Starter Girlz Podcast

Understanding Money Printing: What It Really Means for You (with Paul Musson, Investment Expert & Author)

• Jennifer Loehding • Season 7 • Episode 94

Share episode

Send us a text

In this empowering episode of the Starter Girlz Podcast, host Jennifer Loehding sits down with Paul Musson — veteran investment expert and founder of Paddington Capital Management — to break down the real impact of money printing, inflation, and economic policy on your daily life.

Paul explains the crucial difference between money vs. capital, why house prices have skyrocketed, and how monetary policy often redistributes wealth without people realizing it. He also shares insights from his book Capital Offence: Why Some Benefit at Your Expense, showing how greater financial understanding can help bridge divides and create fairer systems.

What you’ll learn:
✅ Gain clarity on what money printing really means
✅ The difference between money and capital (and why it matters)
✅ How central bank policies affect inflation, housing, and wealth
✅ Why corporate culture and empathy tie into stronger economies
✅ Practical financial knowledge to empower your future

This episode is more than just a talk on economics; it’s a guide to understanding how money shapes your opportunities, your community, and your long-term success. Whether you’re a professional, entrepreneur, or simply curious about how the economy truly works, this conversation will give you the tools to see finance in a new light.

🔗 Learn more about Paul Musson:
📚 Capital Offence: Why Some Benefit at Your Expense → Available on Amazon, Barnes & Noble, and other online retailers
🌐 Weekly Blog + Resources: paddingtoncapitalmgmt.com

🎧 Love this episode?
Subscribe to the Starter Girlz Podcast for more stories, strategies, and empowering conversations to help you grow in business, finance, and life. Don’t forget to hit the 🔔 so you never miss an episode.

Paul Musson:

When you have a business that is run by a founder or an entrepreneur and I'll give you an example in a second that founder probably started the business on their own and so they were doing every job in the business, and then they're slowly adding more people because they can't do everything as it grows. Okay, now I need someone else to do this and that, whatever. And so when the employees are facing challenges, that entrepreneur has much greater empathy for what they're going through, because that founder, he or she, did exactly the same thing. They know all the challenges that they faced and they know the likely challenges that their employees are going to face, so they can have that discussion. They know the business inside out. They love thrilling their customers. That's why they're there.

Jennifer Loehding:

Welcome to the Girlz Girlz podcast, your ultimate source of inspiration and empowerment. We're here to help women succeed in every area of their lives career, money, relationships, and health and well-being while celebrating the remarkable journeys of individuals from all walks of life who've achieved amazing things. Whether you're looking to supercharge your career, build financial independence, nurture meaningful relationships or enhance your overall well-being, the Starter Girlz podcast is here to guide you. Join us as we explore the journeys of those who dare to dream big and achieve greatness. I'm your host, jennifer Loehding, and welcome to this episode.

Jennifer Loehding:

Welcome to another episode of the Starter Girlz Podcast. I am your host, jennifer Loehding, and wherever you are tuning in today, we are so excited to have you All right. Here we are, another episode, another day, so excited about my guest, and so let's open this up. My guest today has spent over three decades navigating the world of high finance, but what sets him apart isn't just his experience. It's his passion for making complex ideas clear, accessible and meaningful. A truth seeker, a thought leader and a voice of clarity in a noisy world, he's redefining what it means to lead with both insight and integrity, and so I am so excited to chat with him today. I think this is going to be an awesome conversation, but before we bring him on, I do need to do a quick shout out to our sponsor.

Jennifer Loehding:

This episode is brought to you by Walt Mills Productions. Need to add excitement to your YouTube videos or some expert hands for editing? Look no further. Walt Mills is the solution you've been searching for. Walt is not only your go-to guy for spicing up content. He's the force behind a thriving film production company with numerous titles in the pipeline. Always on the lookout for raw talent, walt is eager to collaborate on film and internet productions. With a background deeply rooted in entertainment and promotion, walt Mills leverages years of skills to give you the spotlight you deserve. Want to learn more about Walt and his work? Head on over to waltmillsproductionsnet and let your content shine All right.

Jennifer Loehding:

And with that I want to make one more mention to head on over to startergirlz. com. And why do you want to head over there? For three reasons. One, if you've missed any episodes, it's a great place to catch up. All of them are there. You can also sign up for our community newsletter, where you can stay in the know and keep up with what we've got going on and all of the episodes that are upcoming. And then, of course, if you are an aspiring entrepreneur creator, maybe you're in the thick of it. I don't know. You want to find out what your number one success block is that may be impacting your success and it could be a money block for real. You can head on over there. I have a two minute free quiz that you can take that'll actually tell you what that block is and how it may be impacting your business right now. So head on over to startergirlz. com and do whatever you need to do over there.

Jennifer Loehding:

All right, let's welcome our guest today. So joining me today is Paul Musson, a veteran investment expert with over 30 years in the financial industry, including his role as lead portfolio manager for the Ivy Funds at McKinsey Investment. He's the founder of Paddington Capital Management and the author of the book Capital Offense why Some Benefit at your Expense. Through his writing platform Political Economy, paul breaks down the complexities of global excuse me, global economics to help others better understand the systems that shape our world. With a rare mix of experience, clarity and purpose, paul brings a refreshing perspective to the financial conversation. So, paul, welcome to the show.

Jennifer Loehding:

So excited to chat with you today.

Paul Musson:

Well, thank you, jennifer, it's great to be here.

Jennifer Loehding:

Yeah, this is going to be fun and you know what I love about this? Because I like all this kind of realistic talk, because it's so fun when I get people on this show, because we get like I mentioned before we were on the recording I get so many different types of people, different careers, different personalities, and I always love it because I you know I was I talk about my different people that come on, my ones that are really high energy, and we go ping, ping, ping back and forth and I love those conversations. But I'm not going to lie, when I get done, I'm tired because it's like both of us Right.

