Economics Explored

In this episode, host Gene Tunny sits down with Simon Schillebeeckx, co-founder of Handprint, a nature tech startup. Handprint aims to help companies profitably and seamlessly integrate planet-positive actions into business activities. Simon shares examples of companies that have gone above and beyond regulatory requirements to contribute to the environment positively. Among other questions, Gene asks Simon about the scalability of Handprint’s approach and the role of consumers in driving profit-maximizing businesses to make positive contributions. Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest, Dr Simon SchillebeeckxSimon is co-founder and Chief Strategy Officer of Handprint Tech. Published author, former sustainability consultant, TEDx speaker. Strategic Management Professor at Singapore Management University (SMU), specialising in Digital Sustainability. He holds a PhD in Innovation Management from Imperial College London.What’s covered in EP223[00:01:18] Regenerative economy and business activities.[00:04:33] The concept of Handprint.[00:11:28] Capturing value through sustainability.[00:16:02] A-B testing to determine how consumers respond to sustainability measure.[00:18:30] Linking ads to social impact.[00:23:06] Gamifying sustainability initiatives.[00:26:31] The potential for Handprint.[00:32:45] Plastic pollution and its impact.[00:36:03] Regenerative practices in agriculture.[00:41:28] Trust in carbon crediting.[00:48:49] Large-scale mangrove conservation and afforestation.TakeawaysAccording to Simon, companies are increasingly looking to go beyond just reducing their negative environmental impacts and instead create positive impacts through initiatives like planting trees or restoring coral reefs.Done right, these types of regenerative initiatives have the potential to improve business metrics like sales, click-through rates, and employee engagement.Handprint is working to make it easier for companies of all sizes to integrate positive impact actions into their business activities in a profitable wayHandprint offers a marketplace for companies to invest in credible positive impact projects, such as mangrove restoration and carbon sequestration, and provides tools for companies to visualize and capture value from their positive impact initiatives.Links relevant to the conversationHandprint Tech website:https://handprint.tech/Companies/organisations mentioned by Simon:https://www.sevencleanseas.com/https://plasticbank.com/https://oxcarbon.org/https://globalmangrove.org/Lumo Coffee (NB promo code for 20% discount on first order: EXPLORED20)https://lumocoffee.com/ Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode on the limits of fiscal policy features highlights from host Gene Tunny's past conversations with the late Australian economist Professor Tony Makin and former OECD Ambassador Alex Robson. In the discussions, Tony Makin provides a balanced and insightful analysis of Australia's fiscal response to the COVID-19 pandemic, critiquing programs like JobKeeper while recognizing some justification. He and Alex Robson discuss the importance of considering the open economy impacts of fiscal stimulus and the long-term burdens of debt. The episode looks to validate Makin's warnings about the limits of discretionary fiscal policy through subsequent evidence and events. Gene summarizes the JobKeeper evaluation results and what happened in the Australian housing market following the pandemic fiscal stimulus. Please get in touch with us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP222Fiscal policy limits and its impacts: introduction (0:03)Economic stimulus measures during the COVID-19 pandemic. (9:36)JobKeeper program design and targeting. (15:44)JobKeeper program's effectiveness and infrastructure spending challenges. (21:31)Keynesian economics and infrastructure spending. (27:50)Fiscal policy and its impact on the economy. (33:13)Fiscal policy and its unintended consequences. (40:12)The economic impact of public debt with Tony Makin and Alex Robson. (48:31)Fiscal policy and its impact on the economy: wrap up. (53:39)TakeawaysFiscal stimulus packages must be carefully designed and limited in size to avoid unintended consequences.The nature of the workforce is important to consider when implementing fiscal policy, as not all workers can easily transfer to different industries.The burden of public debt, including interest payments, can have long-term impacts on national income and economic growth.The effectiveness of fiscal policy in an open economy is influenced by factors such as capital mobility and exchange rates.Tony Makin was a leading advocate for sensible fiscal policy in Australia, and his