Lord Turner Advocates Debt Monetization

Published on
November 15th, 2016
21 minutes

Asset Allocation Doesn t Matter The Rise of Robo Funds

Lord Turner Advocates Debt Monetization

The Interview ·
Featuring Lord Adair Turner

Published on: November 15th, 2016 • Duration: 21 minutes

Lord Adair Turner was the Chairman of the Financial Services Authority in the UK, starting his tenure just five days after the failure of Lehman Brothers, with the global financial system on the brink of collapse. In a special interview with Real Vision, Lord Turner explains how he would approach the monetization of the vast global debt pile, with the world gripped in a deep deflationary trap, and no clear way out.


  • JF
    John F.
    9 December 2016 @ 12:07
    With regard to the IMF asking Germany to take on more debt through fiscal policy stimulus. Perhaps the intent is, when you look down the road toward a currency realignment, the spread between the US Dollar and the Euro would then be 'on the mark'. (no pun intended).
  • DH
    Dale H.
    25 November 2016 @ 22:34
    Stephen B (and all) - this article covers what you are talking about and more. I was curious and the Bloomberg article is not available to me. :http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104
  • JD
    Jonathan D.
    25 November 2016 @ 13:40
    Interview strategy #1: ask open questions for the interviewee's way of seeing things Strategy #2: challenge the thinking. Would like to have seen more of #2
  • JD
    Jonathan D.
    25 November 2016 @ 13:25
    all assumes no liberalisation of economies eg free movement of people into japan, ability to sack incompetents and the lazy, married women opportunities etc. no way we'd have 50% under 26 unemployment if greece/italy/spain etc could sack people I don't buy there is nothing we can do other than a new flavour of what they've been doing
  • JC
    Jeff C.
    23 November 2016 @ 03:37
    Great interview and even better comments. This cannot end well but how long can it last?
  • TE
    Tim E.
    22 November 2016 @ 10:42
    Guys like this unfortunately make the rules that we have to invest by. So, the central banks have bought up a huge percentage of the existing outstanding stock of government bonds and pushed marginal prices up to levels where yields to maturity are less than zero in numerous cases. So what? They are still collecting (small) coupons. And the financial institutions who sold them the bonds at inflated values got cash in return. What did they do with that cash? Pumped up other asset values and / or repaired their balance sheets. Yes, debt has continued to grow. And it's morally repugnant to talk about it not being paid back. But, where is the huge disaster here? The system is surely "broken." But I don't see the imminent danger of meltdown and panic that something like the 2007/2008 crisis brought. Am I missing something?
  • bb
    buck b.
    20 November 2016 @ 22:15
    "I've got some ocean front property in Arizona". The bankers have no clue and at some point the bond market will take the game away from them with a revolt. Feels like we are getting closer to some sort of bond/currency panic. Time will tell but these academics will likely be scratching their heads...what went wrong?
  • SB
    Stephen B.
    20 November 2016 @ 17:37
    Two people asked, in their comments to this interview, why we pay taxes if money can be created so easily? The answer is simple: to help hide the extent to which our currency is being manipulated and thereby maintain confidence in the system. The clearest illustration of this was with the TARP, whereby Congress was told (i.e. lied to) that it had to approve the $700 billion TARP program in a single weekend, while not being told that the FED was at the same time printing up $7.7 trillion in emergency loans to the banking sector (as later reported by Bloomberg, who obtained key documents under a FOIA request). This manipulation of the currency has been going on since we came off the gold standard. The Bloomberg FOIA story was a rare glimpse into that world. This outstanding interview is another rare glimse and is therefore highly significant . Gold anyone?
  • EM
    Ewan M.
    20 November 2016 @ 09:31
    "this time it's different" - this infallible know it all
  • RM
    Roberto M.
    20 November 2016 @ 00:05
    Super interesting to hear from a person like this. Great stuff!
  • AN
    Amanda N.
    19 November 2016 @ 23:47
    Great interview. Debt to yourself is not debt..."in the long run..we all gonna be dead" :-) so what we not able to pay back the printed money? Its way better than unemployment; live in distress and possibly war consequences.....the EU is a bad design it will collapse on its own...just like Soviet Union.
  • DW
    Donovan W.
