Fed Insider: We Have Been Put On Notice, The Debt Is Unsustainable:Danielle DiMartino Booth
Transcript :
today's guest is danielle
0:26
DeMartino booth
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Danielle spent nine years as a senior
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financial analyst with the federal
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reserve of dallas and served as an
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advisor on monetary policy to dallas
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Federal Reserve President Richard W
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Fisher until his retirement
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danielle has a new book out called set
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up it will be released on febuary 14 and
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I am very happy and honored to have
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Danielle on the x20 report spotlight
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danielle welcome to the spotlight
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I'm so happy here today thank you for
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being on here and you are upset insider
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you work for the Fed did you quit the
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fed well I wouldn't say I quit the fact
1:00
that that's kind of a strong word i
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followed in whatever this one of the
1:03
most hawkish hawks in central banking
1:05
history and I call him out
1:08
it's not involved in Richard Fisher I
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followed him out yes so you wrote this
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book set up i like the title set up
1:14
that's the plan words can you just give
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us a brief summary of why you decided to
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write this book out called days at the
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words that i use our are duty-bound oh I
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i spent a long time inside the Fed as an
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outsider as an outsider looking in and i
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joined the Fed it going into the
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financial crisis and i was there in the
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years that followed it and what I
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witnessed and experienced were so
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alarming to me that I felt that I was
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duty-bound to share my experience and
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connect the dots for the average
1:51
American who might not appreciate the
1:54
intricacies of the institution but more
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importantly how directly the Fed affects
1:59
their everyday investment decisions it
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as well as spending decisions
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ok i just wanted to get into the Fed and
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I just wanted to clear up some things
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that people might not know many people
2:12
do know this but is the Fed part of the
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government but that is a hybrid if you
2:18
will the Federal Reserve district banks
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are private institutions that remit the
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remaining profits that they generate if
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there are any after they cover their
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operating expenses
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to the Federal Reserve in Washington and
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the Federal Reserve in Washington then
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transmits any profits after it covers
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its operating expenses to the treasure
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in the form of remittances so the best
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way I can describe the fed to the
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average American as is that the 12
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district that the 12 districts email
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addresses and in dot o RG and those in
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washington DC like Janet Yellen her
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email address and in dot govt so it's
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it's a private public institution it's
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both
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okay and who are the people running the
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fit i mean who are they what are they
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part of well they're mainly part of
3:11
academia who are they what are they part
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of a rin it didn't used to be that way i
3:16
don't mean to be flip but but the people
