Princes of the Yen and Central Bank Alchemy (w/ Richard Werner and Hugh Hendry)

Professor Richard Werner joins Hugh Hendry, founder and former CIO of Eclectica Asset Management, for a deep-dive into the world of central banking. They explore the process of credit creation and examine the fundamental role it plays in inflating asset bubbles, the popping of which can wreck whole economies but can be very good for central bankers. They analyze the Bank of Japan's (BOJ) remarkable record of credit expansion, including its use of lending quotas, through the lens of Werner’' renowned book, "Princes of the Yen," which was a number one bestseller in Japan. They also look at the ongoing efforts of the Fed and the European Central Bank (ECB) to provide liquidity during this unprecedented global crisis at all costs, particularly debt monetization and quantitative easing (a term Werner himself coined), which Werner suggests could lead to a widespread bank nationalization - or a "Sovietization" of the banking sector, as he says. Werner argues that the ECB is undemocratic and that it bears a closer similarity to the Reichsbank (1876 - 1945) than it does to the Bundesbank (1957-present). Hendry and Werner conclude their lengthy discussion by looking forward: they scrutinize the current and future monarchs of the global monetary order, who are no longer princes but who may be on their way to becoming kings. Hugh Hendry can be found on Twitter at @hendry_hugh and on Instagram at hughhendryofficial. Filmed on May 15, 2020.
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Princes of the Yen and Central Bank Alchemy (w/ Richard Werner and Hugh Hendry)
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[@adidabax6809]

I would listen, but at an hour 40 and this guy having just wasted my life listening to Stephanie Kelton with no pushback... more than 5 minutes is uncalled for.

[@wakcackle3555]

@@adidabax6809 the real meat came with the shortening of time for the discussion. Some interesting stuff.

[@luismena8654]

,App bio

[@karimayoubi74]

Great discussion. Hugh it seems from your repeated comments that you need to get your head around the difference between central bank reserves and money that is in the banks (ie the economy.) Central bank reserves are merely an entry on the central bank's ledger. Money in my bank account is just an entry on my bank's ledger (and that money was created at some point as bank credit, and the process for that is simply the lending bank creating an entry on its ledger.) As Richard says, at no point does money move from central bank reserves to the economy, because that implies the central bank reducing its ledger entry and the commercial bank increasing one of its ledger entries by the same amount. That doesn't happen, ne'er the ledgers shall meet. These are different systems entirely. If you just snapped your fingers and made central bank reserves disappear, nothing else would change, there would still be the same amount of money in yours and my bank accounts out there in the real economy (although you'd then have no system for transferring money between commercial banks, which is what the central bank's ledger enables you to do.) Does that make sense?

[@suewarman9287]

Can anyone send me the link for the copy of the book WITH the Greenspan chapter in?

[@cruisecontrol4922]

"Don't listen to what they say, watch what they do!." Richard Werner

[@TheGerogero]

Courtesy of Paul Samuelson. What a joker, haha.

[@OMGAnotherday]

Exactly!

[@enderwiggin8947]

Great! But can you do it again with Hough shutting up long enough for Richard to finish one f’cking thought please.

[@pebblepicassos]

Agree

[@dualfluidreactor]

yep hugh should be behind the youtube screen

[@kavabean]

This. 1000x

[@bibo3177]

So f*ing true. Annoying &worst interviewer.

[@loniousmonk]

There’s nothing of value lost if you just skip over everything he says and listen only to Richard’s answers

[@shad00w239]

I have been watching macroeconomists and investors dissect the current economic environment post-COVID19 and this has got to be the most insightful explanation of the machinations of the Central Bank's madness that I have come across to date, and here the video sits at barely 43k views. What an absolute shame.

[@OMGAnotherday]

Why covid turned up when it did!

[@gto433]

I agree 100%

[@igorpustsin]

Richard is one of those Heros who have courage to say this things publicly, big thanks to RealVison for this discussion.

[@rejectionistmanifesto8836]

The great dolly of so many innocent minded people like Hendry on conspiracy "As all things, it starts with good intentions". The pursuit of power has nothing to do with good intentions despite lies which are stated which fools about 95% of people as they are naive and trusting.

