Hidden Forces

In Episode 155 of Hidden Forces, Demetri Kofinas speaks with Bill Nelson, Chief Economist & Executive Vice President at the Bank Policy Institute, who spent most of his career working at the Federal Reserve, with a brief stint at the Bank For International Settlements. Before joining BPI, Dr. Nelson served as a deputy director of the Division of Monetary Affairs at the Federal Reserve Board and actually helped design and manage several of the Fed’s emergency liquidity facilities during the 2008 crisis. Dr. Nelson’s expert understanding of the plumbing of our monetary system and how monetary policy is effectuated at the ground level is important because, despite all the ways in which the Fed has sought to increase transparency and further communication with the public over the years, the mechanics of monetary policy remain baffling to most people. Even those of us who think we understand how it works are often only scratching the surface. Consequently, one of the items we discuss in this episode is how mon