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A Masterclass In Central Banking | Professor Jane Knodell
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- čas přidán 31. 07. 2024
- Jane Knodell, professor of economics at the University of Vermont and author of "The Second Bank of the United States: Central banker in an era of nation-building" joins the show for a masterclass in financial history. Taking us back to the founding of the First & Second Bank of the United States, Knodell discusses the origins of banking, central banking and everything in between, taking us on a tour from the late 1700's to present day. To hear all this and more, you'll have to tune in!
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Timestamps:
00:00 Introduction
01:02 The First Bank In The United States
04:29 The Coinage Act Of 1790
08:37 The Financing Of The Revolutionary War
14:40 How Successful Was The First Bank?
17:14 The Second Bank of the United States: “Central” Banker in an Era of Nation-Building
24:50 The Mechanics of "Discounts, Exchange & Treasury Debt"
29:05 The Panic Of 1819
33:02 The Panic of 1825 & The Role Of "Central" Banking
40:12 Did The Second Bank of the United States Closing In 1836 Have Any Effect On The Panic Of 1837?
46:29 The Panic Of 1907: The J.P. Morgan Bailouts
53:55 The Financial System's Plumbing
57:54 The Financing of WWI
01:02:34 The Great Depression
01:07:47 Can The Federal Reserve Print Money?
01:11:13 Bretton Woods
01:15:35 The Treasury-Fed Accord
01:19:15 The FTX Fallout
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
Amazing. Such a good interview. Good job.
Be aware of scam in the comment sections. They are getting more and more sophisticated. Just incredible. Stay safe out there
DM me for guidance on selling your toenail clippings for 1000s of dollars per month!!!
I'm going to have to go back and watch this twice.
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I hope you will be able to invite this lady for a second interview that covers 2007-2022 !
yes please
excellent discussion with the Professor, ty
Is this lady a member of the Fiat Banking Cartel?
Most Profs & actual Central Banking members (Powell & co.) do not understand their own system… Jeff Snider’s Eurodollar University is excellent, and another solid background course is Understanding Monetary Mechanics by Bob Murphy… Fir monetary history no one beats M.N. Rothbard…
Yer I wasn't to impressed either when comparing to the real OG's like Jeff.
Prof Jane is awesome!
Economic investigator Frank G Melbourne Australia 🇦🇺 still watching this very informative content. WOW ! ! , this content is great cheers Frank
Thank you for this educational podcast. Do more!!!
Excellent report, exceptional guest speaker, I hope you bring her back! Very informative
37:16 “a lot of shareholders e-mailed Nicholas Biddle” 😂 sure Jack!! Jokes aside, awesome interview! 🙌
Knowing history is always useful !
Thx !
This is freaking awesome, thanks!
Please explain the modern equivalent...ie: how #CA and #NY subsidizes #KY and #WV ? While impoverishing the working poor of California and New York. How does this obscenity end?
That was great, thanks you two
28:00 Shocking that the premiere historian of BUS2 would be unfamiliar with a major corruption scandal involving BUS2
How are Dark Pools legal as they evade Price Discovery what makes a free market and are the Central Banks manipulating the Greeks in Options ir the Prime Deakers, brokerages. And other big banks etc?
what is liberty
35:20 A central bank is supposed to become less liquid when the banking system needs liquidity
Walter Bagehot in Lombard Street (as close to a manual as the fraudulent central bankers ever had) advises central banks to lend freely but at high interest in the event of a credit crunch
Fractional reserve banking is a confidence game, as Bagehot makes clear, and in the event of panic it has to maintain confidence that "money" can be got if one is willing to accept the interest rate
Thank you
Bravo. Solid.
A great discussion...UVM, wow, was expecting some ivy league school, nice
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"Support of it's people" means property owners
Around 37m "but a lot of stockholders emailed Nicholas Biddle"... pretty sure they didn't have email back then... in all seriousness though nice financial history episode... if more crypto people understood how the plumbing of money and liquidity actually evolved over time via real-world trial and error they would have been better off (crypto world now trying to pretend Binance is a viable liquidity lender of last resort heading into 2023 but that ain't gonna work)... for those who find this stuff engaging might also want to check out the book "Ways and Means" by Lowenstein about how the modern-day monetary system was shaped by the financing of the Civil War
And how old is the history of Central Banks some say this millenia some say older?
