Financial Fault Lines, Central Banks, and the Law of Unintended Consequences | William White
Hidden Forces
Demetri Kofinas
4.8 • 1.6K Ratings
🗓️ 30 September 2019
⏱️ 68 minutes
🧾️ Download transcript
Summary
In Episode 102 of Hidden Forces, Demetri Kofinas speaks with economist and former Deputy Governor of the Bank of Canada, William White, about the state of our market economy and the prospects for an 'international reset' of the global financial system.
William R. White was most recently chairman of the Economic and Development Review Committee at the Organization for Economic Co-operation and Development (OECD) from 2009 to 2018. He is famous for having flagged the wild behavior in debt markets before the Great Financial Crisis of 2008. He began his career in 1969 as an economist working at the Bank of England. In 1972 he joined the Bank of Canada where he spent 22 years and was appointed Deputy Governor in September 1988. In 1994, he joined the Bank for International Settlements (BIS) and served as its Economic Adviser and Head of the Monetary and Economic Department from May 1995 to June 2008.
In their conversation, Demetri and Dr. White discuss a wide range of topics focused primarily on the global financial system. Their conversation begins with a focus on the state of the current system, including a discussion about the consequences of regulatory reform (both intended and unintended), as well as endogenous transformation to the system brought about by independent changes in the behavior of banks and other financial participants. Most of the conversation dealing with possible changes to the International Monetary and Financial System happen during the Episode Overtime, including a discussion about central bank-issued cryptocurrencies, private sector digital money like Libra, and Bitcoin. The overtime also includes a lengthy discussion about government policy in the face of climate change, and how this relates to the politics of monetary policy.
William White has spent five decades as a central banker and international financial policymaker, and we are fortunate beneficiaries of the wisdom that he has accrued during these many years.
Additional topics discussed during the episode include post-crisis reform, market architecture, currency wars, negative interest rates, the Chinese renminbi, causes for inflation, Japanification, the 'Global Ring of Fire,' and much more.
You can access the rundown to this week's episode, along with a transcript of Demetri and Dr. White's conversation through the Hidden Forces Patreon Page. All subscribers are granted access to our overtime feed, which can be easily be added to your favorite podcast application.
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos Nicolaou
Subscribe & Support the Podcast at http://patreon.com/hiddenforces
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Today's episode of Hidden Forces is made possible by listeners like you. |
| 0:04.6 | For more information about this week's episode or for easy access to related programming, |
| 0:09.7 | visit our website at hidden Forces. I.O. and subscribe to our free email list. |
| 0:16.2 | If you listen to the show on your Apple Podcast app, remember, you can give us a review. |
| 0:21.2 | Each review helps more people find the show and join our amazing community. |
| 0:26.7 | And with that, please enjoy this week's episode. And the What's up everybody? My guest today is Dr. William White. He is a veteran journeyman of the central banking world. |
| 0:58.4 | He is a Canadian economist who began his career as an economist at the Bank of England, the Central Bank of the United |
| 1:06.2 | Kingdom. |
| 1:07.2 | He was also at the Bank of International Settlements. |
| 1:10.4 | In fact, he had the job that my recent guest, Claudio Borio now has as head of the |
| 1:16.2 | monetary and economic department at the BIS. |
| 1:19.3 | He was also deputy governor at the Bank of Canada, and he was Chairman of the Economic and Development |
| 1:25.8 | Review Committee at the Organization for Economic Cooperation and Development, the OECD |
| 1:32.1 | from 2009 to 2018. |
| 1:35.0 | So he's been around, he's seen a lot, he's someone that I've wanted on the program for a very |
| 1:39.6 | long time. |
| 1:40.6 | We've been in touch for about a year. |
| 1:42.1 | I've been trying to schedule it to do it in person with him when he would be next to New York. |
| 1:48.0 | But it proved difficult and I just elected for us to do it remotely. |
| 1:52.0 | And I'm glad I did because it was a phenomenal conversation. |
| 1:56.1 | I think the overtime went for about 40 minutes. |
| 1:59.7 | I literally just finished the recording now. We talked about so much. We talked |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Demetri Kofinas, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Demetri Kofinas and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.