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running the Fed are mainly PhD in
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economics whose decision-making revolves
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around theoretical models these
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theoretical models is just things where
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they're sitting you know in a setting
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where they're just you know thinking
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about how they should approach the
3:35
economy i mean are they out on the
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street are they looking at what's
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happening with the people are they
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really do they have their ear to the
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ground of knowing what's really going on
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no I think that's I think that you're
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driving at the core of really what's
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gone along with the Fed is that there's
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not enough practicality and pragmatism
3:55
it within the institution if something
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is going on in the real world doesn't
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happen to fit into one of their
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econometrics models then it simply
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dismissed and that goes a long way
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towards explaining why the fed missed
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the financial crisis when a lot of
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people who did have their ear to the
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ground myself being one of them thought
4:15
coming is the Fed than working in the
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best interest of the American people
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well no that's kind of a rhetorical
4:21
question and i would have to say no that
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the Fed has not been acting in the best
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interests of the American people
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otherwise you wouldn't have had now the
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second largest generation in the country
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the baby boomers course the Millennials
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are a larger generation population life
4:36
but you really wouldn't have a have
4:38
abandoned the retiree class in this
4:40
country with the specter of zero
4:42
interest rates
4:44
add that truly had their best interests
4:46
in mind so with all this currency
4:48
printing or creation with QE the Fed
4:53
buying up the toxic real estate from the
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banks is the Fed actually working for
4:57
wall street then
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well i don't think anybody fed would
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answer in the affirmative to that
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question but that has been one of the
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they would tell you unintended
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consequences is that fed policy has
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unfairly benefited Wall Street and that
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it has unfairly detrimental the average
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American IE main street but I don't
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think that's what they think that they
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were doing but again to go back going
5:27
back to early observation is their ear
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to the ground
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no I don't think it is I think that they
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believe that the so-called wealth effect
5:33
actually exist on planet earth where it
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really doesn't the wealth is not trickle
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down to every working American so since
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2008 since the the crisis that we had
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the great recession up into this point
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which is almost nine years later as the
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economy actually improved after
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everything the Fed has done i think it's
5:53
it's fair to say that jobs have been
5:55
created and that home prices are
5:58
certainly risen and that asset prices
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like stocks and bonds have have also
6:04
risen in value has the economy itself
6:08
improved you know if you look at
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economic growth from the time that we
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emerged from recession in 2009 until the
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just reported year and final 2016 gross
