Gold, Crypto, the Debt Crisis, and How to Survive When the US Needs a Bailout
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What is emerging markets debt and how does it relate to U.S. foreign policy?
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How does the IMF influence American foreign policy?
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What is the impact of the Federal Reserve on free market capitalism?
The financial dynamics of the world drive a lot more than we acknowledge that they do. And we look at things, we're like, oh, these people believe this and these people believe that. And that's why they're fighting or that's why they're allies or whatever. But really, we should all remember that the love of money is the root of all evil. And money really has a huge effect on outcomes. But nobody says that. And I miss it so often. So you spent your life in the money business, trading debt. Uh-huh. Tell us just to start, but like you worked in Ukraine. You traded Ukrainian debt.
What was that like? I never worked in Ukraine. I've been to Ukraine on investor trip. I have traded Ukraine debt. I traded emerging markets debt my whole life until May of this year. I traded and sold it at a bunch of different banks, London and New York. Ukraine was certainly one of the... One of the insurance we traded, traded through the Russia crisis.
Can you explain, just for the truly ignorant me among them, what is emerging markets debt?
So emerging markets debt, originally the asset class grew out of the debt crisis in the 1980s when money center banks were hung with primarily Latin America debt after the crisis. uh after the 80s crisis um nicholas brady treasury secretary at the time came up with a plan called the brady plan to restructure the debt back it with collateral u.s treasury strips that would make it more palatable to a broader base of investors to get it off the balance sheets of the money center banks
and to create a more of an institutional uptake of the debt and retail uptake of the debt so american debt american banks are left with loans from other countries that those countries can't repay correct i'm just trying to put it in terms like i can understand and so then the treasury secretary basically says to those banks we'll bail you out by guaranteeing these loans with american treasuries
It's one way to put it. It's a way to clean the balance sheet up and to create, I think there are two impacts. One, you clean up the bank's balance sheets, get it off their sheet and create a marketplace and a dynamic balance. that allows liquidity for this debt and then creates a whole new marketplace and ability to issue and clean up the country's balance. So you're doing good for the banks and you're doing good for the countries and theoretically doing good for a whole new investor base. And that started in the early 90s and I kind of walked into Wall Street in the early 90s out of college and I just fell into this market that was starting and really boomed for a while.
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Chapters
8 chapters
1
What is emerging markets debt and how does it relate to U.S. foreign policy?
0:00–0:20
2
How does the IMF influence American foreign policy?
0:20–1:37
3
What is the impact of the Federal Reserve on free market capitalism?
1:37–5:40
4
What alternatives are available to investing in the stock market?
5:40–6:32
5
Is cryptocurrency a viable option as a global reserve currency?
6:32–10:19
6
How do debt crises manifest in emerging markets?
10:19–16:42
7
What role does the U.S. play in bailing out foreign economies?
16:42–25:59
8
How can investing in gold and silver hedge against economic instability?
25:59–1:47:47
Speakers
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