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Keith discusses the potential takeover of the Federal Reserve by President Trump, highlighting the macroeconomic implications.  Economist, author and publisher of Macro Watch, Richard Duncan, joins the show and explains that central bank independence is crucial to prevent political influence on monetary policy, which could lead to excessive money supply and inflation.  Trump's policies, including tariffs and spending bills, are inflationary, necessitating lower interest rates.  Resources: Subscribe to Macro Watch at RichardDuncanEconomics.com and use promo code GRE for a 50% discount. Gain access to over 100 hours of macroeconomic video archives and new biweekly insights into the global economy. Show Notes: GetRichEducation.com/571 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host. Keith Weinhold, the President has a plan to completely take over the Fed, a body that historically stays independent of outside influence. Learn the fascinating architecture of the planned fed seizure and how it's expected to unleash a wealth Bonanza and $1 crash with a brilliant macroeconomist today, it'll shape inflation in interest rates in the future world that you'll live in today. On get rich education.    Speaker 1  0:33   Since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors, and delivers a new show every week since 2014 there's been millions of listener downloads in 188 world nations. He has a list show guests include top selling personal finance author Robert Kiyosaki. Get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast or visit get rich education.com   Corey Coates  1:21   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Speaker 1  1:31   Welcome to GRE from Fairfax, Virginia to Fairfield, California, and across 188 nations worldwide. I'm Keith Weinhold, and you are listening to get rich education. The Federal Open Market Committee is the most powerful financial institution, not only in the nation, but in the entire world, and when an outside force wants to wrestle it and take it down. The change that it could unleash is almost incredible. It's unprecedented. The President wants full control. Once he has it, he could then slash interest rates, order unlimited money creation, and even peg government bond yields wherever he wishes, and this could drive wealth to extraordinary new highs, but this also carries enormous risks for the dollar and inflation and overall financial stability. And I mean, come on now, whether you like him or not, is Trump more enamored of power than Emperor Palpatine in Star Wars or what this is fascinating. Today's guest is going to describe the architecture of the takeover the grand plan. Our guest is a proven expert on seeing what will happen next in macroeconomics. He's rather pioneering in AI as well. But today, this all has so much to do with the future of inflation and interest rates. We're going to get into the details of how, step by step, Trump plans to infiltrate and make a Fed takeover.    Keith Weinhold  3:23   I'd like to welcome back one of the more recurrent guests in GRE history, because he's one of the world's most prominent macroeconomists, and he was this show's first ever guest back in 2014 he's worked with the World Bank and as a consultant to the IMF. He's contributed a lot on CNBC, CNN and Bloomberg Television. He's a prolific author. His books have been taught at Harvard and Columbia, and more recently, he's been a guest speaker at a White House Ways and Means Committee policy dinner in DC. So people at the highest levels lean on his macroeconomic expertise. Hey, welcome back to GRE joining us from Thailand as usual. It's Richard Duncan   Richard Duncan  4:03   Keith, thank you for that very nice introduction. It's great to see you again.   Keith Weinhold  4:08   Oh, it's so good to have you back. Because you know what, Richard, what caught my attention and why I invited you back to the show earlier than usual is about something that you published on macro watch, and it's titled, Trump's conquest of the Fed will unleash a wealth Bonanza, $1 crash and state directed capitalism. I kind of think of state directed and capitalism as two different things, so there's a few bits to unpack here, and maybe the best way is to start with the importance of the separation of powers. Tell us why the Fed needs to maintain independence from any influence of the president.   Richard Duncan  4:44   Central banks have gained independence over the years because it was realized that if they didn't have independence, then they would do whatever the president or prime minister told them to do to help him get reelected, and that would tend to lead to excessive money supply. Growth and interest rates that were far too low for the economic environment, and that would create an economic boom that would help that President or politician get reelected, but then ultimately in a bust and a systemic financial sector crisis. So it's generally believed that central bank independence is much better for the economy than political control of the central bank.   Speaker 1  5:24   Otherwise we would just fall into a president's short term interests. Every president would want rates essentially at zero, and maybe this wouldn't catch up with people until the next person's in office.   Richard Duncan  5:35   That's right. He sort of wants to be Fed Chair Trump. That's right, president and Fed Chairman Trump on the horizon. It looks like won't be long, Now.   