The Global Ledger
The Global Ledger is a podcast about the real mechanics behind money and markets. Justin Watson explores how liquidity, funding, collateral, valuation, and the global dollar system shape the financial world we live in — calmly, clearly, and without the fear or hype that fills most financial conversations.
From the Fed to shadow banking, from asset pricing to global liquidity cycles, each episode breaks down the hidden architecture under modern finance so listeners can understand the system, not just the headlines.
Humble, myth-busting, global, and deeply practical —
this is the financial education you wish someone had given you years ago.
Dollarization — Why Countries Give Up Monetary Sovereignty
Cross-Border Banking: How Global Banks Manufacture Dollars
Global Trade Finance: The Shadow System Beneath Trade
Petrodollars: How Energy Became Monetary Infrastructure
Reserve Currencies: What It Takes To Actually Be One
Monetary Policy vs Market Control: Where The Line Actually Is
When Monetary Policy Stops Working
Financial Conditions Indexes: What They Really Measure
Why The FED Targets Markets, Not The Economy
Forward Guidance: Expectations as a Policy Tool
Nixon Didn't End The Gold Standard: America Left Gold Before and Came Back
The Discount Window — Why Banks Hate It (and Use It Anyway)
Standing Facilities — The New Architecture of Stability
QE vs QT — Balance Sheets, Not “Stimulus”
Fed Funds Isn't What You Think It Is Anymore
Interest on Reserves (IORB): The Floor Beneath All Rates
Intermission — The Global Ledger So Far, and What Comes Next
How To Build A Global Ledger Framework
Why Fundamentals Don’t Move Markets But Liquidity Does
The Valuation Cycle: What Liquidity Cycles Really Do
Liquidity-Adjusted VaR — How Risk Actually Behaves
Special Edition V: No, the Fed Did Not Turn On the Money Printers
CAPM: A Model of Markets or Model of Funding?
Discount Rate vs Growth Rate: Which Drives Valuation Cycles?
Term Premium: The Market's Fear Gauge
Debt vs Equity: Why the Funding Mix Matters More Than You Think
Equity Risk Premium: A Liquidity Interpretation
WACC: Weighted Average Cost of Capital
Special Edition IV: Negative Interest Rates Why They Happen & What They Really Mean
The Future of Crises: What Could Break Next?