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4min chapter
Mohnish Pabrai's Presentation and Q&A at MDI, Gurgaon on December 22, 2015
Chai with Pabrai
The Effects of Federalism on Institutions
The federal reserve was meant to be an inclusive institution. But over the last seven years, we can argue that we have that an extracted institution. Inclusive institutions are institutions that are meant to benefit society advantage. Extract institutions are those that extract value of society and so in this case, by trying to disrupt keeping the cost of capital as low as it has cash, it benefited very few people at the expense of all the others.
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