Why has Liquidity Become More Fragile Over the Last Decade? | Macro Musings @MercatusCenter
Why has Liquidity Become More Fragile Over the Last Decade? | Macro Musings @MercatusCenter
Uploaded January 2026 | Updated September 2026, 2 weeks ago
On this week’s episode of Macro Musings, Richard Berner 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.

Read the transcript or listen to the full episode here: mercatus.org/macro-musings/richard-berner-growth-private-credit-and-role-fiscal-dominance-treasury-markets

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Why has Liquidity Become More Fragile Over the Last Decade? | Macro Musings

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