The Interview - Debt Deflation Holy Grail w/ Richard Koo

The Interview - Debt Deflation Holy Grail w/ Richard Koo

Real Vision Managing Editor Ed Harrison talks to Richard Koo, Chief Economist at Nomura Research Institute. Koo is famous for his work on balance sheet recessions, a rare type of recession where drastic liquidity injections fail to increase the money supply because they remain trapped in the financial system, as there's no low demand for loans since companies focus on minimizing debt rather than maximizing profits. He and Harrison discuss this framework in detail, and use it to analyze our current economic crisis the world faces. Koo draws a contrast between the traditional balance sheet recession, where a bursting of a debt-financed bubble causes a collapse in asset prices and an emergence of debt overhang, with what he refers to as a "pandemic recession," where an exogenous collapse of economic activity leads to disappearing income and a tightening of financial conditions. Koo and Harrison also discuss the various toolkits available to central banks and fiscal authorities worldwide, and Koo shares what he thinks what a sound policy response might look like. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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Episoder(2143)

How Much Longer Can This Cycle Run? w/ Andreas & Mikkel | Macro Mondays Oct. 5, 2026

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Andreas Steno and Mikkel Rosenvold are back to tackle the question that matters most for markets right now: are we still mid-cycle, or are the warning signs of a late-cycle economy starting to pile up...

5 Okt 33min

Are Markets About to Take Off Again? | Macro Mondays: September 21, 2026

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Andreas Steno and Mikkel Rosenvold are back to ask whether markets are beginning to resemble the setup we saw in March. With the Fed having hiked, yields elevated, and oil moving lower, are the condit...

21 Sep 27min

Bitcoin’s Next Move Comes Down to the Fed?  | Trading The Market: September 16, 2026

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Bijan Maleki and Kris Bullock break down the crypto market just ahead of today’s critical FOMC decision, with traders bracing for a potential rate hike and another major test for Bitcoin and risk asse...

16 Sep 1h

Is the Risk-On Trade Breaking Down? | Macro Mondays: September 14, 2026

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Andreas Steno and Mikkel Rosenvold are back to discuss several key macro signals that are potentially shifting all at once. They dig into the outlook for oil flows, whether a new hiking cycle is start...

14 Sep 32min

Bessent Just Made His Move. Is Bitcoin Ready? with Kris Bullock & Bijan Maleki | Trading The Market - September 9, 2026

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Bitcoin and crypto are tightening into key technical setups as the Treasury prepares up to $6 billion in bond buybacks. Bijan Maleki and Kris Bullock break down the catalyst, the $83K level that matte...

9 Sep 55min

The Bitcoin Bottom Is Looking More Convincing | Trading The Markets: Septmeber 2, 2026

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Bijan Maleki and Kris Bullock are back to break down a potentially important shift in the macro setup for crypto. With the U.S. Treasury stepping up long-dated bond buybacks, long-end yields are falli...

2 Sep 1h

Is Risk-On Too Risky? | Macro Mondays: August 31, 2026

Is Risk-On Too Risky? | Macro Mondays: August 31, 2026

Andreas Steno and Mikkel Rosenvold are back to unpack Kevin Warsh’s surprisingly hawkish message at Jackson Hole and what it could mean for markets. They also turn to the latest escalation in the Midd...

31 Aug 30min

Bitcoin Just Flipped! Is the Bottom Finally In? w/ Kris Bullock & Bijan Maleki | Trading the Markets August 26, 2026

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Bijan Maleki and Kris Bullock are back to break down a potentially important shift in the macro setup for crypto. With the U.S. Treasury stepping up long-dated bond buybacks, long-end yields are falli...

26 Aug 58min

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