Paul McCulley: We Are "Unambiguously" On The Verge Of A Profound Change In The Economy
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 3 September 2020
⏱️ 63 minutes
🧾️ Download transcript
Summary
Paul McCulley is a former Managing Director at PIMCO and a legend of the industry, having helped coin phrases such as "shadow banking" and the "Minsky moment." On this episode, we discuss the history of economic policy ideas, starting with the monetary and supply side revolutions roughly forty years ago, and how they've dominated thinking until today. But the break is coming. He says that we are "unambiguously" on the verge of a profound change to a more democratically managed economy (one more driven by fiscal policy), a change that will have significant changes for the real economy as well as markets and portfolio management.
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Transcript
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| 0:07.0 | How your Evie's battery may not be as green as it seems. |
| 0:11.0 | Why a decrease in global birth rates could send countries scrambling to increase immigration. |
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| 0:46.0 | And I'm Tracy Allaway |
| 0:49.0 | Tracy sometimes we have we waited this |
| 0:55.0 | my first thought that I always have is how we waited this long to talk to them. |
| 0:59.0 | That is such a humble brack. |
| 1:01.0 | Sorry. |
| 1:02.0 | It is the... I don't think it's a brag. I think there's just like certain people who like are like |
| 1:08.2 | natural fits for the type of thing that we talk about and we've been doing this podcast for years and it kind of seems |
| 1:15.2 | crazy that we never talked to them. |
| 1:17.4 | Is it a brag? |
| 1:18.4 | One day we're going to get Jerome Powell on the podcast and we'll say, you know, like we were |
| 1:22.3 | thinking of having you on, you're such a natural fit I can't believe it took this long |
| 1:26.7 | but yes you're absolutely right there are people well there are people who you know everyone talks about and I am going to say that I love that |
| 1:37.0 | I was like how did we not think to have fallen I love that |
| 1:41.1 | There are people out there who have had a big influence in markets and who consistently think about and write about the subject matter that all thoughts concerns itself with and there are still some that we haven't had on the podcast. This is true. |
| 1:56.0 | All right so obviously very excited about today's guest or we're going to jump right into it. |
| 2:02.2 | He's a former managing director at Pimco. He is the |
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