6:21
domestic product has averaged
6:23
one-point-eight percent so i would have
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to say no the economy really has not
6:29
improved or not technically in recession
6:31
the way it's defined but improved i
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think is something at the stretch given
6:36
this is the most anemic economic growth
6:39
we've seen in the post-world War two ERA
6:40
you talk about jobs and there's a lot of
6:43
individuals that look at the job numbers
6:45
and they're saying that these job
6:46
numbers aren't really reflecting the
6:49
actual people at work because they're
6:52
saying a lot of it once a lot of jobs
6:54
one from
6:55
full-time to part-time a lot of people
6:57
are out of the labor force but they
6:58
still want a job and when Trump was
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actually campaigning a lot of people
7:02
looked at this and said you know you
7:04
know he's right there's a lot of people
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out of work and and people aren't
7:09
working right now defend actually see
7:12
this as a problem where they feel that
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the labor market is strong
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unfortunately I think they believe that
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the unemployment rate that is reported
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every month in the headlines is
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indicative of success on their part up
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but by the same token i think that they
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recognize that the labor force
7:34
participation rate or the flip side of
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it is the employment to population ratio
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is certainly not what would indicate a
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robust and strong jobs market which is
7:46
why they continue to keep interest rates
7:48
as low as they are hoping that this tool
7:52
will help create more jobs but this far
7:56
into again a very anemic recovery you
8:00
would have to start to observe that
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they're using the wrong tool that it is
8:04
not it is not and should not be the onus
8:08
and federal reserve to induce strong job
8:12
recovery that that produce strong wages
8:14
and incomes now the Fed has been talking
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about interest rates raising interest
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rates they said last year they were
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going to raise interest rates you know
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maybe three times during the year they
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only have one so now in 2017 they have
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said they're going to raise interest
8:27
rates once again from working with the
8:30
Fed and seeing what's out there
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do you believe that they will be raising
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interest rates three times this year
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well they're going to have to get
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started when the market does not expect
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for them to get started
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they were a bit more dovish than the
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than was anticipated coming right out of
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the gate with their first statement on
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temporary the first and so the market at
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that point reduced its expectations for
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lighting interest rates at the upcoming
8:55
march meeting so so the Federal Reserve
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only tends to raise interest rates if
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there's a press conference that follows
9:02
the decision that leaves them with for
9:05
opportunities in 2017
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they'll really have to change the
9:11
persistent the perception of a of an
9:14
interest rate increase in march in order
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to even begin fulfilling that commitment
9:18
of three times if they don't raise
9:20
interest rates in March that means that
9:22
they'll have to raise that's at the
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other three meetings where there's a
9:26
press conference that follows which kind
9:28
of backed him into a corner in the same
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spirit that they were backed into a
9:31
corner in 2016 and had to renege on
9:34
their caucus that the Fed is continually
9:37
out there and there I mean I see the
9:40
minutes and they say that the economy is
9:42
doing well you work for the Fed and you
9:45
saw what was coming up in the 2008
9:47
crisis when you look today
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do you see that we're headed towards
9:53
another crisis i try and keep a positive
9:56
lookout out their outlook i would say
10:01
that American banks are not as capital
10:05
constrained or as weak as they were
10:07
going into 2008 because there has been
