{"title": "The second wave and a global dystopia | Tuomas Malinen | Negotiator 43", "titleOriginal": "Koronan toinen aalto ja Globaali dystopia | Tuomas Malinen | Neuvottelija 43", "episodeNumber": "43", "guest": "Tuomas Malinen", "publishedAt": "2020-10-29", "duration": "46:12", "durationIso": "PT46M12S", "youtube": "https://www.youtube.com/watch?v=FWaB5021tOg", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/49-neuvottelija-43-koronan-toinen-aalto-ja-globaali-dystopia-tu", "originalLanguage": "fi", "format": "full", "topics": ["finnish_economy_policy", "investing_markets", "free_speech_society"], "description": "GNS Economics' Tuomas Malinen and Sami Miettinen work through the economic consequences of the coronavirus second wave and arrive at the episode's central worry: every solution being offered to the crisis is a centralised one. The economy already collapsed in the second quarter, and that collapse has been prevented from realising through bankruptcy moratoria. The core of the discussion is central bank digital currency and the Chinese model, in which private payment systems are forced to settle in central bank money, opening a path where the commercial banking system becomes unnecessary.", "chapters": [{"t": "00:00", "title": "The second wave arrived as the Spanish flu model predicted", "seconds": 0}, {"t": "02:31", "title": "Why there will be no V-recovery", "seconds": 151}, {"t": "05:05", "title": "Two lost windows of preparation", "seconds": 305}, {"t": "07:35", "title": "The economy has already collapsed — the carpet over the chasm", "seconds": 455}, {"t": "10:05", "title": "A banking crisis in spring and Italy's recapitalisation need", "seconds": 605}, {"t": "12:36", "title": "Central bank digital currency and gosplanisation", "seconds": 756}, {"t": "15:08", "title": "What central bank money actually is", "seconds": 908}, {"t": "17:38", "title": "If banks fail, the accounts move to the central bank", "seconds": 1058}, {"t": "20:08", "title": "Bank runs and the 'are you in the circles' game", "seconds": 1208}, {"t": "22:40", "title": "The central bank cancer and the pricing of interest rates", "seconds": 1360}, {"t": "25:13", "title": "The Soviet lesson: a service economy cannot be planned", "seconds": 1513}, {"t": "27:45", "title": "Too big to fail becomes Gosbank", "seconds": 1665}, {"t": "30:15", "title": "Bretton Woods 2.0 and what currencies would be pegged to", "seconds": 1815}, {"t": "32:45", "title": "How the IMF's role changed", "seconds": 1965}, {"t": "35:15", "title": "SDRs, ECU-2 and Keynes's Bancor", "seconds": 2115}, {"t": "37:46", "title": "Churchill, Dunkirk and what liberty cost", "seconds": 2266}, {"t": "40:19", "title": "When fear dictates the answer", "seconds": 2419}, {"t": "42:50", "title": "A hundred years of liberty", "seconds": 2570}, {"t": "45:20", "title": "What citizens should actually do", "seconds": 2720}], "sourceTranscriptType": "macwhisper_sbv", "subtitleMethod": "none", "provenance": "Owner page assembled from the MacWhisper SBV transcript, which carries speaker labels, together with YouTube metadata and the neuvottelija.fi episode record. Chapter timecodes are taken from the transcript; no caption files are published with this page.", "slug": "ep43-koronan-toinen-aalto-ja-globaali-dystopia-tuomas-malinen", "guestsCanonical": ["Tuomas Malinen"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/tuomas-malinen/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep43-koronan-toinen-aalto-ja-globaali-dystopia-tuomas-malinen/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep43-koronan-toinen-aalto-ja-globaali-dystopia-tuomas-malinen/index.md", "captions": null, "transcript": null}