18 Burst results for "Brent Johnson"

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

04:40 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"That's the goal I don't think any central bank wants their yields to be rising well. Let's talk a little bit. We've touched on it a little bit, but let's get into the swap lines because that's kind of into primary tool through which the Fed has used over the last three or four months to ease the dollar squeeze for lack of a better word, right? And I think right now. The outstanding swap lines are around three, hundred, fifty billion. They got up to four hundred fifty billion at one point the idea, so let my my point with the swap lines and then I I've I've talked about this a lot is that? The number of people think that the swap blinds are the tool. Be The swap lines or Fed Repo. Or. Reverse Repo the tools by which the Fed will bail out the rest of the world. And many people have said to me. There's no shortage of dollars and if there is a shortage of dollars, the Fed will provide everydollar that is needed, and they will bail out the euro dollar system in including the US dollar system. And the the swap lines is the the the tool which they've used primarily so far. can you talk to me about your view on the swap lines? And then let's let's go back and forth on that a little bit I wanna get your understanding or I want to understand your view of the of the swap lines, and the extent to which you think that they will use them into the extent to which you think, they'll be successful in using them sure so if you look back, even back. Back in a jazz. Nate right was the first time these tools really came out and Ernest We had the dollar spike during that period. Now fortunately at the time is spiked from a pretty weak level right so it. It had a dollar peak early early in the two thousands was in a more weaker trend at that point, but I had a sharp spike in relation to a similar effect that we saw in. In twenty twenty here we had dollar shortage. We had a spike. We had a rise in the ted spread, and so what the Federal Reserve did is they opened swap lines? Several peer central banks, major nations and provide dollar liquidity in exchange for their currency collateral, and what we saw is the Ted spread went down pretty quickly, so the swap lines were effective in that, and then the dollar took several months to work. Work out before that finally went down, but at least it arrested it from. Continue to go up and it kind of put it in a rangebound state events. You brought that down We saw it again. you know since then a couple times they briefly using swap lines in twenty twelve, but it was a much smaller event and then twenty sixteen. They had a dollar spike, but they didn't have to swap lines..

Federal Reserve Ernest We US Nate Ted
"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

05:05 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"The announcement of their willingness to buy individual corporate. Corporate bonds so that Kinda countered that a little bit, so we'll see kind of rate changed terms how their balance sheet is stacking up to their peers but you know in addition to that monetary side, we have some fiscal potentially tapering rights. We could see an end to the extra unemployment benefits you know. The the initial impact from the the helicopter checks got the twelve hundred dollar checks. That is wearing off this point. It'll be interesting to see later this summer. If you know, Congress and the president can pass anything. Because if they don't. We could see another deflationary crunch. We could see another solvency event, or they could pass something and kind of keep the party going through the election, and it'll be interesting to see how that works out. I think that's going to be a big determinant for. For the our you know I think it's really interesting because it's getting, everybody says the Fed is independent. Central banks are independent than they should be free from political pressures and I've always kind of thought that was incorrect for lack of a better word It's a nice thing to say in reality. I I don't think it's the case, but I do think it's an interesting. Thing right now because. After everything that the Fed has done. If we do get another deflationary move and you know like a move down and asset prices are markets, and the said doesn't react and they quote unquote. Let it go down. That could almost be seen as being political to hurt trump. And so I think it'll be really interesting to see you know how the Central Banks Act. over the next three to four months as we kind of run up into the the heat of the election. I have a hard time seeing the Democrats. you know giving trump what he wants as far as a fiscal stimulus bill in Q. Three. but at the same time they're kind of in a tough spot, too..

