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Real Vision: Finance & Investing

The Central Banks' Easy Money Experiment Will End Badly (w/ Jim Grant & William White)

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.11.1K Ratings

🗓️ 26 December 2020

⏱️ 78 minutes

🧾️ Download transcript

Summary

William White, former central banker at the BoE, BoC, and BIS and senior fellow at the CD Howe Institute, has been a thorn in the side of his central banking colleagues for decades, questioning their hubris and pushing hard for a paradigm shift from within. Together with legendary financial commentator Jim Grant of Grant’s Interest Rate Observer, White explores the difficulty of paradigm shifts within central banking and the overwhelming historical evidence that this easy money experiment will end badly. White also expresses what he believes to be the core problem with central bankers' analytical framework — namely, that it assumes that the global economic system is "comprehensible, understandable, and controllable" rather than a complex, adaptive system with characteristics that are not present in the models that attempt to decipher it. As well, Grant questions White on his views on Bitcoin, how he personally invests, what he would do if he were running the Federal Reserve, and if there is any possible way out of our current predicament. . Key Learnings: Central Bankers' neglect for history will be their ultimate undoing, and although new, previously unthinkable policies have been enacted recently, it can hardly be considered a paradigm shift but merely a more extreme implementation of the same flawed analytical framework. The outcome of the deflation vs. inflation debate is not cut and dry even to someone as learned as William White, and he himself has for decades implemented a barbell strategy of cash and property as a way to position for this uncertainty. Recorded on November 16, 2020 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

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0:28.2

today. The Can you state your name, your title and company?

0:48.0

Yes.

0:49.8

Oh, I should do it.

0:50.8

Yeah.

0:51.5

I'm Jim Grant.

0:52.4

I'm the editor of Grant's Interest Rate Observer and what I do for a living is right.

0:57.0

I want to interview famous people, but who are famous perhaps for reasons that the public is not fully aware of.

1:03.0

I hope to elicit from them new thoughts,

1:06.7

frank admissions of things that they had not previously admitted to,

1:12.0

and I want to get them to laugh once twice.

1:14.0

Hello viewers of Real Vision.

1:19.0

This is a Jim Grant and it is a great privilege to be in the company today of William R. White

1:28.4

Economist extraordinaire international financial

1:32.1

financial,

1:32.8

what might be the noun here,

1:35.0

or certainly authority.

1:36.8

I dare say in the minds of some of the central bankers

...

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