The House of Cards: Evaluating Economic and Financial Warning Signs
Money For the Rest of Us
J. David Stein
4.5 • 1.4K Ratings
🗓️ 27 September 2023
⏱️ 31 minutes
🔗️ Recording | iTunes | RSS
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Summary
What are the economic and financial system early warning signs that we should heed rather than get caught up in fearmongering? When should we start to worry about ballooning budget deficits, the national debt, a currency collapse, or the stock market?
Topics covered include:
- Signals to monitor to see if things are falling apart
- How much government debt is too much and why interest rates are key
- Why central banks don't control the stock market
- Why the dollar remains dominant, and what has to change for it to plummet in value
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Show Notes
The Dawn of Everything: A New History of Humanity by David Graeber and David Wengrow—Macmillan
U.S. National Deficit—Treasury.gov
Budget and Economic Data—Congressional Budget Office
Japan's growing debt mountain: Crisis, what crisis? by Andrew Sharp—Nikkei Asia
Currency Composition of Official Foreign Exchange Reserves—International Monetary Fund
Total credit to non-bank borrowers by currency of denomination: US dollar—BIS
Wonking Out: The Mysteries of the Almighty Dollar by Paul Krugman—The New York Times
Revisiting the international role of the US dollar by Bafundi Maronoti—BIS
Related Episodes
404: Why Is the U.S. Dollar So Strong? Will It Continue?
416: Your Nation’s National Debt: 5 Things You Need To Know
433: What Happens If The U.S. Defaults On Its Debt? Here’s Why It Won’t
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Transcript
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| 0:00.0 | Welcome to Money for the Rest of Us. |
| 0:02.3 | This is a personal financial show on Money, how it works, how to invest it, and how to |
| 0:07.2 | live without worrying about it. |
| 0:09.4 | I'm your host, David Stein, today is episode 449. |
| 0:13.4 | It's titled The House of Cards, Evaluating Economic and Financial Warning Signs. |
| 0:20.2 | I have a friend that shares with me paid Instagram Reels that invariably warn about something |
| 0:26.0 | bad that is going to happen economically or financially. |
| 0:29.4 | I sometimes watch a portion of the video or read the transcript. |
| 0:33.0 | Usually it's the repeat of some dire prediction in which the Doomsday Day event keeps getting |
| 0:38.9 | pushed back because the thing never happens. |
| 0:42.1 | Or it's some financial or economic news item such as the Federal Reserve studying central |
| 0:48.4 | bank digital currencies and it gets totally blown at a proportion. |
| 0:52.8 | Fair mongering is highly lucrative because we all crave solutions that alleviate fears. |
| 0:59.4 | We want somebody to tell us it's going to be okay. |
| 1:03.0 | We don't engage in fair mongering at money for the rest of us, but we also don't stick |
| 1:07.2 | our head in the sand. |
| 1:08.4 | There are times when we step back and ask, what if the House of Cards comes crashing |
| 1:14.3 | down, be it the stock market or our home currency? |
| 1:18.6 | What point should we start to worry that economic and financial developments are off track |
| 1:23.5 | and heading toward a major disaster? |
| 1:26.5 | Fortunately, there are things that we can look at to decide whether things are really really |
| 1:32.2 | going wrong. |
... |
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