Cullen Roche
Cullen Roche is the Founder and Chief Investment Officer of Discipline Funds, a low-fee financial advisory and asset management firm, and Orcam Financial Group, a financial services firm offering research, personal advisory, institutional consulting, and educational services. Roche is a prolific writer and author of the weekly blog, Pragmatic Capitalism, where he provides an alternative perspective to finance and economics, and the popular book of the same name, Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance. He has over 15 years of experience in the financial services industry working with some of the biggest firms as well as founding his own firms. He started his career at Merrill Lynch Global Wealth Management, where he helped oversee $+ million in assets. He later managed a private investment partnership which took advantage of reporting irregularities ahead of major corporate events.
More about Cullen Roche
Book Review: Pragmatic Capitalism
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Preston Pysh
So it’s funny because we got all these questions. We’re not even close to getting near them, and we’re already having an awesome dialogue with you. I’ve got one more question before we even hit the list.
So I’m really curious because I’ve been talking on the show about how I really think there are issues over in Japan. I think that they’ve got a lot to be concerned about, even though they’re still executing this massive QE program. Do you see the China thing impacting Japan? Do you see that there’s trouble around the corner there? I mean, when we look at their GDP growth and their inflation numbers, it’s dismal at best. Do you see it getting worse from here over there?
Cullen Roche
Everything is impacted by the Chinese slowdown. Anything in the regional area there. I mean, even as far as Australia, and I mean, anything in Southeast Asia really is pretty interconnected into China.
Japan is a lot more independent than a lot of the other economies are over there just because they have such a massive entrepreneurial base of their own. I mean, they have, in terms of where a lot of the biggest, most important companies in Asia come
Cullen Roche: The Ten Biggest Myths in Economics
1) The government “prints money”.
The government really doesn’t “print money” in any meaningful sense. Most of the money in our monetary system exists because banks created it through the loan creation process. The only money the government really creates is due to the process of notes and coin creation. These forms of money, however, exist to facilitate the use of bank accounts. That is, they’re not issued directly to consumers, but rather are distributed through the banking system as bank customers need these forms of money. If the government “prints” anything you could say they print Treasury Bonds, which are securities, not money. The entire concept of the government “printing money” is generally a misportrayal by the mainstream media.
See the following pieces for more detail:
2) Banks “lend reserves”.
This myth derives from the concept of the money multiplier, which we all learn in any basic econ course. It implies that banks who have $ in reserves will then “multiply” this money 10X or whatever. This was a big cause of the many hyperinflation predictions back in after QE started and reserve b
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