Hidden Forces 102期节目邀请了加拿大央行前副行长兼经济学家威廉·怀特，探讨了当前市场经济状况以及全球金融体系“国际重置”的前景。怀特博士在节目中分析了金融体系的现状，包括监管改革的预期和意外后果，以及银行和其他金融机构行为变化带来的内生性转型。节目还讨论了国际货币和金融体系的潜在变革，包括央行发行的加密货币、像Libra这样的私营部门数字货币以及比特币。怀特博士以其五十年央行和国际金融政策制定经验，为听众提供了深刻见解。

🤔 **全球金融体系的现状：** 怀特博士分析了当前金融体系的状况，包括监管改革的预期和意外后果，以及银行和其他金融机构行为变化带来的内生性转型。他认为，监管改革虽然旨在改善金融体系的稳定性，但也可能产生意想不到的后果，例如加剧金融市场波动或抑制经济增长。此外，金融机构的行为变化也可能导致金融体系的转型，例如数字货币的出现和发展。

💰 **国际货币和金融体系的潜在变革：** 怀特博士在节目中讨论了国际货币和金融体系的潜在变革，包括央行发行的加密货币、像Libra这样的私营部门数字货币以及比特币。他认为，这些新兴的金融工具可能会对现有的金融体系产生重大影响，但也存在风险和挑战。例如，央行发行的加密货币可能会降低私人部门数字货币的吸引力，而比特币的波动性可能会对金融市场造成冲击。

🌎 **气候变化与货币政策：** 怀特博士还讨论了政府在应对气候变化方面的政策，以及这些政策与货币政策之间的关系。他认为，气候变化对经济和金融体系的影响越来越大，政府需要采取有效的措施来应对这一挑战。然而，气候变化政策可能会与货币政策目标产生冲突，例如可能导致通货膨胀或经济增长放缓。

📊 **其他议题：** 除了以上议题，节目还讨论了危机后的改革、市场架构、货币战争、负利率、人民币、通货膨胀的成因、日本化、全球火环等话题。

In Episode 102 of Hidden Forces, Demetri Kofinas speaks with economist and former Deputy Governor of the Bank of Canada, William White, about the state of our market economy and the prospects for an ‘international reset’ of the global financial system.

William R. White was most recently chairman of the Economic and Development Review Committee at the Organization for Economic Co-operation and Development (OECD) from 2009 to 2018. He is famous for having flagged the wild behavior in debt markets before the Great Financial Crisis of 2008. He began his career in 1969 as an economist working at the Bank of England. In 1972 he joined the Bank of Canada where he spent 22 years and was appointed Deputy Governor in September 1988. In 1994, he joined the Bank for International Settlements (BIS) and served as its Economic Adviser and Head of the Monetary and Economic Department from May 1995 to June 2008. 

In their conversation, Demetri and Dr. White discuss a wide range of topics focused primarily on the global financial system. Their conversation begins with a focus on the state of the current system, including a discussion about the consequences of regulatory reform (both intended and unintended), as well as endogenous transformation to the system brought about by independent changes in the behavior of banks and other financial participants. Most of the conversation dealing with possible changes to the International Monetary and Financial System happen during the Episode Overtime, including a discussion about central bank-issued cryptocurrencies, private sector digital money like Libra, and Bitcoin. The overtime also includes a lengthy discussion about government policy in the face of climate change, and how this relates to the politics of monetary policy.

William White has spent five decades as a central banker and international financial policymaker, and we are fortunate beneficiaries of the wisdom that he has accrued during these many years. 

Additional topics discussed during the episode include post-crisis reform, market architecture, currency wars, negative interest rates, the Chinese renminbi, causes for inflation, Japanification, the ‘Global Ring of Fire,’ and much more.

You can access the rundown to this week’s episode, along with a transcript of Demetri and Dr. White’s conversation through the Hidden Forces Patreon Page. All subscribers are granted access to our overtime feed, which can be easily be added to your favorite podcast application.

Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

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