10:10
some repair that's gone on those balance
10:13
sheets but by the same token we don't
10:17
know how interconnected we are on a
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global basis in the aftermath of all of
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this quantitative easing other global
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banks blowing out their balance sheets
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in the same way that we have here at the
10:29
Federal Reserve United States and asset
10:33
valuations are more stretched then they
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were maybe not in residential real
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estate that's certainly the case in
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commercial real estate and in the bond
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market and got the stock market is
10:45
almost at its peak overvaluation levels
10:48
as well so will the financial crisis
10:51
that's become look the same as that
10:53
which arrived in a way to no.9 probably
10:56
not but that doesn't mean that there
10:59
won't be a substantial amount of wealth
11:01
lost going forward when these different
11:04
and multiple bubbles do eventually
11:06
implode under their own weight
11:09
i mean you're talking about bubbles and
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many times the Fed is out there and they
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say they don't see any bubbles
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whatsoever
11:15
is that you actually see bubbles and in
11:17
the market in real estate and maybe Otto
11:20
and student loans did you actually see
11:22
bubbles
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I mean bubbles is a word that is just
11:25
overused but if you look at for example
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consumer credit United States because
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you just said auto loans and student
11:34
loans right now it's almost twenty
11:37
percent of economic output consumer
11:40
credit outside of mortgages that's two
11:42
percentage points above where it was at
11:45
its former peak in 2008 so households
11:49
are definitely more stretched than they
11:52
have been again maybe not in mortgages
11:55
but when you add up some of the default
11:58
rates that we're seeing in FHA mortgages
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which is really the only way for uh for
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but for households with stretch budgets
12:06
to make low down payment down payment on
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mortgages and get into a home if you
12:12
look at the default rate there about
12:15
four percent if you look at the default
12:16
rate on student loans about eleven
12:18
percent if you look at the default rate
12:20
on subprime auto loans about that love
12:25
that the losses are running about 8%
12:26
sorry i don't know that that default
12:28
figure 2 top of my head but you are
12:30
seeing stresses emanate from the
12:33
household sector which tells you that
12:36
the size of the debt has grown to be um
12:41
is going to be much too large bubbles
12:43
usually talk about bubbles and asset
12:45
classes and is a bond market in a bubble
12:48
I would have to say that that's the case
12:50
because it's a three trillion dollars in
12:52
global losses suffered just in the few
12:54
weeks that followed the election because
12:56
the bond market took a step back and you
12:58
talked about debt
13:00
I mean right now the United States in 20
13:03
trillion dollars worth of dead two
13:05
hundred trillion of that global global
13:08
market I mean we have a lot of debt and
13:11
what I've seen in the passes that the
13:13
tax revenue coming into the government
13:15
has continually dropped declining right
13:17
now if you look at the state level if
13:18
you look at the federal level the tax
13:21
revenues coming in are dropping
13:23
can we sustain this debt right now
13:27
well we can sustain the data is long
13:29
the rest of the world allows us to is
13:32
the long story short would have US
13:34
dollar remains well the US dollar
13:36
remains the reserve currency and that
13:39
means that foreign countries will still
13:42
have to continue to pony up at our
13:43
auctions and support our debt so
13:46
mathematically speaking unless you're
13:47
talking about Armageddon we can continue
13:49
to support this get that being said
13:52
you're right the budget does not work
13:54
and at towards the end of last year we
13:57
were put on notice of the country
13:59
because our deficit started to rise as
14:00
well so if interest rates rise at any
14:05
kind of an appreciable rate the debt
14:07
service of the country will quickly
14:09
engulfed the budget and we will have
14:11
serious problems and I'm worried about
14:14
the ability to service the US debt I
14:16
worry about the ability of corporations
14:18
to service their record debt levels if
14:21
you look at non-financial corporations
14:22
and again I go back to households as
14:24
well who have tacked on enormous amount
14:26
of get over the past few years and they
14:29
could seriously not afford interest
14:30
rates to rise against that backdrop if
14:32
we cannot service the dead at that point
14:35
ever comes
14:36
what do you see happening in the economy
14:37
then what these are these are questions
14:39
that are very difficult to answer right
14:41
the last time something like this
14:42
happened china was a global super parent
14:44
you're talking about 1913-14 in the
14:47
years that led up to the great
14:48
