Failed Predictions, Printing Money and Cryptocurrency | Lord Mervyn King

[@ShowRyuKen]

In my opinion this is one of the most fascinating interviews on the channel to date. John and Mervyn seem to have a real rapport and both talk so eloquently about the issues. Great video, I feel I'm learning a lot.

[@Phucket24]

Unfortunately we don’t see that quality of a politician in parliament today

[@rakadus]

Simple language. Shorn of hyperbole. Real ground level issues. Commonsense thinking.

[@JohnGleeson-cx5lg]

When he was in parliament he was a waste of space. Any meaningful reform for Australia that he developed you can think of? Much easier to discuss problems rather than solving them lol​@Phucket24

[@azzevria8034]

What you learnt a lot of is from two Anglo-Saxon men cocooned inside the Anglo-Saxon worldviews discussing Anglo-Saxon solutions for the world. Case in point, John Anderson raised the Anglo-Saxon American attack on "China's overproduction" as a threat to US, UK and EU economies. "Overproduction" implies that the Chinese are producing more than their domestic requirements. Anderson should apply this overproduction idea to Australia producing more than its domestic requirements in wheat, barley, beef, dairy, wine, lobsters... Is Australia a threat to the US, UK and EU? Chinese products are by far cheaper and therefore more affordable to people in the Global South. AND to those struggling in western societies facing the cost of living crisis.

[@longnewton1]

You may be learning something, but it's mainly neoliberal ideology.

[@humanoverde2810]

Another fantastic interview from John 👍🏼, was great to hear Lord King’s insights… he’s clearly a very smart guy. Wish our politicians would listen to him more often.

[@gdiwolverinemale4th]

He is just honest. All of that is very well known. The issue is that one cannot get a platform in the media to say what they are doing

[@azzevria8034]

​@@gdiwolverinemale4thPoliticians are always honest AFTER they retire. Moreover, Lord Mervyn King, as his title indicates, is part of the British hybrid system of Monarchic Aristocracy and Theocracy of unelected and unelectable job-for-life in the Upper House of Lords. The fact that the British PM is required to brief the King every week tells you who is actually in charge. Otherwise, why not just brief the King once, say, every 6 months?

[@jdg9999]

Central bank governors tend to talk a lot of sense... after they leave their posts.

[@edwardmclaughlin7935]

jdg9999 Indeed; and sometimes before. eg Greenspan.

[@rob19632]

Not Carney though

[@edwardmclaughlin7935]

@@rob19632 Very much so! A malcontent throughout.

[@bliptripmusic]

Lol like what did he say that actually made sense? Was it the bit where he points out HIS OWN bad decisions as head of the BoE and then blames it all on a foreign country?

[@ashleyford3854]

some politicians also talk a lot of sense... after they leave their posts.

[@advoc8tr]

Great discussion. "Young people have good reason not to believe or trust their government" John we are way past that. "Young people have abundant evidence that they nor anybody with the ability to reason can believe or trust their government"

[@brianwolthers2762]

The underlining assumption here is that governments control things. They have little control. Essentially people make the decisions.

[@brianwolthers2762]

Greed from generations that want their house prices to keep rising for example. Only human I guess.

[@spacewalktraveller1]

Never believe or trust government. They are pathological liars. A politician can't give you anything, they have to take it from you first.

[@robertmacaulay3051]

The psalmist with good reason said: “Put not your trust in princes, nor in any child of man.” Knowing that we should understand that there is much wisdom in the way things have been done traditionally; things that have stood the test of time should be valued. New men should be viewed with scepticism.

[@mattfinch8024]

Not only did people see their jobs disappear, and their families be split apart to look for work, but we had the very people that took those jobs, use the money to buy all our homes and push up prices! The government lack of foresight and accountability into the massive pain they have inflicted on people through globalization is incredible. How can you not see that if all the wealth is building in other jurisdictions, and you allow those people to acquire property in your jurisdiction, then eventually you will own nothing! This is the main reason for public dispair. Governments have moved away from their role of providing Maslows heir-achy of human needs. They have simply become corrupted, inept, self centered virtue signaling wankers. The sponsored media has enabled this. It is the Australian adage of shitting in your own nest. We need a total removal of government bureaucrats, re hiring on merit, and not ideology

[@trevorfry712]

A very precise set of comments and so true. We have sold our souls and lost our land bit by bit.

[@barnabymeredith1400]

Hear, hear

[@stevenfarrall3942]

Just FYI - there has been very little 'real' increase in house, aka land, prices since ooo 1971. OTOH there has been a a large decline in 'real' incomes over the same period. This is the result of bad money and bad money always but always is needed by all types of socialist regime.

[@joechiato5278]

Who would've imagined that printing billions and billions of dollars to try and eradicate the sniffles would lead to inflation?

[@Mark-bp4lw]

😂 , absolutely unpredictable

[@crusader_2028]

Indeed, particularly while having lockdowns that abolished or curbed production and services! It was a mass robber, while making people feel "richer"!

[@crusader_2028]

​@@Vroomfondle1066Check - billions were stolen alone in the PPP program. Check - what happened to the flu, and most other diseases during 2020. Check - excess death(mortality) rate 2017-2022 Check - what was the death rate on the diamond princess, 6000 mostly older people. Check - what did policy changes did the CDC make that were unusual, when assessing covid cause of deaths during match of 2020. Check - why were positive covid tests reported in the media as "cases". What was the definition of a case for all other diseases prior to 2019? Check - what is the case fatality rate? Check - When young people had almost no risk of death from covid and the vaccine produced no long-term prevention of transmission, why would you mandate an untested drug on the whole population?

