Listening to this while working (headsets on). Interesting conversation. 🧡
Paul Buitink talks to William White, an economist who worked at the Bank of England, Bank of Canada, Bank of International Settlements (where he was chief economist) and the OECD. William is 82 years old and has decades of experience as in insider.
They discuss the dismal state of cooperation between the West and the Global South. They also dive into the perilous state of the eurozone due to France's financial troubles. Is the euro sustainable? What was the role of the BIS at its creation?
William also explains how the boom bust cycle works, how central banks always resort to money printing and why he saw the Great Financial Crisis coming. We are currently in bubble territory.
He sums up all the bad alternatives out there when it comes to curing our financial system. He also gives his view on how the likelihood of a Bretton Woods II is.
Timestamps:
0:00 Intro
2:11 Economic cooperation between the West and East/South
4:00 Role of the OECD
6:06 Growth of BRICS and SCO
10:47 France’s finances
13:50 Bond vigilantes
19:28 Central banks and governments will intervene
22:10 Democratic deficit when it comes to our money
24:00 Role of BIS in the creation of the euro
29:09 Is the euro sustainable?
30:40 Should pension funds sell euro assets?
33:12 How bubbles are formed
40:58 Are we in bubble territory?
44:27 How to make the system more sustainable
47:30 Policy problems, only bad alternatives
58:54 A new Bretton Woods coming?
1:03:02 Outro
