no, it s not a big deal , just this one bank. it s not connected else at all. . and th. e and the fact that this bank failed, just like the fact that fctc failed, has nothing to do d with the fact that the peoplee t who run it spent a ton ofn of their time doing completelye do irrelevant crap that had to do irrelevant that had to dos and with politics and changing american culture. you reassured by that? well, you should know that a cecilia rouse has been thinkingh a lot about this when sheise wo princeton, a university in new worked at princeton, which is a university in new jersey, shereh had her research agendaion. on diversity, equity and inclusion. the title is worth quoting , diversity in the diversity in the economics profession. a new attack on an old problem because the color of your economist is essential. their competence not so much.esh just so you know, by the way, these are the consequences of that attitude. ica. see south africa, wh they don t have electricity to
i mean, we are on the brink of a 2008 style financial crisis. and i m not trying to be hyperbolic. in fact, you and i discussed i this at length in our long form interview, severalr months agoe and at the time, the fed hadn t even raised rates nearly as high as they have today.s sai and i was saying, look, yout don t raise rates in record fashion on an economy toning record leverage atcord maximum speculation and expect th no consequence. i mean, goingthis t was clearlg to happen. and now we re seeing the weak links in the chain breake spec the areas where speculation wass most rampant and most egregiousu are clearls y coming down. i and they re doing so as they seem to do in all the three letter acronyms, just like they did in 2008. you know, we re back to the three letter acronyms and they ll be a lot more ofu those. and frankly, i thinkknow this is the unintended consequence of the fed suence of the monetay
and the consequence of thatsa is , well, i just saw today understaff just released a report showing that there s been a twenty five percentshowir increase in the last year and a half in the number of woment coq and children that are starving around the world to direct the consequence of the increase inin energy prices, which are ina die themselves a direct consequence of anti industrial policies put in place by hypotheticace by, well-meaning, deluded, pseudo religious environmental it s an apenvironmen of the apo it s it s an appalling s it situation. and it s it s likely to get worse, i would say, before it gets better. not cheery, but probably true. well, in canada, catholic school is punishing one of itsdo students because he daredeve th to believe that men and womeatn cathol are different. they dare to be a catholic inch. a catholic school. that s whe n hext. joi. sunday. the faith and friends
diversity and economics that our director of our national economicna council, lael brainard, is also fixated when he was at the fed in 2021, on another genius . fuen brandon was at the fed in 2020 one , she wasn t too concerned about future banks fe collapses due to the insane and reckless fed polic y she was overseeing. no. why worry about that? because there why worry about ths climate chae and that s what she was really worried about. that st she wae is part of our prudential and financial stability responsibilities. we are developing scenario analysis analysis to model the possible financiao mol risks associated s with climate change and assess the resilience of individuallie financial institutions in th financial institutions in the financial system to those risks. just to pausesystem to thosea ,anyone who writes that way wa is a. if youmoran. so if you find someone in a position of authority and economics who cannot write a declarative sentence, econrepared for your banks to f
and i don t think you re overstating at all the significance of this. really quickly, do you think th. and you want to give everyone, a the benefit of the doubt on their motives, but do yount think that legislators in your state understandoubd what s bill was actually designed to do? i don t know if they read it, tucker. kno sw if theo ity is alarming is it was over one hundred and ten pages longto and they wereyb had by lobbyists that they had listened to for the lastlisten 20 years that it s fine. it s just a regulation update. e do is adoptrt federal regulations. but if you start reading readin you see in there there is a redf redefinition of currency thatbd it says government subsidies are run by theey r government, but any other formt is then bannedot. it is clearly a change forit s how people s assets are utilized. it clearly limits the freedom l of people to use other formsimif currency that they may choose to if it is a digital currency and it is clearly putting powere into