Speaker 1  5:45   that's right. In fact, even on last week's episode, I was talking about how Trump wants inflation, he won't come out and explicitly say that, of course, but when you look at the majority of his policies, they're inflationary. I mean, you've got tariffs, you've got deportations, this reshaping of the Fed that we're talking about the hundreds of billions of dollars in spending in the one big, beautiful Bill act. It is overwhelmingly inflationary.   Richard Duncan  6:12   It is inflationary. And he may want many of those things that you just mentioned, but what he doesn't want is what goes along with high rates of inflation, and that is high interest rates, right? If interest rates go up in line with inflation, as they normally do in a left to market forces, then we would have significantly higher rates of inflation. There would also be significantly higher rates of interest on the 10 year government bond yield, for instance. And that is what he does not want, because that would be extremely harmful for the economy and for asset prices, and that's why taking over the Federal Reserve is so important for him, his policies are going to be inflationary. That would tend to cause market determined interest rates to go higher, and in fact, that would also persuade the Fed that they needed to increase the short term interest rates, the federal funds rate, if we start to see a significant pickup in inflation, then, rather than cutting rates going forward, then they're more likely to start increasing the federal funds rate. And the bond investors are not going to buy 10 year government bonds at a yield of 4% if the inflation rate is 5% they're going to demand something more like a yield of 7% so that's why it's so urgent for the President Trump to take over the Fed. That's what he's in the process of doing. Once he takes over the Fed, then he can demand that they slash the federal funds rate to whatever level he desires. And even if the 10 year bond yield does begin to spike up as inflation starts to rise, then the President can instruct, can command the Fed to launch a new round of quantitative easing and buy up as many 10 year government bonds as necessary, to push up their price and to drive down their yields to very low levels, even if there is high rate of inflation.   Keith Weinhold  7:58   a president's pressure to Lower short term rates, which is what the Fed controls, could increase long term rates like you're saying, it could backfire on Trump because of more inflation expectations in the bond market.   Richard Duncan  8:12   That's right. President Trump is on record as saying he thinks that the federal funds rate is currently 4.33% he said it's 300 basis points too high. Adjusting would be 1.33% if they slash the short term interest rates like that. That would be certain to set off a very strong economic boom in the US, which would also be very certain to create very high rates of inflation, particularly since we have millions of people being deported and a labor shortage at the moment, and the unemployment rate's already very low at just 4.2% so yes, slashing short term interest rates that radically the federal funds rate that radically would be certain to drive up the 10 year government bond yield. That's why President Trump needs to gain control over the Fed so that he can make the Fed launch a new round of quantitative easing. If you create a couple of trillion dollars and start buying a couple of trillion dollars of government bonds, guess what? Their price goes up. And when the price of a bond goes up, the yield on that bond goes down, and that drives down what typically are considered market determined interest rates, but in this case, they would be fed determined interest rates Trump determined interest rates.   Speaker 1  9:28   Inflationary, inflationary, inflationary, and whenever we see massive cuts to the Fed funds rate that typically correlates with a big loss in quality of life, standard of living, and items of big concern. If we look at the last three times that rates have been cut substantially, they have been for the reasons of getting us out of the two thousand.com bubble, then getting us out of the 2000 day global financial crisis, then getting us out of covid in 2020, I mean, massive rate cuts are. Are typically a crisis response   Richard Duncan  10:02   yes, but if we look back, starting in the early 1980s interest rates have have trended down decade after decade right up until the time covid hit. In fact, the inflation rate was below the Fed's 2% inflation target most of the time between 2008 the crisis of 2008 and when covid started, the Fed was more worried about deflation than inflation during those years, and the inflation rate trended down. And so the interest rates tended to trend down as well, and we're at quite low levels. Of course, back in the early 1980s we had double digit inflation and double digit interest rates, but gradually, because of globalization, allowing the United States to buy more and more goods from other countries with ultra low wages, like China and now Vietnam and India and Bangladesh, buying goods from other countries with low wages that drove down the price of goods in the United States, causing goods disinflation, and that drove down the interest rates. That drove down the inflation rate. And because the inflation rate fell, then interest rates could fall also, and that's why the interest rates were trending down for so long, up until the time covid hit, and why they would have trended down again in the absence of this new tariff regime that President Trump has put into place. Now, this is creating a completely