Real Vision: Finance & Investing

The Interview - Professor Richard Werner joins Hugh Hendry - More Power To The Princes

38 snips
Jul 12, 2020
Professor Richard Werner joins Hugh Hendry to explore credit creation, asset bubbles, and the role of central banks. They analyze the Bank of Japan's credit expansion, discuss the Fed and ECB's actions during the global crisis, and predict a potential bank nationalization. They criticize the undemocratic nature of the ECB and discuss the future leaders of the global monetary order.
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ANECDOTE

Suppressed Bestseller in Japan

  • Richard Werner's book "Princes of the Yen" was a bestseller in Japan with 150,000 copies sold.
  • Attempts to produce documentaries on it in Japan were suppressed and publishers faced pressure to not release the book in English initially.
INSIGHT

Banks Create Most Money

  • 97% of money supply is created by commercial banks through lending, not central banks or government.
  • This fundamentally changes the understanding of how money and credit shape the economy.
INSIGHT

Bundesbank's Successful Accountability

  • The German Bundesbank was successful by resisting asset bubbles and delivering stable growth with low inflation.
  • It was accountable to parliament, unlike many other central banks, which contributed to its effectiveness.
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