Jennifer Loehding:

But I also love it when I get my other people that are kind of grounded and serious and can bring the realism to the show, because it just kind of makes everything sort of soften down a little bit and I get to relax a little bit. So I'm excited for this conversation today because I think we're going to get a little bit of both today.

Paul Musson:

Okay, hopefully you don't find it depressing. No, no.

Jennifer Loehding:

Never depressing. You don't seem like that kind of a person. I think it's going to be good.

Paul Musson:

No it's a positive message.

Jennifer Loehding:

Yeah, let's talk about you. I want to talk about what you're doing, what makes you different, because I kind of mentioned that in the bio. So tell us a little bit about what's going on in your world right now, what you're doing to help your clients and what you're putting out there.

Paul Musson:

Yeah. So you know, as you mentioned, I was a professional investor for my career, which I loved. I loved doing it and we would look for, you know, very high quality companies that would put productive capital to use and create more capital and that would help our clients to retire in comfort, help ensure their future financial well-being. But, importantly, this capital is being created and our clients are benefiting not at the expense of anybody else, but because they saved and invested the money and then companies put that money to good use to create more capital and so nobody benefits at the expense of somebody else. And I'll give you some examples in a second. But as I was doing this, investing this over the years, but as I was doing this, investing this over the years, I started to see that the system was moving away from this sort of benefit along with somebody else and instead benefit at the expense of somebody else. And in my book I kind of liken it to a game of poker where, if you have five players at the poker game, there's no capital created at the poker table. There is a redistribution of wealth. At that poker table, you have one winner and a bunch of losers. Now that's probably starting to sound familiar to your listeners with respect to what's going on in the economy. And it's not a conspiracy theory, it's not bad intentions. I think it was good intentions by policymakers that went bad, and we can talk about why that happened.

Paul Musson:

But anyways, the reason I wrote this book and why I'm doing what I'm doing now was because I just grew increasingly frustrated observing what was happening, why some people were benefiting at somebody else's expense they should not be and a lot of people don't understand why it's happening or how it's happening. And so I've been writing about this in my quarterly reports to my clients for years. So I've been writing about this in my quarterly reports to my clients for years, and a lot of them had said Paul, you know, you should really write a book about this one day. And a couple of my bosses said the same thing, because you're the only one that we hear. There are others out there. And so, yeah, that increasingly became my passion, increasingly became my passion. I've always been not always, but since 2002, I've been a really big proponent of clear and intellectually honest communication, and so that's been my passion ever since, and I can tell you why. There was a moment where I changed and so then I left my McKinsey Investments, which I loved working there, I loved my team, but I couldn't be a professional investor and write at the same time. I could be a consultant and write at the same time, and so that's why I ended up forming my own company and writing my blog, which is a weekly blog, which you know. I try to have fun with it as well.

Paul Musson:

But, as you said, try to empower people with knowledge and truth, because I believe that most people are very smart, especially when it comes down to what to do with their own capital, with their own skin in the game, with their own hard-earned money. They don't need policymakers to tell them what to do with it or how much they should spend or what prices they should be paying. They know, and so by empowering people with knowledge about what's happening in the truth, then people will be able to demand better behavior, better, better decision-making from our policymakers. Not behavior I shouldn't use that word but better decision-making. They're good people, policymakers. They're not evil.

Paul Musson:

I don't believe in these conspiracy theories. There may be some conspiracies out there, but I don't think there are. But you don't have to be angry. You don't have to be angry. You don't have to believe in a conspiracy theory to be angry about what's going on, and so policymakers will do the right things, but we have to demand it from them and vote those people into power. So that's why I'm doing what I'm doing and I have great faith.

Paul Musson:

I mean not just with my efforts, obviously, but people are starting to see that the path that we are on is not sustainable, it's not fair and it's not sustainable. So one way or the other it is going to end. So how it ends we can decide. If we want to control the ending, it'll be very painful, or an uncontrolled ending, which would be significantly more painful. So pain is unfortunately. That's why I said hopefully you won't be depressed. Unfortunately, there's no way out of this without pain, more for some than for others. But if people understand what's going on and what we need to do to fix it, I think they'd be willing to go take the necessary steps, as long as they believe that we're all in this together and it's not just me that's going to be suffering from the pain and everybody up here is going to make out like bandits, right? Nobody's willing to take the necessary steps if they think the consequences just fall on them right you know.

Paul Musson:

So anyway, that's sort of a long-winded answer to uh no it's good.

Jennifer Loehding:

It's good and and I have so many things I mean like so many angles. I could go with this as I'm talking about, I guess, right right now, like the whole thing, when you were talking at the beginning, I was thinking of the Pareto principle because I was thinking about I built this program and I and I remember watching this Jordan Peterson clip cause you were talking about poker and he'd used monopoly as kind of the um way to think about how there's always one clear winner in the monopoly right.

Jennifer Loehding:

It's kind of a redistribution that whoever you know, there's always going to be the winner and the people that are, anyways, that came to mind.

Jennifer Loehding:

But the other part of this that I'm listening to, because obviously I can hear your passion through this, and I think it's interesting because I had another guy on here the other day and we were not talking about finance at all but we were talking about, like, human condition being human.

Jennifer Loehding:

But we got into this conversation at the end about how we focus so much you know the political parties and we were talking about how we focus so much you know the political parties and we were talking I don't even know how we got in, so we weren't really talking politics, but we were just talking about how we focus so much on our differences when really we all have the same universal principle needs, right, like I was telling about how I, you know, I interviewed people all over the world and if you listen to the news, they would have you convinced that all these people all over the place are very different than you. And no, they have the same basic universal needs all over the world. They need shelter, they need food, they want to love their families, take care of their families, they want to earn a living. Most people are decent people for the most part in most places, right.