    19 November 2016 @ 19:06
    Geez........slight of hand again and financial trickery. It is the ol' "We owe to ourselves so let's just write it off". And, then - an "independent" entity to control the government, any government, from continuing to do this. Absolutely unbelievable and so typical of the financial "elites". He is saying "I saved the world's financial system when one entity (Lehman Brothers) went belly-up and we are much better now. Really??????? The Narrative continues.......we got it under control and now a new consensus is forming to write-off the debt and go on a binge of infrastructure building. So much hubris....
  • PB
    Pieter B.
    19 November 2016 @ 09:40
    Fantastic interview and great comments from the RV community. Highly stimulating
  • TH
    Timo H.
    19 November 2016 @ 09:31
    Unlimited amount of (broken-)promise-backed money, meet limited amount of hard assets having intrinsic value.
  • TH
    Timo H.
    19 November 2016 @ 09:21
    Either me or Lord Turner does not know accounting basics. My accounting 101 says, that if you write off a liability, you must write off an asset of equal size. WHOSE assets are on the line?
  • DP
    David P.
    18 November 2016 @ 23:06
    Lord Turner is misguided on so many levels, but basically it comes down to this: prosperity is not a card trick. It takes hard work, social cohesion and discipline, innovation and creativity, savings and prudent investment. None of the bullshit slight-of-hand he recommends has anything to do with any of the virtues which actually work, and the consequences of his proposed policies--which seem increasingly inevitable since they avoid short-term pain and will be perceived as getting something for nothing--will wreak economic havoc just as they have throughout history. We have been warned.
  • PS
    Parker S.
    18 November 2016 @ 21:39
    @Stefan K. Thank you for the response. I saw that interview and thought that he brought up some interesting points. I just don't think it'll be possible given Japan's current circumstances. If they had a rapidly growing population then perhaps it might be feasible... I haven't run the numbers. Regarding the inflation you mentioned - they wouldn't have to erase all of the debt (that way open market operations could still be effective) and they could also raise reserve requirements.
  • JC
    John C.
    18 November 2016 @ 21:36
    @Parker S. +1 for the RV conference / offsite that would be amazing! Not sure what I just heard or if I can even fathom it but if he's more worried about the EU than Japan well then that says a lot about how bad things are going to get in the EU!
  • EK
    Emil K.
    18 November 2016 @ 21:28
    This interview combined with the Russell Napier interview of a few days ago should be seen back to back. As Mr. Napier points out, the plan described in this video comes in two parts. The first part is to lock down capital with controls, gates, prohibitions, laws and regulations. Then part two is explained in this video.
  • SB
    Stephen B.
    18 November 2016 @ 16:56
    Having had 48 hours to reflect on this interview, since first watching it, I am now even more alarmed. We (and Grant in particular) have speculated for some time as to what is truly in the minds of our central bankers. Now we have a starkly clear answer, without the obfuscation or "fedspeak" they usually employ. Congratulations to the real vision tv team for bringing us this insight.
  • NC
    NANCY C.
    18 November 2016 @ 02:14
    He says "We're stuck in a very difficult position." Is it 10-12 years ago that Bill Fleckenstein warned that if the Central Banks continued on the path they were taking, they would get stuck between a rock and a hard place?
  • RA
    Robert A.
    18 November 2016 @ 00:40
    Again, I always thought the end thingy was to come riding a Pale Horse and not with a mild mannered nicely accented fellow staring genuiningly into my eyes and saying...saying...what I think he said? So...let me see if I have this right---an unelected group of academics print and "write off" through a digital double entry unlimited money to build unlimited Airports, Bridges, Roads and infrastructure initially before....wait for it....printing unlimited money to give to the citizenry which will be....wait for it..."Means Tested", meaning none will go to some and much to those who "need it"...which will morph into who "deserves it" as opposed to "need it" which will be determined by a select sub committee which will have complete autonomy to redistribute based upon any and all factors which are subject to change @ the total discretion of said committee, including, but not limited to, Voting history, contributions to "favored entities" more or less controlled by committee members and finally to those who have taken the favored Pill which rendrers one utterly docile and without short or long term memory capability. Getting really Orwellian don't you think?
  • IZ
    Ignacio Z.
    18 November 2016 @ 00:36
    ".... I think, touch wood, the financial system is....." guauu I am really scared now!!!!
  • dm
    douglas m.
    17 November 2016 @ 19:56
    All these negative comments, but I actually agree 100% with everything this guy said.
  • dm
    douglas m.
    17 November 2016 @ 19:56
    All these negative comments, but I actually agree 100% with everything this guy said.
