This podcast features an interview with economist Richard Werner, who discusses his book "Princess of the Yen" and his research on the Japanese banking system in the 1990s. Werner explains how he identified the role of bank credit creation in asset bubbles and economic cycles, a concept often overlooked in mainstream economics. He critiques the dominant economic models that exclude banks and highlights the importance of decentralized banking systems with many small, local banks for fostering sustainable economic growth and a strong middle class. Werner also touches on the dangers of central bank digital currencies (CBDCs) and their potential for centralized control.
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