This week we speak with Paul McCulley, former chief economist at PIMCO, and often mentioned potential FOMC candidate.
McCulley worked closely with Bill Gross for many years, and was brought back to PIMCO after Mohamed El Erian stepped down. Even if you are unfamiliar with McCulley, you probably know with his work. He coined such well known phrases as “Shadow Banking system” and “The Minsky Moment.”
McCulley criticizes those who believe the Government and Federal Reserve should have let the crisis run its course on its own, with zero interventions (ZIRP, QE, etc.). He is especially harsh on the austerians, who he says made the recovery weaker than it need be.
The full podcast is available on iTunes, SoundCloud and on Bloomberg. Earlier podcasts can be found on iTunes and at BloombergView.com.
Next week, we speak with Harry Shearer of The Simpsons, Spinal Tap and SNL.
Would like to know if the question I wanted asked was a stupid one or is it obvious the cost benefit of 70’s style inflation that perhaps you assumed I wanted was not worth asking? Referring to the question I posed April 10 goo.gl/qRTY7l . Seems to me the creation of more inflation can save ones ass in times of desperation.
John Maynard Keynes wrote a piece on Possibilities in 1930 called “Economic Possibilities for our Grandchildren” about 100 years into the future in which his decendants worked only 15hours a week, producing enough to live happy and fulfilled lives with lots of leisure time.
August 22nd Fareed Zakaria gps interviewed Derek Thompson, Author of “A World Without Work”. Will robots and artificial intelligence take all of our jobs?
The Discussion on possibility of future government enacting universal income for everybody to use for basic needs was interesting as it could tie in with creation of inflation, especially considering the following. Driving is the most common occupation among American men, Unfortunately we have self driving vehicles coming. Four most common occupations in US Economy are Retail Sales Person, Cashier, Food and Beverage Worker and Office Clerk. All are extremely automatable with technology we have now or on the horizon. That would be a progressive question more interesting than the perverbial “time is important. Or am I missing something?
What a pleasant two hours.
And Balboa Island is great for strolling.