  • NO
    Neil O.
    17 November 2016 @ 17:42
    I was surprised to see how young Grant looked. Has he just had surgery?
  • DT
    DAN T.
    17 November 2016 @ 14:25
    Send in the clowns. These idiots think that central banks can and should print money to perpetually refinance and finance, respectively, existing and new government debt to support fiscal stimulus. If that's possible, why stop there? Why not fund every project imaginable - new schools everywhere; new everything everywhere; surely a million dollars in every family's account would stimulate spending, right? And if Germany doesn't want the ECB to finance Italian and Greek et al debt and deficits, who cares - let the Fed do it! Money is free forever and ever. Take the argument to its completion, and where do you end up? Hyperinflation, of course. Don't let these clown fool you.
  • HB
    Heini B.
    17 November 2016 @ 11:50
    WD Ian for this interview, I didn’t believe what I was hearing the first time so replayed it immediately. The Central Bankers have really convinced themselves they can control inflation, this has confirmed my worst fears and everyone on RV seems to agree. “Don’t worry about increasing debt to GDP when you can just write it off”. In fact Poland did this in 2013 (8% of GDP) through the state pension and it was largely ignored. Truly frightening
  • SK
    Stefan K.
    17 November 2016 @ 10:47
    @Parker S.: If the BoJ did end up just forgiving all government debt (i.e. hit delete on the keyboard) the inflation would eventually come from the excess bank reserves it created during the monetization process when it was buying up that debt. Once the private sector repairs its balance sheet from the bust in 1989, they will suck those excess reserves into the real economy by asking for credit. Richard Koo explains this in detail in his RVTV interview, you should consider watching it if you have not already.
  • SJ
    Stephane J.
    17 November 2016 @ 03:53
    Fascinating insights into how central bankers' think - What will these actions do to the social contract ? History often rythms I guess
  • DH
    Dale H.
    17 November 2016 @ 01:27
    Yes, this is a topic that is perfect for a more in depth discussion. When the interview finishes, it leaves a sort of stair drop that you have to collect yourself from. And then more questions come. Maybe a discussion starting with Grant and Raoul sitting together chatting? How about it?
  • WA
    WAYNE A.
    17 November 2016 @ 01:17
    The inevitable. !970's again. Maybe?
  • PS
    Parker S.
    17 November 2016 @ 01:04
    Fantastic interview. Grant is always asking, "How do they get out of this?" Well... I think we all knew the answer, but that doesn't make it any less jarring when you actually hear it. This is frightening. I have always thought that since leaving the gold standard we were in the midst of the greatest monetary experiment in world history. The fact there isn't a single fiat currency that wasn't abused and subsequently destroyed didn't bode well for us. If someone else could comment on one point however... he basically said that Japan has already gotten away with monetizing their debt and they just have to acknowledge it from an accounting perspective on their CB balance sheet. If Japan were to do that and subsequently normalize interest rates/monetary policy, then where would the inflation come from? In the near term I don't see how that would change anything. In the long term however... the moral hazard is enormous and with allowing the government to determine the allocation of so many resources you're essentially guaranteeing a low growth environment. On an entirely separate note... wouldn't it be fun if RVT hosted a conference? I feel we would all get along well.
  • DM
    Davis M.
    17 November 2016 @ 01:01
    It sounds so easy. Let's just have the Fed or IMF issue perpetual bonds for a Universal Basic Income for all!
  • DH
    Dale H.
    17 November 2016 @ 00:24
    Brian B - yes I thought of Snider interview and Eurodollar problem. One question I would have liked...
  • DH
    Dale H.
    17 November 2016 @ 00:12
    Thank you RV for this interview. Brilliant job getting it! Thanks to all the commentators and it looks as if we are unanimous. That says a lot. I can't add anything at the moment (will later - but you have all said it so well). I'm too shaken up (literally). From where I am it all feels like Howe's Fourth Turning - this video raised the stress level a little to the high side! Talk about mayhem. Last three days in NZ - Third worst earthquake in 100 years, hundreds of aftershocks, buildings demolished, major roads out for years, mountain half on top, (oh well spending here), liaising to get family away from Tsunami threat. Some buildings in home city out of use for long periods. Then came floods and a mini tornado 500 metres from my home. Now this interview. Grrr. All of it is surreal.
  • DL
    Derek L.
    16 November 2016 @ 23:41
    Gold anyone?