Jennifer Loehding:

And so you know, we were talking about this whole idea of how we focus so much on our differences and our truths, and the reason I'm bringing this up is because I feel like there are so many of us that we have different areas that we're honed in on, because I can hear what you're saying and I totally agree with you on it. I get it. I don't know all the facts, but I'm with you on it. I don't think that all the policymakers are bad. I think they intend to do good, but a lot of them I don't even know if they know what they're doing. You know, I think they get so wrapped in it.

Jennifer Loehding:

I mean, we've all been in organizations where the people up at the top they think they're doing good, but from the other side we can look at this and go you're just spiraling Like there's no organization here. It's a giant mess, right, and we know. But we know they're not evil people, right? So I'm with you on all of that. But my point to this, going back to what I was saying, is that I think there are several of us that you know like. For me it's health and wellness. It's like knowing what we need to know about medicine and all of this. And I don't know you know that I believe every single thing that's out there. But I do think the more power and knowledge we have about our own health and what we can do and what we can't do and all of those things, that makes us better informed. And so a lot of my work is you know, how do we educate people to be healthy and mind and body, so that they can make these decisions that you're talking about? Come to it from a mindset of groundedness and intellect and knowledge Right, and be open to receiving the knowledge right, cause it's just this big thing, cause you and I can talk about all these things, but they're not even open in here and it is just going poof, you know, and so I, I, I. There's so many things here. I'm listening to you and I just think that there are so many of us and I feel like a lot of them come on my show that we're very passionate about the things, but it's really at the root is really about giving people knowledge and power back to them.

Jennifer Loehding:

Right, and your point on the pain Okay, you're not depressing me, because here I just told a woman yesterday that I'm not a bandaid fixer, that if you want to work with me, we're going to. We're going to work to solve a problem because it's going to be painful. Yeah, because if you want to make real change on any level I don't care whether it's get your health right, your finances right, your relationship, whatever it is you're going to go through some chaos. As my previous guest said, you're going to go through some chaos before you have that transformation. You're not willing to accept that, then you're not willing to make the change. That's the way I see it.

Paul Musson:

It's the same principle, it's exactly the same. Can I make two comments on two of the things that you just said there which are quite pertinent? So you mentioned about the divisiveness and politically, and oh, we hate that group over there and they hate us.

Paul Musson:

Well, I think a big reason for this is what is happening in the economy and the monetary system and how the unfairness benefits some at the expense of others, and people can see that they're not benefiting to the extent that others are, or as much as their parents did. So our kids might be better educated than us, work just as hard, but can't afford the sort of lifestyle that we had. And they say, well, why is that? Something's going on? I'm getting ripped off here? They don't understand. We can talk about that too, and they don't understand why. So they look for someone to blame. Understand, we can talk about that too, and they don't understand why. So they look for someone to blame.

Paul Musson:

And I think then it's very easy for in the in the us, for democrats to blame republicans, republicans blame democrats. Here in canada, conservatives blame liberals and vice versa, and that brings the leaders to the fore who will foment that sort of feeling. And it feels good to be angry, to be in a group where you could be angry at somebody else, right? But you know, as you just said, you know we're all the same. We've all got the same challenges, the same goals and loves and family and everything like that, and I've got the end of the day.

Paul Musson:

Yes, I've got great friends on both sides, me too me too and book, you know, and my blog, you know, I do every effort possible to keep politics out of it Not government, that's a different issue, but politics. And so that first point on something you said. The second thing, you know, you mentioned that sometimes you see it in a company where the senior executives, they don't even know what they're doing right. And in my book I talk about this as a chapter on corporate culture, which is crucial, like positive corporate culture is crucial to the long-term success of a business, of a business. And so when you have a business that is run by a founder or an entrepreneur and I'll give you an example in a second that founder probably started the business on their own and so they were doing every job in the business, and then they're slowly adding more people because they can't do everything as it grows. Okay, now I need someone else to do this and that, whatever. And so when the employees are facing challenges, that entrepreneur has much greater empathy for what they're going through, because that founder, he or she, did exactly the same thing. They know all the challenges that they faced and they know the likely challenges that their employees are going to face, so they can have that discussion. They know the business inside out. They love thrilling their customers. That's why they're there. It's all about the customer.

Paul Musson:

But if you have a business that is run by a career executive that you know just went to MBA there's nothing wrong with MBAs, you know, but went to MBA. There's nothing wrong with MBAs. But they went to MBA school but never founded a business, never knew what it was like to put your own capital at risk and start a new customer value proposition Then if you come in and start running that business that's been around for many years, it's harder to have empathy for what's going on or listen to the employees who are doing the stuff, because you've never done it yourself. You think I'm in charge here, I'm the boss, and there are a lot of very, very good career executives, you know, but there are some that are not. And can I give you a good example or a quick example?

Jennifer Loehding:

of a cultural company? Yeah, absolutely.

Paul Musson:

And I use this in my book. There's a company in Minnesota called Fastenal and a very sort of basic business. They, you know, distribute screws and fasteners and stuff like that, and so they're based in Minnesota and for some reason there's a lot of good corporate culture companies in Minnesota. And so we had a tour of their plant with a plant manager. Plant manager he's taking us around. He's so damn excited about this business. Check this out, Our customers love us, blah, blah, blah. All the employees around, they're all enthusiastic and they jump in. Yeah, nobody ever takes a sick day. If anybody goofs off, management doesn't have to worry, because we give them hell. They're all kind of what the hell's going on here? So why do you love the company so much? And the plant manager said well, it's ownership and as senior executives they treat us so well. They always listen to what we have to say, they're always happy to see us, we're all in this together and we all share in the success of the business. And then a little later he said oh yeah, I forgot to tell you this example.

Paul Musson:

The CEO was the founder. He owned a third of the business. His wife had a good stake in the company as well. She passed away a number of years earlier. The CEO took all of her shares and distributed them to all the employees in the company. That is great corporate culture, right, A great corporate culture business. And to be sustainable, all the constituents of that business need to be benefiting. So, yes, the shareholders, yes, senior executives, but also the suppliers, also the employees, also society at large and then finally, the customer. So there's six constituents, and if any one of them is getting screwed, they bow out, and then the business model doesn't survive.

