The Importance of Macro Prudential

John Defterios: macro prudential is again one of those indecipherable economic terms, which seems to go out to mangle the English language. It means how can the central bankers of the world, look, I mean, it all goes back to 2008. All these tulips missed it. And then after it happens, they say, oh my god, we missed it. So now we're going to put in things to make sure we don't miss it again. John did a few diagrams last night. Otherwise he's lightning quick. But today I can hear the gears kind of slide the head. They're a bit rusty.