  • CH
    Calvin H.
    16 November 2016 @ 23:35
    ,,,,and now for something completely different.......
  • ca
    cyavash a.
    16 November 2016 @ 22:49
    Can someone explain how debt monetization is supposed to lower the debt burden when debt/GDP too high (see 3:46 remaining). This is just a tad over my head.
  • SN
    Sean N.
    16 November 2016 @ 21:13
    Thanks for bringing us this interview! This is the kind of diversity Real Vision needs... so it doesn't become just another echo chamber in the media world. I can't wait till you bring us Krugman :) Unfortunately this is the mainstream economic wisdom improvising itself as it goes.. pushing the pain down the road... It was interesting to see him talk about Japan being able to handle it because they are a more cohesive society, with less social problems. So basically, they're less likely to riot when they realize they're broke...
  • BB
    Brian B.
    16 November 2016 @ 19:44
    No mention of fractured wholesale Eurodollar system and how printing reserves does not equal new collateral i.e. "money" nor does it cause an increase in business activity when confidence is non-existent. The technocrat who recommends fighting the dragon with a wooden spoon. If our "experts" do not understand the legitimate problems with our global monetary system then I'm afraid we are in for more unfortunate "surprises" as the system continues to break down.
  • DM
    Daniel M.
    16 November 2016 @ 17:21
    Cinematic colour grading!!! LOVE IT! Also, you seem to have nailed the white points gents. Finally! Well done!
  • RA
    Ricardo A.
    16 November 2016 @ 14:33
    Why do we pay taxes then? Why not simply print, monetise and write off? What am I missing?
  • TM
    The-First-James M.
    16 November 2016 @ 14:10
    Kudos to the interviewer, but I would love to have seen Grant interview him... ;)
  • TM
    The-First-James M.
    16 November 2016 @ 13:55
    Still laughing. May be misquoting slightly here, but "What we've learned here is that when interest rates go below zero, some funny things start to happen". Understatement of the year and you had to do it to learn it? Really? Shouldn't it have been obvious?! :D
  • JE
    Jag E.
    16 November 2016 @ 08:12
    Well, if governments can borrow, spend it, and then write off the debt.., What is the rationale behind taxes? Will the masses ask themselves this?
  • TS
    Tim S.
    16 November 2016 @ 08:10
    To steal a little from Jim Grant...gold is a bet on the incompetency of Central Bankers and other intellectuals to blow up the system sooner rather than later. I appreciate his candor in trying to find the middle ground with a PC spin but I hope he does not truly believe this happy horse shit. Can't default, can't further leverage but happy to tinker. Print the damn money and blow up the system so we can resume some form of normality for future generations. Oh, and do try to keep the wars on a low simmer....
  • TS
    Tim S.
    16 November 2016 @ 08:00
    RIP Peter Pan... Seems like an intellectual fascinated by describing the system. I disagree with how he defines money which is a rotten brick in the roll. Money is not a thing with financial attributes. It is a store of future value based on trust that is assessed on a daily basis. Tampering with that trust is incredibly dangerous.
  • DS
    David S.
    16 November 2016 @ 06:19
    I wish I knew which way to turn. After reading other comments on this interview of an honest man lost in the forest, I may finally become a gold bug.
  • DS
    David S.
    16 November 2016 @ 06:19
    I wish I knew which way to turn. After reading other comments on this interview of an honest man lost in the forest, I may finally become a gold bug.
  • BY
    Brian Y.
    16 November 2016 @ 06:12
    "Intellectual Yet Idiot"
  • JF
    James F.
    16 November 2016 @ 04:29
    Not surprising: Insane thinking from a recent attendee of IMF meetings. Not surprising: RV viewers see right through it! Kudos to Raoul, Grant and Remi for bringing this amazing community together!
  • CA
    Christian A.
    16 November 2016 @ 02:22
    i'm with john d...good so see how they think...matches up with the IMF videos i've been watching recently
  • NY
    Nicolas Y.
    16 November 2016 @ 01:13
    Am I correct if I say that "monetization of debt" is the PC way of saying: transfer of the debt to the public? Or did I misunderstand ?
  • HC
    HJ C.
    16 November 2016 @ 00:49
    Hmmm. Clearly they are making it up as they go along. Very polite admission of such.
  • Pd
    Paul d.