Fed Congress president
"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

04:41 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"Win if you lose, which is totally different way of looking at the world. Well, that's. Fantastic speaking to you. I'M GONNA finish off here. There's a number of questions we ask. All our guests We call it the intersection. The one question is Zahra. Is there one person living dead? Who'd you'd love to interview more than anybody else? I think I think the master canes, and the reason why it goes back to something that you mentioned before. Is Most people don't have the courage. To say. I was wrong. And that's another thing. Whereas Canes was absolute mastered this and he wrote the general, he wrote general theory in one, thousand, nine, hundred, thirty, six, which as far as I, could tell completely. Went in the opposite direction of the treatise, wrote in one, thousand, nine, hundred, ninety, one, where the treat is basically said easing money is the answer to. All our problems. By nineteen, thirty six CAIN said is not true. Question would be how. How did you have the self confidence? And he did this in a number of occasions to basically say. I got it wrong. And of course you remember the famous quote from the The journalists to said to Mr. Cain, Shirley. You've changed your mind. And Canes responded when the facts change I change my conclusions. What do you do sir? That's one of the best ones right brilliant line. Are there any books that you're reading right now? That the that you like and that you'd recommend? Others read I'm reading a book by Norman. Lebron wrapped, and I attended a presentation by him just before the. Shutdown occurred in. London and the book that he's written is called anxiety and the Jews. How Jews change the world from eighteen, forty, seven to nineteen, forty seven. And one part I guess. I'm interested in that range of territory, not just intellectually. But, because the current climate. seems to me to be. People turning in on themselves. You know populism nationalism, the right wing. And it bothers me. That one part of that of course is when things start to get rough. You blame the foreigners you blame. The others yeah. Very interesting book actually and and. Yeah, very interesting book, and then finally what viewed you hold the most controversial in your professional life well I. Think the when we've been talking about for motion this interview which is. The, fundamental problem is The financial cycle in the credit cycle. And it's not. The business cycle and the inflation cycle..

Canes Mr. Cain Lebron London Norman Shirley
"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

03:42 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"Or maybe you don't think it would be hard, but I'm just curious your thoughts on that well in terms of the of dedollarization. Now I have to. Outside this community for a long time, right so what? The current discussions are I have absolutely no. I no idea. But the reality. Is that the the? The US as a proportion of total global production. They share global. GDP has been going down for years. and in some sense there the importance of the dollar ought to go down lot to have gone down commensurately, but it hasn't. I mean share reserves as as high as it's ever between the amount of invoicing of of of trade dollars is probably higher than it's ever been, and the reality is that you get these enormous network effects so that as long as everybody's using the dollar. Both for invoicing and for financial provision of financial services very hard to think of an alternative. And it's only recently since I would say since the trump administration. And the what's the were the aggravated. The US doing this for a long time, but the. Exaggerated or aggravated use of the dollar as a geopolitical weapon. that. You've started to see some pushback. You know particularly from the Russians and the Chinese To to a lesser degree by the Europeans and you and one can't. One can't blame them, but to try to come up with an alternative to the current system. is going to be very. Difficult because you do, have all of these network effects that are out there and we are where we are. No, you always start from here something about these complex adaptive systems all past dependent. The Joke I! Wouldn't you know if I were you? I wouldn't start from here, but we are where we are. I personally think that it will take. an aggravation of the current crisis. before people do start to fundamentally rethink the question of the International Monetary System. At the moment I mean. It's often referred to as an international monetary none system. Because there are no rules you know a system is is based on. It's a bit like a club. You choose to become a member of the club, but you know if you're a member of the club. There's certain rules you have to follow. Yeah, wear a tie when you're at the bar. So All of these things and The It really does demand that the US of course becomes convinced that somehow the current none system is not good for it. That, it would be better for the US. If it, the US were subject to certain rules that also were binding on other people that would be better for everybody, but clearly we're not there yet, and as you're well aware in the context of the current administration. The idea that there is solidarity in the system and that working cooperatively will bring benefits to everybody. that mentality is. Has. been replaced as far as I can tell by I.

US International Monetary System dedollarization international monetary
"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

