What podcasts say about Benn Steil
Every statement, with the speaker, the exact quote and the moment it was said.
What Benn Steil has said on podcasts
27 statements · 6 positive · 20 negative · 1 neutral
Inflation remains persistent and is not declining.
“inflation has been persistent. It's clear that it's not coming down.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 2:42
Delayed Fed action could unanchor inflation expectations and complicate future policy.
“if they don't move now and make it clear that they are dedicated to the 2% long-run target, that inflation expectations will become unmoored and it will make their job much harder in the future.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 2:56
A majority may support a Federal Reserve rate hike this month.
“there looks now like there may well be a majority for hiking rates”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 4:02
The Fed’s enlarged balance sheet does not impair inflation control above zero rates.
“the fact that the balance sheet is much, much bigger than it was before, say, the great financial crisis, is in no way a problem for the Fed in controlling inflation.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 6:47
Formal Federal Reserve forward guidance should be eliminated.
“the one part of his agenda I do agree with is getting rid of, quote-unquote, formal forward guidance.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 7:00
The Fed has forecasted worse than leading private forecasters for decades.
“the Fed has been systematically worse than so-called blue chip. private sector forecasters for many, many decades now”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 7:33
Bessent’s Treasury market signaling operation failed.
“it did not work.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 11:09
The Treasury operation was too small to affect the Treasury market independently.
“So, this is nothing on its own.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 11:40
Bessent’s logic regarding Japanese Treasury sales failed.
“So, Basin's logic did not work.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 13:33
Major central banks diversified from dollars primarily by buying gold, not other currencies.
“major central banks around the world have been answering that question over the past 20 years. They have not, broadly speaking, sold dollars for other currencies, but they have sold gold.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 15:42
Gold can perform at least as well as the dollar during financial stress.
“gold is approximately as good, some could argue, better. than the U.S. dollar, because gold tends to do well during times of stress.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 18:02
China’s SIPS system is intended to compete with SWIFT internationally.
“The Chinese have been building an alternative international currency settlement system. It's called SIPs, which is trying to compete with the huge international system called SWIFT.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 21:06
AI’s capital demand is pushing Treasury rates higher.
“AI is exploding, and there's a huge demand for capital. That's true. That is true. That is true. pushing up treasury rates”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 22:36
The U.S. fiscal trajectory is unfavorable.
“The trajectory is ugly.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 23:33
U.S. political leaders no longer seriously intend to address the deficit.
“There's no longer any serious willingness in Congress or in the executive branch to address it.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 23:40
Greater U.S. debt issuance requires attracting more rate-sensitive investors.
“the more debt we issue, the more interest rate-sensitive investors we have to attract into the market to buy our debt.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 26:53
A worsening investor profile accelerates U.S. interest-rate increases.
“you get an acceleration. effect on the rise in interest rates.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 27:06
The U.S. Treasury investor profile deteriorates as the deficit worsens.
“the profile of our investors is getting worse and worse as the deficit gets worse.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 27:12
French government bonds are not regarded as risk-free assets.
“Nobody is going to call French government bonds a risk-free asset.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 27:52
A Wallace presidency likely would have conceded Manchuria, South Korea, Hokkaido, and the Dardanelles.
“there had been no pressure on the Soviets to get out of Manchuria. No pressure. We probably would have given away South Korea, Hokkaido, the Dardanelles to Turkish Straits.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 41:14
Henry Wallace opposed the Marshall Plan, West Germany, and NATO.
“Wallace opposed the Marshall Plan, Wallace opposed the creation of West Germany, Wallace opposed NATO.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 41:51
The United States alone held veto power in both Bretton Woods institutions.
“The United States was the only country that had veto power in both.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 46:06
Harry Dexter White largely created today’s dollar-based international financial system.
“the dollar-based... international financial system that we know and love today, is pretty much created by Harry Dexter White”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 46:12
Harry Dexter White worked in Soviet interests.
“he was absolutely working in their interests.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 46:45
Intercepted Soviet intelligence cables described White’s activities on behalf of Soviet intelligence.
“identifying White under his various code names and describing his activities on their behalf.”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 49:06
The Marshall Plan rapidly rehabilitated countries that became U.S. allies.
“the Marshall Plan was meant to rehabilitate... the countries that we become are our future alliance allies as quickly as possible”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 50:46
U.S. disengagement from Europe would have enabled Stalin to expand Soviet influence.
“the United States disengaging from Europe was the perfect opportunity for him to promote. chaos, anarchy, complete dissolution of society in Western Europe so that he could expand”
Open the episode · Inflation, The Deficit & Why the Dollar Stays King with Benn Steil | The Real Eisman Playbook Ep 81Listen at 51:32
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.