John Coates is a professor of law and economics and the deputy dean of the Harvard Law School. John is also the author of a new book titled, *The Problem of Twelve: When a Few Financial Institutions Control Everything,* and he joins Macro Musings to talk about it. David and John also discuss the basics and beginnings of index funds, how they may undermine capitalism, the issues with private equity, and a lot more. Transcript for this week's episode. John's Harvard Law School profile John's publications archive David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Join the Macro Musings mailing list! Check out our new Macro Musings merch! Related Links: *The Problem of Twelve: When a Few Financial Institutions Control Everything* by John Coates *House Republicans Probe BlackRock, Vanguard on Their ESG Policies* by Steven Dennis *BlackRock Offers a Vote to Retail Investors in its Biggest ETF* by Brooke Masters

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“What did the council decide on item 42?” — answered with the speaker and the moment.