EPISODE · Apr 5, 2023 · 59 MIN
The Next Chapter In Interest Rate History | Dr. Richard Sylla
from Forward Guidance · host Blockworks
On todays episode of Forward Guidance, Professor Emeritus of Economics at Leonard N. Stern School of Business, author and financial historian Dr. Richard Sylla joins the show for a discussion on one of his most widely studied areas... interest rates. After authoring "A History of Interest Rates", a book which examined over four millennia of interest rates trhoughout periods of inflation, financial crises' and recessions, there's no one better equipped to discuss the Fed's current tightening cycle and how it impacted banks such as SVB in the Fed's current quest to fight inflation. Just how severe is this current tightening cycle when compared to other times in history? According to Dr. Sylla, this is nothing new as "history doesn't repeat, but it often rhymes". To hear all this and more, you'll have to tune in! -- Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ -- Referenced In The Show: A History of Interest Rates: https://www.amazon.co.uk/History-Interest-Rates-Wiley-Finance/dp/0471732834 Alexander Hamilton on Finance, Credit, and Debt: https://www.amazon.com/Alexander-Hamilton-Finance-Credit-Debt/dp/0231184565 Alexander Hamilton, Central Banker: Crisis Management During the U.S Financial Panic of 1792: https://w4.stern.nyu.edu/research/alexander_hamilton_central_banker.pdf -- Use code GUIDANCE10 to get 10% off Permissionless 2023 in Austin: https://blockworks.co/event/permissio... Research, news, data, governance and models – now, all in one place. As a listener of Forward Guidance, you can use code GUIDANCE10 for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Timestamps: (00:00) Introduction (00:39) A Return To Normalcy For Interest Rates (05:10) How Interest Rate Rises Led To SVB's Collapse (09:24) The First Bank of The United States (13:36) Paul Volcker's Historic Interest Rate Rises (20:35) Why We Have Inflation Now... But Not Post 2008 (28:03) Permissionless (29:06) The Fed's Between A Rock & A Hard Place (32:03) The Savings & Loan Crisis (37:41) All Signs Point Towards A Recession (44:59) Blockworks Research (45:59) What An Inverted Yield Curve Really Indicates (48:49) A Banking Panic Solution, Through The Eyes of Alexander Hamilton (57:03) How ZIRP Caused Problems In The Financial System -- Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
What this episode covers
On todays episode of Forward Guidance, Professor Emeritus of Economics at Leonard N. Stern School of Business, author and financial historian Dr. Richard Sylla joins the show for a discussion on one of his most widely studied areas... interest rates. After authoring "A History of Interest Rates", a book which examined over four millennia of interest rates trhoughout periods of inflation, financial crises' and recessions, there's no one better equipped to discuss the Fed's current tightening cycle and how it impacted banks such as SVB in the Fed's current quest to fight inflation. Just how severe is this current tightening cycle when compared to other times in history? According to Dr. Sylla, this is nothing new as "history doesn't repeat, but it often rhymes". To hear all this and more, you'll have to tune in! -- Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ -- Referenced In The Show: A History of Interest Rates: https://www.amazon.co.uk/History-Interest-Rates-Wiley-Finance/dp/0471732834 Alexander Hamilton on Finance, Credit, and Debt: https://www.amazon.com/Alexander-Hamilton-Finance-Credit-Debt/dp/0231184565 Alexander Hamilton, Central Banker: Crisis Management During the U.S Financial Panic of 1792: https://w4.stern.nyu.edu/research/alexander_hamilton_central_banker.pdf -- Use code GUIDANCE10 to get 10% off Permissionless 2023 in Austin: https://blockworks.co/event/permissio... Research, news, data, governance and models – now, all in one place. As a listener of Forward Guidance, you can use code GUIDANCE10 for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Timestamps: (00:00) Introduction (00:39) A Return To Normalcy For Interest Rates (05:10) How Interest Rate Rises Led To SVB's Collapse (09:24) The First Bank of The United States (13:36) Paul Volcker's Historic Interest Rate Rises (20:35) Why We Have Inflation Now... But Not Post 2008 (28:03) Permissionless (29:06) The Fed's Between A Rock & A Hard Place (32:03) The Savings & Loan Crisis (37:41) All Signs Point Towards A Recession (44:59) Blockworks Research (45:59) What An Inverted Yield Curve Really Indicates (48:49) A Banking Panic Solution, Through The Eyes of Alexander Hamilton (57:03) How ZIRP Caused Problems In The Financial System -- Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
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The Next Chapter In Interest Rate History | Dr. Richard Sylla
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