[@edwardmclaughlin7935]

@@Vroomfondle1066 It's actually, precisely what happened. By design and to an end.

[@andydarbyshire4933]

How else can you accelerate CBDC acceptance than to vilify cash and promote digital pay wave etc. Together with digital ID of course, and the final in the trilogy is then the logical next step...social credit system.

[@gingerkilkus]

I think we are too obsessed about the economy crashing. In the right sense, the economy never crashes. It just undergoes cycles, and almost always recovers. So I really don't care what the predictions are. I just want to grow my portfolio. I read that people are pulling in massive profits despite the downturn. Any tips on how they do it?

[@AlfredWilliams-ki6ri]

I think it's the professionals and those who use their services that are really pulling in the big money right now. There are really advisors that can help you achieve very consistent growth. I have a friend who pulled in more than $194k profit within three months. So you just have to make some research and get one who fits your fin-goal.

[@Franklin-gq4si]

The market will always recover. The goal is to find quality stocks with long term potential. It's hard for the average Joe to do this, because it involves following a lot of industry news, following up with earnings, etc. It's easier to invest through an advisor who knows how stuff works, and make rocket returns.

[@williamDonaldson432]

Investing in quality stocks with long-term potential is a good strategy, but it can be challenging for the average person to do this on their own. Keeping up with industry news and earnings can be time-consuming and difficult. That's why it's easier to work with an advisor who can help you make informed decisions and potentially achieve high returns.

[@foreverlaura-fq4eu]

@@williamDonaldson432 Impressive can you share more info?

[@foreverlaura-fq4eu]

Impressive can you share more info?

[@Colbe-lx7fb]

It’s wild how much the central banks have pumped into the economy, and yet, here we are with inflation still high. Makes you wonder how accurate these predictions ever were.

[@WillParffit34]

That’s exactly it. They keep saying they’ve got everything under control, but the reality feels different. It’s like no one really knows what’s going to happen next.

[@Patrick-x1h]

And don’t even get me started on crypto. It was supposed to be this big revolution, but now it’s just as unpredictable as everything else. I’ve got friends who lost a lot betting on Bitcoin and other coins.

[@Robby767]

Yeah, crypto was supposed to be a hedge against all this money printing, but it’s been just as volatile as the stock market. It’s hard to know what to trust anymore.

[@camela8445Mar]

That’s why I’ve been trying to focus on what I can control.

[@camela8445Mar]

After hearing all these experts go back and forth, I decided to consult with Aaron Morgan Bell. He’s been my financial advisor for years, and he’s really good at cutting through the noise and helping me make sense of all this.

[@evolassunglasses4673]

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did there would be a revolution before the morning". ~ Henry Ford

[@allancrotch2953]

its comming

[@DonaldCAMERON-x2]

Now that bitcoin etf is approved, What is the best strategy to enter crypto trading for someone with more or less than $5000 to invest?

[@SueWarren-z8j]

As a beginner, it’s essential for you to have a discretionary fund manager to keep you accountable. I’m guided by a widely known crypto consultant

[@SueWarren-z8j]

Rebecca Larryn Arnold

[@AnitaTallman]

This is correct, Rebecca Larryn Arnold strategy has normalized winning trades for me also, and it's a huge milestone for me looking back to how it all started..

[@noahlockwood9766]

A thoughtful and polite endorsement of liars and thieves

[@Daniel_o_r]

You could always learn a relevant skill and earn more so that you don’t have to live on credit…

[@Hfyuf-xf5hq]

UK citizens are lacking trade skills - plumbing, bricklaying, carpentry, electrics... There's very good money to be made if they asserted themselves and retrained.

[@TheDixiechick12]

Major Smedley Butler Quote-War is a Racket--“I served in all commissioned ranks from second lieutenant to Major General. And during that period I spent most of my time being a high-class muscle man for Big Business, for Wall Street and for the bankers. In short, I was a racketeer for capitalism. I suspected I was just part of the racket all the time. Now I am sure of it.”

[@markanderson3376]

A very interesting and informative discussion. After hearing this I just ordered two of Lord Melvyn King's books. I look forward to reading them.

[@martinluke9470]

King was part of the problem.

[@markanderson3376]

@@martinluke9470 yes, he was. But I still think I'll find his books interesting.

[@drew699]

@@martinluke9470absolute nonsense.

[@bliptripmusic]

@@drew699 Man, what a strong argument... And here I was thinking this unelected bean bag was was lying through his teeth and contradicting himself every few sentences.

[@rickjohnson2165]

I’ve read both of his books and found them very interesting. I was pleased he mentioned Hayek as much of his insights are based on Hayek’s work which is largely ignored by modern economists

[@teamstig5648]

Lord King spitting so many facts, without any regard to potential "wrong speak"... how refreshing ! reminds me of 5 years ago being able to say what you think

[@bliptripmusic]

I don't think we were watching the same interview, all I heard was the guy who inflated our currency by 40% saying "money printing bad" followed by "we need to print more money because muh Putin bad".

[@SeosamhMacUaid]

I was born into poverty Mr King looks like I’ll be following in my family’s footsteps. Your mission is/was to keep us all on our place.

[@michaelbrown865]

He left the BoE in 2013, read his book The End of Alchemy

[@alistairdancepmm]

"Competence is the minimum requirement......" but having outsourced governance to the EU for 40 years, politicians have forgotten how to do it.

[@nicholascooper1092]

Spot on. As such it will take many years to develop worthwhile politicians

[@azzevria8034]

Politicians haven't forgotten "how to do it". They are KEPT inside a monetised political system where they CAN'T do it. Elections cost a lot of money. The risk of being cut off from "rivers of money" stops many a politician from doing the right thing.

[@rjw4762]

I've made similar points - as you say, when the decision-making process has been taking place abroad, it's no wonder that we have a generation or two of leaders who do not understand how the world works and how to MANAGE and LEAD.

[@owenwilson4765]

This is one of those interviews that I kept pausing so I could think about what was just said. Absolutely brilliant discussion. Thanks, it’ll take a few days to get through this one.

[@bliptripmusic]

"Hello..." * pauses to mull it over for five minutes *

[@juiceqc7716]

LMK is perhaps the most important economist in the UK today. Self-evidently his is a voice that we should be listening to. Guess what we are not in fact doing?

[@SimonPayne-je3hi]

A very insightful programme covering many areas of importance. Mervyn King has a Very astute mind and think's clearly on the matters under discussion which confront us today.

[@azzevria8034]

Politicians always think clearly AFTER retirement. When in power group thinking (including deceptions, half truths and lies) leads them everywhere they go.

[@SimonPayne-je3hi]

@@azzevria8034 Except he was a Central Banker and not a Politician. Any group think there was, was part of the decision making board, on interest rates, in the Bank of England. He had to stay Politically Neutral.

[@stumac869]

So it was difficult to predict that shutting down production of goods and limiting services whilst flooding the world economy with monetised debt (money printing, aka inflation) would result in rising prices (demand outstripped supply).

[@BertieWooster-q6e]

I suppose it is if you are Keynesian, which most modern economists are.

[@dagwould]

@@BertieWooster-q6e Yes alas, completely misreading the economic relationships between money and supply side activity. Yet they don't seem to learn, and just seek to 'pump prime' all the more.

[@anthonyferris8912]

Even if they did know, the electorate and opposition and 'experts '. screamed out for it. Strangely enough, the CCP held out against it and China's now battling deflation.

[@pobishop235]

As a central banker, King seems incredibly naive about politicians. He seems to think that as Head of the Bank of England he could make unlimited amounts of money freely available to government and that politicians wouldn't abuse this for political gain. Which, of course, they did. He opened Pandora's Box and still doesn't seem to take any responsibility for it.

[@John-c4r1o]

You don't understand what the BOE does and that it acts within it's remit. It doesn't however preclude the notion that he is indeed naive and thinks it's the 1950s still, he also doesn't have any solutions or can't even point out how he'd change the BOE remit to achieve those solutions.

[@RickTai]

The printing of money enabled politicians to advance their pet initiatives in order to improve their standing/interests. Those choices, duly enabled eroded public trust in Govt.

[@richardpeychers4076]

They never do , it's always someone else's fault.

[@TheTimdoyle]

Never tire of listening to Mervyn King.

[@rickjohnson2165]

I’ve read both of his books John Anderson mentioned in his opening comments and they are two of the best books I have ever read. Get them both and read them. You won’t be disappointed.

[@srinivaschillara4023]

Have them both. Still going through the first one, it takes some effort, but worth it and very edifying.

[@zacbharucha8496]

Why are there central banks like the BofE? A couple of reasons are often overlooked; 1. to manage the banking cartel since banks create credit=money. How did this work out under MK’s term in office? The UK banking system blew up with the authorities asleep at the switch. 2. CBs provide ‘elastic money’ to prevent recession/bail out- and under MK's tenure money printing went into lift-off. Money printing results in inflation. Inflation aggravates inequality. (more wealth for asset owners and cost of living rise on the working class.) Much of what he says is a deathbed repentance. King says sensible things but judge a man, even a grandee, by his deeds not his words.

[@deanedge5988]

On a lighter note I love the "Through The Keyhole" aspects of these interviews. What exquisite taste has furnished this one....on a darker note both our talented children have grown up and left a UK in which they do not want to raise their children. These are very dark times in Ukania (formerly Airstrip One).

[@ralphhardie7492]

Excellent interview Sensible chap Interesting perspective Thank you 🎉🎉🎉

[@TRIUMPHBONNIEVILLE75]

Of course, as well as inflation the other matter that never gets mentioned is that of currency debasement. I would argue it has more of an economic effect than inflation by a country mile. Inflation is merely the measure of the rate of change whereas debasement is the decrease in spending power of your pound, euro or dollar.

[@edwardmclaughlin7935]

TRIUMPH It is essential to the grip of the bankers, that the term 'inflation' is confused with price rises. There is inflation and it is the increase in the volume of currency units, be it pounds, dollars, whatever. Every new £ introduced to the economy demeans, dilutes, degrades the buying power of all pre-existing £s. Of course, just one £ would not be noticed, but the UK economy was treated to over £400 billion in recent years, on order that people be paid to stay home, drink tea and watch Netflix. Since then the £ has been greatly reduced in its buying power and the consequence of that is that more of them are required to buy the same stuff they could prior to the 'money printing'. Nothing new about this other than the unprecedented scale; but it is a very tried and tested way that central banks basically steal wealth.