depression that's what happens when
14:50
countries can't service debt you end up
14:53
with currency wars and trade words that
14:56
follow followed by Wars and that's what
15:00
happens that's why that there there's a
15:02
tremendous amount of anger which is one
15:04
of the reasons I wrote the book because
15:06
the average American can't figure out
15:08
why they can't get ahead
15:11
well they can't get ahead because the
15:14
culture inside the federal reserve has
15:16
been one that has promoted debt creation
15:19
at this at the expense of long lasting
15:24
prosperity and that's not something that
15:27
can continue indefinitely without
15:29
serious consequences but I would never
15:31
bring up the whole idea of war as in
15:35
warfare related to an economy if it
15:39
wasn't that serious but i think that it
15:41
can become that
15:42
areas over time especially if other
15:46
global economies have to engage
15:48
themselves to try and keep their
15:50
economies afloat which end up trading
15:53
tension across global lines former
15:55
senator ron paul and I'll Senator Rand
15:58
Paul and other senators they're pushing
16:00
a bill to audit the Fed and it seems
16:03
like the Fed continually fights that
16:04
they don't want to be audited what are
16:06
they so afraid of what are they worried
16:08
about if they are audited
16:10
well i don't think that the Fed wants
16:13
anybody to question the way that they
16:15
make monetary policy
16:17
they're very protective of that which is
16:20
understandable we need an independent
16:21
central bank i disagree with the
16:25
Senators on the idea that we should end
16:28
the fed I wouldn't want the banking
16:30
system to run off into the sunset
16:31
completely unregulated arm but i do
16:35
think that there needs to be more of a
16:37
check and balance on what has
16:39
effectively become the fourth branch of
16:40
the u.s. government the federal reserve
16:43
and i think that the onus is upon
16:45
Congress and the administration to put
16:49
dissenting voices on to the federal
16:51
reserve board so that we don't
16:53
necessarily have to come in and say this
16:55
is absolutely how you have to conduct
16:57
yourself and you you have to be a you
16:59
have to go by this or that rule in
17:01
making monetary policy and be
17:03
disciplined inside of a box but i do
17:06
think that if you had more people among
17:09
federal reserve officials who were able
17:11
to dissent and were able to disturb that
17:14
culture of groupthink that we wouldn't
17:17
be in the situation that we were in
17:18
today with people demanding an audit of
17:20
the Dead you have to go down to the stud
17:23
and invite descent on to the federal
17:26
reserve board i think the opposite way I
17:28
think that it's the people of the
17:31
country that should be involved and
17:34
looking at what the Fed is doing i no
17:36
its private but i believe that the fed
17:39
as a private corporation gets away with
17:42
a lot of things and the people of the
17:44
country because before the said there
17:46
was no said it was the government
17:48
creating currency and now we have this
17:51
debt base model which looks like it
17:54
can't go any further
17:56
and at the at this time I don't see the
17:58
purpose in the Fed I don't see what
18:01
benefit it gives to the people because
18:03
they're actually loaning currency out to
18:06
the public with interest and the people
18:08
then they have to pay for this in the
18:10
long run with taxes and actually if you
18:12
look at the debt load in the country
18:15
there's really no way to pay this back
18:17
at all
18:18
no there's not and your white that the
18:20
Fed has stopped working for the people
18:24
of the country but that doesn't mean
18:26
that the institution needs to go away
18:28
the word that i use means it is up and I
18:32
don't think we need a thousand PhD
18:34
economist at the Federal Reserve all
18:36
coming up with the same conclusion
18:38
looking at the same data i think that
18:40
the budget in terms of the research that
18:42
needs to be slashed and that the budget
18:45
in terms of providing the bank's needs
18:47
to be greatly increased so that we can
18:50
stay one step ahead of those on Wall
18:52
Street who are creating the Securities
18:55
and assets that makes there specifically
18:58
to get around the regulators and stay
19:00
one step in front of the Fed I think we
19:03
need to have the smartest people at the
19:06
table and have people who have been on
19:08
the receiving end of that policy to make
19:11
sure that set policy is designed for the
19:13
people at the Federal Reserve you have
19:16
to start at the very foundations and put
19:19
make sure that if the Federal Reserve
19:22
cooks up a concoction that they actually
19:24
have to taste their cooking and eat it
19:27
themselves before passing it out on the
19:30
menu
19:30
everybody else you know because when I
19:32
look around the world i mean this is
19:34
what i say this is and many people who
19:36
listen to what I report and and what I
19:40
talk about is the Fed around the world
19:43
not just here in united states that the
19:44
ECB the IMF the central bank systems we
19:48
look around Europe
19:49
I mean that they have huge amount of a
19:52
high very high unemployment most of the
19:54
countries are in debt there at negative
19:57
interest rates and they're continually
20:00
purchasing a corporate bonds therefore
20:02
you know they're monetizing the debt the
20:04
same thing in the United States to
20:05
monetizing the debt
20:07
they're buying Treasuries
20:09
and right now over this period of time
20:12
it seems like the system is completely
20:14
broken down and right now the people at
20:18
at the bottom they are completely
20:20