different economic environment. President Trump truly is trying to radically restructure the US economy. There is a plan for this. The plan was spelled out in a paper by the man who is now the Chairman of the Council of Economic Advisors. His name is Steven Moran, and the paper was called a user's guide to restructuring the global trading system. It was published in November last year, and it very clearly spelled out almost everything President Trump has done since then in terms of economic policy. It was truly a blueprint for what he has done since then, and this paper spelled out a three step plan with two objectives. Here are the three steps. Step one was to impose very high tariffs on all of the United States trading partners. Step two was then to threaten all of our allies that we would no longer protect them militarily if they dared to retaliate against our high tariffs. And then the third step was to convene a Mar a Lago accord at which these terrified trading partners would agree to a sharp devaluation of the dollar and would also agree to put up their own trade tariffs against China in order to isolate China. And the two objectives of this policy, they were to re industrialize the United States and to stop China's economic growth so that China would be less of a military threat to the United States, which it is currently and increasingly with each passing month. So so far, steps one and two have been carried out very high tariffs on every trading partner, and also threats that if there's any retaliation, that we won't protect you militarily any longer. And also pressure on other countries to put high tariffs against China. The idea is to isolate China between behind a global tariff wall and to stop China's economic growth. So you can see that is what President Trump has been doing. And also in this paper, Stephen Marin also suggested that it would be very helpful if the Fed would cooperate to hold down 10 year government bond yield in this environment, which would naturally tend to push the bond yields higher. So that paper really did spell out what President Trump has done since then.   Keith Weinhold  13:59   This is fascinating about this paper. I didn't know about this previously, so this is all planned from tariffs to a Fed takeover.   Richard Duncan  14:08   That's right, the idea is to re industrialize the United States. That's what President Trump has been saying for years. Make America Great Again. And it's certainly true that America does need to have the industrial capacity to make steel and ships and pharmaceutical products and many other things in his own national self defense. But there's a problem with this strategy since the breakdown of the Bretton Woods system, and we've talked about this before, so I will do this fast forwarding a bit when the Bretton Woods system broke down up until then it broke down in 1971 before then, trade between countries had to balance. So it wasn't possible for the United States to buy extraordinarily large amounts of goods from low wage countries back then, this thing that's caused the disinflation over the last four decades, trade had to balance because on the Bretton Woods system, if we had a big trade deficit. Deficit, we had to pay for that deficit with gold. US gold, and gold was money. So if we had a big trade deficit and had to pay out all of our gold other countries to finance that deficit, we would run out of gold. Run out of money. The economy would hit a crisis, and that just couldn't continue. We'd stop buying things from other countries. So there was an automatic adjustment mechanism under the Bretton Woods System, or under the classical gold standard itself that prevented trade deficits. But once Bretton Woods broke down in 1971 It didn't take us too long to figure out that it could buy extraordinarily large amounts of things from other countries, and it didn't have to pay with gold anymore. It could just pay with US dollars, or more technically, with Treasury bonds denominated in US dollars. So the US started running massive trade deficits. The deficits went from zero to $800 billion in 2006 and now most recently, the current account deficit was $1.2 trillion last year. So the total US current account deficit since the early 1980s has been $17 trillion this has created a global economic boom of unprecedented proportions and pulled hundreds of millions of people around the world out of poverty. China is a superpower now, because of its massive trade surplus with the US, completely transformed China. So the trade surplus countries in Asia all benefited. I've watched that firsthand, since I've spent most of my career living in Asia, but the United States also benefited, because by buying things from low wage countries that drove down the price of goods, that drove down inflation, that made low interest rates possible, that made it easier for the US to finance its big budget deficits at low interest rates, and so with Low interest rates, the government could spend more and stimulate the economy. Also with very low interest rates, stock prices could go higher and home prices could go higher. This created a very big economic boom in the United States as well. Not only did the trade surplus, countries benefit by selling more to the US, but the US itself benefited by this big wealth boom that has resulted from this arrangement. Now the problem with President Trump's plan to restructure the US economy is that he wants to bring this trade deficit back down essentially to zero, ideally, it seems. But if he does that, then that's going to cut