GM38: Debt, Stagnation and Policy Responses ft. Barry Eichengreen
Top Traders Unplugged
The Power of Contagion
I think we have seen a demonstration of the power of contagion. There's good reason to worry and there is some reason to be reassured that policymakers are on the case. But this is not a time for regulators or innocent bank depositors like you and me to let down our guard.
Join us for a thought-provoking conversation with Professor Barry Eichengreen, Professor of Economic and Political Science at University of California, Berkeley as we discuss what we can learn from economic history in the current volatile global macro environment. We discuss the uses and misuses of history and look at what history tells us about the policy response to the current strains in the banking system. We delve into Professor Eichengreen’s work on the long term outlook for the US dollar, the exorbitant privilege that the dollar’s reserve status bestows on the US and whether the Euro and the Chinese Renminbi are becoming credible alternatives to the dollar. We also discuss if rising public sector and private sector debt levels sustainable and whether the global economy has fully emerged from the period of secular stagnation which characterised the last decade.
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Episode TimeStamps:
03:19 - Introduction to Barry Eichengreen
08:17 - A potential misuse of history
11:26 - A lesson forgotten?
14:25 - Are things starting to break?
16:49 - A lesson learned
18:44 - Should we be concerned?
22:19 - Are crises inevitable?
24:32 - Is the dollar under threat?
30:10 - The need for safe assets
36:02 - The state of the Euro
39:39 - Making alliances
43:17 - A change in approach
45:18 - The "right" amount of debt
49:21 - A systemic problem
51:25 - Dealing with the debt burden
54:09 - Secular stagnation
55:48 - UK guilt yield levels
57:10 - Concerns for private sector debt
58:24 - Debt in the emerging world
01:00:45 - How and where to learn more?
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