Paul Musson:

And by the way the most important constituent is the customer, Because in this business model it's the only constituent that actually pays. All the rest take.

Jennifer Loehding:

I mean, they take money but they contribute value.

Paul Musson:

That's why the customer is willing to pay. So anyway, just a couple of comments on no that's good, and I've heard that I don't know.

Jennifer Loehding:

I feel like when I was building out my because I was doing something, I can't remember who I heard this that was talking about this. It's like I'm hearing all this. Heard this that was talking about this. It's like I'm hearing all this. It's funny because I'm like replaying some of this stuff that I heard. But I was building it.

Jennifer Loehding:

I worked with a mentor for two years and I built out a high ticket course and I was taught. I think it was the guy who does obliquity he's out of Canada, I think and he taught. I forgot his name, but I think he talked about some of this. So this is good and, yes, it makes sense. And there's so many, you know, takeaways from this about the culture and you were talking about the six constituents. I think that is important and when I was smiling, when you were talking about they were all you know like cheering, because I'm like, yeah, there is a company here I mean there's lots of companies like this, but there is a company here called Very Desk and they do the standing, the standing desk and I went in there. They're here locally in our town and I went into the office and immediately I went in to take a tour because somebody I knew was working there.

Jennifer Loehding:

So I went in to take a tour of the space and to see what they were all about. And immediately, when I walked in there, I just I could tell, because I mean I feel inner, I can pick up on people's energy and like I can walk into rooms and I can tell when I need to leave a room, like if it feels just it this built like kidding. No kidding. I walked into this space and immediately I get in there and I'm like there's something going on in here, like I don't know. So I'm getting chills as I'm telling him like there's something going on in here and I don't know what it is. But I like it and part of it I realized afterwards was just the way they had it set up. It was a very open setup that made it feel very welcoming when you walked in, like there's innovation here, there's like warmth growth, like you know what.

Paul Musson:

I mean so I?

Jennifer Loehding:

go upstairs and all their offices.

Jennifer Loehding:

The way they have it set up is they've got them in like groups, like the workers are set up in these like stations, but they're not blocked off by doors where they can shut doors and can't see anybody.

Jennifer Loehding:

They've got these partition things for some of them, but they got multiple people kind of set up so they had like the sales team all in an area and then, if I'm still, if I got this correct, they were rotating these workers, so certain people showed up on certain days and different groups showed up on other days, but it was a very um, just I could tell the culture there was, just it was a really unique culture. But then also, I follow the CEO of the company and he does a lot of praise and recognition on. You know, I'll see him in LinkedIn. He praises his people, recognizes his people, and so, yes, I think you know what you're talking about is so important with just on the culture piece that. But it's a culture for everybody the investors, you know everybody. The customers, right, you're creating the culture for all six of those, everybody, right, all of them.

Jennifer Loehding:

You can't do just one piece. You know and and I do believe that when you, you know you take care of your people, you take care of your clients too. I really believe that you know your people are an extension of you and so it's like your kids, right. Like if you treat your kids bad, you got grumpy kids. They're not going to be, they're probably going to be bullies to other people, right, so you got to treat them well.

Paul Musson:

So other people?

Jennifer Loehding:

well, you know, I think it's the same thing with your team, I think it's. It's all starts up at the top and trickles down to exactly that.

Paul Musson:

That's when trickle down does work, by the way, and it's exactly right when it does work, exactly, yeah, and it's all about leading by example, you know.

Jennifer Loehding:

I do know some more companies like that too, by the way, I've interviewed. I haven't interviewed that one I do need to interview him but I have interviewed a couple other ones that I believe do a pretty good job doing that.

Paul Musson:

And you can find great corporate cultures in some of the world's biggest companies as well, and I remember meeting with the chief financial officer of Nestle, which is based in Switzerland. I remember meeting with the chief financial officer of Nestle, which is based in Switzerland, and he was telling us at the time that their corporate culture is their best risk control. So now companies have to have risk controls in place. There's all kinds of rules, but you can't do this and you can't do that. Right, you can't do that.

Paul Musson:

But if you have a great corporate culture, I mean you need those rules, but you need them less, because people are going to do the right thing, not because you told them not to do the wrong thing. They're going to do the right thing because it's the right thing to do. You know what I mean, and it's the same thing like with my team, my investment team, when I was at McKinckenzie. I never worried about what they were doing on a day-to-day basis, so I knew they were working their asses off and doing the right thing for our clients and for their long-term financial security, because it mattered to them, right?

Jennifer Loehding:

you know it's a very powerful thing yeah, and I know we've all been in those positions, I think, where we've, you know, been involved with a group or a company and we're like you know, we've all been in those positions, I think, where we've been involved with a group or a company and we feel like we're in a place where we're thriving and growing, and then we've been in those where we feel like life is being sucked out and it's a hard thing. I follow a lot of people on LinkedIn and I always love to read. You know the companies that have the culture in place because you can just tell I think you can just tell you walk in the room because employees show up. It's like you're saying they show up because they want to, they don't miss work. That's one of the things I will say. Having come from the Mary Kay side of the world, completely different than in your world, I know people look at network marketing and they go, eh. But I will tell you a lot of those people that stay in Mary Kay because obviously, you know I was fortunate enough that I worked myself up and got into the top 2% of the company. Majority of people never work their way up to that, you know, and there and there was higher than me. You know there were. There was like the 0.5 or whatever that's up there. You know they aspire to be, but I was fortunate enough that I did the work and got in there. But I will tell you, majority of the people that stay in that environment, they stay in because of the culture, they stay in because of the community, the camaraderie ship, the, you know, because it's it's some of them are not making anything like. They're there for that whole community, that sisterhood, that, yeah, I mean. And that's the one thing.

