Uploaded January 2026 | Updated September 2026, 2 weeks ago

---

Richard Berner is the former director of the Office of Financial Research and was a counselor of the Treasury Secretary. In Richard's first appearance on the show, he discusses a career that included public service and Wall Street, the fragility of global liquidity, the implications of fiscal dominance, the expansion of private credit, the 2023 SVB banking turmoil, and much more.


Check out the transcript (mercatus.org/macro-musings/richard-berner-growth-private-credit-and-role-fiscal-dominance-treasury-markets) for this week's episode, now with links.


Recorded on January 7th, 2025


Subscribe to David's Substack: Macroeconomic Policy Nexus (macroeconomicpolicynexus.substack.com/)


Follow David Beckworth on X: @DavidBeckworth (twitter.com/DavidBeckworth)


Follow the show on X: @Macro_Musings (twitter.com/Macro_Musings)


Check out our Macro Musings merch! (bonfire.com/store/mercatus-podcast-swag/)


Subscribe (youtube.com/@BeckworthDavid) to David's new BTS YouTube Channel


Timestamps


00:00:00 - Intro


00:01:57- Dick's Career


00:07:46 - Fragility of Global Liquidity


00:17:29 - Post-GFC Regulations


00:25:29 - Fiscal Dominance


00:36:23 - Private Credit


00:48:09 - Banking Turmoil of 2023


01:01:149 - Outro