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John O'Donnell: How Central Banks Affect Culture

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Tags Booms and BustsThe Fed

05/13/2016John O'Donnell, IIIJeff Deist

This weekend, Jeff Diest and John O'Donnell discuss central banking and culture. We tend to think of central banking as a dry subject for professional economists, rather than a cultural and even moral issue. But the Fed and other central banks create huge moral hazards, degrade longstanding social mores like hard work and thrift, and encourage economic hedonism today at the expense of tomorrow. Every healthy society is built on capital accumulation and building for a future beyond lives, whereas central banks encourage consumption and turn us into zombie debtors. What happens to the future when ultra-low interest rates mean saving is for chumps? And why have we allowed Greenspan, Bernanke, and Yellen to hide the Fed's harmful cultural effects behind a wall of technical Fed-speak?

Note: The views expressed on Mises.org are not necessarily those of the Mises Institute.
Authors:

John O'Donnell, III

John O’Donnell is Chief Knowledge Officer of Online Trading Academy. As one of the first employees and pioneers in the education division, he helped transition the company from a floor based model to the largest global DMA franchisor trading/investing school currently operated today. Mr. O’Donnell is instrumental in Online Trading Academy’s extensive business development initiatives with strategic partners and industry leaders. As Chief Knowledge Officer, he delivers a combination of educational and corporate experience that has been instrumental in making Online Trading Academy one of the premier trading schools in the world. His extensive management and consulting experience has been a key ingredient in Online Trading Academy’s fast global growth and industry recognition and awards.

John is known for his focus and thoughts on issues such as historic boom/bust business cycles and the potential coming burst of the credit bubble in the "Globalization 3.0 Era." His background in both education and financial services gives him a unique ability to teach complex financial theories and trading skills to beginner investors and seasoned traders alike.

He has been a featured speaker at many major trader and investor expos in New York, London, Paris, Rio de Janeiro, Toronto, Las Vegas, San Francisco, Miami, and Dallas. He has been featured in a variety of financial media such as CNBC, Bloomberg, Fox Business, FT.com, Equities Magazine and Traders Journal.

Contact Jeff Deist

Jeff Deist is president of the Mises Institute. He previously worked as chief of staff to Congressman Ron Paul, and as an attorney for private equity clients. Contact: email; Twitter.

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