Free money is the enemy of free markets
Grant’s Current Yield Podcast
Grant's Financial Publishing, INc.
4.6 • 693 Ratings
🗓️ 2 April 2018
⏱️ 24 minutes
🧾️ Download transcript
Summary
David Stockman, director of the Office of Management of Budget under President Reagan and master of mazy budgetary arithmetic, joins Jim and Evan for a scintillating discussion of fiscal and monetary matters.
0:00 The #Simpsons foreshadowing
3:20 Deficits and #debt monetization. What’s the harm?
9:01 Requiem for a #bond bull market
15:30 Sell what the #central banks are selling
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Transcript
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| 0:00.0 | Well, welcome to another episode of Grant's interest rate observer of the air. |
| 0:11.6 | I am Jim Grant, and with me today is, of course, Eric Whitehead at the controls and Evan |
| 0:16.2 | Lorenz, the great Evan Lorenz, Deputy Editor of Grants, and our special guest, David Stockman. |
| 0:21.1 | Yes, that David, David, before we get down to fiscal and monetary business, I think we ought to hear |
| 0:26.6 | from The Simpsons. |
| 0:27.4 | As you know, we've inherited quite a budget crunch from President Trump. |
| 0:31.1 | How bad is it, Secretary Van Houten? |
| 0:33.4 | We're broke. |
| 0:34.6 | The country is broke. |
| 0:36.5 | How can that be? Yeah, well, broke. How can that be? |
| 0:37.9 | Yeah. |
| 0:38.3 | Well, David, how can it be? |
| 0:39.7 | Well, it can, and it is. |
| 0:42.2 | And it's, you know, heading in that direction for the last 40 years. |
| 0:45.9 | Well, you know, David's document for you, those of you who are living on another planet, |
| 0:50.1 | David was, hey, came from Michigan State University. |
| 0:53.3 | He went to Harvard, looking uneasily over his shoulder at the Selective Service Bureau. |
| 0:58.0 | I studied divinity, yes, divinity a couple of years. And at length, I became a congressman, a three-term congressman. |
| 1:04.7 | But interrupting the third term was an invitation to serve, which he duly accepted as Ronald Reagan's budget director, as chief of |
| 1:12.4 | the Office of Management and Budget. And he served there until August 1985, whereupon he left. |
| 1:18.7 | And when he left, when David left, the public debt, the gross, truly gross, although not so |
| 1:24.4 | gross as it would become, public debt was $1.9 trillion. And now it's $21 trillion. |
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