I am new to the stock market. Every stock that I bought so far, I was out of luck because I bought them when they were expensive. I feel I missed out on all the stock opportunities so far for the tech stocks.I believe having 175K yearly income would be a good investment so I want to plug all my savings into the stock market. I know this sounds a bit dull but I would like to know if I should learn investing or let somebody else (more capable like a FA) do it for me? Please share your thoughts. I am kind of tired of searching for a good stock to buy and losing all the good opportunities

Jack bringing high level guests again. Not just fintwit

Great interview Jack! Forward Guidance is crushing it at the moment, such brilliant guests. Nice to hear someone other than Jeff Snider (who I'm a big fan of) talk about these critical topics such as shadow banking and the eurodollar system.

Great interview Jack! It was funny that Professor Mehrling seemed surprised about how much you understand the ED system. I don't think he knows how much you've talked with Jeff Snider, Brent Johnson, Mike Green, Joseph Wang, etc. Bravo!

This is a fantastic explanation of internal bank mechanics that I am not privy to. Thank you for posting.

This is very informative.

Please try to get him on more. Outstanding interview. Brilliant and yet common sense.

Fantastic video!🤔

Great guest! 💯👍

When the intro plays I imagine Jack dancing to it in a really goofy manner with his serious face intact.

100%except for stagflation which was caused primarily by shortages of oil.

Great job

Successful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life.....

I think Michael Maloney got the definitions right gold and silver are money. The dollar, the Euro, the pound, etc are currencies. Fiat currencies. Currencies and money not the same thing.

"We don't have gold anymore" Breaking news - "YES WE DO!"

I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year... Investment should always be on any creative man's heart for success in life.

Great guest, no doom and gloom.

Fantastic content as always!

you guys had a guest on recently who talked about how important credit was and how everything hinges on the creation of credit, the ease of obtaining credit, etc. anyone remember who that was/which show that was?

Gold is money everything else is credit, JP Mirgan

Perry refused to answer so many questions my head is spinning, but shoutout to jack for asking at the very end "what are we missing"

I am not so sold on this guy and his thoughts. The French wanted their gold back in 1970 and Nixon knew that he had to close the gold window. Paper fiat and credit expanded until we have the mess we have today.

Good interview. A blessed and not illogical reprieve from the Doom Porn. 🎉

Under the gold standard you also have credit that can expand, but the final payment is always in gold. The credit can be in the form of real bills that spontaneously circulate as money --- because they mature into gold

A young man submitted to Kissinger to apply Triffin’s as long as they RECYLE the surpluses from trading partners. US did give up some manufacturing, but 70% of their surpluses came back to the US debt and equity market. That young man was Paul Vocker.

Perry is the best.

You don’t see it professor? What’s your opinion on BRICS

What most people don't understand is the entire rails are already laid the whole back end of the financial system supposed to be flipped. The concept of these symptoms of been in development theoretically probably for multiple decades.

Simple and believable theory. Well done 👶

I have been watching Dr. Perry Mehrling for quite some time. I really respect his original thesis about the eurodollar market. However, in this interview, he seems to be a bit dithering in this conviction around the stability of the system. He has floated the binary of core and periphery to uphold his thesis. He acknowledges the problem at the periphery but does not do the same at the core level. Secondly, he is undermining the geopolitics of the game. Anyhow, his dithering also carries a message if one can read it.

There is no such thing as "lender of last resort" when you're "lending" the air.

I cant seem to grasp or picture how or what do central banks do to maintain par 🤔🤔

good interview being a bit conspiratorial by nature i find it hard to believe in the organic origins of the dollar system

For the time being all convertible currencies are just somewhat volatile different denominations of „Dollar“. Thus the Dollar still is THE currency and then the anchor of all these currencies, which are just Dollars in disguise. But of course the question remains: what is the anchor of the Dollar? The actual answer is: the anchor of the Dollar is the military and economic power of the US. But this answer - albeit correct for now - suffers from the unpredictability of how these powers will develop or if they will even last. After some back and forth there is only one predictable and historically confirmed anchor of the anchor of (most of) all currencies, namely gold, for the very simple reason that it is rather invariable and in particular not significantly multipliable. This relation between gold and any potential world reserve currency holds for the Dollar and would hold for any currency which in the future ever may or not may dethrone the Dollar

I regret dislike count is disabled by youtube

Fiat currencies always fail as a store of value, one of the requirements to be called money.

