Gonzalo Lira on hyperinflation and Cullen Roche on economic myths
After the financial crisis entered its most acute phase following the demise of Lehman Brothers in October 2008, central banks around the world - led by the US Federal Reserve - began a program of Quantitative Easing. QE -- whereby a central bank buys private-sector assets with newly printed reserve money -- is said to have helped overcome the financial crisis. The question is... at what cost? Writer and blogger Gonzalo Lira believes that the cost of ultra-easy monetary policy is high - and could be the demise of the US dollar.
Cullen Roche is the founding president of Orcam Financial Group and the brains behind noted financial blog "Pragmatic Capitalism." He is also a co-founder of a new school of economics called "Monetary Realism." Cullen has made it his mission to demystify the modern monetary system and deliver it to the public in layman's terms. In a recent blog post, he wrote about what he calls, "The Biggest Myths in Economics. And we speak with him about just that!
Boom Bust's Erin and Edward talk about many of the top Wall Street bankers whose firms were largely responsible for the recent financial crisis. In 2008, the US government began to step in, pumping $700 billion in bailout funds into the market in order to prevent catastrophe and save the companies. But many of the top bankers are now unemployed... yet apparently they are all still living a" Lifestyles of the Rich and Famous."
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