S8 Ep19: Central banks as financial agents of the state

S8 Ep19: Central banks as financial agents of the state

Central banks play a crucial role in modern economies, managing money supply, setting interest rates, and ensuring financial stability. But their relationship with governments, particularly their role as financial agents of the state, creates potential risks that could threaten economic stability. Does the way central banks are structured and operate obscure the true fiscal health of the state, and pose risks for the wider economy? That’s what Willem Buiter – former Chief Economist at Citigroup, former member of the Monetary Policy Committee of the Bank of England, among many other things – claims.

In conversation with Tim Phillips, he sets out six challenges that central banks may face in the future and explains what central bankers can do about them.

The discussion paper is here.

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Episoder(461)

S9 Ep34: Making defence spending pay

S9 Ep34: Making defence spending pay

Defence spending is rising whether voters like it or not. The UK has committed to 2.5% of national income and aims for nearer 3.5% over the next decade, £30bn a year for each percentage point. What do...

19 Jun 26min

S9 Ep33: Did the Sewing Machine Liberate Women?

S9 Ep33: Did the Sewing Machine Liberate Women?

In January 1860 the New York Times gave its blessing to a new machine: the sewing machine. These "iron needle-women", it wrote, were the only invention that could be claimed “chiefly for women's benef...

12 Jun 19min

S9 Ep32: The digital money supply

S9 Ep32: The digital money supply

Every day, billions of transactions settle between strangers who have no idea which bank the other uses. That lack of friction is not automatic. Nine-tenths of the money in daily circulation has been ...

5 Jun 27min

S9 Ep31: How well does patent screening work?

S9 Ep31: How well does patent screening work?

Someone once held a patent on the swing. A piece of wood. Two ropes. The US Patent Office granted it. How often does that actually happen, and what does it cost when the system gets it wrong? Or, how ...

29 Mai 32min

S9 Ep30: Redefining the monetary standard

S9 Ep30: Redefining the monetary standard

The fiat money system has survived the Great Inflation, the global financial crisis, and a pandemic. But can it survive digital currencies?Bitcoin and the blockchain solved a genuine problem in comput...

22 Mai 26min

S9 Ep29: Guns and Butter

S9 Ep29: Guns and Butter

Europe's NATO members have pledged 3.5% of GDP to rearmament. The political argument is already about which social programmes will be sacrificed to pay for this, when the government chooses guns inste...

15 Mai 21min

S9 Ep28: Immigration and integration in Europe

S9 Ep28: Immigration and integration in Europe

More than one in eight people living in the EU today was born in another country. In fourteen of the bloc's largest economies, it is closer to one in six. For ten years, the same team of researchers h...

8 Mai 25min

S9 Ep27: The right to choose to die

S9 Ep27: The right to choose to die

Content note: this episode discusses assisted dying, end-of-life choices, and suicide. Some listeners may find the content distressing.In April 2024, Daniel Kahneman — one of the most influential psyc...

1 Mai 23min

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