How bonds not bombs liberated Ireland

The David McWilliams Podcast

David McWilliams

News & Politics

4.6 • 643 Ratings

🗓️ 4 August 2020

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week we mark the death of John Hume, a great Irish patriot. We explore one of his unheralded achievements, the Credit Unions and how these small “community banks” transformed Ireland and led to the success of the Derry punk band the Undertones. However, in using financial innovation, Hume was part of a long tradition in Ireland of financing social and political reform. We explore the “magic of the bond market” in making the impossible, possible.

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Transcript

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0:29.1	Conditions apply.
0:33.9	What in the world is happening on Wall Street?
0:36.2	Economic indicators. Who knows where this is going on Wall Street? Economic indicators.
0:37.8	Who knows where this is going to end up?
0:39.8	To understand the economy, you have to understand human nature.
0:45.9	This podcast is powered by ACAST.
0:51.6	How you're doing there? It is David.
0:58.3	It's August. It's kind of hard to believe. We're at the start of August.
1:03.5	Just by the way, August is a very tricky month in financial markets. So just watch this.
1:09.6	Two of the last really massive crisis in financial markets began in August.
1:13.9	The emerging market crisis of 1998, which ended up engulfing the entire Asian economy, then the Russian economy, the massive default, then a thing
1:20.6	called LTCM, which was allegedly a foolproof fund run, not by one, but two Nobel Prize winners for economics blew up as a result of
1:30.1	things that happened in August 1998. And then August 2007, far away in the subprime underbelly in
1:39.7	Arizona, a couple of funds run by an outfit called Bear Stearns, one of America's significant,
1:47.3	what they call bulge bracket banks. One of their funds started to show signs of distress
1:52.4	in August 2007. And we know by March 2008 that Bank Bear Stearns was gone.
2:01.8	Lehman was gone six months later and the world was in a massive financial crisis by August, September 2008.
2:09.6	So August is a strange month.
	...

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