contributions to the field are greatly missed.Episodes the highlights are clipped fromEP119: What Tony Makin taught us about macroeconomics – Economics ExploredA Fiscal Vaccine for COVID-19 with Tony Makin – new podcast episode | Queensland Economy WatchLinks relevant to the conversationFiscal policy papers by Tony Makin:The Effectiveness of Federal Fiscal Policy: A Review(PDF) Australia's Competitiveness: Reversing the SlideA Fiscal Vaccine for COVID-19Treasury analysis of JobKeeper:Independent Evaluation of the JobKeeper Payment Final Report | Treasury.gov.auThe employment effects of JobKeeper receipt | Treasury.gov.au  News regarding unintended consequences of fiscal stimulus:Building company collapses into liquidation days before Christmas, impacting four Guzman Y Gomez sitesThanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

This episode features highlights from the past 20 episodes. Economics Explored host Gene Tunny plays clips that illustrate key themes like using economics as a scientific framework, considering different perspectives, and remembering the limitations of models. The clips feature discussions on COVID policies, the role of experts, projections of resource depletion, nuclear energy, and the challenges of development economics. Gene hopes listeners find the highlights thought-provoking and looks forward to feedback on improving the podcast in the new year.Don't hesitate to contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP221Economics and decision-making with a focus on open-mindedness. (0:03)Using experts in decision-making and tolerating dissent. (3:12)COVID-19 modelling and its limitations. (9:34)Economic development, critical thinking, and foreign aid. (12:41)The limitations of economics and the need for interdisciplinary approaches. (19:25)Takeaways1. Economics is a powerful framework, but we should remember its limitations and consider insights from other disciplines like psychology.2. We must be open-minded and tolerant of dissenting views when relying on experts to inform policy decisions.3. Numerical models and projections should be viewed cautiously as they can exaggerate outcomes, given the complexity of real-world systems.4. It's important to think critically about all options when analyzing issues and not come to them with preconceived notions or biases.5. Effective policymaking requires understanding incentives, weighing tradeoffs, and considering how people may respond differently based on cultural and social factors.Episodes the highlights are clipped fromhttps://economicsexplored.com/2023/11/09/is-the-american-dream-a-broken-promise-for-latinos-w-dr-paul-rivera-ep213/https://economicsexplored.com/2023/10/13/private-vs-public-sector-jobs-consulting-scandals-economics-as-an-imperialist-discipline-w-uqppes-ep209/https://economicsexplored.com/2023/10/06/growth-or-degrowth-w-oliver-hartwich-nz-initiative-ep208/https://economicsexplored.com/2023/09/14/gigi-foster-estimates-covid-lockdowns-cost-young-people-116x-any-benefits-ep205/https://economicsexplored.com/2023/08/24/australias-net-zero-transition-successes-challenges-w-andrew-murdoch-arche-energy-ep202/https://economicsexplored.com/2023/08/19/the-role-of-experts-in-a-democracy-pandemics-monetary-policy-ai-w-peter-kurti-cis-ep201/Links relevant to the conversationArticle about the Second Fleet of convicts transported to Australia:https://www.themandarin.com.au/73989-contracts-and-convicts-how-perverse-incentives-created-the-death-fleet/Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

John August, a Sydney radio host and Pirate Party of Australia official, returns to provide feedback on recent episodes about nuclear power, COVID policies, and government outsourcing and consulting. John discusses his generally positive view of nuclear energy with some qualifications and provides his thoughts on the analysis of COVID restrictions presented in a recent episode by Prof. Gigi Foster. John also weighs in on the challenges of government service delivery, noting potential upsides and downsides to outsourcing and cautioning against contractors dominating policy development.Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest: John AugustJohn August is the Treasurer of the Pirate Party Australia. John does computer support work in retail and shareholder communication. He is passionate about justice and ethics in our world, particularly as it plays out in law generally and intellectual property in particular. He has stood on behalf of the Pirate Party in the Federal seat of Bennelong and also as a Councillor for Ryde City Council.Along with technology and law John is also interested in spoken word and poetry. He broadcasts on community radio and hosts the program “Roving Spotlight” on Tuesdays from noon-2pm on Radio Skid Row Marrickville Sydney, and writes about his ideas on the website www.johnaugust.com.au. You can keep up to date with what John is up to via his Facebook page. What’s covered in EP22000:04:08 - Discussion on Nuclear Energy00:13:37 - Gigi Foster's COVID Analysis00:25:58 - Economic Impact of COVID Restrictions00:35:57 - Outsourcing and Consulting in Government00:44:20 - Final Thoughts and Wrap-upTakeawaysNuclear power holds promise as an energy source, but challenges around risk management, technology development, and public perception still need to be addressed.In John’s view, there are reasonable arguments on both sides of the debate around COVID restrictions, with disagreement centring around difficult-to-determine counterfactual scenarios.Outsourcing can benefit the government, like additional capacity and fresh perspectives, but oversight is needed to avoid issues like mission creep or perverse incentives.  Links relevant to the conversationRecent news about nuclear energy:First new U.S. nuclear reactor since 2016 is now in operationNuScale ends Utah project, in blow to US nuclear power ambitions | Reuters  John talking about nuclear energy on his radio show:https://www.mixcloud.com/Johnorg/roving-spotlight-26-sept-23-nuclear-nuclear-more-nuclear/Pirate Party position statement on bureaucracy and rent-seeking:https://pirateparty.org.au/wiki/Position_Statements/Government_Bureaucracy_Rent-SeekingVideo mentioned by John: “The consulting industry has infantilised government” - Mariana Mazzucato on taking back controlhttps://youtu.be/ycVBoWsGLJs?si=r7f5qIJds0dENPtIReview of Jobkeeper payment by Nigel Ray: https://treasury.gov.au/consultation/c2023-407908Previous Economics Explored episodes mentioned this episode:https://economicsexplored.com/2023/07/27/sir-david-hendry-on-economic-forecasting-the-net-zero-transition-ep198/https://economicsexplored.com/2023/09/14/gigi-foster-estimates-covid-lockdowns-cost-young-people-116x-any-benefits-ep205/https://economicsexplored.com/2023/10/13/private-vs-public-sector-jobs-consulting-scandals-economics-as-an-imperialist-discipline-w-uqppes-ep209/Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Show host Gene Tunny interviews former investment banker Will Nutting, who runs the investment newsletter "Nutstuff”, to discuss emerging investment opportunities in 2024 and beyond. Will explains how he focuses on unloved areas like coal, uranium and cannabis that many investors overlook. He also emphasizes the importance of factoring geopolitical risks into investments and outlines opportunities that he sees in gold, Bitcoin, distressed debt, and investments in Russia. Will discusses how paying attention to geopolitics can provide an investment edge and outlines his process for gathering insights from his extensive network. Please note that the discussion is meant to provide general information and not specific investment advice.Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest Will NuttingWill is the Founder and CEO of Nutstuff, a no-nonsense, investment newsletter with 2K+ subscribers, including CEOs and CFOs of some of the world’s biggest financial institutions, founders of the most exciting startups, investors at the highest performing funds across private and public markets, and HNWIs.Will has been writing about and investing in markets since the 1990s, focusing on U.S. and global equities, and has had the good fortune to interact with and exchange ideas with many smart investors.What’s covered in EP219Investment banking, media analysis, and providing a better perspective. (1:59)Geopolitics, equity research, and market trends. (7:32)Potential peace treaty between Russia and Ukraine. (13:24)Geopolitical tensions, global debt, and the future of Western nations. (16:53)Investment strategies and geopolitical risks. (22:51)Energy policy, ESG investing, and the future of fossil fuels. (28:31)Investing in various market caps, including small and mid-cap stocks. (34:01)Crypto investing and market trends. (36:29)Geopolitics, investing, and global markets. (42:30)Investing in distressed debt and real estate. (47:29)TakeawaysWill Nutting believes opportunities exist in unloved areas like coal, uranium, offshore drilling, and cannabis/marijuana stocks.Geopolitical risks like those in Ukraine, the Middle East, and China/Taiwan need to be factored into investments. Distressed debt could provide opportunities if the economic situation deteriorates.Will is positioning for 2024 by focusing on gold, Bitcoin, commodities producers, and select technology companies.Links relevant to the conversationWill Nutting’s newsletter Nutstuff:https://www.nutstuff.co.uk/Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

