A former senior trader on the open market desk at the Federal Reserve Bank of New York, Joseph Wang had an up-close and personal experience with the inner workings of the world’s most important central bank. In this series, Joseph explains exactly what “money” is, identifies the parties involved in its creation, and describes the various methods of monetary policy. He also talks about how power within the institution has shifted over time. And he recounts his harrowing experience during the repo criss in the fall of 2019, when rates came unhinged and he had to use all the resources at his disposal as the lender of last resort. A look back at the myriad crises over the past couple of decades leads to a crystal-clear conclusion: Those who make the rules can’t break them. Recorded on October 13, 2022