03:39 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"You know if you have a community that sort of as you know, went to the same school, so basically the same models so the there's an element of that, but the other thing that you have to keep in mind is that the central banks did what they did? Let in two, thousand, nine and two thousand ten. And then just as they might otherwise have been thinking about re normalizing. Every other aspect of public policy basically went into the opposite direction. So regulatory mechanisms got tighter and tighter. fiscal policy whereas it'd been very expansionary in two, thousand, nine and two, thousand and ten when sharply into reverse. And, so there was this sort of community of people sort of wanting to renew normalize on the one hand, but realizing that all of the other forces we're moving in the direction of lower aggregate demand, not hire. Yet underlying it all was the desire to have higher aggregate demand. So this is the line you know. They were left as the only game in town. And basically were. Sort of. Almost forced to do what they did. So say it's a broader set of concerns. It seems to me then just simply sort of looking at the central bankers. I think you have to look at everything else. That was going on as well. And indeed I think I. I would say that even back. Two, thousand, nine, two, thousand and ten. I'm saying now. You know there's going to be more. And more insolvencies and we should prepare ourselves. We should've been doing much more this kind of stuff much easier on. I think in addition as we think about how the system could be made. SAFE or how we? How we could have avoided being in the current situation if there'd been much more reliance in the system on equity as opposed to debt. Know if if. People had been allowed to buy back in as many shares as they did buying them back in with the issue, explicitly of bonds in order to get the money to do the financing to buy to buy back the equity. All of that stuff in retrospect looks like It was enormously dangerous and ought not to have been allowed in the first place. Down years ago, absolutely so as to what what other questions here that I need to ask, you is I know in a previous interview you did with grant. You mentioned that in all of your dealings with the various central banks and monetary authorities. You didn't see much an appetite to return to gold or gold. Be Part of. The system my question to you is as we get towards the end I think a lot of us, even not just you and I but you know you're starting to see more in the popular press that Gosh. We're kind of getting to the end of end of this stuff How much longer can these programs go on and one of the things that people often say to me is that if the problem is the dollar you know? The rest of the world is going to get tired of the US using the dollar. Dollar as a weapon they have too much control over it. Cetera et Cetera they should get together and leave the dollar and I guess my question to you is if you never saw any appetite to return to gold, did you see an appetite to dollar is and then if you could also just briefly talk about how hard it actually is, D- is from the system..

US
"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

03:13 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"Can't pay back the principal churn for that matter can't even pay the interest. The the the idea that one would sort of come in with a heavy government hand and say we want you doing still more what you've done i. don't think that's I. Don't think that's going to i. don't think that's going to happen. I think what's much more likely is that it will be a recognition. As I said earlier that there are a lot of loans that will not in fact be serviced, and that we have got to face up to the fact that some of these debts are bad debts. We're going to have to restructure them in a much more aggressive way. Then we'd been doing up until now. And I've noticed just in the course of the last few days. I think there was an editorial in the In fact, I, think it was this morning in the F. T.. The FTC suggesting that We've got to prepare ourselves for that. And I'm. Sad. That has come to that, but if it is a reality. Then as an old things in life. Sooner you wake up to the reality and say that's the problem and this is what we have to deal with. The better. But aren't aren't central. Thanks for the most part reactive agencies rather than proactive agencies don't don't they typically wait for the crisis to happen and then try solve it as opposed to getting ahead of it. Well? I. Think you're you're right. I mean you made reference earlier on to the presentation of Jackson Hole and I guess there what we were basically saying and I continue to believe it's viable strategy going forward. Is that central banks should recognize. That excessive credit creation in the boom is the problem. It also determines not just the bus, but the magnitude of the bust. And that a sensible system would lean against the upswing with both monetary tightening and tightening of so-called macroprudential. Instruments, to try to lean against the upswing. I mean dating from? Chairman Greenspan's response in two thousand and three. that's not the way that they've. decided to do it so in your experience when these crises have happened in the past whether it was the Asian currency crisis, or the you know, the two thousand, eight great financial crisis, and you know behind the scenes you know whatever central bankers come on TV or when they write things in the F. T. whatever they always sound very confident, and you know we've got this under control, but behind the scenes. was there ever not panicked? But was there ever discussion? Jesus how? What are we going to do this time or do? They just have absolute faith in their models that they'll work? Well, you do remember. In two thousand and nine I think it was Jean, Claude Trichet. Lamenting the fact..

principal Chairman Greenspan FTC Claude Trichet Jean
"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