The economic philosophy of America's Founding Fathers was centred around individual rights, limited government intervention, and a largely free market. In EP218 of Economics Explored, host Gene Tunny interviews John Nantz about his book, "Rediscovering Republicanism." John discusses the insights of the United States Founding Fathers, such as Ben Franklin and Thomas Jefferson, and how their ideas on limited federal power and local governance are still relevant today. John argues that the country needs to remember these insights and explore how we can apply them to our current situation. Gene asks John, among other questions, how the Founding Fathers tried to reconcile their beliefs with the slavery that existed in the Southern states.Please contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About this episode’s guest John NantzJohn Nantz is a Stanford-educated, McKinsey-trained strategy consultant and author of Rediscovering Republicanism. Through his book, John re-introduces Americans, particularly younger ones, to the inspiring founding values and ideas of their country. Also, based on his book, John started a highly popular TikTok series on American history that has earned over 4 million views. What’s covered in EP218Rediscovering Republicanism's founding vision and values. (0:03)Rediscovering American republicanism and its values. (2:25)US history and political system. (7:21)US Constitution and citizen power. (10:23)The economic vision of the US Founding Fathers. (15:01)The Founding Fathers' views on slavery and the Constitution. (20:04)Slavery and political representation in the US Constitution. (25:04)US government role and individual rights. (30:05)Federalism, welfare programs, and state roles. (36:22)Poverty, government role, and healthcare in the US. (40:44)Healthcare and retirement systems in Australia and the US. (48:05)TakeawaysThe founders of the United States had a vision of limited central government power, with a focus on individual rights, state governments, and civil society taking on more responsibility for problem-solving.The current state of the United States has deviated from this vision, with a significant expansion of federal government power and involvement in various areas such as social welfare and education.John Nantz argues for a rediscovery of republicanism and a return to the original vision of the founders, with a focus on individual rights, competitive federalism, and a reduced role for the federal government in areas such as welfare programs. The author suggests that this approach could lead to better outcomes and more innovation in addressing complex social issues.Links relevant to the conversationAmazon page for John’s book Rediscovering Republicanism:https://www.amazon.com.au/Rediscovering-Republicanism-Renewing-America-Founding/dp/0761872337Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

The podcast’s audio engineer Josh Crotts joins host Gene Tunny to discuss the recent episode with Professor John Cochrane of the Hoover Institution. Josh shares his queries and comments on the episode, particularly regarding Professor Cochrane's average income and economic growth statistics. He also questions Cochrane’s statement that “The other problem we have is that low-income Americans basically don't work.”. lease get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in the Bonus episode[00:02:03] Delving into economic growth statistics.[00:05:26] Women's impact on GDP.[00:09:41] Earnings distribution skew.[00:13:36] Average income in China.[00:16:41] Slowing productivity growth.[00:19:19] Low income and food stamps.[00:24:27] Xerox and the mouse.TakeawaysThe importance of accurately interpreting economic data: The episode highlights the need to delve into economic data and understand the different measures and calculations used. The impact of government policies on low-income individuals: The discussion raises the issue of high effective marginal tax rates (due to the withdrawal of government benefits) and how they can create disincentives for low-income individuals to take a higher-paying job or work additional hours. The example demonstrates the challenges those who rely on social programs face.The need for nuanced discussions on poverty and work: The episode emphasizes the importance of avoiding generalizations and stereotypes about poverty and work. Many low-income individuals are hardworking and face significant barriers and challenges. Discussions on poverty and work should consider the complexities of individual circumstances and the impact of government policies on incentives and opportunities.Links relevant to the conversationEconomic