[@bananarepublic1339]

finally someone interviewing Richard Werner, his view on Japan crisis was enlightening

[@ddlmytwat]

Hugh, please stop using the term 'Conspiracy Theory' to discredit uncomfortable facts... Grow a pair and be bold in your speech re Central Banks. Professor Werner is an empiricist, not a conspiracy theorist.

[@ronaldevans4457]

Hugh has been a fan of Werner for years. I think he's just framing the conversation this way for unfamiliar viewers. I think Werner explained his stance well. If they both just spent 90 minutes trash talking central banks it would have been entertaining but not as interesting.

[@ddlmytwat]

@Ronald Evans Hugh can achieve that end without calling a few of Werner’s positions ‘conspiracy theories’ ... it is precisely the unfamiliar viewers that should be told the unbridled truth... Hugh just wants to avoid the scrutiny of inconvenient truths in this instance. Enjoy his perspective generally though

[@samdunn717]

@@ddlmytwat I am an unfamiliar viewer. I sensed Werner had something interesting to say, so i reluctantly abandoned the video and searched for a better one. I found one. I'm now a Werner fan.

[@ronaldevans4457]

@@ddlmytwat Fair point. Plus I think everyone should watch the Princes of the Yen documentary before listening to this interview. It's better than any interview I've ever seen anywhere.

[@ddlmytwat]

@@samdunn717 Hard not to be a Werner fan. It's nice finding the truth

[@mnyksvs2]

Any chance you can have a round 2 with Richard Werner Due to time constraint there was not enough time to go into How "Capital Flows" function and "How Exchange rates are determined"... This I believe is a crucial point in explaining why domestic credit creation doesn't result in FX fluctuations etc; and it was glossed over.

[@elac1256]

Yes, was glad to hear Dr. Werner touch on "Capital Flows" or the lack thereof. Am in agreement, particularly w/ 'development aid'. Too bad he wasn't able to say more.

[@MusicProducer808]

I wanted to hear the end of this statement also. Very annoying interruption from Hugh.

[@willjames1712]

Yeh this was very interesting. I find Werner very compelling, but also find Michael Pettis very compelling too and he talks a lot about excess savings and capital flows and their relationships to crises. Struggling to reconcile the two positions. Need to get them in a room together somehow.

[@MehdiSyed456]

Learning about international capital flows or “non-flows” and the international exchange rate setting mechanism was very fascinating and interesting. Will be looking forward to learning more from Werner on the subject with hopefully another interviewer!

[@luckyPiston]

Yeah Richard was explaining that when buddy cut him off at 47:27 dang !!!

[@tangohtai3995]

Truly truly enlightening to hear Richard explain the machinations of the central banking system. Excellent stuff

[@mohamadtlass7163]

Please do an interview with professor Richard on specifically the mechanics of banking. This mans words are worth gold!

[@ansonurpants]

Hugh should let Richard talk more and interrupt him less.

[@xxczerxx]

Just to play devil's advocate here -- no one has ever to my knowledge challenged Werner on his theory, which is surely the duty of anyone who takes the scientific method seriously.

[@42dunbar]

I listened to the whole thing. Didn’t think Hugh was taking too much time. Werner tended to keep going if Hugh didn’t interrupt from time to time. And I think Hugh wanted to make sure to address a wider range of topics before their time ran out.

[@samdunn717]

@@42dunbar Hugh conducted such a bad interview, there are people in the comments asking how money is created. Werner would have made that very clear had Hugh/ you let him. Werner also makes a mockery of all the hyper inflation retards. Just not in this video

[@qixiangleong2197]

Agreed, Hugh was pretty disruptive when Richard was about to introduce the theory of capital flows

[@peterlast3200]

Hendry should prove he knows what he's talking about by writing a book. Otherwise shut up and let the man who has talk.

[@esssquire9361]

Professor Werner is an economic genius. His book, Princes of the Yen, is an important book on central banking, which should be promoted and widely read.

[@mikoyopeolefirero4831]

I got a mortgage loan in 2018 through Chase, and in late 2019; I experienced financial hardship and fell behind on my payments. I had months of late payments before I was introduce to this business minded credit repair specialist Gerhard. I’m very grateful to SAMHACKSTECHNOLOGY ⏺NET for helping me clear my loans and late payments from my report. I taught it would not be possible for my credit to be fixed within the short period of time agreed on. I want to thank Miss Elizabeth for giving me the information and their contact last month🙏❤....

