When Michael Lewis wrote The Big Short, there was an extra character in the story: The Federal Reserve System, the central bank of the US, which bought up bad debt on the balance sheets of big Wall Street banks and trading firms. To better understand the Fed’s role in the financial crisis of 2008, Michael turns to UC Berkeley economics professor Emi Nakamura. And in the process, we get a master class in how currency works, and why there’s still some gold in the vaults of the Fed.

For more, check out Emi Nakamura’s Macro Policy Lab.

Order The Big Short audiobook, now narrated by Michael Lewis, on Audible, Spotify, pushkin.fm/bigshort or wherever you get audiobooks.

When Michael Lewis wrote The Big Short, there was an extra character in the story: The Federal Reserve System, the central bank of the US, which bought up bad debt on the balance sheets of big Wall Street banks and trading firms. To better understand the Fed&rsquo;s role in the financial crisis of 2008, Michael turns to UC Berkeley economics professor <a href="https://econ.berkeley.edu/profile/emi-nakamura">Emi Nakamura</a>. And in the process, we get a master class in how currency works, and why there&rsquo;s still some gold in the vaults of the Fed.
For more, check out Emi Nakamura&rsquo;s <a href="https://www.macropolicylab.org/what-we-do">Macro Policy Lab</a>.
Order The Big Short audiobook, now narrated by Michael Lewis, on&nbsp;<a href="https://www.audible.com/pd/The-Big-Short-Inside-the-Doomsday-Machine-Audiobook/B0FJTH21JS?qid=1758041668&amp;sr=1-1&amp;ref_pageloadid=not_applicable&amp;pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&amp;pf_rd_r=W8EJYNFBTNKENZERAF3F&amp;plink=MffxLjWat1SZzQ9C&amp;pageLoadId=8twGCD6I2yKFLwtS&amp;creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c&amp;ref=a_search_c3_lProduct_1_1">Audible</a>, <a href="https://open.spotify.com/show/4jMnkmyFmZT7j7R72nlNXz?si=b627a059b2e644cc">Spotify</a>, <a href="http://pushkin.fm/bigshort">pushkin.fm/bigshort</a> or wherever you get audiobooks.

Journalist and bestselling author Michael Lewis explores the figures in American life who rely on the public's trust, whether in sports, in business, in the courtroom, or on TV. What happens when that trust erodes and we can no longer agree on what's fair and what's not?

Get your copy of The Big Short audiobook, narrated by Michael Lewis, on Audible, Spotify, Apple Books, pushkin.fm/bigshort or wherever you get audiobooks.

Journalist and bestselling author Michael Lewis explores the figures in American life who rely on the public's trust, whether in sports, in business, in the courtroom, or on TV. What happens when that trust erodes and we can no longer agree on what's fair and what's not?
Get your copy of The Big Short audiobook, narrated by Michael Lewis, on <a href="https://www.audible.com/pd/The-Big-Short-Inside-the-Doomsday-Machine-Audiobook/B0FJTH21JS?qid=1758041668&amp;sr=1-1&amp;ref_pageloadid=not_applicable&amp;pf_rd_p=83218cca-c308-412f-bfcf-90198b687a2f&amp;pf_rd_r=W8EJYNFBTNKENZERAF3F&amp;plink=MffxLjWat1SZzQ9C&amp;pageLoadId=8twGCD6I2yKFLwtS&amp;creativeId=0d6f6720-f41c-457e-a42b-8c8dceb62f2c&amp;ref=a_search_c3_lProduct_1_1">Audible</a>, <a href="https://open.spotify.com/show/4jMnkmyFmZT7j7R72nlNXz?si=b627a059b2e644cc">Spotify</a>, <a href="https://books.apple.com/us/audiobook/the-big-short-inside-the-doomsday-machine/id1828393213">Apple Books</a>,&nbsp;<a href="http://pushkin.fm/bigshort">pushkin.fm/bigshort</a> or wherever you get audiobooks.

Against the Rules with Michael Lewis

Lender of Last Resort

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ed6d4d89-432d-41a7-a721-b38600eeb29a/transcript