[@Music5362]

Always have time to listen to Mervyn King, such a sensible guy.

[@AB-zv6dz]

33:31 - spot on - a lack of enthusiasm is virulent amidst young people who want to achieve highly. Its not an irreversible problem, but I dont know anyone who looks at Starmer and the labour party and thinks: boy are these guys going to convince all the talent to stay here. No, quite the opposite. It has put the drive of most people I know on steroids to leave. And the real betrayal is that the leaders will not acknowledge the problem - they are either too arrogant, ignorant or they just have such a low opinion of people and believe people are so lacking in agency they will just sit around and do nothing. Starmer, a lawyer, no doubt thinks the solution to this problem is more laws, when it is infact quite the opposite. But, try telling a lawyer that..

[@fanfeck2844]

Lawyers rule everything now. They only think them and their legal mates are the only ones fit to make them, and apply them. In any other area of life there would be a conflict of interest

[@dagwould]

You miss the point. All you say is correct, but that's the very point. To convert the UK into a country it is not for either misplaced and delusional 'moral' reasons, or to advance a globalist/marxist agenda to bring poverty for all and government over all.

[@jdg9999]

It's the same as "the war in Ukraine made energy and material costs go up" - no, your choice to declare all out economic war against the world's biggest energy and materials exporter did that.

[@kevinford6420]

So true

[@RRR4847-o9g]

Puts himself was threatening to turn off the taps anyway. His plan was to blackmail the rest of Europe by using energy as a weapon. He also tried to get Nord Stream 2 online by radically slowing the flow from the existing pipeline. Unfortunately, a catastrophic incident took the decision out of Germany's hands. 😂

[@arthurrafferty4102]

​@@RRR4847-o9gYou're just repeating the western media narrative. The EU made an agreement with Yanukovych a week before doing an about turn and supporting his overthrow. This shows they were instructed by Washington to do so and from that point were locked into sanctions, sovereign fund theft and support for war. A Russian go slow on energy supply was miniscule in relation to a complete shut off resulting from the north stream destruction.

[@davidbrunsdon3245]

Putin declared a Special Military Operation against Ukraine - i.e. war. I don't think you can re-assign the consequences to anyone else but Putin.

[@earl272007]

we arent burdening our grandchildren its us now!! we are at the end of the road of the fiat experiment

[@richardpeychers4076]

Not an experiment but a clever debt based ponzi scheme.

[@williamjohn7909]

What a wonderful podcast. We need sensible men like you involved in government. Too many politicians today are not up to the job, and simply interested in soundbites. Lastly, I still think the old adage holds true, "Economists only exist to make astrologists seem credible."

[@bliptripmusic]

He is literally a lord and was the head of the BoE responsible for all the money printing he blames on anyone other than himself. Now go and buy his books with your worthless inflationary 'money'.

[@frankagliotti3626]

A wonderful conversation, very insightful - thank you.

[@kahhowong3417]

Brilliant Mind shining a light on Economics

[@pierceferris]

Brilliant interview, thank you!

[@mujdawood7892]

Lord Mervyn king the best bank of England governor in history. What an absolute legend. Economic leviathan.

[@XM.S-o7m]

Such thoughtful thinking and wonderful interview!

[@paulhank7967]

There used to be 2 Royal Ordnance factories in Nottingham. Both gone. Long ago.

[@chrismartenable]

Just another important issue to follow up on my previous comment. Since the government lockdown in the USA & UK, vast quantities of commuters have not returned to the office. In the USA alone empty commercial office space has increased to around 34%. This is a massive problem. We are being lied to about how many people are in work and earning sufficient money to afford to by or rent a home. The tech industry & banking have witnessed thousands of jobs being lost. Ai is responsible for thousands of job losses & this is only going to continue in the next few years. This is not being spoken about in the mainstream media.

[@jeromehaymaker5071]

AI saves money by doing the jobs of millions of people worldwide. Robots also do work cheaply. Advancement causes a demand for work force adaptation to future job demands. Education to switch jobs is not being done causing shortage of trained people for the new jobs. It's not the change as a problem but no preparedness that causes these issues.

[@BonusHole]

Less industrial jobs available in the West because the East will do it all at a fraction of the price and no stress about human rights, health and safety etc. So it's not just the Office jobs disappearing. Men who work with their backs are finding it harder and harder to compete with the 3rd world.

[@allancrotch2953]

Why does Direct democracy never get a mention? Switzerland has the highest living standards and the most contented people,

[@jesuslovesaves2682]

And like Japan is it incredibly homogenous many other nations do not fit that bill. Similarly democracy has failed Islamic nations. Not every group of people or situation work with the same solution. It is not like a bandaid on a small cut, it just is not that simple. My thinking on a lot of situations like that is why not move to the type governance you would like if you believe it is better there why not vote with your feet? And if you do go do not go there to remodel it to your liking but remodel yourself to its.

[@allancrotch2953]

@@jesuslovesaves2682 My thinking is I will change my country not leach off another

[@fanfeck2844]

They don’t want us to have any say obviously

[@jamebrow]

​@@jesuslovesaves2682What do you mean it's homogenous? They have three or four languages, rich and poor, urban and rural. The power and tax base in Switzerland is kept at a local level.