05:57 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"Or or or not impossible, but not as easy to do in reality as it is in theory, and I've heard you say before what should happen and what will happen are not always the same thing or have been so. Get your thoughts on the on the dollar debt. Clearly I mean it is it is? A huge problem I mean if you look at the the the debt numbers global debt numbers collected by the Institute for International Finance. Um I think in two thousand eight. Global data's proportion of global GDP t was two hundred and eighty percent in two thousand eight. At the end of two thousand and nineteen, it was three hundred twenty percent, so if you thought the global financial crisis was a time of de Leveraging. Think again right now. What was interesting about that increase? It was almost wholly. Outside of the United States and in very large part in emerging markets. Day. And I guess what worries me and this goes back to your strong dollar thought. was in two thousand and eight the trigger for the crisis. And the epicenter really was excesses in the United States. Okay subprime and all that stuff. And yet? Even though the US was in some sense, the trigger for the problem, the dollar went up not down. Slum some people like new real Rabin and others, basically saying you know so, if the dollar if the dollar was the epicenter of the problem. And yet when the when the problem the merged, the dollar went up. How much more likely is it? If the epicenter of the problem turns out to be outside the United States at the moment right, and then there will be this this flight back into dollars for safety. The the other thing is that you've alluded to it. Is it's they particular component of of. The kind of debt. That has emerged and one of the problems as as you are well aware. Is that a lot of this debt in? These none. Issued by nut by people outside the US that do not get their primary revenues dollars. Debts they've issued her dollar denominated, and I think the. Estimates or something like twelve trillion dollars worth there now. And China is a very China's a very big part of it. And I think the numbers I've seen indicate that of that dollar debt I think thirty percent of his initiated by the financial sector. Forty, percent of it has been issued by property developers bomb, which just sort of makes you feel a bit edgy to begin with. So. There's GonNa be there will be a kind of dollar shortage. Cloudy boreal and others that the the be is pointed out to that when you when you add in all the swaps. And derivatives. There's implicitly sort of still. Borrowing going on in dollars. Yeah I, think it's. A. I think the is much bigger than I think, even on the Bank of International Settlements website, which is fantastic for data. The stuff I've looked at you. Know the popular numbers twelve thirteen number, but when you start. Like really looking deeper, it can easily go to. You know twice that amount. So it's it's it's..

United States Bank of International Settleme Institute for International Fi China Rabin
"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

03:31 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"One day to tell them how angry I was this after this had happened, and it was the senior deputy governor who blown the whistle on me. And the deputy governor was not there, so I sat and waited any came with a sheet of paper. and. He threw the sheet of paper into the wastepaper basket. and. I said what's that and he said I? It's the speech I was going to give. The senior deputy governor didn't like it. into the wastepaper basket, he said. What are you here for nothing? That I just came to see how you were. Alleged taught me a huge lesson that it doesn't matter how senior you are. You know there's always somebody else. WHO's opinion? You have to take into account? And that's just the that's just the way. The World Works and and in addition And Miss came from George through various other means to. You should be very humble always. Because he could well be that. What you believe is actually wrong. and. I've had this a number of times in my own life and I don't rule out. All my conversation with you. I don't the fact that I may be saying nonsense once. I hope not but. You just touched on something about you know there's there's always a boss. There's always a bigger boss. There is always somebody that you have to answer to I think this is interesting. As it relates to the Bank of International Settlements, because I think in in the popular narrative, or at least the general public, who's even aware of the Bureau of International, settlements or people in the finance, world or the precious metals world the the Bureau of International Settlements. Either has a very. High connotation or a negative connotation depending on whether you supported central banking. Don't support central banking, but the the question I have for you is I think the popular narrative is at the Bureau of International. Settlements is the Central Bank for the central banks, and therefore they are the bosses of the central banks, and it all flows down, but I've heard. I've heard you speak about so I'd love for you to for people who haven't heard this before. I'd love for you to talk about that. A little bit because I know you've said that you would give ads. The Bureau of in ashes you would give ideas and suggestions, but in many cases they just ignored you. Well the. It's the Bank for International. Settlements. S. Sorry sorry. US Anyway, the the yeah, that's a total that popular understanding is a total misunderstanding, okay? We are I remember when I first arrived at the be is thinking I was going to another central bank. And it took me about two weeks to realize. I was no longer in the central banking business. I was in the tourist business. The BE I ask is a bit like the CD it. It's a host for meetings. That's all it does. It's a host for meetings. So for example not in the in the monetary policy sphere, the central bankers all meet at the BS, but the regulatory sphere. Okay the Basel. Supervisors all meet at the is. And the provides the secretariat for them. And the same sort of way is when all the central bankers needed the be is we provide secretary to support the meetings?.

