Kevin Warsh, former Federal Reserve governor.

Grant’s Current Yield Podcast

Grant's Financial Publishing, INc.

Investing, Business, Stockmarkets, Financeexpertjimgrantoninvestment, Realestatefederalreserve, News, Business News

4.6 • 693 Ratings

🗓️ 9 October 2018

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kevin Warsh, former Federal Reserve governor and distinguished fellow at the Hoover Institution, pays Grant’s a visit to discuss the state of the world and markets.

1:55 Making sense of the move in bond yields

6:20 The Fed and the market. Who’s in charge?

11:41 Generation-length trends in interest rates

20:07 David Hume, corporate profits and interest rates

23:23 The evolution of money

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Transcript

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0:00.0	Well, welcome to Current Eel, the Grants Interest Rate Observer Podcast. I'm Jim Grant, and with me,
0:09.2	as always, Eric Whitehead at the controls and the great editor of Deputyate of Grants, Evan Lorenz.
0:16.3	And joining us today as our extremely special guest, Kevin Warsh. Kevin is needing no introduction.
0:21.9	He ought not to get one, except he's going to get one. And he might squirm because that kind of
0:27.2	introduction. Kevin, to begin with, was wearing a very, very nice Glenn plaid suit, as he's now in
0:33.9	shirt sleeves. And Kevin is Federal Reserve Governor during the crisis.
0:38.3	He was, is where to begin.
0:40.3	He teaches at Stanford.
0:42.3	He is a scholar at the Hoover Institution.
0:44.3	He's an alumnus of the Harvard Law School.
0:46.3	And on and on.
0:47.3	He is a resume that you could not have written if you had tried to write it.
0:50.3	But most of all, Kevin, I'm going to say that the most impressive thing
0:54.3	on this listening CV is your affiliation with Stan Druckenmiller, your partner of Stan's. Stan
1:00.3	being the owner of perhaps the best indoor and outdoor compounding of money record. Extant,
1:06.5	30% a year over the course of his career, which is a racehorse, the vet would be called
1:11.6	into check because it seems so implausible. But anyway, so Kevin, welcome to us. It's awfully nice
1:16.7	of you to be here. Thank you very much, Jim. It's an honor to be here. I would say you highlighted
1:21.6	the thing that has been probably the most formative, intellectually engaging experience of my career, which is working with Stan.
1:29.3	He calls me, his partner, I call him my boss. I'll let your listeners decide which of us is lying
1:33.7	about that. But it's been quite a treat, and we're on our eighth year.
1:37.9	Oh, fabulous. I think it's probably very good for both parties. Kevin, to begin with,
	...

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