The Mirage of the Money Printer: Why the Fed Is More PR Than Policy, Feat. Jeffrey P. Snider

The meme is “money printer go brrr,” but according to this macro expert, central banks have almost no power to actually influence money itself.

AccessTimeIconJun 4, 2020 at 7:00 p.m. UTC
Updated Aug 19, 2021 at 2:23 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The meme is “money printer go brrr,” but according to this macro expert, central banks have almost no power to actually influence money itself.

For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • This episode is sponsored by Bitstamp and Ciphertrace.

    The conventional wisdom is that central banks are the most important economic actors in the world. Markets hang on their every word. 

    Yet, what if that power has less to do with actual monetary policy and more to do with how the performance of that policy creates a self-fulfilling prophecy as market actors respond to media coverage?

    Jeff Snider is the head of global research at Alhambra Investments. In this conversation, he and NLW explore:

    • How the Fed lost the ability to even determine what the money supply is
    • How the financialization in the 1980s exacerbated monetary confusion
    • Why the most important force in the global economy isn’t central banks but the eurodollar and shadow banking system
    • How the eurodollar and shadow banking sector creates a drag on real economic growth
    • Why the conventional wisdom and “central bank savior” narrative around 2008 was dead wrong
    • The problem with “survivor’s euphoria.”
    • Why “money printer go brr” is actually a flood myth.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.