    16 November 2016 @ 00:41
    So the first write off has to be tightly controlled by a central bank group (that's rich) so governments don't think they can write off debt any time they want. Later in the interview - debt level should not inhibit running high deficits in order to inject fiscal stimulus because if debt gets too high it can just be written off? It didn't take long for the tight control to be abandoned, did it? Or are the governments going to pinky swear not to get themselves in a jam and need another write-off?
  • NY
    Nicolas Y.
    16 November 2016 @ 00:34
  • HJ
    Harry J.
    16 November 2016 @ 00:08
    Second thought! You can't fix stupid. Best of luck to all. You know how this plays out!
  • WM
    Will M.
    15 November 2016 @ 23:43
    Now, would you buy a used car from this man?
  • PV
    Peter V.
    15 November 2016 @ 23:39
    So much for a paycheck being a return on ones labor. A reasonable man expressing a nutty idea.
  • BS
    Buy100oz S.
    15 November 2016 @ 23:36
    We can all unanimously agree that what he is saying is the ultimate fraud... To create currency out of thin air, buy bonds and agree to never pay it back. We think in the western world we've put slavery behind us yet the majority of the population are financial slaves, working long hours to earn this created intrinsically worthless currency. Ironically should they ultimately admit defeat and go down this route how long would it take for the general population to catch on....a lot of people quite frankly have absolutely no clue how fraudulent the system has been since 2008, ask people about monetary history and the importance of gold as a long term store of value in this fiat based system and they'd stare at you with a blank face. Sadly I suspect they will be able to get away with fraud on this scale for a while until the masses catch on. Our fiat based system is resting on confidence, all this money creation hasn't broken anyone's confidence yet, so when does that happen? and even if it is inevitable is it really imminent?
  • HJ
    Harry J.
    15 November 2016 @ 23:32
    I'm not frightened for EU but will become more of a financial peeper! We've seen all this before! I wonder if he recalls WW1
  • CM
    CRAIG M.
    15 November 2016 @ 23:23
    I was flabbergasted to have the former head of the FSA, Lord Adair Turner, convincingly state that "money is a perpetual non-interest bearing bond." Contrast that with the famous definition of JP Morgan in 1907 that "gold is money and nothing else." He goes on further to say that using Japan as an example, that the JCB can continue to monetize debt, but can write off existing bonds in the future without any adverse consequences. His views are the sort that are constantly championed in the pages of The Economist and FT. This interview was a fascinating insight into the mind of a truly dangerous man.
  • MF
    Martin F.
    15 November 2016 @ 21:32
    A bloated, keynesian bloke that never left the academia sphere. No word about what all that means for Joe from the Mainstreet.
  • ES
    Eric S.
    15 November 2016 @ 21:23
    What a nut job
  • MB
    Matthias B.
    15 November 2016 @ 21:08
    I compliment the interviewer, really well done! I don't compliment the interviewee. that kind of thinking is reckless. typical the the mindset that responsibly operating nations should pick up slack from the frivolous ones, that it mightily arrogant to say the least. i am not sure that these guys thought through the consequences of debt monetization. but hey, i reckon that the equity market will love it...
  • CL
    Charles L.
    15 November 2016 @ 21:06
    Fantastic! Big thumbs up for bringing him on, RVT! Thank you. And yes, the message of this harbinger sort of scares me, too. (RVT: Maybe you want to introduce a double vote, one for content, one for context.) Please, get more of "them" to talk here!
  • JD
    John D.
    15 November 2016 @ 20:25
    WTF. Welcome to the future. Fantastic interview to get an insight of how the establishment thinks. Well done to the interviewer - only a few well positioned questions and then let the interviewee talk. 'Give him enough rope' I think is the phrase. Great work.
  • AM
    Alonso M.
    15 November 2016 @ 19:52
    After I saw this, I immediately reached for the scotch. Their "tools aren't working", so they want to try a new tool. He recommends Japan implement this tool. Whereas the NIRP and QE tools pushed deflationary forces onto the global economy, his new tool paves the path for hyperinflation. He says "money is a perpetual non-interest bearing bond". He is correct, but his problem is he thinks the yen is money when in reality the yen is a money substitute and can lose this privelege. If his plans for Japan come to fruition, he will discover the moral hazard to which he's referring means the yen will stop acting like a perpetual non-interest bearing bond and might instead start acting like ink coloured paper. The fat tails just keep getting bigger don't they?
  • AV
    Alex V.