suffering through all of this and it
20:23
doesn't seem like it's getting better as
20:25
they continue on with their policies
20:27
well I would push back a bit i would say
20:31
that the people at the very bottom are
20:34
doing okay we've had one of the quietest
20:37
expansions of the social safety net
20:39
since FDR was an office i would say that
20:42
people right above them are suffering
20:44
the most the people who get up every day
20:46
and go to work and pay their taxes and
20:50
stretch themselves to pay property taxes
20:52
to cover underfunded pensions that have
20:55
been corrupted and cannot put food on
20:59
the table and are forced to take out a
21:01
subprime auto loan in order to get back
21:04
and forth to work to stretch that
21:06
payment amount i would say it's the it's
21:08
the run right about there being hollowed
21:11
out and being a disservice to the most
21:15
by Federal Reserve policy it's those who
21:17
want to continue to give that has been
21:20
destroyed the greatest degree and who
21:23
are arguably really angry and deservedly
21:28
cell
21:28
yes i do agree with you on that it is
21:30
the middle classes kind of disappearing
21:33
but I mean if the bottom rung if we took
21:35
away all those short social programs
21:37
food and food stamps number of people on
21:40
food stamps ever have gone up
21:41
dramatically if the government couldn't
21:43
pay for that anymore it would be pretty
21:45
much almost everyone except for the very
21:46
wealthy that would be suffering right
21:48
now I since Trump has become president
21:52
do you think he's going to approach the
21:55
said and end the fed why don't you get
21:57
ended I mean he's he's got a lot of
21:59
things he wants to spend money on last I
22:02
checked and for that you need somebody
22:05
controlling the leavers of interest
22:06
rates so when people ask me about Trump
22:10
my stock answer is I hope she introduces
22:16
the essential changes that are needed
22:18
inside the institution he had an
22:20
immediate opportunity an enormous
22:23
opportunity because there are two
22:24
vacancies on the federal reserve board
22:25
so he's got it in him he's got the power
22:29
right now to put to defending voices on
22:32
the federal reserve board i'll dig into
22:34
the weeds for just to be a bit with you
22:36
last September Janet Yellen was staring
22:39
down the barrel of a double descent on
22:41
the Federal Reserve Board Tarullo and
22:43
Brainard were very vocally threatening
22:46
the descent something that only happens
22:47
on the Federal Reserve or twice in the
22:49
last 21 years
22:51
so rather than withstand that she took a
22:53
triple percent from three district bank
22:55
presidents who were stepping down from
22:57
their voting rotation in December Yellin
23:01
does not want people on her inner in the
23:04
winter inner sanctum to say no and Trump
23:07
has an immediate opportunity to put
23:09
people on the federal reserve board who
23:10
will push back and we'll say no
23:12
immediately and then you will see other
23:16
people follow Janet yellen's term is
23:19
over in less than a year i think Daniel
23:23
Tarullo would follow if a check and
23:25
balance was placed in where he is i
23:28
think brainerd would leave as well and
23:30
Stanley Fisher's term is due up the vice
23:32
chair of the Federal Reserve Board in
23:34
June you're talking about six of the
23:36
seven feet on the federal reserve board
23:38
that are there for the picking for
23:40
president Trump to fill and completely
23:44
revolutionized and change the face of
23:46
that organization so I mean I said in
23:49
the Fed what happens if he decides to
23:51
get rid of the private part that part
23:56
but the privacy of the Fed to open up
23:59
and the government actually take control
24:00
of the Fed you think he'll make that
24:03
move
24:03
well I hope is a wise enough sold
24:06
understand the last thing we need is a
24:08
bunch of politicians running the Fed the
24:10
Fed become overly political as it is I
24:12
wouldn't want Congress writing it not on
24:15
behalf of my children because obviously
24:18
there's other ways of Independence and
24:20
reason bringing in complete outsiders so
24:23
i would hope that he would not invite
24:24
the Fox into the henhouse of the Fed I
24:27
mean I different that because the
24:28
Constitution when it was created in
24:31
look at you know coining money there
24:33
there was no fed I mean Andrew Jackson
24:35
ran on the platform of removing the
24:37
deciding with the second bank of america
24:39
with essential type of bank at that time
24:42
and I think we've come to this point in
24:45
time in our country where many things
24:49
need to change and personally I think
24:50
one of them is this the central bank
24:53
which is the Fed where it needs to have
24:55
a complete overhaul or actually just
24:57
completely remove it because I really
25:00
still do not see a benefit of a private
25:03
corporation creating currency out of
25:06
thin air and attaching interest on it
25:08
and loaning it to the government where
25:10
then filters down to the people and put
25:12
people into further and further debt
25:15
well I think we're agreeing to disagree
25:16
here because you're talking about the
25:18
way the Fed operates today as being
25:21
broken and in that sense i would say
25:23
absolutely it needs to be fixed it needs
25:26
to be re-engineered it needs to be
25:28
recreated you need to go down to the
25:29
studs so in that we agree it's whatever
25:33
central bank i think china was still a
25:35
huge party because they know that our
25:37
financial system is global and if we had
25:40
a narky inside of our banking system
25:42
then they would be that one step closer
25:44
to having their current CD the reserve