off the source of credit that's been blowing this bubble ever larger year after year since the early 1980s and we have such a big global credit bubble that if this source of credit has been making the bubble inflate, the trade deficit, if that were to significantly become significantly lower, then this credit that's been blowing up, the bubble would stop, and the bubble would implode, potentially creating very severe, systemic financial sector crisis around the world on a much, probably a much larger scale than we saw in 2008 and leading to a new Great Depression. One thing to think about is the trade deficit is similar to the current account deficit. So the current account deficit is the mirror image of capital inflows into the United States. Every country's balance of payments has to balance. So last year, the US current account deficit was $1.2 trillion that threw off $1.2 trillion into the global economy benefiting the trade surplus countries. But those countries received dollars, and once they had that 1.2 trillion new dollars last year, they had to invest those dollars back into us, dollar denominated assets of one kind or another, like government bonds or like US stocks, and that's what they did. The current account deficit is the mirror image of capital inflows into the United States. Last year was $1.2 trillion of capital inflows. Now if you eliminate the current account deficit by having very high trade tariffs and bringing trade back into balance, you also eliminate the capital inflows into the United States, and if we have $1.2 trillion less money coming into the United States a year or two from now, that's going to make it much more difficult to finance the government's very large budget deficits. The budget deficits are expected to grow from something like $2 trillion now to $2.5 trillion 10 years from now, and that's assuming a lot of tariff revenue from the tariffs, budget deficit would be much larger still. So we need the capital inflows from these other countries to finance the US budget deficit, the government's budget deficit. If the trade deficit goes away, the capital inflows will go away also, and with less foreign buying of government us, government bonds, then the price of those bonds will fall and the yield on those bonds will go up. In other words, if there are fewer buyers for the bonds, the price of the bonds will go down and the yield on the bonds will go up. In other words, long term interest rates will go up, and that will be very bad for the US Economy   Speaker 2  14:08   the yields on those 10 year notes have to go up in order to attract investors. Mortgage rates and everything else are tied to those yields.   Richard Duncan  19:36   That's right. And cap rates. When people consider investing in tech stocks, they consider they'll buy fewer stocks if the interest rates are higher. So this is why it's so important for President Trump to conquer the Fed, to take over the Fed. That's what he's doing. Technically, he's very close to accomplishing that. Shall we discuss the details?   Speaker 1  20:29   Yes, we should get more into this fed takeover, just what it means for the future of real estate markets and stock markets. With Richard Duncan, more, we come back. I'm your host, Keith Weinhold   Keith Weinhold  20:41   the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your pre qual and even chat with President Chaley Ridge personally. 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Text family. 266, 866, to learn about freedom family investments, liquidity fund again. Text family. 266, 866,   Dani-Lynn Robison  22:24   you is freedom family investments co founder, Danny Lynn Robinson, listen to get rich education with Keith Weinhold, and don't quit your Daydream.   Speaker 1  22:31   Welcome back to get Education. I'm your host. Keith Weinhold, we're talking with macroeconomist Richard Duncan about a Fed takeover. I think the President wants to be Fed Chair Trump, Richard. Talk to us more about this, because this is really part of a grand plan.   Richard Duncan  22:57   So the Federal Reserve is in charge of monetary policy. That means it sets the interest rates on the federal funds rate, the short term interest rates, and it also has the power to create money through quantitative easing or to destroy money through quantitative tightening. So the Fed is in charge of monetary policy. The Fed makes its decisions at its it meets eight times a year, the Federal Open Market Committee, the FOMC, meets eight times a year, and they take votes. They discuss what's going on in the economy. They make a decision about what they should do about interest rates, and in some cases, decisions about creating or destroying money through quantitative easing or quantitative tightening. They take a vote. The structure of the Federal Reserve System is as follows. There are seven members of the Federal Reserve Board of Governors, so there are seven fed governors there. The Federal Reserve Board is in based in Washington, DC. In addition to that, there are 12 Federal Reserve banks around the country, like the Federal Reserve Bank of St Louis, for instance, or the Federal Reserve Bank of Kansas, the Federal Reserve Bank of New York. Each of these Federal Reserve Banks have a president, so there are 12 Federal Reserve Bank presidents now at the FOMC meetings where interest rates are decided, all seven fed governors get a vote, but only five Federal Reserve Bank presidents get to vote, and they rotate their votes every year they the following year are different. Five fed presidents get to