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Peter Stella, Former Head of the IMF Central Banking Division, joins Joseph Wang, former senior trader for the New York Fed and author at Fedguy.com, and Jack Farley for a wide-ranging discussion on:\n-what really causes inflation\xa0\n-monetarism, fiscal theory of the price level, and modern monetary theory (MMT)\n-the unrealized losses on the Fed\u2019s balance sheet\n-why yield curve control likely won\u2019t be necessary (or so Peter argues)\n-the longer the duration of a governments\u2019 debt, the less inflation is required to inflate it away\n-when a central bank incurs unrealized losses, who \u201cwins\u201d and who \u201closes\u201d?\xa0\nFilmed on March 29, 2023.\n____\nFollow Joseph Wang on Twitter https://twitter.com/FedGuy12\nJoseph Wang\u2019s writings: https://fedguy.com/\nJoseph\u2019s latest piece, \u201cAmeridollars\u201d: https://fedguy.com/ameridollars/\nPeter Stella on Twitter: https://twitter.com/Stellar_Consult\nPeter Stella\u2019s work: https://www.centralbankarchaeology.com/\n\u201cDo Central Banks Need Capital?\u201d by Peter Stella:\xa0\nhttps://www.imf.org/en/Publications/WP/Issues/2016/12/30/Do-Central-Banks-Need-Capital-2260\nFollow Jack Farley on Twitter https://twitter.com/JackFarley96\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\n____\nUse code GUIDANCE10 to get 10% off Permissionless 2023 in Austin:\nhttps://blockworks.co/event/permissionless-2023\n____\nResearch, news, data, governance and models \u2013 now, all in one place. As a listener of Forward Guidance, you can use code GUIDANCE10 for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/\n____\nGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter:\nhttps://rb.gy/5weeyw\n\nMarket commentary, charts, degen trade ideas, governance updates, token performance, can\u2019t-miss-tweets and more. Subscribe to the Blockworks Research \u201cDaily Debrief\u201d Newsletter: https://rb.gy/feusos\n____\nTimestamps:\n\n(00:00) Intro\n(00:15) Peter Stella's Background At The International Monetary Fund (IMF)\n(03:55) Joseph Wang On The Flaws Of Monetarism\n(05:52) Milton Friedman: It's The Government That Prints Money\n(07:56) The Fiscal Theory Of The Price Level\n(13:38) Modern Monetary Theory (MMT)\n(24:12) Real Value Of U.S. Debt Is Lower Now Than March 2020\n(37:33) Permissionless\n(38:38) The Fed Has Huge Unrealized Losses On Its Balance Sheet\n(45:29) Details About The Fed's Mortgage-Backed Securities (MBS) Purchases In 2020\n(51:51) Did The Fed Help Wealthy Homeowners Refinance Their Mortgages In 2020?\n(54:21) Blockworks Research Plug\n(55:22) When The Federal Reserve Has Unrealied Losses On Its Balance Sheets, Who Loses and Who Gains?\n(01:13:50) Joseph Wang's Summary Of This Conversation\n(01:15:08) Yield Curve Control and Potential Debt Death Spiral\n____\nDisclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.