---
title: "Finland's Decline | Tuomas Malinen | Negotiator 163"
titleOriginal: "Suomen alennustila | Tuomas Malinen | Neuvottelija 163"
episodeNumber: "163"
guest: "Tuomas Malinen"
datePublished: 2022-11-24
duration: "54:57"
youtube: "https://www.youtube.com/watch?v=1A8h4yoMjQk"
originalLanguage: "fi"
topics: ["finnish_economy_policy","free_speech_society"]
subtitleMethod: "none"
provenance: "Owner page assembled from YouTube metadata and the neuvottelija.fi episode record. The publisher published no chapter marks for this episode, so none are listed here. No transcript is published either — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. The episode is one guest's contested account: the claims about the Constitutional Law Committee, the 1990s banking crisis and the Covid-era public debate are his own and are disputed, and no one holding the opposing view is present to answer them. The long-form write-up in the Neuvottelija AI editions marks which claims are contested and which are matters of record."
fiCanonical: "https://www.neuvottelija.fi/fi/episodes/234-suomen-alennustila-tuomas-malinen-neuvottelija-163"
canonical: https://www.neuvottelija.com/podcast/episodes/ep163-suomen-alennustila-tuomas-malinen/
---
# Finland's Decline | Tuomas Malinen | Negotiator 163

English subtitles are not available on this page. This is an episode summary, not a curated transcript.

## Summary

The economist Tuomas Malinen explains why he is preparing to leave Finland and what he believes has gone wrong. The conversation runs from the workings of the Constitutional Law Committee to the questions he says were never examined after the banking crisis of the 1990s, and on to the structures of the euro area. Malinen sets out his own reading of central bank money, the ECB's purchase programmes and the autumn crisis in British pension funds, and why he treats holding local currencies as a form of preparedness. It closes on the public debate of the Covid years and on why raising certain subjects results in being labelled rather than answered.

## A departure used as a framing device

The episode opens with Malinen saying he intends to leave the country, and that decision is the organising device for everything after it: each institution he discusses is offered as part of the reason. It makes the argument coherent and also makes it one-sided, and the episode does not pretend otherwise.

## The unexamined 1990s

His most concrete historical claim is that the banking crisis of the 1990s was closed without the questions being answered, and that the way it was closed set a pattern. This is the part of the argument that can be checked against the record rather than weighed as opinion.

## Leverage where it is not expected

The autumn 2022 crisis in British pension funds is the episode's best-supported example: institutions widely treated as the safest in the system turned out to be carrying leverage that forced a central bank intervention. Malinen uses it as a general warning, and as an illustration it stands up on its own.


## Watch

The recording lives on the Neuvottelija channel: [Suomen alennustila | Tuomas Malinen | Neuvottelija 163](https://www.youtube.com/watch?v=1A8h4yoMjQk).
A Finnish edition of this episode is published at [www.neuvottelija.fi](https://www.neuvottelija.fi/fi/episodes/234-suomen-alennustila-tuomas-malinen-neuvottelija-163).

## In depth

The Neuvottelija AI editions carry a long-form write-up of this episode:
[English](https://www.neuvottelija.com/ai/ep163-suomen-alennustila-tuomas-malinen/) · [suomeksi](https://www.neuvottelija.fi/yhteiskunta/ep163-suomen-alennustila-tuomas-malinen/).

---

Cite as: Sami Miettinen, Neuvottelija — Finland's Decline | Tuomas Malinen | Negotiator 163, https://www.neuvottelija.com/podcast/episodes/ep163-suomen-alennustila-tuomas-malinen/, 2022-11-24. For quotes include episode 163 and timestamp.