82.1 The Federal Reserve is NOT a Central Bank Pt. 1

———Ep 82.1 Summary———
What should a central bank be? What does one do? Is what the Fed does ‘central banking’? What did Ben Bernanke promise in 2002 that the Fed would never do again — learning the lesson of the 1930s — and how did he break his promise less than 5 years later?

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———Ep 82.1 Topics———

00:00 Introduction to three-part series on how modern central banks quietly changed their role.
02:24 Bernanke promised Friedman and Schwartz that the Fed would never mess up again.
03:29 What exactly did the Fed mess up in the 1930s? Not creating liquidity / money in 1929-33.
06:14 Great Depression era Fed liabilities (money) vs. commercial bank liabilities (money).
07:26 Great Depression era commercial bank assets (loans / securities).
08:18 How should central banks behaving according to Walter Bagehot?
09:33 Bernanke promised to act like a central bank DESPITE KNOWING THE FED WAS NOT ONE!!! :-o

———Ep 82.1 References———

When You Aren’t Actually A Central Bank, Part 1: The Real Inflation: https://bit.ly/350rgXe
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7


Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski.