He Ran The Fed For 18 Years And Left An Economic Time Bomb | Michael Hudson & Radhika Desai

Michael Hudson and Radhika Desai trace the origin of the trend towards allegedly independent central banks from the 1990s onwards, showing that, rather than being independent, they have served the interests of a financial elite rather than the people. Rather than abiding by its dual mandate of keeping inflation and unemployment low, it has employed the rhetoric of doing this to inflate asset bubbles. Rather than driving innovation, as he claimed, Greenspan set the Federal reserve on the trend toward a bubble driven economy. Rather than his pretense of independence, Warsh is as much a weathervane as Greenspan can be relied on to keep money easy for fear of pricking the various asset bubbles of which the US economy is today composed. Finally, rather than just easy money, what ordinary people in the US need is a well-regulated financial system aiming at productive, not speculative investment. 0:00 Highlights 01:15 Channel Intro 02:05 Michael Hudson introduction 04:49 Hudson's history with Greenspan and his rise to the Fed 09:31 The myth of central bank independence 14:38 Deregulation, Glass-Steagall and the financialized economy 19:00 The Greenspan put and endless bubble bailouts 25:26 Warsh, Greenspan's legacy and his deliberate obscurity 29:39 Inflation, oil prices and junk economics 36:25 Why inflation is political 41:26 How Greenspan denied and inflated every bubble 48:33 What ordinary Americans actually need 56:13 Closing thoughts https://www.RadhikaDesai.com https://www.radicaldesai.substack.com https://www.patreon.com/RadhikaDesai Video and thumbnail edited by Gena Smirnovs (gena.sm@genasmirnovs.com)