The Dissenter

#1226 Nicolas Jabko - Technocrats in Turmoil: The Fed, the ECB, and the Changing Politics of Money

Mar 12, 2026
Guest
Nicolas Jabko
Nicolas Jabko, a Johns Hopkins political scientist who studies European politics and the political economy, discusses the politics of money and central banking. He explores how central banks fought 1980s inflation, the rise of economic technocrats and technocratic neoliberalism, changes after 2008, central bank responses to COVID-19, and what all this means for economics, power, and democracy.
Ask episode
AI Snips
Chapters
Books
Transcript
Episode notes
INSIGHT

Three Arenas Of The Politics Of Money

  • The politics of money are contests over how money is governed across central banks, the economics profession, and mainstream politics.
  • Nicolas Jabko highlights conflicts inside central banks, economists' debates, and central bankers' influence on politicians as the three arenas.
INSIGHT

Central Banks Became Money Managers After Gold

  • Central banks now manage modern currencies and set short-term interest rates, a role that expanded after the gold standard declined.
  • Jabko notes this shift made central banks the visible stewards of money since the 1970s dollar floating and end of gold backing.
ANECDOTE

Volcker's Antiinflation Turn Cemented Neoliberal Allies

  • In the late 1970s and 1980s Paul Volcker prioritized price stability and allied informally with conservatives to crush double-digit inflation.
  • This alliance made central bankers conservative heroes and anchored a technocratic neoliberal order focused on low inflation.
Get the Snipd Podcast app to discover more snips from this episode
Get the app