Bank of International Settleme Bureau of International Bureau of International Settle George Bank for International Basel secretary
"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

02:48 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"I set aside from financing wars, which is the first reason that they were set up? Financial stability has been core to what they do so to say that it's not part of what they should do. And as soon as you get into the financial stability business. Central banks have got some responsibility for that. All sorts of other players are in that game as well right. The government's interested. Because in the end, the government may have to pay up. The deposit insurance people are interested. The financial regulatory people are interested, so you're you're into a world now where? You know the central banks of what you've got to work more closely with with other people and when you think about Qe Caso. Financial Stability Means Independence is. In a in a sense on the financial stability front, but as soon as you get into Qe, you know now what we're talking about is. There's there's an overlap. They were fiscal policy to. Know because central. Bank is now. Basically into the debt management business. So it was a nice period of time I. do remember that you know. When I was at the Central Bank, the Bank of Canada and you had a clear mandate and and you. You use these sorts of germs you know new. You sort of felt somehow that you didn't have to think about. Other people's concerns, but. I think increasingly realize it's not that simple. So when you were either at the Bank of Canada Bank of England was there or any I guess it doesn't matter any of these places. was there a person either it within your field or without your field outside your field that you either saw as a mentor that you really looked up to or that? You know you thought that you would model yourself after. Well, let's Guy George. Freeman that I was talking about earlier on at the Bank of Canada, you know the one minister. How could you possibly believe that? That guy taught me. A lot of lessons I I remember once. I had written a speech a presentation to be given it Simla, which is essential and. Basically the central banks of the north. of the. North and South America. And I'd written a piece about how the Bank of candidate conducted monetary policy. And I was told the day before I could give it it was to. Know sensitive. To spend up I stayed up all night reading another speech and I was angry. And I went to see this..

Bank of Canada Bank of England Bank of Canada Guy George Simla South America Freeman
"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

02:42 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"Yeah. Well I think the other part of it, too. I'd like to get your thought of this is because you know the one side you have the the central bank sue kind of designed the system for lack of a better explanation, but then you also have the fiscal side of the governmental side who you know, of course they want to spend money. They get elected by spending money the you don't you don't become popular by raining the cash and you become popular by sending the cash out. And so you know because of these boom bust that you were talking about. It seems like every ten years we get one of these crises, and then when you're in the middle of the crisis. The politicians say this is not the time to fix the problem. We're in a crisis right now we need to. Let's just save the patient. But then wasn't really right, and there's a certain truth to that, but the problem is. Inevitable. And so the point is is like you know knows. No politician is ever GONNA be the one to take the hard medicine. Because as soon as they start to take the medicine, another crisis develops, and then you have to save the patient again so I guess my question is. To you is are the problems that you see. Are they fixable at this juncture? Yes, there, certainly not fixable. In traditional way. I think the expansion of private sector debt and credit. Through monetary expansion, and I really just talked about that. It's been used over and over and I'll tell you honestly Brent. The biggest mistake I've ever made in my professional career was underestimating how frequent how well the central bankers could actually pull the iron out of the fire. Know. They've done this repeatedly. I guess I'm sort of going out and. Saying, I think it's time it will work, but certainly we're getting much much closer to the end game. Yeah, and I think that's one of the reasons why. In this particular crisis and I'm thinking about the pandemic and. The rest of it. that. There has been a general agreement that fiscal expansion as got to be used much more. than it was after the great financial crisis and I think the general view had been building. in the academic in the central banking community even before the pandemic. More and more talk about look at monetary expansion has reached its limits mostly in the context of having hit the zero lower bound, and not being so sure about..

Brent
"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

01:42 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"And because the side effects will come back, and if you'll pardon the expression, we'll come back and bite you in the bum. Hi, this is Ash burlington host of the Real Vision daily briefing. This episode is sponsored by the Jordan Harbinger Show I've recently begun listening to the Jordan Harbour show and I have to tell you I. AM intrigued. It's a terrific podcast for people who are insatiably curious about their world. As an example, I just listened to a podcast with Dan Heath now the heath brothers Dan and chip are two of my favorite authors. I read their first three books, but I haven't read Dan's latest book upstream. This latest book is a really interesting look at problem solving or perhaps better, said problem prevention. The idea is that you can solve problems upstream before they happen at lower cost and higher efficiency, instead of fighting fires, downstream harbingers interview with Dan Heath is interesting, because it's not a Pollyanna, take it asks hard questions about how you know when you're really solving problems and what results, you're actually getting I'm enjoying the show myself and looking forward to hearing more. Give it a listen I. Think you may enjoy it to. The mission of the Jordan Harbinger show is to help you become a better informed more critical thinker, so you can get a much deeper understanding of how the world.