Great course on Coursera !

There are some points which were not mentioned but highly relevant. Gold is a traditional store of wealth and when nixon took the USD off the gold standard, they struck a deal with the saudis to anchor the USD with the oil of which they were the biggest suppliers. So, a gold back dollar was replaced by the petro dollar. The way the US govt has been printing or generating dollars at full speed, it is but natural to assume that the fiat currency is not worth what it is claimed to be. China has tried to bring saudis and iran to the negotiating table so that the saudis wont need protection from the US and hence can decouple the USD from oil i.e the petro dollar will not exist. Then the core of the hierarchy will break down. I am not sure what the replacement will be, but it will land the US in the same situation when george soros broke the bank of england in 1980. Ray dalio has said something similar -but for reasons different from what I have written above.

Jack, you have to bring Jeff Snider on to eloquently explain the Euro Dollar System.

Spoken like a true Cantillonaire.

30:00 granted no new huge FED printing... Hanke predicted inflation height nearly perfectly

Raising interest rates today in an international economy damaged all small countries

What countries are ok with the US being the lender of last resort?

Dr Perry is handsome

There are always outside and unseen influences and surprises (and black swans) at play in every area of life. Theoretically, the professor may be right, but wise people prepare to be surprised. Diversify.

29:30 The international monetary system seems very stable today Famous last words

6:00 All banking is a swap of IOUs Unless the bank is safeguarding actual money (i.e. precious coinage) in which case it's an IOU swapped not for another IOU but for something real

As if other countries can’t grow a system or currency like dollar.

Jack...next book/ author for you Martin Daunton The economic Government of the world...KZfaq Gresham lectures for outline

So many experts. So little consensus.

And only 3r curruncys 4 are close to the value of the doller

BRICS? Belt & Road? Global commodities shift?

One smart kid, who develoos an algorithm linked to independently fluctuating figures and total of global assets values, can replace the USD as intl trade currency standard with a block chain driven swallow currency.

Doesn't whole world pension ( 401 k) system want 5 percent Treasury..

"The system is holding together" . Yeah OK - not much credibility here when he confuses inflation with prices vs the supply of money

Great to hear other views. Good interview jack. Completely disagree (well, 90% anyway) with the Dr.

It’s amazing how he calls the BRICS “the periphery” with every major civilizational turn the periphery is what takes over. At one time Western Europe was considered the periphery. Academic cluelessness… this is a textbook example

Quick send the Fed more chewing gum and duck tape

The infrastructure of the new back of the systems in front of everyones faces lol.....

Excellent, next step back to Jeff Snider.