25:47
currency and overtaking our economy and
25:50
becoming the largest economy in the
25:51
world we have to understand that we are
25:53
interconnected in our global financial
25:55
system and the magic that is not a bell
25:57
you can ring which means you have to be
25:59
in it to win it
26:01
and again I say it one more time take
26:03
the Federal Reserve down to the studs we
26:06
are not a country anymore that we were
26:09
in 1913 you don't need to have all of
26:12
the decision-making centralized in New
26:15
York and in Washington you need to
26:17
decentralize it and put the powers
26:19
inside of the district where we have
26:21
economic growth and make sure that every
26:23
federal reserve district president is as
26:26
a permanent vote going forward against
26:29
you distill that power base that has
26:31
become so politicized in washington DC
26:33
you mention the the the dollar being the
26:37
reserve currency there are many out
26:39
there calling for a different reserve
26:41
currency
26:42
see where they're saying maybe the SDR
26:44
we see problems in the Middle East where
26:47
we had the petrodollar where these
26:49
countries are using the dollar to pay
26:50
for oil purchases and that seems to be
26:54
eroding away right now and we see right
26:58
now that there are many out there saying
26:59
that you have the dollar it's not going
27:01
to be the reserve currency anymore that
27:04
there is there are replacements that are
27:07
ready to take over
27:08
did you see that at all well given the
27:10
debt load of the country i think if
27:12
there was a viable alternative we would
27:13
already be there but the infrastructure
27:17
to have some kind of a of a hybrid or a
27:21
basket of currencies replace it with a
27:23
bit cone coin for example replace it
27:25
we simply don't have a payment system in
27:27
place globally that would withstand that
27:29
if we did I think we would be much more
27:32
vulnerable if we go out 10 years from
27:35
now and don't and that's the changes
27:37
that are required i think china steps
27:40
into that breach and replaces a dollar
27:42
and then we're in men were truly in the
27:44
soup
27:45
what are we going to do with are going
27:46
to tell our grandchildren then yeah I
27:48
mean that everything would completely
27:49
change and our way of life will
27:51
completely change at that point and
27:53
everything I mean you even mentioned
27:55
China because China and Russia they have
27:57
almost kind of duplicated everything
28:00
here in the United States they created a
28:01
payment system they created very similar
28:04
market the gold exchange the shanghai
28:07
gold exchange and it looks like they're
28:09
kind of duplicating what we have here
28:12
maybe to set up a them or you know China
28:16
or Russia or whatever to be the reserve
28:19
currency of the world and you know if
28:21
you don't know if you see that or you
28:22
heard about well i think that the
28:24
groundwork is sunlight but again china
28:25
tower four percent of the global payment
28:28
system on a practical level it doesn't
28:30
work but over time again these are not
28:35
changes that i'm talking about meeting
28:37
to be made over the next eight years i
28:40
think these are immediate changes to
28:42
have to be effective immediately because
28:46
as you mentioned they'd at least
28:48
followed us in principle if not in
28:51
practice
28:52
and laid the groundwork for them to one
28:56
day take over and the longer we wait the
29:01
more more vulnerable we become to that
29:04
becoming individuality neither of them
29:06
have strong enough banking systems
29:08
resources or economies to take over the
29:13
United States at this point it's just
29:14
not a it is not a reality that that can
29:17
come to pass anytime soon china banking
29:19
system is largely known to be insolvent
29:21
and the corruption in Russia is that
29:23
prevents them from being a true viable
29:25
alternative but again you never know
29:27
what tomorrow holds
29:29
if the anger that is at the core of the
29:33
global inequality divided continues to
29:36
simmer and is left unchecked and I go
29:40
back to what I said earlier you begin to
29:42
lay the foundations for World War
29:46
because that's what happens when
29:48
economic strife is allowed to continue
29:51
to fester under the surface and the
29:55
anger continues to build not just among
29:57
Americans who were called the deplorable
29:59
but among the world quote-unquote
30:02
deplorable who work hard everyday I i
30:07
hate to look into the future and see
30:08
that as a possibility but to your point
30:11
all four of my children have been taking
30:12
a drink since they were four years old
30:14
the best defense is a good often Daniel
30:17
I really appreciate you coming on the
30:18
x20 report spotlight once again how can
30:21
people find your book and how can they
30:23
purchase it
30:24
uh well first of all follow me on
30:25
twitter if you will at DeMartino boots i
30:27
talked about the same subjects you and I
30:29
discussed everyday 24-7 and sign up for
30:33
my newsletter at www.sedar.com and go on
30:37
Amazon go on
30:38
barnesandnoble.com going into books step
30:41
into your bookstore might like my books
30:43
out in on valentine's day go by the book
30:46
read it give it to your mother give it
30:49
to your children give it a big it pass
30:51
it out widely so that people can
30:54
understand that it's possible to forge a
30:57
pathway forward for the Federal Reserve
30:59
and for our economies future Daniel
31:02
thank you very much for being in the
31:03
spotlight once again i really do
31:04
appreciate it thanks
31:05
very much thank you so much for your
31:07
time
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