Jennifer Loehding:

It was interesting when I left Mary Kay, you know, when I left in 22 and started coming. Actually I sort of kind of left before that, but I officially left in 22. I formed my LLC and my new business in 2018. And that's when I started networking and actually, as I told you before, we jumped on here, kind of stepped out of my echo chamber a little bit and started meeting people in different careers and I realized two things. I realized one that people out here, on this side outside of Mary Kay, needed to know what Mary Kay's doing Like, needed to know about that culture thing over there, because they're missing the boat over here. But also there were things over here on this side that I felt like Mary Kay needed to know, like some business sense. I felt like they were really good in a lot of ways.

Jennifer Loehding:

In a lot of ways in business, I mean, like I told you, I learned how to sell, I learned how to coach, I learned how to recruit, I could close people, you know all those things. But there were some things over here that needed to come over here and so I think there's a lot of beautifulness and that's what I'm telling you. But that culture thing I am so grateful that I spent all those years in that, because I don't know that I would have ever caught that unless I just landed in the right place, because I'd never worked in any jobs where I'd ever witnessed any of that. It was always a lot of micromanaging and so yeah, so there's a lot of good in it and I think there's a lot of importance in that whole culture thing and people need to study it and they need to.

Jennifer Loehding:

You know there's a lot of great books out there. You can read Mary Kay's book on people management. She's got a great book on all of that, on how to deal with people and stuff you know just the starting starting guys Like the first book I think I read on people management, yeah, yeah.

Jennifer Loehding:

So there's a lot, a lot on that. So, anyways, I love, love what you're doing and I can definitely, you know, see that the passion behind that and educating people and, you know, giving them the knowledge so that they can make their own informed decisions.

Paul Musson:

Yeah, that's the goal, and they'll make good decisions too.

Jennifer Loehding:

Yeah, absolutely so. You've got your book. When did you write your book now?

Paul Musson:

So, uh, I started it in 2019. It took me six years, so it was just published this year. Um, it's not. It's not really in bookstores, although on my website I have a picture of me buying it out of Barnes and Noble and Boca Raton, but it was the only book store I've actually found it in. Oh, wow, it's so. It's online, so you can barnes and noble, thrift books, amazon of course everywhere.

Jennifer Loehding:

Yeah, hopefully if sales pick up, you'll be able to get it in the stores more but um yeah, well, you know, I thought it's funny because I wrote mine in 2019 and honestly, I have never I'm honest like I have never really tried to promote it that way. I mean, I've gone on podcasts and taught others podcasts and talked about it and if people ask me like, hey, I got a book, you can get it. You know it's out there.

Jennifer Loehding:

But I think when I wrote it it was, it was kind of a at that time sort of just a cathartic release for me. It was just wanted to document something. But now I sort of use it as an explanation when people ask me about my story. I'm like here, just read the book, it's easier. You want to sit down? We're gonna be here for a while, if I tell you like how this journey all began, how we got here.

Jennifer Loehding:

Just read the book. It'll give you pretty much a synopsis of how we got here yeah, I'm not sure it's fired since then. But you know you'll get the groundwork of it so I think it's good, but maybe because I know when we got on here, you know you said it you mentioned just now it took you six years and maybe some of the um you know takeaways from that book that you did, because I know that's not an easy, it's not an easy process.

Paul Musson:

I know because I did it it's not easy it's not and uh, you know, especially your first book and uh, you know, might be your first book and you know it might be my only book, I don't know. But yeah, yeah, as we were talking, you know, pre the recording, you know you learn by doing, you learn by writing, you learn by talking rather than keeping all the thoughts in your head. And you know, obviously you have to think about things and I cycle a lot and I think about things all the time when I'm cycling and oh yeah, I should maybe look this up or think about it that way. But I find it's only once I start writing things down that things become clearer in my head. And in part it's because once you write it down, it's visible for everybody else to see. And so now you start to worry about well, is this really true? If you're just thinking it in your head, you don't have to worry about what others are going to say about what you're thinking, because they don't know. So you don't challenge yourself, you don't go that one step further to fact check what it is you believe in and all this kind of stuff. And it's a very safe environment in your head. It's very unsafe when you do a recording like this, or you write something and you send it out there. Others can comment on it, and so it can be very uncomfortable because you really you're putting yourself out there and you're going to make some mistakes, but that's how you learn, obviously.

Paul Musson:

You know and uh, and so yeah, so uh, the basic message of the book didn't really change from start to finish, because I've been talking and writing about this for many years before I started writing the book. But some of the nuts and bolts about what was going on and I misunderstood certain things that were happening, and I wouldn't have figured that out if I hadn't started writing about it. And also, when you start, I don't know, when you start writing about things and you learn more about it, you also have a lot more empathy for why people did certain things. Okay, well, you know, I never really thought about it that way. Yeah, I kind of get it now, you know, still not an excuse, but you have a better understanding and okay, you know and I think that was the big thing about you know, my writing journey, you know apart, from that you know the frustrations of where you.

Paul Musson:

you know I wouldn't look at it for three months because you didn't have the time, because I was still working and I could only run on vacations and stuff like that and and uh yeah, it was quite a journey.

Jennifer Loehding:

Yeah, book writing is is, I agree, and I'm like you. Everybody always says I feel like I need to do like a 2.0, but I just don't have the energy right now to do it. It's just not on my my want to do at this moment. And people will ask me they're like you're going to do another one. I'm like I don't know. I have like a hundred other things I want to do before that. Maybe sometime I might sit down and do it again.

Jennifer Loehding:

But it was so um, I I hate to use the. It's kind of like creating social media. I can't just create social media when. That's why I'd help I actually have a helper, help me do it, because I hate it so much. And the more I have to think about doing it, the harder it becomes, right, because now I'm having to force it. And so I think with writing, you really have to sort of let it just kind of flow, like when you're doing it and you're in the moment and like I guess in the zen moment, do it, you know, but if you're done, just be done, you know and you're okay with that.