[@gwills24]

Alot of Hendry haters and I agree there should have been slightly less interruption however, I was happy that Hendry CHALLENGED Werner on his ideas OFTEN. This quality is almost always missing in financial interviews. I agree with Werner's theories almost entirely and this was first interview I saw with him where he was challenged early and often.

[@joythought]

Agreed

[@robinkelley4638]

@@joythought Agreed... I am not a Hendry hater, this is the best interview with Dr.Werner. I do believe we all would have learned more if Hugh would have let him finish his answers to Hugh's question.

[@mynameisnobody7621]

Werner is the best out there !!! More people need to be interviewing him

[@lunarmodule6419]

Well hes a honest-pro-people-no-nonsence brilliant, experienced and educated econ.

[@Mumba8888]

@@lunarmodule6419 I have been following him for a while now, his econ is a completely new paradigm.

[@JPBlades]

One thing about the money printing by the Weimar Republic was that the Versailles treaty insisted on reparations being paid in something other than the Mark which forced the Republic to exchange their Marks forcing down an already weak currency which eventually caused the hyper inflation.

[@subscriptions007]

Professor Richard Werner Finally!

[@OMGAnotherday]

Agree!

[@CharlesCherryWatercolors]

I learned more from this video than any other in a long time.

[@Alexander-Bunyip]

Hugh has the nicest tie of all the businessmen on RV

[@BarryMDHo]

Richard Werner is an inspiration and a benchmark pillar of human kind! Educated, logical, reasonable, accurate, and credible. Every Government and citizen in this world must listen to what this gentleman has to say. The most important message, period!

[@joshuarogers1947]

DUDE! I just got finished watching The Princes of Yen and this pops up in my notification feed!

[@sunoveristambul]

Your internet knows all....

[@grahamwhite2003]

GD aliens

[@50pence59]

One of the best videos in this sector. Feels like it needs a sequel.

[@latitudetwentyfive]

Carefully note my thumbs up is wholly for Richard Werner who is brilliant.

[@webfreakz]

Richard Wener is awesome! Can't wait for his next interview!

[@mrnegative48]

wow Richard Werner blew my mind, cant believe this video isn't more popular

[@cabragooncabulous4082]

Wow so much for freedom of speech. Thank you for that book. And Hugh. If I were rich? Id visit your hotel. And have a party, on the house. You guys are unsung heros.

[@bartmastin3272]

Werner is great! What he says makes sense of everything and I appreciate that he articulates at a level I can understand. I was not aware that banking consolidation was still ongoing. It does indeed appear the USA is being sovietized - in truth, the entire globe simultaneously under the auspices of a virus pandemic. Covid has killed small businesses and all that will be left is very large corporations, governments, and centralized banking. Thank you for this interview!

[@robertfleming2432]

sovietized - zio bolshevism.

[@BlindHurricane5]

This is one of the most impactful videos on Real Vision. Thank you!

[@postscriptum9856]

I did not expect the interview to be that great! Thank you.

[@jacquelinemarie6325]

I knew it would be!! lol

[@johnnybq2]

The timing would be great to have Prof. Werner back after the Davos revelations Jan - Feb 2021. This interview was an eye-opener thank you. Of course, the smothering of small banks and the emerging one-central-bank scenario needs to be a topic of debate, not censored. Lending money primarily for productive purposes with local monitoring is a brilliant concept. Negative interest rates are a dead-end for small banks and central banks know it in their quest to "Reset" using COVID to consolidate and take over globally.

[@philipvjones397]

Please get Ed Harrison to do the interview the next time as, not only is he competent, he doesn't have a goat wandering around his home. Hendry takes the conversation off on tangents and down rabbit holes.

[@malthus101]

the goat was pretty cool though, tbf.....

[@philipvjones397]

@@malthus101 Hendry's whole desert island shtick is quite entertaining but he's not the interviewer for me

[@nerdynerd0]

Yeah boy! Get Ed on this topic with Prof. Werner!

[@grahamwhite2003]

Best real vision interview up to now. I am a control engineer so I look at the change to inputs and outputs for a variety of systems to determine what happens in the middle. This type of engineering perspective for the dynamics that occur for money printing inputs and economic outputs explained so well in this interview. Thank you so much for all that you do RV!

