Wlliam White was recently interviewed by Alan Dunne for the podcast “Top Traders Unplugged”. White spoke of his concern that markets and policymakers were underestimating the impact of future negative supply shocks on both inflation (higher) and interest rates. Given high levels of existing debt, both private and public, higher rates could trigger a financial or fiscal crisis. Dunne’s observation, that policy rates had risen in 2022 without great incident, led on to a discussion of the factors that might yet lead to a crisis. The interview finished with a discussion of the international monetary system and the possibility of Chinese led competition for both SWIFT as an international payment system and for the US dollar as the global reserve currency.
https://www.toptradersunplugged.com/podcast/the-calm-before-a-systemic-reckoning-ft-william-white/