Paul Musson:

Yeah, don't force it. Yeah, for sure, yeah, yeah I put it's funny.

Jennifer Loehding:

I put up a clip yesterday in my social feed, something about when you mentioned early on about you know you put stuff out there and you have to be okay with people commenting on it and and I welcome, I like people to comment. I don't get a lot of comments on my stuff, but I like people to.

Jennifer Loehding:

I am cool with it, Unless somebody is just nasty If somebody's nasty then I'm done, I'm like you're out, I'm done, I'll have energy for you. Be nice humans, right, be nice people, um, cause I love people, I love dialogue, I want people talking about things and I am absolutely okay If somebody doesn't agree with everything I put out there we're not all going to agree.

Jennifer Loehding:

Right, it's okay. But I put something up yesterday it was funny social feed that nobody did anything bad on this. But I put something up to the fact that like we're going to make mistakes, like we're going to say the wrong thing or do the wrong thing, you know, or tell our kids the wrong thing, or whatever. It just is what it is right. We're humans, we're living a human experience and that's what it's all about is messing up and to your point taking the risk. Yes, Taking the risk and learning from it.

Paul Musson:

Well, yeah, there's a line that people use, you know, when a new business or a new innovation sort of bursts onto the scene and, by definition, you've never heard of it, this person or this product, because it's brand new, and then people often think, oh, you know, look at this person overnight success. They're making millions, the 10 to 15 years of sleepless nights and long hours and investing capital and losing money and taking on debt to keep the thing going and the help from the family, and and then it finally worked. And there's a saying I can't remember who said it, but so and so was a a 20-year overnight success right, right, yeah, yeah, I interviewed a gal.

Jennifer Loehding:

It's been some time ago. She does these pants that women love. Now they love them. But it was that kind of a thing. I think she went like I can't remember if she said like eight or ten years, like in the making, and then somebody wore her pants on the Today Show or something and then boom, wow, these are like the slimming pants that they talk about for women, that make them look long, because they kind of you know, I don't say like bell bombs, they just kind of sort of flare or something, the way they're cut or whatever. But yeah, it was that kind of a story where she said nobody knew really who she was and then somebody wore her pants on a show and they liked them and got a mention. And then here we go, you know. So you're right, it's definitely a the hindsight, you don't see, right. And then they come out and like what did you do? Did you get lucky? No, I've been sweating back there for a long time. I didn't even know if you're breathing any longer.

Paul Musson:

You're like, I'm going to not breathe anymore, you know.

Jennifer Loehding:

So, so awesome, so any anything. Cause I know we've talked a little bit and I know the money thing, we've kind of drifted into the book and all that. But I do want to ask you anything important that you like, maybe a step somebody could do a takeaway. Um, I don't even know where to begin on that, cause you know, I'm not. I'm not as knowledge and burst in that area. It's kind of like when I get my tech people on, I'm like let's talk tech and I'm like I don't know anything about tech. You know, I know how to balance my checkbook and do those things and husband does all he does his investing and all of that stuff, but I'm green in that area. So I'm going to let you kind of tell us what you think us people that maybe aren't quite as versed in that need to know.

Paul Musson:

Yeah. So you know, the whole point of the book is is this right? And it's written in very easy to understand terms. So I use analogies, stories, have a bit of fun with it and you know, started I started at the very beginning, which is, you know, talking about what is money, and a lot of people don't understand what money is. Yeah, it's a lot more complex than you think, and differentiating between money and capital, and I think once you understand that, and I think once you understand that, that just gives you a much better understanding of what else is going on. And so just a very quick explanation.

Paul Musson:

So capital is pretty much anything that you make could be a good or a service. So your podcast, you're creating capital that your listeners are consuming. And so the example I give in the book is you know, you make bikes. Let's say You're creating capital and let's say I make a suit, I've created capital, and now we decide to exchange our capital with each other. So I give you my suit in return for your bike that you made. So now in the economy there was no bike and no suit. We each made one and then we exchanged them. Now we both have one.

Paul Musson:

But importantly, it be a reflection of the capital and wealth that you have created over your life and then exchange freely with others. Nobody was coerced to buy your capital. They created their own capital that gave them the wherewithal to buy your capital. But we don't exchange capital directly. It's not a barter system. It couldn't exist in a large economy, yes. So what we do instead is we use money. So money is called in economics, it's called the medium of exchange. It's what we use to exchange all the capital that we're producing.

Paul Musson:

So what makes the world go round is not money. Money is very important, but if you had all this money in the world but no capital was being created, money would have no use. It's all the capital. It's all the innovation and the ideas and the enthusiasm and the hard work of people that are creating capital on the daily. That's what makes the world go round. We just use money to exchange all of these great things that we're doing. This is where the problem starts, because when you sell let's say, you make 10 bikes, so you sell your 10 bikes let's say they're very nice bikes, you sell them for $1,000 each, so you got $10,000 in your bank account. Effectively, you have 10 of your bikes stored up in that money. Right, that money's not worth because you made bikes. So you got 10 bikes stored up in that money that you're going to spend at a later date. But before you get a chance to spend that $10,000, let's say, the central bank doubles the money supply.

Paul Musson:

Now when the central bank increases the money supply, they create money out of thin air. They did not create any capital to get that money, so that money has no capital stored up in it. As soon as that money comes into circulation, into the economy, it extracts capital from the rest of the money that's already in existence. If they double the money supply, it takes five of the bikes from your $10,000 in your bank account without your permission. So your bank statement still says you have $10,000 in the bank, so you still think you're doing okay, right, because it only has five bikes instead of 10, it'll only buy half as much stuff as it would have done before the central bank doubled the money supply.

Jennifer Loehding:

They doubled the money.

