Fed independence? Here’s why you should worry. With Peter Conti-Brown

单集文稿 ...

• 00:00

  Boring is best.

• 00:02

  That was the famous mantra of former Bank of England Governor Mervyn King.

• 00:06

  He argued that when it comes to central banking, a reputation for being dull is an advantage.

• 00:12

  Boring, he argued, means you're doing it right.

• 00:15

  You've got stable prices and an orderly financial system.

• 00:19

  It's a sign of good economic management.

• 00:23

  But these are not boring times, particularly in central banking.

• 00:27

  And that's something our guest today knows well.

• 00:34

  Hello and welcome to The Economic Show from The Financial Times.

• 00:38

  I'm Chris Giles, the FT's economic commentator and writer of the FT's weekly newsletter,

• 00:43

  Chris Giles on central banks.

• 00:46

  And my guest today is Peter Conte Brown,

• 00:49

  a renowned financial historian and specialist in American central banking.

• 00:53

  It turns out that boring periods of central banking are something of a historical anomaly.

• 00:59

  There's been plenty of turmoil.

• 01:02

  Peter is a professor at the University of Pennsylvania's Wharton School and the author of several books,

• 01:08

  including most recently as a co-author of Private Finance,

• 01:13

  Public Power, A History of Bank Supervision in America.

• 01:17

  Peter, welcome to the show.

• 01:19

  I'm delighted to be here.

• 全部文稿