IMO there is a lot of misinformation or at least avoidance in this talk with Dr. Perry Mehrling. The stuff he does probably get right are the broad strokes and fundamentals of the use and how and why currency is generally valued which although he doesn't list should include such things as trust, reliability, stability, utility and acceptance of the currency which are all present in the global default Dollar but are rarely found for long in any other currency. In particular, the first surprising statement I heard was that Perry Mehrling stated that others and in particular someone or country in Europe can "create EuroDollars." After hearing that, I waited for an explanation how this can be accomplished and by whom but never heard a clear answer. I seriously doubt that there is any way anyone other than the US Treasury can create Dollars out of thin air and that includes any use of the Dollar including Eurodollars and Petrodollars. In fact, I could call it one of those assumed "givens" that no one but the country of origin should have any legal right to create new currency. That said, this American right to print Dollars is not exercised much because a country is always restrained by the perception that simply printing currency to have more of it rather than by earning is considered reckless and irresponsible, likely leading to loss of faith, trust and resulting in instability. This is why despite complaints of "American privilege owning the Dollar, the US is very careful how the Dollar is handled fully understanding the consequences if anyone across the world lost faith and trust in it. This also leads to the video's discussion about a "Lender of Last Resort." I'm not even sure why such a thing has any importance because except for those misfits that comprise BRICS and their trading partners that don't know how to manage their economies, there should never be a need to identify a "Lender of Last Resort." All healthy economies that can faithfully fulfill their debt obligations never need to identify any "Lender of Last Resort.." Although I didn't notice the video's discussion go heavily into management of economies, it should be noted that if indeed Dr Perry Mehrling formalized his ideas and wrote his book by 2018, economic management practices have radically changed with the practical introduction of MMT by Fed Chairman Jerome Powell starting in Oct 2019 as a solution to resolving the crashing Trump economy and the misguided Tax Reform of 2016 which was supposed to bring back enough businesses and work that went offshore to the US. As many economists predicted, there was some stimulus initially but by 2019 the effects had worn off and tax revenue shortfall was so bad the Fed had to institute "Extraordinary Measures" which included suspending payments to the Federal Employee Benefits funds. For those who think that sounds familiar, they're right... It had to be done again this year (2023) but is in large part due to weaning the US economy off the stimulus Congress authorized to bridge the US economy across the Pandemic slowdown and that worked out pretty well. The US economy has exited the Pandemic slowdown rip roaring to go at pre-Pandemic levels compared to the total collapse of the Chinese economy. For anyone who complains about the US Federal Debt and Deficit, I say just look at what is happening in China and be glad we didn't have to go through that which is re-experiencing the Financial Meltdown of 2008 and its 8 year recovery but on a much bigger scale all over again. I'd rate this discussion a "meh." There's some useful stuff if people hadn't heard before like the fact every country and transaction can voluntarily choose to settle in the currency of their choice. At least today,, unless the country is sanctioned, there usually aren't restrictions on what currency to use. But IMO the discussion doesn''t get into the details of for instance why Saudi Arabia is willing to settle some oil transactions in yuan but most will have to remain in Dollars.

The US dollar isn't going to be replaced any time soon by any other Fiat currency, but the law of accelerating issuance and depreciation might well destroy it's value much faster than we expect. Alternative Fiats are not the solution because no economy is large enough to guarantee trust and liquidity and guarantees open markets as a prerequisite for a reserve currency. We're gonna have to go back to precious metals or the block chain.

Cash is trash. Load up on crypto, gold and silver and love off the grid

That's not true an English official proposed something equitable but the USA wanted this extraordinary privilege.

Every time I listen to guys like this I have to listen to Peter Schiff and others like him to get opposing opinions. In the end I am not sure who is right but it's better to be safe than sorry.

Monetary not financial 🎉🎉🎉🎉🎉

Central Bankers MOSTLY UNDERSTAND?? Growing money Supply and shrinking it is totally insane!! EXPLAIN HOW THEW MOSTLY UNDERSTAND?

Academia gets it wrong again. The current reserve system absolutely will not hold or stay. No reserve currency lasts forever as history has shown. The migration process has started and eventually the dollar will NOT be the reserve currency. This is incredibly obvious.

How is “who wants to take that responsibility” not a continuation of Kipling’s “White Man’s Burden?” 20:25

It is a pity the weaponisation of the dollar system was brought up in the discussion. In a way, it is as if the USA were forcing some (many) countries who do not want to abide by the US rules, to invent an alternative system, which is all the more logical as the USA do not have any longer the economic and political clout they had in the 70's.

Xrp

Great interview recruit,...Jack. PM is the best!

3:30 International dollars are the liabilities of private entities around the world, not liabilities of the US central bank Uh, no. The foreign banks can't issue dollars and are not obligated to redeem dollars for anything in particular unlike the Fed (12USC411) The dollar-denominated debts are liabilities of private entities, but they are paid in the liabilities of the Fed

XRP :) EPAC, Japan,Mexico. EUR & USD tested right now through other countries with currencies pegged 1:1 to them both. All those countries and Central Bankers already connected to Ripple Net. XRP was chosen asset by them and Ripple replace FED as lender of last resort for XRP escrow they hold. XRP and USD has a lot of similar characteristics in that manner. They are both networks and XRP Ledger network is replacing country after country USD Network

70´was not a good time to be alive ! Why?

This guest seems to underestimate the effects of other nations not just "worrying" and watching withbminimal action and actually conspiring amongst each other to bring a US failure. If everything was normal or maybe 25 yrs ago maybe this would be true.

Professors teach other people's works, and if your doing that, than you have no works of your own.

Jack’s got a gift for really good questions and the best interviews. Bravo.

I've listened to enough shows before to know to skip the ones with "Dr.s" and "Professors."

24:00 The world was on a sterling (i.e. British currency) standard, not a true gold standard This was briefly true before the sterling collapse, just as it was briefly true of Bretton Woods before the dollar collapse. And before these brief periods money meant metal coins, period. Paper notes were valued only so far as they could be exchanged for metal coins

Sorry, but I won't hold dollars long term and be debased at the will of a small committee of people. Gold and bitcoin are much better.

Excellent guest Jack! Nice to see that there are some academics who understand the Eurodollar market, shadow banking, swap lines, etc. You don't hear this from most mainstream economists who act as the experts on Bloomberg and CNBC. My only disagreement with Professor Mehrling is his confidence that the "center will hold", as I'm concerned that political instability in the U.S. given the growing chasm between the two political parties may lead to mistakes that shake confidence in the dollar and treasuries, such as the upcoming debt limit negotiations. I guess only time will tell how well the center holds. (Also majored in political economy as an undergrad during '75-'79, but went to Law School after that. So this podcast brings back memories of college, particularly Kindleberger, who several of my professors had us read.)

The BIS is 'purely technical'? Good grief, how disingenuous

7:00 All banking systems require a lender of last resort Except full reserve deposits with maturity-matched lending, which is to say non-fraudulent banking

😱✌️🙏🙏🙏🙏🙏🙏🙏🙏🙏🤞

One of the best yt finance channels. Good info.. less fud

We don't need debt based currencies if we can tokenize hard assets like gold, silver, copper and energy. We can trade these assets on open decentralised global ledgers.

19:30 I don't see any alternative to the US dollar as a global reserve currency Gold?

5:30 You don't know what institutional structures you're going to need until you build something and it breaks here and you go "oh, I guess that wasn't as stable as I thought" Or you could listen to the Austrian school economists who were telling you exactly how it was going to break years in advance, because they understood the inherent instability of fractional reserves, fiat currency, and central bank manipulation of interest rates

All I hear is complete BS! Currency has never produced wealth, nor will it! Currency allows governments, politicians, and central banks to rob wealth from those who produce it, full stop! Money stores the value of the productivity produced and allows it to be used easily in exchange for other goods and services. I love listening to PHDs as so many are full of BS, this guy is no different. Fundamentals of economics do not change when discussing macro or micro, they are bound by the same laws. As the old saying goes, BS baffles brains!

Bitcoin and crypto is an alternative.

so tell me about the jap yen.why is gold so high in Yen?

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This guy's facts are likely wrong

This guy... typical

"" Credit/fiat is good because it's elastic, gold is bad money because it's not ""* .... ?? He says money when he should say currency. Gold is great money because it holds value and doesn't expand. Currency has the potential to be a great economic tool because it expands, it's a worse version of money.

My guess this little school marm has lost his ass in Bitcoin ponzi schemes

Another American telling the world why dollarization is inevitable and that it is good for the world need to accept American fiat currency in trade for tangible goods. May be the guy is right, but rooting for the home team is hardly unbiased.....aren't there any independent commentators to interview?

This guy don't understand what he is talking about

How rich are you if you have a billion dollars in debt notes? I'll tell you. You are as rich as the homeless guy who has five dollars in debt notes!