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Bill Blain - bond trader, CEO of Wind Shift Capital Advisors and publisher of ‘Blain’s Morning Porridge’
In this episode I am delighted to be talking to Bill Blain - bond trader, CEO of Wind Shift Capital Advisors and publisher of ‘Blain’s Morning Porridge’ - which is a daily commentary on global finance and markets.
Just a few things to say before we get started. Bill is an unusual guest for the podcast, in that he’s not an MMTer though he does have some views that are similar.
But Bill is a man who has been working in finance for 4 decades and as they say - that means he knows a thing or two. We don’t need to agree with the framework within which his ideas spring - and to be honest - there’s much that we don’t agree on. However, that does not mean that we can’t learn from Bill’s experience.
You’ll notice that I do steer clear of ‘arguing the point’. Instead I try to keep quiet - because I want to hear what Bill has to say - whether or not I agree with it.
Bill is sincere in his beliefs - he is not disingenuous and as you will discover as we chat - he’s a nice guy. And he knows a lot about the finance sector.
One other thing I will mention- so as not to confuse those who are MMTers who know a bit about Quantitative Easing - which we chat briefly about: is that it sounds as if I agree that QE is about the government dumping lots of money into the economy. I don’t agree.
What I’m saying is: in relation to QE the central bank swaps government bonds for reserves. Commercial banks can’t spend those reserves on houses or stocks, but the investors who sold the bonds now hold cash or deposits instead of gilts, and they spend that cash on other assets: pushing up the price of assets like housing and shares, contributing to inequality. I used the word ‘liquidity’ as a short-hand for that story.
Ok, before we get into our chat - don’t forget to subscribe to MMT101 and if you can afford to - please become a paid subscribers, it really helps me to continue with this work.
MMT101.ORG - Learn Modern Monetary Theory (MMT) is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Books mentioned in this podcast
* Modern Money Theory: A Simple Guide to the Monetary System by Dirk Ehnts
* Modern Monetary Theory: Key Insights, Leading Thinkers
* The Invisible Doctrine: The Secret History of Neoliberalism (& How It Came to Control Your Life) - by George Monbiot and Peter Hutchison
Get full access to MMT101.ORG - Learn Modern Monetary Theory (MMT) at mmt101.substack.com/subscribe
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By Jim Byrne - MMT101.ORGIn this episode I am delighted to be talking to Bill Blain - bond trader, CEO of Wind Shift Capital Advisors and publisher of ‘Blain’s Morning Porridge’ - which is a daily commentary on global finance and markets.
Just a few things to say before we get started. Bill is an unusual guest for the podcast, in that he’s not an MMTer though he does have some views that are similar.
But Bill is a man who has been working in finance for 4 decades and as they say - that means he knows a thing or two. We don’t need to agree with the framework within which his ideas spring - and to be honest - there’s much that we don’t agree on. However, that does not mean that we can’t learn from Bill’s experience.
You’ll notice that I do steer clear of ‘arguing the point’. Instead I try to keep quiet - because I want to hear what Bill has to say - whether or not I agree with it.
Bill is sincere in his beliefs - he is not disingenuous and as you will discover as we chat - he’s a nice guy. And he knows a lot about the finance sector.
One other thing I will mention- so as not to confuse those who are MMTers who know a bit about Quantitative Easing - which we chat briefly about: is that it sounds as if I agree that QE is about the government dumping lots of money into the economy. I don’t agree.
What I’m saying is: in relation to QE the central bank swaps government bonds for reserves. Commercial banks can’t spend those reserves on houses or stocks, but the investors who sold the bonds now hold cash or deposits instead of gilts, and they spend that cash on other assets: pushing up the price of assets like housing and shares, contributing to inequality. I used the word ‘liquidity’ as a short-hand for that story.
Ok, before we get into our chat - don’t forget to subscribe to MMT101 and if you can afford to - please become a paid subscribers, it really helps me to continue with this work.
MMT101.ORG - Learn Modern Monetary Theory (MMT) is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Books mentioned in this podcast
* Modern Money Theory: A Simple Guide to the Monetary System by Dirk Ehnts
* Modern Monetary Theory: Key Insights, Leading Thinkers
* The Invisible Doctrine: The Secret History of Neoliberalism (& How It Came to Control Your Life) - by George Monbiot and Peter Hutchison
Get full access to MMT101.ORG - Learn Modern Monetary Theory (MMT) at mmt101.substack.com/subscribe