vote. The Federal Reserve Bank president of New York always gets the vote because New York is such an important financial center, but the other four other presidents keep rotating year after year, and the presidents, 12 presidents, serve five year terms, and they can be reappointed, and their terms expire all at the same time, all on the same day, all of their terms will expire next year on February 28 and they will perhaps be reappointed and perhaps. Be reappointed. So that's the structure, seven Federal Reserve Bank governors and 12 Federal Reserve Bank presidents. All the governors. All seven get to vote at every FOMC meeting, but only five of the Presidents get to vote. So that's a total of 12. The Governors of the Federal Reserve System are the most important the seven. Those seven include the Chairman, Chairman Powell, and this is why they're the most important. They're important because if four of the seven have the power to fire all of the Federal Reserve Bank presidents, if four fed governors vote together, they can fire all 12 Federal Reserve Bank presidents. It only takes four. Only takes four. Then those Federal Reserve Bank presidents would have to be replaced, but the Federal Reserve Board of Governors has to approve the replacements. So if President Trump has four fed governors who will do what he tells them to do, then they can fire all the Federal Reserve Bank presidents and only replace them with other people who will do what President Trump tells them to do. Gosh. So what this means is, if the president can get four Federal Reserve Bank governors out of seven, then he has absolute control over monetary policy. He can do anything he wants with interest rates. He can do anything he wants with quantitative easing. So how many does he have now? Well, he has two that he's appointed, Christopher Waller and Michelle Bowman. They voted to cut interest rates at the last FOMC meeting. That was a dissenting vote, because the rest of the voting members voted to hold interest rates steady. Those two have already voted with the President, so they're on Team Trump, and they're going to stay on Team Trump, because both of them would like to become Fed Chairman when Jerome Powell term expires in May next year, very suddenly and very unexpectedly. A month or so ago, another fed Governor resigned. Her name is Adriana Coogler. Her term was not due to expire for another six months, and she'd not given any indication that she was going to resign early, but she did this now gives the President can nominate the Federal Reserve Bank governors. So he is nominated Stephen Moran, the one who wrote the paper the grand plan. Grand plan. He's nominated him to replace Adriana Coogler, yeah, and he's going to vote on him on his appointment, perhaps within very soon, and it only takes 51 senators to vote him in. And since the Republicans control the Senate, he will be approved, it seems very likely that he will be approved, and that will give President Trump the third vote on the FOMC. He will have three out of the seven governors. He only needs one more, and this is where at least the cook comes in. So on the 26th of August, I think President Trump announced that he was firing Lisa Cook, a Fed governor, because she allegedly had made misleading statements on some mortgage applications that have not been proven yet, that they are alleged. So he says that he has fired her. She has said he does not have the right to fire her. The legal cases that the President does have the right to fire a Federal Reserve Bank Governor, but only for cause. And so there's a real question whether this qualifies as being for cause or not, especially since it's only alleged at this point, but assuming that he does get control. So if he does succeed in firing her, he will be able to appoint her replacement, and that will give him four members, four governors out of the seven. And as we just discussed, with four out of seven, he will have complete control over monetary policy, because with four out of seven, that would give him the power to command those four to vote to fire all 12 presidents of the Federal Reserve Banks, and then to appoint new presidents of the Federal Reserve Banks who would vote along with whatever President Trump tells them to vote for. So in that case, with four fed governors, he would have those Four Plus he would have the five presidents that he would appoint from the Federal Reserve Banks voting for him. So five plus four, that is nine, nine out of 12 voting members on the Federal Open Market Committee. He would be guaranteed nine out of 12 votes on the FOMC, and that would give him complete control over monetary policy, and that's what he needs, because his policies are inflationary. They're going to drive up inflation. They're and that's going to push up the 10 year government bond yield, and it would normally make the Fed also increase the federal funds rate, because higher inflation should the Fed in. Increase the interest rates to cool down the higher inflation. But now that's not going to happen, because he is going to take over the FOMC one way or the other. Just by firing Lisa Cook, he's sending a very clear message to all the other fed governors and to the 12 existing Federal Reserve Bank presidents, you do what I tell you or you may be investigated too. You're next, one way or the other, the President is going to get what the President wants, and what he wants is control over monetary policy, and what that means is much lower short term interest rates and probably another very big round of quantitative easing to hold down long term interest rates as well.   