[@candacebocci]

Cannot get enough of Werner!

[@teflking6034]

Do they just get Hendry on to have a laugh at the comments? Shouldn't judge a book by it's cover but how can you take an interviewer seriously who looks as if he's auditioning for Castaway 2 and talks in riddles whilst waving his arms around like he's directing aircraft. Even Werner look bemused by his antics at points.

[@lgfocus1008]

Awesome. Werner is outstanding. Hugh should just shut up and listen.

[@simmey2011]

Hear!!..hear!!

[@robynellison3790]

So true!

[@rokyericksonroks]

Werner is describing what we had in the US when thrifts were the source of mortgage financing. No creating of any money, very little asset bubble making.

[@reshapingyourdestiny]

Big Thumbs Up for this comment!👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍

[@warntheidiotmasses7114]

@911zhenxiang Amen! Other than flat Earth I believe all conspiracies to be true.

[@MindbodyMedic]

Prof Werner is a legend, what a privilege to be able to listen in on conversations with two men who know this area inside out.

[@atilarist6035]

Dude, let Richard speak!

[@MrCemcilfa]

Richards Werners findings are absolutely incredible.... Ladies and gentlemen, let the system change......

[@niallmoore8240]

This dialogue was stopped way too early - let them speak on their topics in as much detail as needed. So interesting and great to have someone challenging Richard.

[@TacRifle]

Werner lays it all out there for everyone to see ... although he may not be that popular with the Davos crowd. What an outstanding interview!

[@Dcioutsourcing]

Fantastic dialogue on macro economics.. wunderbah. Thanks Richard and Henry, keep informing the public..

[@beachboy7553]

I actually liked the questions as it brought out answers. I would have enjoyed if it had gone on longer.

[@jacquelinemarie6325]

Agreed.

[@michaelcre8]

1:26:11 HH: Why doesn't the Fed have negative rates? RW: Negative interest rates are nonsense. Negative rates don't promote lending like they say they do. They are a tax on banks that large banks use against smaller banks to absorb them.

[@OMGAnotherday]

Acquisitions and mergers all part of the plan since the 1980’s and probably way before that, but more small businesses/banks created from 1970’s onwards.

[@scottnovitsky9253]

Glad I'm listening to this after 3yrs of learning, makes far more sense than it would have

[@rageorge1369]

If you want to understand more what Richard is saying you need to watch George Gammon, he explains this very topic extremely clear for us to understand and digest. Kuddos to both Richard and Hugh... I just watched last night Princes of the Yen.

[@luisfernandoalves2748]

Great interview. However, I think they should redo this whole thing again with a better interviewer. The guest had really interesting points and I wish he had been able to elaborate more on them without Hugh interrupting him all the time.

[@natevaskovics9344]

You should get an interview of Richard with Kyle Bass

[@antpoo]

No way, Kyle Bass will keep interrupting with anti China rhetoric.

[@onecoolstorybro]

@@antpoo the CCP is literally evil, what's your point?

[@OMGAnotherday]

R WG - It’s why Trump is calling covid the China Virus!

[@vihodanyet]

R WG they’re all evil and they’re all in cahoots

[@meldav2648]

Richard was coming to the punchline regarding FX, when Hugh jumps as his usual hyperactive self to interrupt and disrupt. Hugh! Listen for heaven sake!

[@bitmau5]

These guys stretched my brain in ways that I never knew it could be. Amazing discussion, thanks Raoul!

[@jora1036]

Hendry: a one hit luckster of 2010.. interviews someone we actually want to listen to.

[@FiguraTheChancellor]

The only video real vision ever needed to produce.

[@lukeskirenko]

Richard Werner is effortlessly cool in the manner of Jean-Luc Picard.

[@lunarmodule6419]

LOL ya 😃

[@marketbarometrix4983]

Ahaha I new his demeanor seemed familiar - couldn't put my finger on it

[@bromite802]

I like Hugh he's a cool guy. But the no 1 rule of interviewing is: when you have an interesting expert on, let them speak.

[@heloisebock454]

I loved the comparison between the reichbank and the bundensbank (especially as I am reading "Lord's on Finance" on this particular period). Really scary to think that the ECB is structured more like the first.

