Interest Rates and Economic Crises - Edward Chancellor, Financial Historian, DS Pod #224

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Edward Chancellor is a British financial historian who, in a
previous life, was an investment banker in New York and Boston
from the early 1990s through 2014. He has been named as “one of
the greatest financial historians alive” by Fortune magazine, as
a result of his prediction of the last two economic bubbles,
detailed in his books Devil Take Hindmost, about financial
speculation during the dot com bubble and Crunch Time for Credit,
about the 2005 housing bubble. He’s attempting the hat trick of
economic doomsaying with his most recent book, The Price of Time,
all about the true role of interest rates in economic crashes. He
argues that abnormally low interest rates coupled to a policy of
perpetual quantitative easing has led to an “everything bubble”
where all assets, everywhere, are tremendously overvalued. We
talk about how he came up with this theory, the poorly understood
role of interest, what can be learned from economic collapses of
hundreds of years ago, and how theory doesn’t always line up with
reality. Buy Edward Chancellor's Books, Support the Podcast:
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https://bit.ly/3lcAasB (00:00) Go! (00:03:59) Economics has no
laboratory (00:16:13) Forgetting history (00:38:10) Malincentives
at the Fed (00:53:23) Too big to fail? Autonomous financial algos
(01:00:43) Monastic/social biphasic life (01:05:48) At the edge
of whats known (01:16:39) External pressure to regulate the
economy (01:29:48) The real role of interest (01:38:55) Michael
Hudson's theory on taxing unearned income (01:52:26) Modern
monopolies (02:06:10) Predicting the next speculative bubble
(02:12:46) Bullshit jobs (02:21:45) Takeaways #financialhistory
#investmentbanking #economicbubbles #speculation
#EdwardChancellor #interestrates #quantitativeeasing
#everythingbubble #economiccrashes #financialspeculation
#economics #economictheory #marketcrashes #financialregulation
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