Richard Werner: A Whistle-Stop Tour Of Modern Banking
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- Опубликовано: 10 окт 2024
- Last week, host, Ross Ashcroft, spoke with Professor Richard Werner about how temporary QE has become a permanent problem.
In this weeks episode, Professor Werner discusses a whole a range of banking issues including the Weimar Republic, central bank digital currencies, credit creation, the war on cash, crypto, gold, the date of the next crash and personal sovereignty.
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Always a pleasure to get Richard Werner's take on things. First-class as ever.
Fantastic interview! Thanks, Renegade Inc. for providing such a valuable content.
Prof. Werner never disappoints. That was a lot of info in under 30 min.
Very pleasant interviewer and interviewee!
What he said about only party members having cars is not true. There were long waiting lists for ordinary people but many ordinary folk had cars
My spouse and I went to Vegas for a week in the spring of 2012. The McDonalds off Tropicana Blvd was not accepting cash. I know that Casinos have also gone cashless now. It is common for self check registers that only take cash in grocery, retail stores. I think that Treasury has not been printing as much currency. They're trying to force circulation of whats out there. I have not examined official Monetary stats, it is just a thought.
If you have any fiat currency buy gold and silver as much as possible and prepare for financial political and social chaos unlike anything in human history.
9:40 I use cash when ever i can.
@20:15 Herr Werner’s suspicions about the gold price being held artificially held low may well be true. In this case we’re in for a hellish surprise once people begin to uncover it!!
The positive correlation is known as Gibson's Paradox, recognised in the 19th(?) Century - not understood by Keynes and ignored ever since
How does one track bank credit creation for the purpose of acquiring assets? I guess when stocks crash.
That's the point. They don't want you tracking them. They're gambling addicts.
FRED
I would like to ask professor Werner, isn't it normal for small banks and firms to become medium and large eventually,because it's the normal process of development, everything kind of scales up? So how are you going to keep the small business small when the natural tendency is growth?
He's covered this, I just can't find the timestamp in a lecture for you. The gist: more community banks must constantly be opened to fill those spots at the ground level, ensuring that lending continues to keep small firms competitive in their field. He points to Germany and the US, which have thousands of small community banks and high numbers of hidden champions.
@@VIEWITIS i know im quite late to tha party lol but can confirm, he spoke about it again (i think) in the valhalla interview with george n his former student whos name i cant recall rn
Please. The rich pressure the CB's to print money. The rich cash out before the crash. Institute austerity for the 99% and wait for the next boom. The corps and Ulta rich are the modern version of the Ancien Régime.
How does the FED expand credit?
Anyone discussing hyperinflation needs to discuss the plumbing. They don’t. Weimar hyperinflation was due to holding debt denominated in foreign currency and being forced to print Deutschmarks with an dwindling capacity to produce. If you have a sovereign currency you’re not going to deal with that.
Didn't know the freedom for private banking was referenced in the Magna Carta.
credit and bitcoin are the same "money" based on nothing.
Except credit can be created infinitely
'We have to move to a county that is less restrictive '... Russia 🇷🇺 🤔?
So, is that my actionable takeaway from this video? Buy Bitcoin? Move to a different country?
Open a small bank, have a front office and back office that cannot speak to each other about a loan, hire good loan officers who will kick the tires, hire good numbers guys to run the numbers separately. If front and back office independently agree, then and only then should you approve a loan. DO NOT LOAN FOR ASSET SPECULATION.
Highly interessting when Richard is speaking.
One topic would be nice to discuss if really the growth would stop in economic once credit creation stops and we only use exisiting value by realocating it.
For me it means, there will be always people demanding food, houses, cars what ever.
So, basicly the live will not stopp.
Could it be that with credit creation we only over consum products and due to this is not driven by natural demand, we always will end in Boom and Bust cycles, as credit creation leads to wrong capital allocation. See whats happening today. Its a mission impossible to get a craftman for small works on bathroom and if you get one the quality is really bad. Credit creation is pushing people in this job and no demand can grow so fast for ever. The contraction will come and people get jobless.