Paul Musson:

Now they don't double the money supply, you know, but they increase the money supply, and that's why the name of my book is called Capital Offense. Why some benefit at your expense? Because your capital is being taken from you without your permission. Governments, you know, get capital from us through taxation. You know that's sort of all above board and we can vote for whoever we think is going to tax us appropriately, based on our own ideology.

Paul Musson:

Or they borrow capital from us and then typically the next generation has to pay that off, and that's another wealth redistribution.

Paul Musson:

But, when they print money, they take your capital and the Federal Reserve, central Bank, is an unelected entity. I think they have good intentions I really do but they take your capital from you without your consent and it's very, very harmful to the economy. It's very harmful to the productive capacity of the economy, which, again, I go step by step through my book, yeah, yeah. So how it's happening and what were the motives for these decisions? And a lot of it is sort of short-term thinking. You know it's the first order effect, uh, consequences of my actions.

Paul Musson:

So if I eat a cheeseburger, it's going to taste really good right right right, but the second order effect is I'm going to put on a bit of weight, you know.

Paul Musson:

Think about the second Right.

Paul Musson:

Right, housing prices are going higher and maybe I'll just touch on this quickly, jennifer, because it's an important one so stock prices should be rising if companies are taking saved capital and putting it to productive use to create more capital to wow their customers. Now these companies can hire more people and pay them more, and so real capital is being produced, and that pushes up the share price, and so stock markets go up because it's reflective of what's going on in the economy a lot of good stuff. But if stock markets are going higher just because central banks are taking interest rates down to zero and printing money and buying assets, that's not good for the economy, and rising stock markets are not reflective of more capital being produced. Even worse is when the Federal Reserve took interest rates down to 1% in 01-02 in order to drive housing prices higher, create what they call a wealth effect, so people's house price goes up you feel wealthier, you might borrow more money on your home, extract equity from your home and spend it, and then that looks good for GDP.

Paul Musson:

But house prices should not be increasing in value because it's not a productive asset. So our house here in Mississauga, which is a suburb of Toronto, asset. So our house here in Mississauga, which is a suburb of Toronto, we bought it in 2001. And if we sold it today, we'd get four times what we paid for it. But what was our contribution to society?

Jennifer Loehding:

Remember earlier I said your wealth should be reflective of what your contribution was.

Paul Musson:

What was our contribution to warrant making four times on our home? Nothing. A house is not producing four times as many widgets. It didn't increase four times in size. It didn't relocate to Palm Beach Oceanfront View or anything like that to save economic good. So if we are making money on our home without making a contribution in some form, then our benefit must be coming at somebody else's expense, and it's typically the next generation, younger people or newcomers to our country who are forced, because of this monetary policy and other things, to pay four times what we paid for the same economic good. And so when you look down on it from a societal perspective, rather than an increase in capital, there is a redistribution of capital. So if a younger couple buys our home, there's a redistribution of capital from their bank account into ours. There was no net creation of capital.

Paul Musson:

And this is ruining the lives of millions of young people, and this was never the intention of central banks, like 100%, but it is the outcome. And thus you know, and it's not sustainable. It's ripping off the next generation, first of all, and it's not sustainable. Ripping off the next generation is not sustainable. First of all, it's morally wrong. But even if you want to keep it going, it can't. The math just doesn't work. And I remember back in the mid-2000s, during that crazy housing boom which peaked in 06, I think it was, my mom was a nurse in Florida and we'd go down to visit her and she was saying that her hospital was having a hard time hiring nurses because houses and apartment rents were so expensive that nurses couldn't afford to live anywhere near the hospital. They had to live so far away and so the commute was so long it didn't make any sense for them to work at that hospital.

Paul Musson:

Yeah, yeah, you know and so, yeah, and so my book gives you know after you go through, explain what's going on and, as we talked earlier, you know. I think if you have an understanding of what's going on, you have more empathy as well.

Jennifer Loehding:

Yeah, right, right.

Paul Musson:

And so then at the end I have sort of the 10 points about. You know what I believe are 10 steps, about what we need to do and what I think will lead to better outcomes and a better world and a less divided world, and I believe we can do it.

Jennifer Loehding:

Yeah, I think the big message and takeaway here there's a lot, but I think really like what's resonating? You know, I always talk about this, as you know. Like as I'm going through the episode I'm sort of thinking, you know, like where's this whole message right? And I think a lot here is really about empathy. I think it's knowledge and empathy because I think the more you know, the more empathy you can have for others, can have for others. It's kind of like, you know and I don't want to get into all of the politics on this but I went on the Dr Phil show back when they were doing the vice presidential debates and there was a lot of stuff going on in there.

Jennifer Loehding:

Well, at the end of the show we all got to stay in the room and Dr Phil talked to the audience in there and it was interesting because they got onto the conversation of like the border, like the immigrants coming in and all of that. And it was really interesting. Because I don't really have a say on either one, because I'm not privy to knowledge on either one and I don't know enough to have a solid opinion. I do think they need to figure that out, but I also think they need to not make it difficult, so difficult. Okay, but here, here was the thing these guys there were people in the group arguing amongst each other because you've got the people over here that are like, well, follow the rules, don't come across the border, right. Then you have people over here who actually had family members that have gone through this process and come in and talked about how hard it was to go through the process, the cost, the cost behind it.

Jennifer Loehding:

And so then, as I'm listening to this, I'm like I can see these people's perspective and I see these people's perspective. I see these people's you know what I mean Like.

Jennifer Loehding:

I'm listening to both sides of the fence and I'm thinking this is where we get a breakdown, I feel like, of so many things, because we have their side and we have their side, but somewhere in this there's a middle. Somewhere in the middle of these two sides is a middle, and this is where we're not finding the middle, because we're like you talked in the very beginning we're feeding on this side and we feed on this side, instead of finding somebody in the, in the in the middle, that can say how do we take the points from here, take the points from here and find, create some kind of a win-win for everybody? Oh my gosh.

Paul Musson:

You know what I mean.