Keith Weinhold  30:41   That was an amazing architecture and plan that you laid out for how a President can take over the Federal Open Market Committee. That was amazing to think about that, and what we believe he wants you talked about it is potentially quantitative easing, which is a genteel way of saying dollar printing. Is it lowering the Fed funds rate down to, I think 1% is what he desired, and we're currently at about 4.3%   Richard Duncan  31:08   that's right. He said he'd like to see the federal funds rate 300 basis points lower, which would put 1.3% we could see a series of very sharp interest rate cuts by the Fed in the upcoming FOMC meetings, so we could see the short term interest rates falling very quickly, but as we discussed a little bit earlier, that would alarm the bond market and investors, because they would realize that much lower interest rates would lead to much higher rates of inflation by overstimulating the economy. And so the 10 year bond yields will move higher for fear of inflation, and that will then force President Trump to command the Fed, to create money through quantitative easing on a potentially trillion dollar scale, and start buying up government bonds to push up their price and drive down their yields, so that the 10 year bond yields and the 30 year bond yields will fall. And since mortgage rates are pegged to the government bond yields mortgage rates will fall, and credit card rates will fall, and bank lending rates will fall, and this will kick off an extraordinary economic boom in the US, and also drive asset prices very much higher and create a wealth Bonanza,   Keith Weinhold  32:15   right? And here, Richard and I are talking interestingly, just two days before the next Fed decision is rendered, therefore, with eminent cuts, we could very well see soaring stock and real estate markets fueled by this cheap credit and this quantitative easing, at least in the shorter term.   Richard Duncan  32:36   But timing is something one must always keep in mind, there is a danger that we could actually see a sell off in the stock market in the near term. If we start seeing the Fed slashing interest rates, then the 10 year bond yields will start moving higher. That would ultimately lead to quantitative easing to drive those yields back down. But when the falling short term interest rates start pushing up interest rates on the 10 year government bond yield because investors expect higher rates of inflation, that could spook the stock market. The stock market's very expensive, so before QE kicks in, there could actually be a period where raising expectations for higher rates of inflation drive the 10 year bond yields higher before the Fed can step in and drive them back down again. We could actually see a sell off in the stock market before we get this wealth boom that will ultimately result when the Fed cuts the short term rates and then quantitative easing also drives down the long term rates. I hope that's not too confusing. There could be a intermediate phase, where bond yields move higher, and that causes the stock market to have a significant stumble. But that wouldn't last long, because then President Trump would command the Fed to do quantitative easing, and as soon as the president says on television that he's going to do quantitative easing, between the moment he says quantitative and the moment he says easing, the stock market is going to rocket higher.   Keith Weinhold  34:05   And here we are at a time where many feel the stock market is overvalued. Mortgage rates have been elevated, but they're actually still a little below their historic norms. The rate of inflation hasn't been down at the Fed's 2% target in years, it's been above them, and we've got signs that the labor market is softening.   Richard Duncan  34:25   That's true. The labor market numbers in the most recent job number were quite disappointing, with the revisions to earlier months significantly lower. But of course, with so many people being deported from the United States now, that's contributing to this lower job growth numbers. If you have fewer people, there are fewer people to hire and add to job creation, so that may have some distorting impact on the low job creation numbers. The economy actually is seems to be relatively strong the the. Latest GDP now forecast that the Atlanta Fed does is suggesting that the economy could grow by three and a half percent this quarter, which is very strong. So the economy is not falling off a cliff by any means. If the scenario plays out, as I've discussed, and ultimately we do get another round of quantitative easing and the Fed cuts short term interest rates very aggressively. That will create a very big economic boom with interest rates very low. That will push up real estate prices, stock prices and gold prices and Bitcoin prices and the price of everything except $1 the dollar will crash because currency values are determined by interest rate differentials. Right now, the 10 year government bond yield is higher than the bond yields in Europe or Japan, and if you suddenly cut the US interest rates by 100 basis points, 200 basis points, 300 basis points, and the bond yields go down very sharply, then it'll be much less attractive for anyone to hold dollars relative to other currencies, and so there will be a big sell off of the dollar. And also, if you create another big round of quantitative easing and create trillions of dollars that way, then the more money you create, the less value the dollar has supply and demand. If you have trillions of extra new dollars, then the value of the dollar loses value. So the dollar is likely to take a significant tumble from here against other currencies and against hard assets. Gold, for instance, that's why we've seen such an extraordinary surge in gold prices.   