So it looks like CNBC held a little "debate" on the global economy on Thursday, which featured big names like European Central Bank President Christine Lagarde, Federal Reserve Chair Jerome Powell, and IMF Managing Director Kristalina Georgieva.
It was pretty neat, and I'm sure all you econ and finance people will enjoy the full show that I've linked to below, but it was one answer toward the end of the debate which really caught my ear.
The question: What are we not paying close enough attention to when it comes to the global economy?
Here's IMF Managing Director Kristalina Georgieva's response:
Here's that for ya in case you can't do audio:
I think we are not paying sufficient attention to the low of unintended consequences. We take decisions with an objective in mind, and rarely think through what may happen that is not our objective and then we wrestle with the impact of it...
Like the decision that we need to spend to support the economy. At that time we did recognize that may lead to too much money in circulation, too few goods, but didn't really quite think through the consequence in a way that up front would've informed better what we do...
We act sometimes like 8-year-olds playing soccer: here is the ball, we are all at the ball, and we don't cover the rest of the field. Our ability to deal with more than one crisis at one time is very, very limited.
So yeah, really glad the people who run the global money supply aren't always thinking of the unintended consequences of what they do. And "8-year-olds playing soccer" is exactly what I like to hear these people describe themselves as.
Really great stuff, guys.
Keep it up!
Here's that full show for all you nerds out there:
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