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: -what really causes inflation  -monetarism, fiscal theory of the price level, and modern monetary theory (MMT) -the unrealized losses on the Fed’s balance sheet -why yield curve control likely won’t be necessary (or so Peter argues) -the longer the duration of a governments’ debt, the less inflation is required to inflate it away -when a central bank incurs unrealized losses, who “wins” and who “loses”?  Filmed on March 29, 2023. ____ Follow Joseph Wang on Twitter https://twitter.com/FedGuy12 Joseph Wang’s writings: https://fedguy.com/ Joseph’s latest piece, “Ameridollars”: https://fedguy.com/ameridollars/ Peter Stella on Twitter: https://twitter.com/Stellar_Consult Peter Stella’s work: https://www.centralbankarchaeology.com/ “Do Central Banks Need Capital?” by Peter Stella:  https://www.imf.org/en/Publications/WP/Issues/2016/12/30/Do-Central-Banks-Need-Capital-2260 Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ ____ Use code GUIDANCE10 to get 10% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 ____ Research, news, data, governance and models – 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/ ____ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://rb.gy/5weeyw Market commentary, charts, degen trade ideas, governance updates, token performance, can’t-miss-tweets and more. Subscribe to the Blockworks Research “Daily Debrief” Newsletter: https://rb.gy/feusos ____ Timestamps: (00:00) Intro (00:15) Peter Stella's Background At The International Monetary Fund (IMF) (03:55) Joseph Wang On The Flaws Of Monetarism (05:52) Milton Friedman: It's The Government That Prints Money (07:56) The Fiscal Theory Of The Price Level (13:38) Modern Monetary Theory (MMT) (24:12) Real Value Of U.S. Debt Is Lower Now Than March 2020 (37:33) Permissionless (38:38) The Fed Has Huge Unrealized Losses On Its Balance Sheet (45:29) Details About The Fed's Mortgage-Backed Securities (MBS) Purchases In 2020 (51:51) Did The Fed Help Wealthy Homeowners Refinance Their Mortgages In 2020? (54:21) Blockworks Research Plug (55:22) When The Federal Reserve Has Unrealied Losses On Its Balance Sheets, Who Loses and Who Gains? (01:13:50) Joseph Wang's Summary Of This Conversation (01:15:08) Yield Curve Control and Potential Debt Death Spiral ____ Disclaimer: 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.