The world needs a restart of the financial order

On the occasion of the 50th anniversary of the breakdown of the Bretton Woods system, William White gave an interview to Daniel Stelter, the host of “Beyond the Obvious”, one of Germany’s most popular financial podcasts. The discussion covered the reasons for the breakdown of the Bretton Woods system, the shortcomings of the Non-System that followed it, and proposals for a new system that would not be based on a nationally issued currency, like the US dollar. The discussion also covered currency issues within the euro zone, as well as “narrow money” solutions to both domestic and international problems.

Posted by williamw in Interviews, Press

What about the risk of a bursting asset bubble?

Along with twenty other economists, William White answered the question posed by The International Economy. White advised that the negative effects of ultra-easy monetary policy extend well beyond overpriced assets and that another economic downturn could be triggered by a variety of sources. A new focus on facilitating “orderly” debt restructuring would be unpalatable but still preferable to a “disorderly” and potentially disastrous alternative.

Posted by williamw in Articles, Press

The “debt trap” tightens

On 29 March, William White gave a wide ranging interview to Bastjan Usinech, a journalist at “Finance Manager”, the leading business magazine in Slovenia. The discussion focused on past macroeconomic policy mistakes leading to ever growing debt levels and an ever narrowing path leading to sustainable growth. Falling off that path could plausibly lead to either deflation or high inflation or even both in succession. White also expressed views on what central banks and fiscal authorities should be doing now, as we emerge from the covid pandemic. The pros and cons of more radical alternatives to conventional policies – like “narrow money” and a “debt jubilee” – were also considered.

Posted by williamw in Interviews, Press

Investing during the pandemic

On 25 February 2021, Marc Friedrich posted an interview with William White. Friedrich is a popular author and one of the most widely followed  podcasters in Germany dealing with economic and financial issues. In a wide ranging discussion, White answered questions on the long standing roots of our current economic and financial difficulties and why policymakers chose not to accept earlier criticism that they had embarked upon a dangerous path. The discussion extended to cryptocurrencies and whether more radical monetary and regulatory reform (including reform of the International Monetary System) might be required to achieve sustainable increases in human well being over time?

Posted by williamw in Interviews, Press

Former Central Banker Explains Alarming Debt Trap Facing America

William White was recently interviewed by Danielle Dimartino Booth for Valuetainment Economics. Her regular program,”Down the Middle,” is  internet based and attempts to explain important and current issues in terms that non-specialist viewers can understand. After responding to some questions about his background and reasons for going into central banking, White addressed  a wide range of  topical issues. These include the effectiveness and side effects of ultra-easy monetary policy, the “exit” problem, some changes in financial regulation, and the need for more and better means of debt restructuring at the global level.

Posted by williamw in Interviews, Press

Debt dangers hang over the markets

John Plender, on 9 January in the Financial Times (FT Money), made favourable reference to some of my earlier work. I have suggested that  central bank efforts to restore the functioning of financial markets during crises, while absolutely necessary, might also sow the seeds of still bigger crises in the future.  As a society, we need to think more about the longer term implications of  our efforts to avoid shorter term problems.

Posted by williamw in Press, References

“The Great Demographic Reversal” A Wall Street Journal Review: The Perils of Aging.

On 7 December 2020, William White reviewed in the Wall Street Journal a book authored by Charles Goodhart and Manoj Pradham. The book documents how positive demographic developments have spurred real growth and restrained inflation over recent decades, and presents convincing evidence that these forces are now going into reverse.  This will have profoundly negative effects, for which the governments of advanced countries are ill prepared. This well written book needs to be read by politicians, government officials and concerned citizens. Its message concerns us all.


Posted by williamw in Interviews, Press

“Beyond the obvious” with Dr. Daniel Stelter

William White was interviewed by Daniel Stelter on 13 December for a podcast called “Beyond the obvious”. A wide ranging discussion of recent and prospective central bank policy emphasized the problem of debt accumulation and different ways of dealing with it. The discussion also touched upon Modern Monetary Theory and the possible implications should many governments and central banks try to implement policies of “financial repression” like those pursued by the UK and the US  after World War ll.  The interview in English proceeds at minute 42 of the podcast, being preceded by Dr Stetler’s summary in German of the discussion.


Posted by williamw in Interviews, Press

Interview on Real Vision television with Jim Grant of “Grant’s Interest Rate Observer”

William White was interviewed on 16 November by Jim Grant, editor of “Grant’s Interest Rate Observer”. The conversation ranged widely over issues related to central banking and future economic prospects. Both the pandemic and the buildup of unintended side effects arising from ultra-easy monetary policy pose challenges going forward. Grant wondered why central bankers seemed to ignore these side effects when setting policy. White suggested that monetary policy in recent years had been captured by circumstances. With both fiscal policy and regulatory policy having restrictive effects on aggregate demand, expansionary monetary policy had been left as the “only game in town”. In response to the pandemic, it was welcome that fiscal expansion was now playing a larger role. White cautioned against too early fiscal tightening, as happened after the Great Financial Contraction, but also warned that the patience of markets towards highly indebted sovereigns would not last forever.

Posted by williamw in Interviews, Press