoe to drop; notes on the Brenner-Riley NLR article; on blue-collar toxicity and middle class racism; doomerism, socialism and hope.Sign up at www.patreon.com/theantifada for the full episode (over two hours long!) and a ton more content from our bonus archive.

Transcript

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0:00.0	Hello, hello, hello everybody. I'm going to intro at this time I guess. Welcome to diving into the wreckage, a
0:17.5	collaborative project between the Antifada and Varnlog. I'm here of course with the host of this chat room, Derek Varin, what's up, man?
0:27.2	I am doing okay. I guess I'm going to be Dr. No today and make your audience squeamish. I try not to be the total voice of doom, but I think today we're going to have to really disaggregate some things for people, some geopolitics, some
0:47.4	ways in which left economists have predicted things and they've been wrong, but maybe the world is catching up to them,
0:57.0	which does not mean we should listen to them because they're consistently wrong.
1:01.6	It's something to think about and I think we're going to have to deal with a couple of different theories of inflation.
1:09.0	You know, I think the public has one theory of inflation, the Central Bank has another, and I'm going to go ahead and venture from what I understand. Neither theory is actually super explanatory for what's going on right now.
1:20.0	But there are some backstop stuff who really need to go through.
1:25.0	Where just as a I mean a main note up top we were putting the I think probably what will be the last episode of the first principles mini series aside because as you
1:37.4	texted me like a week or so ago you're like events are moving quite fast we should
1:41.5	probably table that and go back to our debt crisis series, which
1:45.8	this is episode four of that. Things got quiet for a bit, so we kind of looked looked elsewhere but events had a way of conspiring
1:54.8	towards bringing us back to this series so if you haven't listened to the the first
1:59.2	three of them you should check that out too and this might not be the last because obviously with the failure of Silicon Valley Bank. What is that a week and a half ago or so?
2:12.0	Two years ago. yeah, and then.
2:13.8	Signature Bank.
2:15.0	Signature Bank.
2:17.5	Credit Swiss, just last week.
2:20.7	Significant for agility in the medium term banking
2:23.3	sector, which is doing most of the home loans.
2:26.0	You've got Treasury, you've got the bond market going absolutely nuts,
2:32.0	like massive swings that we haven't seen in at least 15 years ago or so, which indicates all sorts of turmoil under the surface.
	...

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