[@jesuslovesaves2682]

@@jamebrow I live in the US. Compared to what we have over here it may as well be a single family populating and running the entire nation. It's the size of the greater Chicagoland area and much less diverse than that one area alone. So, I guess it depends on what you care comparing it to. I live here so from my perspective its extremely homogenous compared to my experience. It is much closer to Japan than the US. Hope that helps.

[@Noallegiance]

Says the guy who hit CTRL P to fund government largesse and cover financial malinvestment.

[@andymeek]

He was told to by the US government 😂

[@johnnagle7702]

London school of economics is a fabian creation

[@simonsmatthew]

You should have asked about the role of economists in promoting hyper-globalisation and the deindustrialisation of the West (and important theme in Emmanuel Todd's new book, The Defeat of the West). The orthodoxy greatly dismissed warnings from other social scientists, historians and the heterodoxy about the consequences of the international deregulation of capital markets - and also to some extent international goods and labour markets). People who warned about it included Fred Hirsch, Angus Maddison, Rawthorn and countless others in the 1980s and even before. These people were marginalised. King was not one of those who questioned the orthodoxy and probably played a major role in supporting it. He should be asked why he did not question this orthodoxy. Is this a problem with neo-classical economics and the education of economists? One more thing: King is wrong in saying that China is pursuing export led growth. This is a common misunderstanding, that even some western economists understand and admit. It is domestic fixed investment led growth. China however does not want to repeat Japan's mistake when it switched to consumption led growth as advised by MIT and other neo-classical economists and pressured into it by the US Government. This was actually pointed out by the Chinese in their recently announced 10 year plan. (Which everybody should look at, it is a fascinating look at the geopolitical environment and how China needs to be prepared for major changes in it.) Anderson you are wrong about a consolidated threat against China working. Chinese growth is domestic economy led, and there is plenty of scope for it increase. It needs western markets less than you think. And anyway now there is BRICS. China's competitive advantage in terms of its exclusive access to cheap Russian energy is likely to more than compensate any effect of tariff increases from the West. It has a massive terms of trade advantage (that cannot be solved with exchange rate manipulation either). And besides, it simply dominates production, at all levels of the supply chain. We will pay the price of threats and tariffs, not them. But it is a problem we have made for ourselves.

[@JonathanSmith-kz2jo]

Trade doesn’t prevail unless the parties involved experience net gains. Your anti-globalisation diatribe is just that, a diatribe. Nothing in theory not the empirics support your claim.

[@simonsmatthew]

@@JonathanSmith-kz2jo Of course parties experience net gains. There were parties who experienced net gains with capital market liberalisation, just as they are with goods and labour market deregulation. But are financial bubbles and crises a good thing? There are gains from trade, but that is not people who opposed and oppose deregulation measures that led to hyper-globalisation have a problem with. The people who knew of the dangers of hyper-globalisation were generally historically literate with a pluralistic education: not optimisation modellers (here King has a point which he makes in this interview) and generally outside the neo-classical economics profession. Neo-liberalism (which is basically pro-globalisation, forget austerity that is not what it is about) and neo-classical went together as they are based on similar and identical philosophical foundations. Most of neo-classical economics is rooted in classical economics which dates and comes from the British Empire (which had an agenda to force open markets, both coercively, through propaganda and with soft power instruments like comparative advantage theory). It is also connected with idealism rooted in the Enlightenment. It also has far more to do with people like Jeremy Bentham and Paul Samuelson than it does say Smith or Keynes. You can only really critically appraise neo-classical economics if you have studied philosophy and the major philosophical debates (eg about positivism and rationality vs human psychology in the social sciences).

[@brandon_youtube]

Ahh yes. For all UKs GDP, Education system, policies, skills taught at higher education etc, the one thing that isn't taught is problem solving. This missing practice is exhibited by the ongoing failures springing up over the last 14 years+.

[@robertmacaulay3051]

Thank you for this wonderful interview. Would that HMG and the civil service understood this and really took it to heart and into their minds.

[@harpoen7358]

What a great interview. The last point Crypto and CDBC was very good to explain.

[@bliptripmusic]

Yeah, if you know less than John Snow perhaps.

[@mark4lev]

@@bliptripmusicnot much in here that was really meaty.

[@martinlawrence8427]

Great interview! Thanks to both.

[@ChrisVaughan-gj7ve]

Excellent interview.

[@2xsive05]

It's very refreshing to see someone like Lord Mervyn completely understand the situation we are now all in. It's just a shame that he doesn't yet understand that Bitcoin will fix all those problems that he so accurately describes.

[@edwardmclaughlin7935]

2xsive05 Fitting avatar. Rose tinted spec's.

[@andydarbyshire4933]

It's hard to get an old dog to consider a new trick. Your right though. The first lesson of economics is scarcity. 21 million and no more ever is one of the keys to this perfect money. No monetary debasement.

[@bliptripmusic]

So does he "completely understand" or doesn't he?

[@rickjohnson2165]

I think his description of cryptocurrencies was spot on. An interesting sideshow and nothing else

[@pedrofussell5402]

We need new people with new ideas, not try to make an out dated system work. Also our new leaders need to be real people from real backgrounds not people who have never needed to take a loan out for education.

