New Money Review podcast

New Money Review podcast

Money meets geopolitics

November 07, 2022

There are periods in human history when money and foreign policy converge—and this is one of them, says Paul Tucker, my guest on the latest New Money Review podcast.

Tucker, deputy governor of the Bank of England for several years in the aftermath of the 2008 financial crisis, is now a fellow at Harvard University’s Kennedy school of public policy and government.

During what is his first-ever podcast interview, Tucker talks about his new book, ‘Global Discord: Values and Power in a Fractured World Order’.

In the book, Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values.

Drawing on three decades' experience as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the US dollar, trade and investment regimes and the financial system.

During the podcast, we discuss:

  • Why economic policy and foreign policy are converging
  • Do US/China interdependencies make the world safer or riskier?
  • Proxy wars, Russia/Ukraine and the wider US/China conflict
  • The relevance of the 18th century competition between England and France
  • Why shadow banking policy should be part of national security policy
  • Why central banks need to disclose on what terms they will bail out shadow banks
  • The recent liability-driven investment (LDI) crisis in the UK
  • How to resolve failing cross-border financial institutions
  • Why the monetary architecture faces its biggest changes in 250 years
  • Ensuring public oversight of digital currencies
  • Why G7 governments should set out design principles for CBDCs
  • Why the West cannot afford another financial crisis

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