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Robin Wigglesworth

πŸ‘€ Speaker
164 total appearances

Appearances Over Time

Podcast Appearances

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

There are things that are relevant that happened sometimes even thousands of years ago that actually we can learn from today.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

So I'm pretty excited about, you know, finally bringing this out to life.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

Well, let's say ancient Mesopotamia.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

They had a debt problem as well.

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FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

And occasionally, the way they solved it was to have debt jubilees.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

Typically, when a new ruler like Hammurabi came to power, they'd just say, well, all debts are now cancelled.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

And it sucked for the lenders, but it was great for everybody else.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

And it kind of helped reset the economy.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

It was a bit like switching your computer off and on again.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

And, you know, I don't think maybe you should have a debt jubilee in the modern economy.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

That would be potentially quite disastrous.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

But I do think it's pretty cool that people thought in unorthodox ways to solve some of these issues that we still confront today.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

A classic one is, you know, what is money?

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

I mean, we call the show The Story of Money, and it's a red thread that goes through quite a lot of episodes.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

And I think probably quite a few episodes that are going to happen in the coming year is what exactly is money?

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

Because it's...

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

really far more fungible and complicated than you might think.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

So for example, in 19th century America, you know, for a long period, the US didn't have a central bank, state chartered banks could kind of print whatever money they wanted.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

And quite a lot of those banks were pretty dodgy.

FT News Briefing
Senators grill Kevin Warsh in Fed chair hearing

And at the same time, this was like an incredible fertile environment for money forgers.