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.

Michael Lewis’s latest book Blockers: Rebels in the Deep State tells the story of federal civil servants who risked — and in most cases, lost — their jobs in the early days of the second Trump administration. In this companion series, we hear about how Lewis reported the book and what kind of government we’re left with after the ravages of DOGE. 

Get Blockers now at blockersbook.com or wherever books are sold.

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?

Michael Lewis&rsquo;s latest book Blockers: Rebels in the Deep State tells the story of federal civil servants who risked &mdash;&nbsp;and in most cases, lost &mdash; their jobs in the early days of the second Trump administration. In this companion series, we hear about how Lewis reported the book and what kind of government we&rsquo;re left with after the ravages of DOGE.&nbsp;
Get Blockers now at&nbsp;<a href="http://blockersbook.com/">blockersbook.com</a> or wherever books are sold.
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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?

Against the Rules: Blockers Companion Podcast

Michael Lewis’s latest book Blockers: Rebels in the Deep State tells the story of federal civil servants who risked — and in most cases, lost — their jobs in the early days of the second Trump administration. In this companion series, we hear about how Lewis reported the book and what kind of government we’re left with after the ravages of DOGE. 

Get Blockers now at blockersbook.com or wherever books are sold.

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?

 

Michael Lewis&rsquo;s latest book Blockers: Rebels in the Deep State tells the story of federal civil servants who risked &mdash;&nbsp;and in most cases, lost &mdash; their jobs in the early days of the second Trump administration. In this companion series, we hear about how Lewis reported the book and what kind of government we&rsquo;re left with after the ravages of DOGE.&nbsp;
Get Blockers now at&nbsp;<a href="http://blockersbook.com/">blockersbook.com</a> or wherever books are sold.
<hr>
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?
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Lender of Last Resort

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