Jennifer Loehding:

I listened to that and I was like when I walked out of there that day because they were so hostile to each other, the two sides and I was like guys seriously, like I don't get it, like everybody just wants to be happy and do the right thing. Most people want to do the right thing.

Jennifer Loehding:

They're going to be criminals. They're going to be people that do the wrong thing. A majority of people want to do the right thing. So how do we make this right so that everybody can do the right thing? To some degree, we can all walk away and do the right thing. You know, it's like we want to double down and fight on this cause and on this cause, and you know so I love what you're talking about, because I do.

Jennifer Loehding:

I think this is so broad. You're talking in the financial space, but I think there are so many issues where there are people like us that see things and we see kind of the larger scope of what's going on and we don't have all the answers. But you know, like I had a gal on a long time ago we were talking about healthcare, and she's like you know I, we could solve the world's problems if they would just do this thing, and I could see exactly what she was saying. I'm like I know I don't know why they can't figure this out, like I don't get it why. But it's because everybody gets, they get hung clean to whatever their position is, whatever it is, and they don't even want to see anything over here, like they just want to cling to that one side, you know, and there's no way in that.

Paul Musson:

The issues are never as black and white as people like to believe. I agree, I agree you know, but the good people is just you know, when you have your bad environments, just like bad corporate cultures, you can bring out the worst in very good people. I agree, you know, and then you can bring out the best in very good people if you change the situation in an environment.

Jennifer Loehding:

I truly agree with you. Yeah, good stuff, paul Well, I know we could talk forever. I have these few you. Yeah, yeah, Good stuff, paul Well, I know we could talk forever I always get these few.

Jennifer Loehding:

I have these few that come on my podcast. I'm like we could talk about these things forever because I am so with you on the whole thing about, you know, informing and that's why I do this show. It's really why you know people that get it. Get it Some never do. They think I just come on here and talk about random thing.

Jennifer Loehding:

No, everything I bring on here is because I'm trying to get people to be aware of whether, like I said, whether it's finances, their health, whatever it is, because I know that when we thrive as human beings you just said it in the right environment, we can thrive and make better decisions. So I know that when I put keep throwing this knowledge out to people that they're going to hear it and hopefully it sticks and lands for somebody, they wake up tomorrow and say you know what? There was something on that show that made me think maybe I should make a different decision today. I should travel, or, if it's just be kinder to somebody, just show up and treat somebody differently, because it will impact you and you can make a different choice, you know. So that's what it is for me every day.

Paul Musson:

It's how do we? And there's all I mean it's great stuff that you're doing and there's all these knock-on effects. So you know you empower somebody to make a better decision and be kinder, and then the person that they, you know, met with, or whatever now they are in a better mood. Yes, and you know it just keeps going.

Jennifer Loehding:

That might be the CEO of a company that decides tomorrow to do something different to his employees. Treat his employees a little bit differently, it's definitely a ripple you know, Paul, if our audience wants to check out the book we mentioned, you know you talked about the places to find it, but please share your website so where the you know the newsletter, all the stuff is, so they know where to find you and keep up with you and hopefully get some more insight from you.

Paul Musson:

Yeah, yeah, thank you. So, yeah, the book is Capital Offense, why Some Benefit at your Expense, and it can be found online and my website is called PaddingtonCapitalMGMTcom, so MGMT short for management, and on there I've got all my past blog posts. I usually do it weekly. I've been doing it since 2022. So you can have a look at those. I've got other podcast interviews that I have up there. I've got a book summary, so there's all kinds of stuff you can search around the website and you can sign up for free email posts. Whenever I do a blog, just put your email in there and you can contact me as well, and you know. If you have any feedback or you don't agree with something, just shoot me an email and let me know.

Paul Musson:

Yeah, just be nice, that's all.

Jennifer Loehding:

Just be nice, that's all we ask. Don't leave.

Jennifer Loehding:

You know, every now and then I get somebody. I put a video up. Funny story, paul, I did put a video up the other day. I wasn't even talking on this one. I had a relationship coach on and she was saying something. And women, it wasn't a sexist thing, it was things that.

Jennifer Loehding:

How we show up and some, some guy went random on rogue on my post and he had this whole like. I went back and looked at him. He had this whole sexist title on thing. I was like dude, you know what I wanted for a moment, paul? I wanted to say something to him about like, if there is a woman in your life, I feel sorry for her. She needs to run as far as she can from you. But then I thought I have no energy for this troll. I just had to delete it. I had no energy for it. I'm like you know what? You are not littering my stuff with your trolling. We're not going to do that. You can disagree, whatever, but you do that nasty, we're out. So just be nice if you go to his stuff.

Paul Musson:

Yes, Good for you, Jennifer. Yeah, no, exactly, you know it's. We all have enough going on in our lives.

Jennifer Loehding:

We don't have time for that troll and stuff. You'd be nice to people. I don't know how you always think about like celebrities. That's why they have to have people do their stuff, cause they get so much of that. You think golly man, I think. Get your website in the show notes, and usually my editor puts something on the video so they can actually see it in writing on there as well. So we'll make sure it gets all in there. Get you tagged all the good things so they know how to find you.

Jennifer Loehding:

And I just wanted to say thank you, appreciate you.

Paul Musson:

Well, thank you, jennifer, it's been great talking with you and thanks for having me on your show.

Jennifer Loehding:

Absolutely, and, of course, to our audience. We appreciate you, we love you. Hope you found this episode both informative and inspiring. And, you know, go follow Paul, check out what he's doing, keep up with him, ask him questions if you need to, like I said, you can disagree, just be nice. And then, of course, do all the things over here share, like, subscribe, comment, whatever so that we can keep sharing all of this content. And, as I always say, in order to live the extraordinary, you must start, and every start begins with a decision. You guys, take care, be safe, be kind to one another and we will see you next time. Thank you.

Head Shot

Jennifer Loehding

Host
Head Shot

Paul Musson

Guest