growth data sourcesUS  Real gross domestic product per capita: https://fred.stlouisfed.org/series/A939RX0Q048SBEAUS Gross domestic product per capita (i.e. nominal not real/inflation-adjusted): https://fred.stlouisfed.org/series/A939RC0Q052SBEAUS Census Bureau publication Income in the United States: 2022: https://www.census.gov/library/publications/2023/demo/p60-279.htmlIMF estimates of GDP per capita, current prices, Purchasing power parity; international dollars per capita: https://www.imf.org/external/datamapper/PPPPC@WEO/OEMDC/ADVEC/WEOWORLDWorld Bank estimates of GDP per capita, PPP (current international $) - China: https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD?locations=CNWorld Bank estimates of GDP per person employed (constant 2017 PPP $) - China: https://data.worldbank.org/indicator/SL.GDP.PCAP.EM.KD?locations=CNABS article on the difference between mean and median earnings in Australia:https://www.abs.gov.au/statistics/understanding-statistics/guide-labour-statistics/earnings-guide/average-earnings-guideArticles Josh consulted on the working poor:Poor People Work: A Majority of Poor People Who Can Work Do | Economic Policy InstituteOne in four Americans think poor people don’t work hard enough - The Washington PostSources Gene found on the disincentives to work that some government programs create for the poor: Effective Marginal Tax Rates for Low- and Moderate-Income Workers in 2016 | Congressional Budget Office (which reports a small fraction of taxpayers do face effective marginal tax rates >50%) ; andhttps://www.cbo.gov/system/files/115th-congress-2017-2018/reports/53452-lfpr.pdf“...some provisions of the Affordable Care Act probably discouraged some people from participating in the labor force in the past few years by raising their effective tax rates. The resulting reduction in take-home pay probably had the largest effect on lower-earning workers.” (from p. 18 of CBO report linked to above)On the history of the computer mouse:https://www.computerhope.com/issues/ch001083.htmThanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au. Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Quality coffee will be much more expensive in the future, partly due to climate change, according to International Coffee Traders’ Raihaan Esat. Show host Gene Tunny and co-host Tim Hughes are joined by Raihaan in this episode. They delve into the global coffee market, discussing how Raihaan sources coffee beans from various countries and the factors that affect coffee prices. They also explore the impact of climate change on the coffee market. Take advantage of this deep dive into the fascinating world of coffee.Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP217[00:01:51] The impacts of climate change on the coffee market.[00:06:52] Sourcing coffee from farms.[00:07:31] Commercialized coffee farming.[00:12:51] Farming practices and coffee flavor.[00:18:34] Cafe Feminino and empowerment.[00:19:23] Coffee cooperative communities.[00:26:05] Quality differences in coffee sourcing.[00:27:58] Specialty coffee.[00:31:28] Antioxidants and coffee benefits.[00:35:15] Coffee and sustainability.[00:42:03] Coffee production and pricing.[00:42:23] Coffee supply chain logistics and financing.[00:45:21] Shelf life of green coffee.[00:47:13] Coffee demand and market trends worldwide.[00:49:45] Emerging coffee markets.[00:51:33] Climate change and coffee production.[00:56:03] The future of coffee.[01:00:07] Exploring coffee variations.TakeawaysThe biggest problem for coffee roasters is controlling costs and accessing good quality green coffee: the right coffee at the right price.  [00:05:57]Supply and demand determine the price of coffee at the end of the day. [00:36:42]High-quality coffee is going to get more expensive as supply is affected by climate change [00:53:26]You should spend some time learning how to craft a nice cup of coffee just like you would learn how to make great pasta or a steak or a dessert. [00:58:59]Links relevant to the conversationCoffee Commune and International Coffee Traders:https://www.coffeecommune.com.au/https://www.coffeecommune.com.au/international-coffee-traders/Tim’s new coffee brand Lumo Coffee, “Seriously Healthy Organic Coffee” (Promo code for 20% off the first purchase is EXPLORED20):https://lumocoffee.com/Cafe Feminino:https://www.cafefemenino.com/Aquiares estate in Costa Rica:https://www.aquiares.com/https://www.instagram.com/aquiarescoffee/?hl=enArturo’s Adept Economics website article on coffee:https://adepteconomics.com.au/coffees-economic-contribution-in-australia/