Speaker 1  36:38   right? Gold prices soared above three $500 and Richard I'm just saying what I'm thinking. It's remarkable that Trump continues to be surrounded by sycophants that just act obsequiously toward him and want to stay in line and do whatever he says. And I haven't seen anyone breaking that pattern.   Richard Duncan  36:59   I'm not going to comment on that observation, but what I would like to say is that if this scenario does play out, and it does seem that we're moving in that direction, then this big economic boom is very likely to ultimately lead to the big economic bust. Every big boom leads to a big bust, right? Big credit booms lower interest rates, much more borrowing by households, individuals, companies. It would while the borrowing is going on, the consumption grows and the investment grows, but sooner or later, it hits the point where even with very low interest rates, the consumers wouldn't be able to repay their loans, like we saw in 2008 businesses wouldn't be able to repay their loans, and they would begin defaulting, as they did in 2008 and at that point, everything goes into reverse, and the banks begin to fail when they don't receive their loan repayments. And it leads to a systemic financial sector crisis. The banks lend less when credit starts to contract, then the economy collapses into a very serious recession, or even worse, unless the government intervenes again. So big boom that will last for a few years, followed by a big bust. That's the most probable outcome, but I do see one other possibility of how that outcome could be avoided, on the optimistic side, and this is it. If once President Trump slash Fed Chairman Trump has complete control over US monetary policy, then it won't take him long to realize Stephen Moran has probably already told him that he would then be able to use the Fed to fund his us, sovereign wealth fund. You will remember, back in February, President Trump signed an executive order creating a US sovereign wealth fund. And this was music to my ears, because for years, as you well know, I've been advocating for the US government to finance a multi trillion dollar 10 year investment in the industries and technologies of the future   Keith Weinhold  39:01   including on this show, you laid that out for us a few years ago and made your case for that here, and then Trump made it happen.   Richard Duncan  39:08   Let's try my book from 2022 it was called the money revolution. How to finance the next American century? Well, how to finance the next American Century is to have the US, government finance, a very large investment in new industries and new technologies in things like artificial intelligence, quantum computing, nanotechnology, genetic engineering, biotech, robotics, clean energy and fusion, create fusion and everything, world where energy is free, ultimate abundance. So I was very happy that President Trump created this US sovereign wealth fund. Now that he will soon have complete control over his US monetary policy, he will understand that he can use the Fed to fund this, US sovereign wealth fund. He can have the Fed create money through quantitative easing and. And start investing in fusion. We can speed up the creation of the invention of low cost fusion. We could do that in a relatively small number of years, instead of perhaps a decade or longer, as things are going now, we could ensure that the United States wins the AI arms race that we are in with China. Whoever develops super intelligence first is probably going to conquer the world. We know what the world looks like when the United States is the sole superpower. We've been living in that world for 80 years. Yeah, we don't know what the world would look like if it's conquered by China. And China is the control super intelligence and becomes magnitudes greater in terms of their capacity across everything imaginable than the United States is whoever wins the AI arms race will rule the world. This sort of investment through a US sovereign wealth fund would ensure that the winner is the US and on atop it, so it would shore up US national security and large scale investments in these new technologies would also turbocharge US economic growth and hopefully allow us to avoid the bust that is likely to ultimately occur following The approaching boom, and keep the economy growing long into the future, rather than just having a short term boom and bust, a large scale investment in the industries of the future could create a technological revolution that would generate very rapid growth in productivity, very rapid economic growth, shore up US national security, and result in technological miracles and medical breakthroughs, possibly curing all the diseases, cure cancer, cure Alzheimer's, extend life expectancy by decades, healthy life expectancy. So that is a very optimistic outcome that could result from President Trump becoming Fed Chairman Trump and gaining complete control over monetary policy. And this is all part of the plan of making America great again. If he really followed through on this, then he certainly would be able to restructure the US economy, re industrialize it, create a technological revolution that ensured us supremacy for the next century. That's how to finance the next American century.   