Episode
Richard Berner on Growth of the Private Credit and the Role of Fiscal Dominance on Treasury Markets
Macro Musings with David Beckworth · Jan 19, 2026 · 59 min
Richard Berner is the former director of the Office of Financial Research and was a counselor of the Treasury Secretary. In Richard's first appearance on the show, he 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. Check out the…