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Post has been Killed

Richard Werner: Central Bank Policy/ What drives the economy

submitted by radx

1 decade 5 years 6 months 2 weeks ago

Here's a different perspective on things, and quite the interesting one, at least to me.

Richard Werner (Chair in International Banking at Southampton University) explains how empirical data shows a different correlation and causality for interest rates and economic growth than the one preached by central banks and most economists in general. As a result of this, the unavoidable question is: if interest rates follow growth and therefor both interest rates and growth are driven by a third factor, what drives the economy?

His answer to this question lacks somewhat in detail in this interview, but it's interesting nonetheless.

7 Comments

A review of his latest book was featured a few days ago on a favorite blog of mine. My knowledge and understanding of economics, macroeconomics in particular, is somewhat limited, so the fact that his theory sounds reasonable to me doesn't mean much.

Anyways, here are some of the graphs he mentions during the interview:
Japan, nominal interest rate in % on the left, nominal GDP on the right
USA, interest rate in % on the right, GDP on the left

Richard Werner is being so careful and restrained yet still the host whips out the 'conspiracy theory' card. Cheap.

I prefer more direct criticisms myself, like the ones in this research paper. Fractional Reserve Banking as Economic Parasitism.

I can only hope that in 100 years our future generations will look back in disbelief at this economic nightmare and wonder how it persisted for so long. 100 years might be overly optimistic though.

Moving this video to radx's personal queue. It failed to receive enough votes to get sifted up to the front page within 2 days.

*beg

Sending this video to Beggar's Canyon to plea for a little attention - beg requested by original submitter radx.

*kill

Permanently discarding this video - kill requested by submitter radx.

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