    15 November 2016 @ 19:40
    Put this in a vault and after this all crashes use it at the war crime trial of the central bankers. If he didn't have the English accent and suit he would just be a normal fraudster amazing intervie
  • rr
    rlw r.
    15 November 2016 @ 19:24
    Not a single mention of reining in the insanity. Stopping it. The veiled slam on the germans for their rational approach to financial sobriety. It's truly astonishing.
  • CB
    15 November 2016 @ 19:19
    My first impression is shock. I knew Central Bankers live in a semi-delusional world of lies but I did not realize until just now that they are full-on batshit crazy. I really don't mean to be rude but this is stunning.
  • RH
    Roger H.
    15 November 2016 @ 19:19
    This was scary... It's all about monetizing debt without the public understanding it. They are monetizing now and building up unsustainable debt that never will be repaid. When interests become unbearable, they'll just convert the debt the central bank has been buying into non-interest bearing debt. No way governments will restrain lending with these tools at hand... This can only end one way!
  • AH
    Andreas H.
    15 November 2016 @ 19:17
    Love it!
  • CD
    Charles D.
    15 November 2016 @ 19:15
    Unbelieveable....a SNL skit...only this isnt supposed to be funny...these bureaucrats are absolutely clueless and its make it up as u go...so frightening.
  • JC
    Jan C.
    15 November 2016 @ 18:29
    I feel like the ten year old that just saw their first horror movie. I am not sure I'll sleep tonight.
  • VP
    Victor P.
    15 November 2016 @ 18:08
    Why I have the feeling that we just witnessed the revelation of the financial perpetuum mobile?
  • DS
    David S.
    15 November 2016 @ 18:04
    If the central bank is independent (??), its B/S is not part of the government. It is time to recognize that the emperor is naked. The damage is done. More "brilliant" ideas will just cause more problems. While interest rates are low, the government of Japan should issue low interest bonds now and raise taxes to repay the bonds. In the US, the government should issue bonds to pay for necessary infrastructure repairs on a safety-priority basis and tax it citizens to pay for them. The Central banks should be left independent to solve their own problems. Conflating the central banks of the world with their governments will only cause the problem to get worse. DLS
  • SB
    Stephen B.
    15 November 2016 @ 17:55
    Frightening! It is obvious to al that the only sustainable answer for the global economy is less interference from central banks, a return to sound money and (ultimately) balanced budgets. The only question should be how to get there with the least amount of disruption. This interview rather starkly illustrates, however, that the CB's (with the exception of Germany) still think we need more of the same, restrained only . y think they can continue to avoid reality for some time yet. That is no way to run an economy. No wonder everyone is turning to precious metals or other hard assets.
  • JS
    John S.
    15 November 2016 @ 17:08
    Good God! Going to need a bigger safe for my gold.
  • Sv
    Sid v.
    15 November 2016 @ 16:40
    the only thing one can do when in a pit is to keep digging!
  • Sv
    Sid v.
    15 November 2016 @ 16:38
    fascinating look into the dark side
  • VS
    Victor S. | Contributor
    15 November 2016 @ 16:16
    He is discussing what the world elites are planning as the world is in a death spiral . As much as it seems crazy it is the future. What is unknown is the exact comsequences ?
  • TW
    Thomas W.
    15 November 2016 @ 15:58
    Thumbs up for Lord Turner's courage to face this particular audience, I guess it benefits "us" to hear "their" point of view. And I am glad the penny is slowly dropping that "zero is not just a point on the way from +1 to -1." Who would have thought!
  • WS
    William S.
    15 November 2016 @ 15:56
    And this, folks, is a glaringly typical example of how utter incoherence has become the only stock in trade of the high priests of central banking.
  • DT
    Douglas T.
    15 November 2016 @ 15:51
    Its great to get a view through the curtain, obscured though it might be. But listening to him, it becomes obvious these guys are making this up as they go along. It's intuitively obvious that there is a discontinuity at the zero bound, but they actually had to go there it to see it. Truly frightening.
  • HA
    Hamed A.
    15 November 2016 @ 15:38
    Just bc he has a British accent doesnt make his argument make any more sense. thinking like this is dangerous
  • tW
    tgwtom W.
    15 November 2016 @ 15:31
    A welcome to Ian Fleming.
  • TA
    Tommaso A.
    15 November 2016 @ 15:21
    haha think its gonna be a tough crowd here for this type of arguments