James Grant

Ep.13: James Grant reflects on the History of Interest Rates, the State of Markets, and the Future of Finance


Episode Summary for James Grant on Interest Rates and our Financial Future:

In this episode of Hidden Forces, host Demetri Kofinas speaks with James Grant. James Grant is a legend of the financial newsletter industry. Once the editor of the yield column in Barron’s, he would leave in 1983 to found Grant’s Interest Rate Observer, two years after the sacred risk-free rate touched just under 20%. This is a level that seems nearly impossible to fathom in today’s world of near-zero and even negative, interest rates. Having observed, reported, and opined on markets for almost 50 years, James Grant represents a bastion of experience and wisdom.

In this episode, we stop to listen. We stop to remember a time, in which the extraordinary measures and unprecedented actions of our monetary and fiscal authorities would have seemed unimaginable. We take a hard look at money. How does this shadow of wealth find its value? How is the rate of interest determined, and what is the role of financial markets in facilitating the discovery of that value? What happened, in 2008 and what are the consequences, realized and yet to be discovered, of those very extraordinary and unprecedented actions taken by governments around the world to douse the flames of deflation? What was done in order to contain the contraction and to prevent the discovery of prices? What does the future hold in 2017, what investments does one make and where might one find opportunity in these oceans of uncertainty?

Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos Nicolaou

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Reading List for James Grant on Interest Rates and our Financial Future:

The Forgotten Depression: 1921: The Crash That Cured Itself by James Grant
Money of the Mind: Borrowing and Lending in America from the Civil War to Michael Milken by James Grant
Bernard Baruch: The Adventures of a Wall Street Legend by James Grant
The Creature from Jekyll Island: A Second Look at the Federal Reserve by G. Edward Griffin
End The Fed by Ron Paul
The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow
The Warburgs by Ron Chernow
Dark Genius of Wall Street: The Life of Jay Gould by Edward J. Renehan Jr.
Reminiscences of a Stock Operator by Edwin Lefèvre
American Colossus: The Triumph of Capitalism, 1865-1900 H.W. Brands
The Age of Gold: The California Gold Rush and the New American Dream H.W. Brands
The Power of Gold: The History of an Obsession by Peter L. Bernstein
The New Case for Gold by James Rickards
Options, Futures, and Other Derivatives by John C. Hull
A Monetary History of the United States by Milton Friedman and Anna Schwartz
A History of Interest Rates, Fourth Edition by Sidney Homer and Richard Sylla
The Bond Book by Annette Thau
The Panic of 1907 by Robert F. Bruner
The Great Crash 1929 by John Kenneth Galbraith
Manias, Panics, and Crashes: A History of Financial Crises by Charles P. Kindleberger
The World in Depression, 1929–1939 by Charles P. Kindleberger
Devil Take the Hindmost: A History of Financial Speculation by Edward Chancellor
Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein