Aditi Sahasrabuddhe is a political scientist at Brown University and the author of the new book, Banker’s Trust: How Social Relations Avert Global Financial Collapse. In Aditi’s first appearance on the show, she discusses how central bankers’ relationships in the 1920’s impacted the global economy, how the ending of those relationships played a part in the Great Depression, how we can apply those principles to the Great Recession and the present, and much more. Check out the <a href= "https://www.mercatus.org/macro-musings/aditi-sahasrabuddhe-role-central-banker-relationships-play-economic-crises">transcript</a> for this week’s episode, now with links. Recorded on July 30th, 2025 Subscribe to David's Substack: <a href= "https://macroeconomicpolicynexus.substack.com/">Macroeconomic Policy Nexus</a> Follow David Beckworth on X: <a href= "https://twitter.com/DavidBeckworth">@DavidBeckworth</a> Follow the show on X: <a href= "https://twitter.com/Macro_Musings">@Macro_Musings</a> Check out our Macro Musings <a href= "https://www.bonfire.com/store/mercatus-podcast-swag/">merch!</a> <a href= "https://www.youtube.com/@BeckworthDavid">Subscribe</a> to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:00:50 - Aditi’s Intellectual Journey 00:03:57 - Louis Franck at the National Bank of Belgium 00:05:46 - Relationships and Crisis 00:11:07 - Central Bank Club 00:17:06 - Central Bankers and the Butterfly Effect 00:22:33 - Montagu Norman and Benjamin Strong 00:32:06 - Émile Moreau 00:34:48 - Japan 00:38:11 - Benjamin Strong and the Great Depression 00:48:55 - Great Financial Crisis 00:51:18 - India 00:55:25 - Jerome Powell the Central Banker 00:58:23 - Outro

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Aditi Sahasrabuddhe on the Role Central Banker Relationships Play in Economic Crises

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