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

05:49 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"And I can see George now looking up at this big tall guy and he was about five foot six, and he was pointing pointing up to them like this up at his Chin and he said quote Unquote Minister How can you possibly believe that? And this idea that, just because people say something it just because they're in positions of authority. It doesn't mean that they have to be right. And when you look back on history, I mean think back to some fundamental things like his son that the is the earth at the center of the solar system, or is it the other way round and people believe the wrong thing for thousands of years, and we continue to believe an awful lot of things that are not true. And so I think having having a capacity to. To suspect that there might be false beliefs and to pursue those false beliefs and Detroit to show that they're false beliefs, I think that's an important an important attribute, and everybody really ought to try to cultivate that capacity, but is. Isn't that somewhat rare within the circles? You used to to work I. Mean I? It seems to me that it you know all these central bankers at different countries, not necessarily just. Just the Fed the Bank of Canada, but they all kind of went to the same schools. They all subscribe to the same theories thought they all use similar models from what I can tell so for someone like you to kind of try to mess with those models or I would think that that would maybe get some sideways looks in the office from time to time. I'm just curious how that. By your colleagues, absolutely well, you made reference to that presentation that I in Cloudier Borio. WHO's my close? Colleague. S presentation that we made, and it was almost the the the logic was almost universally rejected i. think the only person. There was Mike Mussa now. Sadly dead, he was then the head of the IMF research department I think he was the only person there who said there might be something in it one of the problems I. Think it's not so much the central bankers, but it's almost with the academics, and you made reference in all went to the same schools and you. You all the same models and you have the same view about how the world works, and I guess my contention would be that the note I've written about this on a number of occasions is I. Think the Central Bankers, and for that matter the the macro economists generally have made what I call a fundamental unto logical air. It's a full philosophical error. The question that issue is what is the nature of the beast. What is the nature of the system that you're trying to control? And the almost universal belief is that it is simple and static. And therefore it is understandable and controllable. And my contention would be no. It is not simple and static. The economy is a complex.

Mike Mussa Chin Cloudier Borio Bank of Canada Detroit George IMF
"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

05:48 min | 2 months ago

"brent johnson" Discussed on Adventures in Finance: A Real Vision Podcast

"So if you're not a real vision Memba go get it now and a promise. You'll not be disappointed. Thanks for listening and I hope to see it. The crypto gathering remember it's June twenty ninth and thirtieth, and is GonNa be, epic? Now onto the show. Financial crises like the one caused by covid nineteen alter the course of economies and markets, but they also altered of course, central banks and governments, and just as they have. In past crises, policymakers have stepped in once again with previously unthinkable tools today, Brent, Johnson and William White, discussed the evolution of the seemingly perpetual cycle, and ever to answer the question of whether we are nearing the end of the easy money experiment as well. They discussed the implications of this policy response on the global dollar system in a conversation that I can only describe as an absolute pleasure to observe. Hello everybody this is Johnson. on what Santiago capital I'm happy to be here on real vision today. I have the immense pleasure of being able to speak with Bill White. And I'm GonNa give a quick introduction of him, but he really needs no introduction. He's been on real vision several times, and I've been fallen in for several years in read several pieces of his work and I gotTA. Tell you bill. You're lucky were not sitting on like a six hour flight next to each other because I. Know I would drive you crazy for the whole six hours. So if you get sick of me at any point, you can just hit the Stop Button on your computer and we'll go from there, but I'm really excited to get to speak with you today. I'm looking forward to two I think it's going to be a lot of fun and. both of US might learn something. Yeah, absolutely well. I, I I know I could learn a lot from you and I know there's going to be a lot of different things that we talk about I. Think maybe just quickly. Let's I'm Santiago capital. I'm a money manager for lack of a better word in San. Francisco if you could just give a quick little background on you, who you are for the people who haven't heard you speak before that'd be fantastic. Sharks well I. Come from a small town in Northern Ontario. Canada and I guess. My first big job was deputy governor of the Bank of Canada. Then I subsequently went in became the economic advisor. Running the Economics Department at the Bank for International Settlements which were all the central bankers meet out every in the old days every month and more recently every two months. And then I was the chairman of the Economic and Development Review Committee CD which does all sorts of countries surveys and now I'm. Semi retired back in Canada and a fellow at the CD. How Institute in Toronto. tastic. Well I think one of the reasons I.