[@CAhmadDavis92]

Printing of money ( increase in the money supply) is inflation. Price increase in both normal goods and assets is the longterm result of it. But i do love this interview.

[@jbwentworthe6082]

Lovely conversation - thank you ❤

[@durrantalan]

Fabulous interview. A lot of hard truths. I do wonder whether the population is happy to accept less consumption to pay for infrastructure, reduce debt and pay for potential future growth. Most people are happy for others to have less but not themselves. When asked about who should pay a “fairer” amount of tax i.e. more, most will point to corporations, the top 1%, those with substantial unearned asset pools etc. How many would say that they would be ok cutting back on things that they want…?

[@timmetcalfe5541]

Wish Mervyn King was still head of the Bank of England or, better still, head of the Federal Reserve. Very sensible guy.

[@fanfeck2844]

Do you think this guy had no influence in the mess the U.K. finds itself?

[@antpoo]

They become sensible once they leave. You can’t be sensible when you’re in office.

[@timmetcalfe5541]

@@fanfeck2844 Quite possibly. Everything is interconnected.

[@dagwould]

Even better, no central banks and let currencies find their own relative value. But even then we'd need to tame the currency manipulators in some way.

[@phyllislovelace8151]

Thank you gentlemen, a really interesting conversation

[@williamvorkosigan5151]

Mark Carney, said that house prices could fall by up to 1/3. The people reporting this potential catastrophe as a real possibility did not sell their houses and start renting. That would have been the rational think to do. Mark Carney, did not suffer any reputational damage when this did not occur. This suggests that the elites believed that he was lying in the name of the cause and were happy that he did so.

[@jacque4697]

The government cannot increase supply, of products, they can only increase the money in circulation which causes inflation. The price of gold has gone up four fold in less than 20 years. The dollar is now worth a quarter. Painful for those who work and save. What is coming next?

[@leonardolage7061]

One of the fundamental issues is that ppl misunderstand money, they tend to look it as a quantity matter rather than a purchase power perspective. For example, they love minimum wage increase, even tho in reality it undermine a higher standard of living.

[@dagwould]

And reduce employment opportunities for the young and the very low skilled.

[@rogerkirman8834]

Sadly, I think that Lord King may overestimate the willingness of our youth to fight, and possibly die, for a country in which they have little "skin in the game" as the gross inequality of both finance and opportunity prevents them from having any meaningful intervention in its direction of travel.

[@richwaight]

Brilliant conversation! Learned alot :)

[@IproCoGo]

Printing excess money that gets spent causes inflation. Printing money to the accounts of those close to the end of the firehose does not cause inflation unless and until it is spent into the economy.

[@bliptripmusic]

No way that would ever happen. Oh wait...

[@fanfeck2844]

He says there’s no easy answer to illegal immigration? Poland seemed to manage easily enough

[@dagwould]

Agreed. The answer is dead easy. Just say No. Most people don't 'consent' on this matter, and so suffer its rapine every day.

[@mark4lev]

That’s where I stopped listening. Utter garbage. That the 6th richest country in the world can’t stop some people in old boats. Risible.

[@GillerHeston]

The economic crisis and downturn are all the signs of 2008 market crash 2.0, so my question is do I still save in the US dollar or is it okay to move all emergency and savings to precious metals?

[@jcurdrayeric243]

In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.

[@rogerwheelers4322]

The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.

[@joshbarney114]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@FabioOdelega876]

I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?

[@joshbarney114]

Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@peterweston1356]

In the first 10 minutes King speaks of complexity, Anderson responds and uses the word complicated. These are two distinct ideas. The internal combustion engine is complicated but we can model it accurately. A social system, climate, a flock of swallows are complex systems. These systems cannot be modelled accurately. This is a big problem for our politicians and policy makers is that most don’t understand the difference. Btw, the big consulting firms know about complexity but don’t like to talk about it for obvious reasons.

[@steve6034]

Excellent video covering many insightful topics, it would have been more relevant if it covered the affect politics has on doing the best thing for the country and how the Westminster parliamentary system is based upon being adversarial. As stated it would take a visionary leader to be honest and lead a country into a yet to be determined new government structure.

[@brianwarnock]

An obvious question: Why were the institutions not required to repay the ‘bailout’ funds, provided by governments, over (say) 5-10 years? Interest free if necessary.

[@clivefrear1784]

Great and enlightening interview. On the subject however, of increasing the UK defence budget, I have to wonder what it is that we would be trying defend? Everything is broken, including our spirit…

[@andrewblake2254]

Excellent talk guys.

[@robertw4701]

Good interview. But practically everything he said we already know. The travesty is that MPs don't say the same things. He should be talking about WHY it is how it is, and also talking his ahre or the responsibility.

[@RickTai]

NZ followed the lead of Western Democracies and ended up neck deep in debt. Our Govt scared the general public into submission during Covid and they did enormous damage to our economy as a result. We are in a deep recession now and are broke. Such is life on SS Titanic (NZ)

[@Eptor7Gd]

Thats the good old failed Keynesian e"CON"omics where the actual confidence trick is The System itself to give the illusion of a Capitalist Market when in actual fact its a Debt Based Ponzi Scheme designed by the FEW for the exclusive benefit of the FEW!Basically the Wealth Transfer of Nations GDP from Public Purse to Private Pockets of the already Wealthy who diversify FIAT almost immediately into things of intrinsic value ASSETs WEALTH

[@neil5872]

More professional discussion of the pandemic should be welcomed, most of high standing are afraid to engage in it publically, it seems

[@johnnagle7702]

The repo crisis of Sept 2019 was the catalyst that led us to lock down.