Professor Tonya Evans is the author of the new book "Digital Money Demystified: Go from Cash to Crypto Safely, Legally, and Confidently." She discusses the topic of cryptocurrency with show host Gene Tunny. Professor Evans argues there are many myths surrounding digital assets, including their association with criminal activity and extreme volatility. She aims to dispel these myths and provide readers with a more accurate understanding of cryptocurrencies. Professor Evans is distinguished professor at Penn State Dickinson Law and a leading expert in intellectual property and new technologies. Please note this episode is for general information only and is not meant to be financial or investment advice. Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About Professor Tonya M. EvansDr. Tonya M. Evans is a distinguished professor at Penn State Dickinson Law and a leading expert in intellectual property and new technologies. With a prestigious 2023 EDGE in Tech Athena Award, she is highly sought-after as a keynote speaker and consultant. Her expertise spans blockchain, entrepreneurship, entertainment law, and more.As a member of international boards and committees, including the World Economic Forum/Wharton DAO Project Series, Dr. Evans remains at the forefront of cutting-edge research. She recently testified before the House Financial Services Committee and the Copyright Office and USPTO to advise on the intellectual property law issues related to NFTs and blockchain technology.What’s covered in EP216[00:05:31] Prudent crypto investing according to Prof. Evans.[00:09:18] Crypto scams.[00:13:18] Peer-to-peer technology.[00:17:34] Taxing crypto assets.[00:22:45] Central bank digital currencies (CBDCs).[00:29:13] Exchanging value without government support.[00:38:17] The currency of outer space.[00:41:10] Self-custody and centralized exchanges.[00:47:48] "Not your keys, not your crypto."[00:49:17] Underrepresentation in the crypto ecosystem.[00:54:07] Learning the language of crypto.[00:59:47] Tracking Bitcoin transactions.[01:01:57] The speed of prosecuting crypto fraud.Links relevant to the conversationAmazon page for Digital Money Demystified:https://www.amazon.com.au/Digital-Money-Demystified-Crypto%C2%AE-Confidently-ebook/dp/B0BVP8GPF8Regarding a spot Bitcoin ETF, Yahoo Finance reported on 28 November 23 that “Crypto investors are awaiting Security & Exchange Commission (SEC) approval for a spot bitcoin ETF, which could unlock a surge of capital investment in the crypto space.”https://finance.yahoo.com/video/bitcoin-may-reach-57k-over-175421720.htmlTreasury Secretary Janet Yellen on Binance:https://home.treasury.gov/news/press-releases/jy1926

Show host Gene Tunny interviews Jared Bibler, author of the book "Iceland's Secret: The Untold Story of the World's Biggest Con." Jared discusses his firsthand experience during the brutal 2008 financial crisis in Iceland, where he worked at a collapsed bank and later at the financial markets regulator. He sheds light on the dodgy behaviour of bankers leading up to the crisis and the severe consequences that followed. Stay tuned to the end of the episode for Gene's interpretation of Iceland's secret and its relevance to economies worldwide.Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. About Jared BiblerJared started his career as a consultant for a Wall Street giant in Boston and New York until moving to Iceland to support the Icelandic pension funds’ foreign investments. He resigned from his job at a leading Icelandic bank a weekend before the 2008 Icelandic financial crisis.He was subsequently hired to lead a special investigation team, which referred more than 30 criminal cases to the Special Prosecutor of Iceland, including the largest stock market manipulation cases to be prosecuted globally.Jared’s insider knowledge and unwavering persistence helped Iceland to famously become the only country to jail its bank CEOs. But the real story, deeply complex and sinister, has direct relevance today as banks once again begin to tumble.What’s covered in EP21500:02:56 Iceland's financial crisis was fueled by the growth of banks that became Enron-sized and collapsed, causing significant damage to the economy.00:05:49 Financial industry corruption and collapse.00:11:30 Iceland's banking system collapsed.00:19:33 Icelandic banks manipulated stock prices.00:27:26 The financial system is vulnerable.00:34:58 Banking fraud and economic collapse.00:35:58 Currency crisis in Iceland.00:47:19 Iceland faced an economic crisis and unemployment.00:50:54 Iceland's recovery transformed into something ugly.00:57:38 Lessons from Iceland's banking collapse.01:00:16 Incentives and regulation in finance.Links relevant to the conversationAmazon page for Iceland’s Secret:https://www.amazon.com.au/Icelands-Secret-Untold-Worlds-Biggest/dp/0857198998