Bill White Johnson Canada Bank of Canada US Santiago Development Review Committee C chairman Semi San Toronto. tastic Northern Ontario Brent Economics Department advisor William White Francisco International Settlements
High Stakes As International Climate Conference Begins

Morning Edition

00:49 sec | 1 year ago

High Stakes As International Climate Conference Begins

"Manage the dissolution of the Soviet Union. Adversary historically when major empires fall wars and chaos ensue. But not in this case, I believe the lion's share of the credit for for that not happening for our voiding cataclysm Mikhail Gorbachev. But a major share of that credit also goes to George Bush Nadler now, the incoming chairman of the House Judiciary committee spoke yesterday on NBC's. Meet the press Senator Chuck Schumer is calling on Marriott to pay for new passports for customers whose personal information was hacked in a massive data breach Schumer says. Hotel officials should immediately notify customers at risk of identity theft and cover the cost of new passports. If the customers requested a US passport costs one hundred ten dollars on Friday Marian announced that hackers stole data on as many as five hundred million guests, including credit card and passport numbers. New jersey. Governor Phil Murphy is set to be the next leader of the democratic governors association. WNYC's David I says, the new job is a big deal for Murphy. He'll assume the role in twenty twenty the same year Democrats will be trying to unseat Donald Trump has president. So we'll represent the party on the national stage during a highly visible time, the organization raises money and works to elect Democrats as governors and Brent Johnson political reporter for nj advance media says the new role should be a natural fit. For murphy. Murphy has a background in raising money for Democrats e finance fear for the DNC. He was a fundraising sheen for the Democrats for many years when former Governor Chris Christie, led the Repub. Alikhan governors association in two thousand fourteen it boosted his national profile, but critics said he spent too much time out of New Jersey. The double Dutch holiday classic tournament at the Apollo theater pits. Local rope jumpers against teams from around the world and for many it's an annual tradition. Coming to

Phil Murphy Democrats New Jersey Senator Chuck Schumer Democratic Governors Associati Mikhail Gorbachev United States Alikhan Governors Association Soviet Union Governor Chris Christie George Bush Nadler House Judiciary Committee Donald Trump Marriott NBC Brent Johnson Wnyc Chairman DNC
"brent johnson" Discussed on Xtra Sports Radio 1300 AM

Xtra Sports Radio 1300 AM

02:30 min | 2 years ago

"brent johnson" Discussed on Xtra Sports Radio 1300 AM

"Very beginning you saw with the snipe of his that scored the opening goal amid in two seconds into this game you saw it with the intensity a fight breaks out in the first period and he's right in the middle of it his helmet off his his uniform all messed up he's firing those darts with his eyes you saw from the beginning of this game but it was actually a carryover from game sex when ovechkin is the one who's punishing and pounding and delivering the hit and setting the tone for his team for everyone who believes that he has faded in big moments and they couldn't win the big one well i don't think you can say that about ovechkin i don't think you can and you certainly can't do it after seeing what he's done in this particular postseason run because he's the guy he's the guy who has been there for his team and he's the guy who led them onto the ice and dictated how they would play when they were facing elimination so love to hear from capitols fans we have a treat for you this is actually a really cool guest that will have in our first hour he just got done with this nbc sports washington post game show brent johnson who is a former nhl goalie for both the capitals and the penguins where he backed up marc andre fleury he will join us so he's got a unique perspective right because he works in dc he's a former capital buddy also is very familiar with flower who is now the starting goalie and maybe the guy who's played the best in this post season to date and of course the nights will be opposing the capitals in the stanley cup finals so just this particular matchup is the stuff that dreams are made of and i don't know how it plays out i don't know what happens from here but it's the kind of thing that if you have no rooting interest if you just love sports there's no way you can't be anticipating this matchup so i'd love to hear from capitols fans golden knights fans obviously you've had a couple of days to digest it but how you feel about the match up and whether or not you agree with me so i'd love to hear if you do agree with me or if you don't but i feel like this is a really good up for the nhl as a whole.

ovechkin brent johnson nhl nbc marc andre fleury two seconds
"brent johnson" Discussed on 31 Thoughts: The Podcast