14:00 Consols... they call that zero-coupon bonds
No, these are total opposites
Zero coupon means there is no interest payment (historically a physical coupon you would clip off to claim the interest as it came due), only a return of principal at maturity
Consol means there is no maturity or return of principal, only interest payments
Feedback appreciated
Chat up
Let's talk✍️✍️✍️☝️☝️🗼
"No State shall make any thing but gold or silver coin a tender in payment of debt"
US Constitution Article 1 Section 10
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6:15 "The US was borrowing in specie equivalent... sterling, francs, guilders"
Those were not specie equivalent, at that time those were different units of weight of gold and silver
Pounds sterling referred to a unit of measure of silver, not to an artificial replacement for silver
It's like saying that 'the US borrowed in specie equivalent such as ounces and kilograms' - those aren't alternatives to specie, those are units
Simple question .
How can she say a lack of currency isn’t a bailing out ?
Isn’t missing currency the materializations of being over leverage or lending too much ?
Hence needing a bail out ?
12:15 The first bank (of the US federal government) was keeping its money on a par with specie
No, the specie was the money, you mean "currency"
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Great show. Love reminding Yanks how young they are lol
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@1:11:25 : Did we complete the answer on euro-dollar system ? The question was about how the offshore-banks able to create offshore dollar ( at will ) ? But later we talk about banks trying hold to as much as US treasuries as possible? So euro-dollar is always backed by equivalent treasuries ? that means offshore banks don't create offshoredollar out of thin air ...
Thanks for the great interview
Eurodollars are pure credit. Not currency.
@@peterharestidsen6556 yes I read that it is just a ledger based money for transaction. looks like it is backed by treasuries in some form - but some form of money multiplier is happening
He says she knows more about 2nd bank than anyone else on earth and yet half of the questions he asks she says " ask someone else I don't know"!
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A fascinating interview... but let me point out a few sad facts: Amazon's current price for a paperback edition of Knodell's book on the 2nd bank is $48.95. A hardback version goes for almost $131. Even a Kindle version is $37... for a 188 page book. I fault the publisher for setting these absurd prices. Why don't they charge more reasonably so that more people can learn from this gifted historian?
One could get far into a BBA degree by just writing papers off this information and a little research. Comprehensive exam material.
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Thanks bud for keepin us financially Educated! Regardless of how bad it gets on the economy, I still make over $22,000 every single week.
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Very good historical content but i feel could be better planned questions for such a knowledgable person and the answers are a bit convoluted. For example the portion of the bill of exchange is what we call a receipt/invoice today. When you sell something to someone, You draw up an invoice with some terms, like payable COD, or a term like 30 days plus what we today we call a Late payment fee if it is late. The bill of lading, is the actual freight information that went along with the bill of exchange that itemized the cargo being shipped. Overall i appreciate the content yet title is misleading as it has nothing to do with what the FED or BOE or other central banks have done for the last 15 or so years. Title says, masterclass. Where is the current content?
patagonia...yvon....tax deferral...something...something
She did not answer on eurodollar system. I would have been be very surprised if she did!
2:15 "There was no stable monetary unit"
Absolutely false. The monetary unit was the Spanish dollar, a weight of silver
The anglosphere hates everything having to do with Spain. You will see this pattern everywhere if you pay attention.
The Spanish dollar (Real de a ocho) was even used in east Asia for a long time. Such was the reach and influence of the Spanish Empire.
Interviewer is very smart but the way the questions are asked basically tells the story that the guest is supposed to tell. Just ask a simple open question and let the guest answer it.
Central banks created to enable trust between banks. Crypto is trustless and solves this issue
Nice alignment of your camera and microphone, doofus
While I’m impressed by what Jack Farley has done with this podcast over the last year, I am really unimpressed with Jane Knodell. She seems vague and fluffy on everything. The value added here all comes from Jack’s comments.
Thanks bud for keepin us financially Educated! Regardless of how bad it gets on the economy, I still make over $22,000 every single week.
No doubts! The strategies and Al auto trading tools she provides for beginners are very helpful, being part of her vip signal channel has really helped me as a stock holder