Edward Chancellor: "The Price of Time"
The Great Simplification with Nate Hagens
Nate Hagens
4.8 • 554 Ratings
🗓️ 19 April 2023
⏱️ 105 minutes
🧾️ Download transcript
Summary
On this episode, financial historian Edward Chancellor joins Nate to give a meta-history of interest rates and human societies. With recent news of global financial turmoil in response to rising interest rates, taking a look at our history could help us interpret our present and plan for the future. How deeply entangled is this financial predicament that we've gotten ourselves into? Can we learn from the past to reshape a more stable monetary policy in the future, or are inflating financial bubbles (and popping them) simply in our human nature?
About Edward Chancellor:
Edward Chancellor is a financial historian, journalist, and investment strategist. He is the author of Devil Take Hindmost: A History of Financial Speculation and his latest book, The Price of Time, where he explains the story of capitalism is really the story of interest: the price that individuals, companies and nations pay to borrow money. He is currently a columnist for Reuters Breakingviews and a contributor to the Wall Street Journal, MoneyWeek, the New York Review of Books and Financial Times.
For Show Notes and More visit: https://www.thegreatsimplification.com/episode/67-edward-chancellor
To watch this video episode on Youtube → https://youtu.be/q5PWaYw6h5k
Transcript
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| 0:00.0 | You're listening to The Great Simplification with Nate Higgins. |
| 0:06.3 | That's me. |
| 0:07.7 | On this show, we try to explore and simplify what's happening with energy, the economy, the environment, in our society. |
| 0:17.0 | Together with scientists, experts, and leaders, this show is about understanding the bird's eye view of how everything fits together, where we go from here and what we can do about it as a society and as individuals. |
| 0:33.3 | What is the price of time? We don't think about it much, but since we are biologically |
| 0:41.9 | finite life creatures, we do put a price on time, and that is what we culturally refer to as an |
| 0:48.4 | interest rate. Joining me today is financial historian, Edward Chancellor, to discuss his recent book called |
| 0:58.0 | The Price of Time, which is a history of interest rates, the 5,000-year up and down, a ride of interest |
| 1:07.0 | rates and human cultures, specifically the highest and lowest rates of interest ever |
| 1:13.4 | in the last 40 years and how low interest rates today have fueled what some could defend as the |
| 1:22.6 | largest bubble in the history of our species. Mr. Chancellor is a former Wall Street professional. |
| 1:31.4 | He writes for Reuters and the New York Times and other financial press publications, |
| 1:37.8 | Financial Times. |
| 1:39.6 | And we had a wide-ranging discussion on finance, interest rates, and the future. Please welcome, |
| 1:46.1 | Edward Chancellor. |
| 2:00.0 | Greetings, Edward, welcome. |
| 2:02.4 | Nate, thanks having me. |
| 2:04.4 | It is a pleasure. |
| 2:05.8 | So in addition to some mutual friends, I think we have at least one other thing in common. |
| 2:12.3 | We were both on Wall Street in the early 90s. |
| 2:15.2 | I don't know you were at Lazard. |
| 2:19.0 | I don't know if that was in New York City, but I was at Solomon Brothers and Lehman Brothers in the early 90s in New York. |
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