[@Steven-jx7ch]

University fees should be, like public schools, fully VAT liable, that means a year at university should be 11,100 p.a.

[@deldia]

All very well coming out with some of this now...

[@jonathanjeffer]

The point of modern monetary theory, at least the way I understand it is that. Yes it is based on the central banks ability to produce more currency. But it’s also predicated on removing currency from other parts of the economy to control inflation.. So it would provide money for public spending, and it might remove currency where it’s being hoarded by individuals and companies who are not using it or deploying it productively . Kind of like calls for a wealth tax, or making the super wealthy pay their fair share. The question is, what do all the nonproductive cash reserves do to an economy? Are they inflationary or not?

[@G0ldfingers]

Judgement is paramount, in a world we have to many Judges and not enough don't knows.

[@mikeryan2802]

Outstanding.

[@mindcache5650]

The key point for me is that the combined global debts of The USA , China and Europe are scarily astronomical and higher than ever before . If there is a massive crisis in the form of wars which have already started where’s the money coming from ( digits printed in a spreadsheet) and how can governments look after their citizens ? Those countries with huge trade and budget surpluses are quietly watching and waiting .

[@SazalibinkamsirSazali-zu5yo]

Thank you have nice Talking .im just open about the true key🏇🏇🔑🗝

[@turbolevo8703]

Mervyn king was an excellent BOE governor, so much better than Andrew Bailey.

[@kevinford6420]

😳

[@johnstirling6597]

A major part of the economic debt related problems facing most western nations is the short term political outlook of most governments. Nearly all democratically elected governments only have a 3, 4 or 5 year outlook. The first third of their term they don't have to do anything as there is a "honeymoon " period where they can do no wrong, the second third they "might" actually do something and the " third " third they focus on being re-elected.

[@Eptor7Gd]

ive news for you,you dont livein a democracy.but simply an illusion of democracy.

[@khairulnaeim756]

Every time had a problem like this ...system not relevant anymore.... time change... something must be change...

[@mindfulmw]

I would add the other thing we could work on is the level of poor financial performance in the public sector. This is due to lack of accountability and there is room to claw a lot of money back from unproductive management. Let's say you could get 10% improvement, that would make a huge contribution to the bottom line. Just another line to think about.

[@ticefelle]

Great comment, soo true. One of many many Action points needed to be implemented asap by all elected individuals to providing Transparancy and Accountability. They need to LEAD BY EXAMPLE, which creates TRUST, and then people will follow and repeat votes. It's not "Trust me" first. If managers don't deliver in Biz, then they are out.

[@harryzhang3111]

I want to argue that China's exports comprise 1/3 from EU/USA companies’ manufactures in China, another 1/3 from Japan/Korea, and other foreign investments. Only about 1/3 is from Chinese manufacturers. Besides, a country running into trade deficit is because its failing in competition. Telling China to slow down is similar to telling your opponent to slow down in a 100 meters running, instead of running faster by yourself. I am very surprised to see that such a high calibrated celebrity did not suggest how to improve the UK’s competitiveness.

[@ashfield1425]

Yep. It’s lazy thinking. We have no vision, no ideas. All we do is blame other countries who are performing better than us instead of coming up with ideas to make us better.

[@andrewkelly8696]

Lord King a brilliant mind great interview, thank you.

[@G0ldfingers]

The Health Depts set up to tackle the next pandemic will also rely on spreadsheet models to predict and write the contingency plan, that's why it will fail again, you cannot predict a pandemic's outcome, so we will be back into crisis management again with all it's huge failing's.

[@GoodmanMIke59]

1:03:05 the problem with EVS was created when we had Cash for clunkers in the us. Now vehicles are costing an enormous sum when the other vehicles work and just fine. Poor people need poor cars.

[@eanerickson8915]

Printing money to buy government bonds is unethical.

[@johnnagle7702]

Theft of purchasing power

[@DH-zp7bc]

We're at a crossroads, the convenience of digital payments vs the anonymity and tangibility of cash. The answer has to be both have to have a place. It's not practical to carry around large quantities of physical cash, but at the same time cash is anonymous and isn't dependent on an internet connection or electricity. Also, digital payments are getting too intrusive, banks tailor vendor offers now to spending habits, and the big retailers are nudging the customer ot what they want them to buy through their apps. We think we're making free choices, but in actual fact we're not.

[@krcalder]

Competing in an open, globalised world. How does free trade actually work? The early neoclassical economists took the rentiers out of economics. Hiding rentier activity in the economy does have some surprising consequences. The interests of the rentiers and capitalists are opposed with free trade. This nearly split the Tory Party in the 19th century over the Repeal of the Corn Laws. The rentiers gains push up the cost of living. The landowners wanted to get a high price for their crops, so they could make more money. The capitalists want a low cost of living as they have to pay that in wages. The capitalists wanted cheap bread, as that was the staple food of the working class, and they would be paying for it through wages. Of course, that’s why it’s so expensive to get anything done in the West. It’s our high cost of living. Disposable income = wages - (taxes + the cost of living) Employees get their money from wages and the employers pay the cost of living through wages, reducing profit. High housing costs have to be paid in wages, reducing profit. The playing field was tilted against the West with free trade due to our high cost of living The early neoclassical economists had removed the rentiers from economics so we didn’t realise. Western firms off-shored to places with a low cost of living, where they could pay lower wages and make more profit, e.g. China and Mexico. Not understanding free trade isn’t helping. We actually need tariffs to level the playing field.