[@octavimb]

Fascinating and educational. Werner is solving real problems, Hendry is rationalizing his past actions.

[@elac1256]

Yes, it seemed as if Hugh was/is suffering from some form of Stockholm Syndrome.

[@detectiveofmoneypolitics]

Many thanks on this interview a private citizen of Melbourne Australia

[@duncanreid1977]

More of Mr Werner. Awsome.

[@timphillips3275]

This was one of the most instructive cast i have seen; thank you.

[@sumandasgupta6179]

Richard Werner is the Guru!! ...very enlightening conversation for both

[@kevt9189]

A lot to digest have to watch this one twice and try to absorb

[@rageorge1369]

Watch George Gammon he explains this very eloquently

[@tomcraig6426]

I really like the interviews on this channel, but this interview is one of the best!!

[@mikoyopeolefirero4831]

I got a mortgage loan in 2018 through Chase, and in late 2019; I experienced financial hardship and fell behind on my payments. I had months of late payments before I was introduce to this business minded credit repair specialist Gerhard. I’m very grateful to SAMHACKSTECHNOLOGY ⏺NET for helping me clear my loans and late payments from my report. I taught it would not be possible for my credit to be fixed within the short period of time agreed on. I want to thank Miss Elizabeth for giving me the information and their contact last month🙏❤....

[@bobhunt2418]

Richard Werner is an incredibly clear and incisive thinker, its a shame that he ends up with interviewers constantly interrupting with idiotic points, still well worth listening to!

[@sarafin777]

Amazing - thank you for this thought provoking conversation ! ! ! One of the best in history.

[@parabolic_33]

This is an instant classic. Hugh Hendry is a legend.

[@denniskatinas]

Alright, this was a real good discussion. I prefer this over a traditional interview. This was so much more educational, not only because of the format, but mostly because of the knowledge of these two gents, giants. I could go for part 2,3 & 4. I’d love that.

[@JonnyMReck]

Central banking alchemy makes me sweat just like Hugh Hendry

[@mktwatcher]

Hugh, didn't you hear Richard say that the mere Trading of Financial Assets Back and Forth Does Nothing to Improve GDP !

[@jacquelinemarie6325]

This is the conversation I have been looking forward to...ever since HH made specific reference to Werner's Princes of the Yen in his chat with Real Vision CEO recently. Great. I will definitely help with the sale of the new edition of Werner's landmark book. The very best on Real Vision. Cheers.

[@jacquelinemarie6325]

Perhaps a part two is called for on this one...!

[@planetmongocommoditiesexch9079]

Outstanding! Profoundly enlightening.

[@ryanbutler2346]

TO be honest, who are all these other jokers you've been having on this channel? The ones saying basically the same stuff or nothing at all. There's only two economists I can ACTUALLY listen to, one of them is Peter Schiff, and the other is this man. This has got to be the one of the most insightful interviews on banking I've ever heard.

[@mynameisnobody7621]

my man! Werner is next level even to Schiff . I love both too!

[@mynameisnobody7621]

only other person is dead. Milton Friedman, He was a genius and love listening to his lectures on yt

[@paulshin4296]

Amazing. Fascinating. Enlightening. Please do another one with Richard and Hugh!!!

[@lukaszwalaszczyk]

Kudos to RealVision for picking this up. I really hoped for this after Raul and Hugh's interview.

[@biglabrador]

Richard's words were much more interesting than Hugh's interruptions - too much of the latter robbed us of too much of the former

[@biglabrador]

@Thomas Hellberg Ask him - you won't have to speculate

[@biglabrador]

@Thomas Hellberg have faith

[@nunoalexandre6408]

The Best Technical Interview since...Thanks...

[@mrsteamhorn]

The Real Macro! Fantastic

[@jeffgao5942]

Hugh Hendry bout to give John Mcafee a run for his money.

[@superagario9249]

jimmy He’s an islander now. That’s the life!

[@rev.jimjonesandthekool-aid4488]

@jimmy you're projecting

[@kickpublishing]

Lol buy Monero

[@NoMoWarplz]

Awesome. World needs more men like Richard Werner who dont have the rent collectors/interpreters between what his eyes sees and the conclusions he reaches. ;)

[@sommi888]

🧡💛💚💙 Please let your guests speak entirely and finish first before you interrupt. It got annoying this guy was trying to finish his point 10 times

[@kevan5321]

Hugh keeps interrupting at critical moments. Werner.. “money actually does flow between countries”. Werner is about to say something important, Hugh opens his mouth. Seems he does it deliberately.