31 Thoughts: The Podcast

01:39 min | 2 years ago

"brent johnson" Discussed on 31 Thoughts: The Podcast

"Johnson and k former nhl netminder at johnny goalie twelve it may take awhile so put your feet up and enjoy brent johnson marci opinion for those concerned rate hopi as an excellent top chewed nhl starting goalie one thing i've been saying for some time now is that in today's game with incredible speed pace in chaos starting goalies get more fatigued than ever before the constant pressure of having to be fully prepared night in and night out has a wear effect on one's body and mind since thirteen fourteen brandon started two hundred ninety eight games approximately seventeen thousand eight hundred minutes to hell of a lot of time i don't care who you are what i'm saying is their boundaries for the person's body and mind can endure note it's also more noticeable when a goalie is off his game in comparison to a forward or defencemen midseason fatigue happens a goal these all over the league not just here in dc a goalie will really tell a reporter that they are exhausted or express his sentiment with the coach when they are asked they will just keeps from me along because that's what they are expected to do some starting goalies get away with playing subpar games down the stretch because respective teams get the job done in front of them therefore from the outside the goalie keeps winning and the people in power keep them playing and playing getting back to brayden who in the past few years changes game for the better i might add from that of a radical game to a more efficient and detailed game as an aside i'm guessing that's mitch korn but in the past month or so i've seen him make mistakes that i haven't seen him make all season his pot canley in depth through traffic or lack thereof have not always been sharp as they were in.

brent johnson nhl brandon reporter johnny brayden mitch korn seventeen thousand eight hundr
"brent johnson" Discussed on WIBC 93.1FM

WIBC 93.1FM

02:05 min | 2 years ago

"brent johnson" Discussed on WIBC 93.1FM

"Ninety three c rob kindled rubbed kindle show thanks for joining us follow me on twitter robin kendall school safety it's all the talk these days how are we doing what can we do better to make sure our students stay safe so but let's go right to the source find out from somebody who's there every single day and it's part of what he does keep kids save his name is john act then he's the principle at the cascade high school so cascade is an interesting study for me because you're a growing school district you're still is somewhat rural school district and we always here we are once going on a been davis what's going on at brownsboro a wanted to know what some of our rural school districts are due wing to ensure school safety so can you just can't take us through what some of the approaches at at the cascade high school sure i i don't know of of we are much different than any other school system on the state of indiana the department of education has put on a phenomenal is called school safety special ser kanamee and and we've every corporation the state is a part of that in some regard whether it's a school administrator a teacher or if you're lucky enough to have a school resource officer or police entity and those those academies happened twice a year so people are are invested in trained on the most current potential procedures that you can use to keeps kids safe and the school if you are lucky enough to have a school resource office guys have wanted though you do we do were very lucky we have a deputy brent johnson out of the hendrick county sheriff's department and what one of my former players and students that it is is phenomenal to have him and he operates on our campus all four buildings but to have him it is a luxury and something that i think he can give very spoil though having but we utilize him for a lot of our safety procedures and protocols but every school system of the country everyone his is always updating going over your safety protocols procedures.

cascade high school administrator officer brent johnson twitter john indiana department of education hendrick county
"brent johnson" Discussed on Zero Blog Thirty

Zero Blog Thirty

01:35 min | 2 years ago

"brent johnson" Discussed on Zero Blog Thirty

"Wherever they put him i wouldn't make a humvee driver i would probably put him in an artillery unit just because i need a big meet had like that he's also also got the all the corny phrases and the cliche phrases down pat so he bigger choice for that reason as well brent johnson o good royals i had the night king earlier and then i who's going to have them both be marines but basically because of the same purpose for their leadership skills that makes sense that's a good choice my army choice for fictitious is woody from toy story aci okay and i feel like what different toy story always has a solid plan before he does something but it always goes astray at it hosts he's kind of fucked up here he's constantly in uniform which you know gets on my nerves and matter where he goes without downey that the daycare he's at the story that the movies at wherever he's constantly wearing the same uniform all the time and i feel like he would get the job done ultimately he'd get the job done and he brings buzz and their crew back together and he does some good kept things so i envision him as like a company level officer and the and the army i like it's you guys both want tom hanks kate chaps you guys both won tom hanks yes actually a right well amine filling directive banning brothers like yeah he was in he's a great choice directed saving private ryan i feel like because what also wisdom hanks he knows a little bit about the history of the army's always ready to go yet perfect literally all right real life person for the army kate sally ride the.

downey officer tom hanks brent johnson kate sally