So, basicly I think a natural demand of products and services lead to a natural grow without overloading our earth massifly over consuming ressources.
As you see its worth to discuss an economy natural driven without banks etc.
I mean a common global payment system is just created and driven by undependent people making it ready for mass adoption.
See Bitcoin and the layers created on top of this. This is the Internet of money.
Would like to hear the way of Thinking about from Richard Müller
@24:18 Concerning Werner’s chart, I’d preferred to see REAL GDP, not nominal GDP to be plotted against interest rates
I’m a Bitcoin fan (not other shit coins) and I think I’m the first person to say that BTC isn’t as “decentralised” as people think. And “not needing a middleman” is also false. What’s Coinbase? How do I buy BTC that’s regulated without my bank knowing? You can’t, which automatically ties in centralisation within the transaction. Granted, I can buy BTC without a middle man, but that’s not REGULATED.
another good interview........
He’s comparing climate change to soviet Russia? I think I may be out in this guy. The us had price controls and govt rules during wartime with excellent success. Why not compare to 1940/1950 US? This is veering purely into ideology and not finance.
Top notch as usual.
typical self-serving spin
the very notion of comparing Japan to the UK is ludicrous because ever since Basel III all member central banks belong to the same system . . . comparing two members is the equivalent of comparing the carburetor to the exhaust pipe in an internal combustion engine. . . makes no sense, especially because they work together.
fact is, japan uses MMT to the benefit of all other central banks, so to suggest UK is ok because it no longer using MMT is a blatant lie.
no. this report is too cherry and uplifting deliberating concealing the devastating storm the entire system is about to confront. . .
notice there's no mention here of Basel III . . . that's the way these financial pundits want it: the less weknow about the Basel conspiracy, the better.
Werner blasts Basel 3 all the time, and the ECB generally.
Wow didn’t think Weber would get crypto totally wrong
Thats not stalinist. Its leninist.
Grrr… If he says Stalinist once more.🤬🤬
I have a lot of respect for Werner, but stopped listening after the fake news about India's demonetization
As brilliant has Prof. Werner seems to be, he still seems to believe that infinite growth in a finite system is possible. Not only is it not possible, it's also environmentally unsustainable. Economists! . . . . . am I right?
And where do you get the picture of what is environmentally sustainable, what are the criteria? Let me see, the Club of Rome, the global warming? The need of reducing human population? How can't environmentalists see that this is an eugenicist agenda? Who tells it's a finite system?
You are correct
@@annakryzilinski4748 No, Werner is correct. It's a very simple, reasonable solution being presented here. Small decentralized banks kick the tires of their debtors and lend to them accordingly. Big banks don't kick the tires and instead speculate with your pension on the asset market.
Economic Growth does not have to mean using up our resources. Let‘s take a very plain example: does a massage service or a sports coach or an arts teacher use up resources? Not really or at least not a lot. Yet all these vocations have emerged in the last 100 years, giving people a job and thus creating economic growth.
If we found a way to recycle all materials we use up and thus close the circle again, we could still have economic growth by innovation: give away your old iphone, its materials get fully recycled and get a new iphone with better technology in it.
Our resources are finite, but our economy can be infitely growing.
And even population growth mustn‘t be a problem: we can go and expand into the galaxy and inhabitate new planets.
Only people with bad intentions tell you that you mustn‘t grow, that you mustn‘t get rich but rather stay poor, etc. it‘s a lie.
Turns out that Austrian Economics was right once again. They're the only school of thought that doesn't think artificially lowering interest rates means higher growth and etc. They always taught that is was a reflection of the resources available in the economy that would be a result of saving or lack thereof.
High amount of people saving and lower spending -> higher interst rates -> long term investments for things such as schools and manufacturing. High amounts of spending and and low saving -> Lower interst rates ->New shorter term investments in shops.
Love Prof Richie when he’s talking economics, but don’t really know why he sometimes veers into medical and political areas where he’s Not as knowledgable
Because central bank level its entirely political