[@cynicalskeptic]

Do you have a time stamp for that quote? I watched this interview on Real Vision site and missed it. Werner has repeatedly claimed in conversations I had with him that "money doesn't really go anywhere".

[@relobmit]

Werner was about to tell us the main driver in his successful FX model when Henry interrupted and moved the conversation along.

[@corybeck8524]

ego maniac

[@hamidramini5139]

@@relobmit But also Werner repeated himself three times about internal credit creation. I was very eager to see what he was about to say (which would not provide a definitive answer to macro forex moves, imo).

[@FrankieJames14]

@@cynicalskeptic what money are you talking about? All “money” is faux

[@jimbobarooney2861]

Both guys doing great job teasing out each others opinions on the cuff

[@relobmit]

Fantastic interview. I agree wholeheartedly with the idea that central bank independence is a myth and generally a bad idea. What this was designed to do from the start was to make the politicians unaccountable for the radical monetary policy initiatives that were, and continue to be, implemented. The failure of politicians to make difficult decisions regarding fiscal policy has forced the hand of the central banks to do ever more radical monetary policy therefore they are not independent. Here in the UK, the fact that it was Blair's New Labour that introduced the independent central bank model tells you all you need to know that this was part of a sinister radical-left plot.

[@AndrewManook]

It's far right not far left

[@erichanintokyo]

This is worth multiple viewings.

[@larusargentatus8357]

We really loved your long form convo. with Raoul the other day Hugh.. + this one is great also.. we love your laid back style with penetrative analysis.. You have found a 'market gap' :)

[@mktwatcher]

I'm with Professor Werner - More Banks Now. Hugh, if you want to step on the Gas Pedal start by helping Professor Werner by creating more and smaller community Banks.

[@davinclem3394]

Great interview. Great guest. Have him on again , he had a lot to say that is very relevent to the current economic Experiment.

[@nerdynerd0]

Professor Werner must be allowed to develop his topic/thoughts without being interrupted. Hugh is a great guy, but he has too many questions and Prof need more time to answer them all and cover the main topics. Kind of disappointed to know Hugh didn't know about difference in currency and reserves 😬. Kudos for him for admitting openly! Brave and honest man indeed!

[@nahaktam6515]

What a great interview! Thank you RV

[@Travelbythought]

Fantastic guest, one of the very best.

[@shaileshdhuri4166]

This is the best ever video on economics. Confirms many things that I suspected

[@kirstinstrand6292]

Richard Werner, fantastic!

[@tishsimonnet5376]

Kirstin Strand Professor Richard Werner, yes Godspeed!

[@AhLaDad90]

I don’t know not nothing about this world, but I’m learning. I did enjoy this conversation and the comments. Thank for KZbin for giving intelligent people a chance to share there knowledge given people like me a chance to learn. 👍🏿

[@crispisauce]

Best guest so far.

[@MrB1923]

A meeting of minds. A large German one and a small, possibly chemically altered, Scottish one. Hugh clearly got very lucky for one year and has been living off it since.

[@crouchhill]

Brilliant education, thank you Prof. Werner

[@nickmartin5596]

When is hendry Werner 2?

[@benjaminbalazs]

Interview of the month!

[@tishsimonnet5376]

Why does Hugh insist the US doesn’t have a single asset bubble that if it popped would bring down the economy? What about Wall Street? The USA clings to its stock market for prosperity as the Venezuelans loved oil. The similarities are so.clear to me

[@alfredlear4141]

Excellent interview. Many thanks

[@francescofranzoni274]

Get this man again, bring Dr Lacy Hunt / Jeff Snidder / Steven Van Metre / Travis Kimmel / Brent Johnson and of course Raoul Pal. Camera on. Please make a serie of that. World needs it.

[@jacquelinemarie6325]

Worth watching again...which I plan to do now.... and after reviewing comments...suggest a second part so the discussion may continue...!

[@smedleyjefferson1450]

Richard Werner is a genius - and a hero.