[@sharoffrownbeatz9902]

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[@sharoffrownbeatz9902]

He mostly interacts on Telegrams, using the user-name,

[@sharoffrownbeatz9902]

@RussellGreener

[@anthonywolf943-s4b]

The clarity and precision in Russell’s market predictions are astounding. I'm so grateful to have found his insights here on KZbin as well.

[@marevafaucheux8245]

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[@Cracked-f2g]

Russell Greener expertise is widely recognized across the internet.

[@nopeNope-rn9bm]

MMT suggests that the only limit to money printing is the amount of inflation you are willing to inflict on the population. It does NOT say you can print as much money as you want. Because this will cause excessive inflation. Obviously. MMT is a description of the accounting procedures that our current system uses. It is not an alternative system. However if you are honest about how the accounting in our monetary system works, you may want to make some different decisions about how we manage it.

[@savvychoices882]

Very informative buy hard to get into with 30 youtube commercial breaks!

[@bliptripmusic]

Brave browser doesn't have this problem.

[@ivansdubrovin9629]

How TF British defense relate to Ukraine?! Did UK ever has been attacked by Russia or Soviet Union in any point throughout history?

[@Anrirua]

UK forces? Absolutely. Crimean War. UK homeland? Not by kinetic forces but by lots of other ways over the years and now. The way of the world sunshine

[@1faustus]

@@Anrirua Incorrect. Poster asked whether Russia had ATTACKED UK. Britain joined the Crimean War to aid the muslim Ottoman Empire as they and France feared the instability of further Ottoman collapse in Europe. Just as we love to stick our noses in around the world today. Russia DID NOT attack Britain or France. Britain and France attacked Russia and invaded its territory, Crimea having been Russian since Catherine the Great in 1783.

[@1faustus]

@@Anrirua Incorrect. Poster asked whether Britain had been ATTACKED by Russia. Britain, along with France voluntarily joined the Crimean War to aid the Ottoman Empire as they feared the instability that further Ottoman contraction in Europe might bring. Britain and France attacked Russia and invaded its territory not the other way around and it had nothing to do with genuine defence of Britain.

[@michaelarchangel1163]

@Anrirua You're absolutely correct. About 30 seconds after the Berlin Wall came down, when the west had the chance of a much better relationship with Russia, NATO thought it a good idea to place ballistic missiles on Polish soil, facing eastwards. Who with any sense can blame Russia for its current actions ? They faced down Napoleon, then us in the Crimean War, then the Nazis. Also, durring WW2, many Ukrainians volunteered for the SS, some of whom guarded Treblinka as 850,000 were shepherded into gas chambers. Quite disgustingly, 600 of these SS volunteers were allowed to come to live in the UK at war's end. I'm very proud of the fact that two of my family died, en route to Russia with arms etc. in WW2, having been torpedoed on merchant vessels. Too many idiots today pay heed to the MSM's guff about Russia. The current war will soon be brought to an end if Trump wins in November. There's no hope for us in the UK, on many levels.

[@robertheywood2553]

Kaiser asked in reference to Belgium, “why did you go to war over a piece of paper “. British answer “because we gave our word to protect their neutrality”. The same can be said about Poland in WW2.

[@sarahcrowe4602]

King, Cameron and Clegg have a lot to answer for. Look at the mess we are in now with those bond sales.

[@peterohman8469]

The trouble with former politicians is they are sometimes more forward thinking after they have left office.

[@khairulnaeim756]

Cure for this problem was to create a new leadership...with honour,good value and know what is responsible... just opinion 😱

[@oscarsheen3045]

Please, Link to book in description required.

[@forexforum]

The bottom one is: international economic competition in manufacturing and finance. UK can not compete.

[@mark4lev]

They both admitted we are crippling uk manufacturing with net zero. Why was nothing done about this in 2008?

[@forexforum]

@@mark4lev merv is simply blaming everyone else - clearly he didn’t do anything of longer-term benefit or infact anything of much use while governor at BOE

[@noizydan]

It seems to me that MMT is not properly understood from what is said, which is a worry. It is incorrect to say that MMT is just about printing more money and we'll all be better off. This is a strawman argument. Few proponents of MMT make this argument, which is plainly false. The relationship between money supply and prosperity is tightly linked to the availability of energy, materials and labour. The idea of MMT is to use money creation to make investments in the future through infrastructure projects and other govt spending, and then to remove it through taxation where excesses accumulate. Its just a different way to manage money supply.

[@JonathanSmith-kz2jo]

Government doesn’t know better than I do about what I should do with my own money and my own property. MMT is totalitarian.

[@stephend7420]

What a pity you did not discuss (1) the issue of 'debanking' as a political weapon and (2) the digital economy as a surveillance tool that can be used by governments to restrict liberties via the concept of a 'social credit score'.

[@bliptripmusic]

It might be because he knows his views on those things are unpopular.

[@garys8606]

He was part of the mass money printing and now wipes his hands of it. Genius!!