Speaker 1  42:23   Oh, well, Richard, I like what you're leaving us with here. You're giving us some light, and you're talking about real productivity gains that really drives an economy and progress and an increased standard of living over the long term. But yes, in the nearer term, this fed takeover, there could be some pain and a whole lot of questions in getting there. Richard, your macro watch piece that caught my attention is so interesting to a lot of people. How can more people learn about that and connect with you and the great work you do on macro watch, which is your video newsletter   Richard Duncan  43:00   Thanks, Keith. So it's really been completely obvious that President Trump was very likely to try to take over the Fed. Nine months ago, I made a macro watch video in December called Will Trump in the Fed, spelling out various ways he could take over the Fed, and why he probably would find it necessary to do so. So what macro watch is is it describes how the economy really works in the 21st Century. It doesn't work the way it did when gold was money. We're in a completely different environment now, where the government is directing the economy and the Fed, or seeing the President has the power to create limitless amounts of money, and this changes the way everything works, and so that's what macro watch explains. It's a video newsletter. Every couple of weeks, I upload a new video discussing something important happening in the global economy and how that's likely to impact asset prices, stocks, bonds, commodities, currencies and wealth in general. So if your listeners are interested, I'd encourage them to visit my website, which is Richard Duncan economics.com that's Richard Duncan economics.com and if they'd like to subscribe, hit the subscribe button. And for I'd like to offer them a 50% subscription discount. If they use the discount coupon code, G, R, E, thank you, GRE, they can subscribe at half price. I think they'll find that very affordable. And they will get a new video every couple of weeks from me, and they will have immediate access to the macro watch archives, which have more than 100 hours of videos. Macro watch was founded by me 12 years ago, and I intend to keep doing this, hopefully far into the future. So I hope your listeners will check that out.   Keith Weinhold  44:46   Well, thanks, both here on the show and on macro watch Richard gives you the type of insight that's hard to find anywhere else, and you learn it through him oftentimes before it makes the headlines down the road. So. Richard, this whole concept of a Fed takeover is just unprecedented, as far as I know, and it's been so interesting to talk about it. Thanks for coming back onto the show.   Richard Duncan  45:08   Thank you, Keith. I look forward to the next time.   Speaker 1  45:17   Yeah, fascinating stuff from Richard in the nearer term, we could then see interest rate cuts that would go along with cuts to mortgages and credit card rates and car loan rates and all kinds of bank lending rates. This could pump up the value of real estate, stocks, Bitcoin, gold, nearly everything a wealth bonanza. Now, in polls, most Americans think that the Fed should stay independent from outside control. You really heard about how the President is dismantling the safeguards that protect that fed independence, the strategy he's using to bend the Federal Open Market Committee to His will. And this is not speculation, because, as you can tell, the takeover of the Fed is already underway. A fed governor has been fired. New loyalists are being installed, and key votes are lining up in the President's favor. But as far as the longer term, you've got to ask yourself, if these policies will inflate a giant bubble destined to burst down the road. I mean triggering a crisis as bad as 2008 I mean, these are the very questions that every investor should be asking right now, if you find this in similar content fascinating, and you want to stay on top of what is forward looking what's coming next macroeconomically, check out Richard Duncan's macro watch at Richard Duncan economics.com for our listeners, he's long offered the discount code for a 50% discount that code is GRE, that's Richard Duncan economics.com and the discount code GRE next week here on the show, we're bringing it back closer to home with key us, real estate investing strategies and insights, a lot of ways to increase your income. Until then, I'm your host. Keith Weinhold, don't quit you Daydream.   Speaker 3  47:20   Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively.   Speaker 1  47:40   You You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access, and it's got paywalls and pop ups and push notifications and cookies disclaimers, it's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters. And I write every word of ours myself. It's got a dash of humor, and it's to the point, because even the word abbreviation is too long, my letter usually takes less than three minutes to read, and when you start the letter, you also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text gre 266, 866, while it's on your mind, take a moment to do it right now. Text gre to 66866,   Keith Weinhold  48:59   The preceding program was brought to you by your home for wealth, building, get richeducation.com you.  

A seismic shift in US global strategy appears to be confirmed. In this explosive episode, we dissect the leaked draft of the Pentagon's latest National Defense Strategy, which signals a historic reversal of decades of American foreign policy.We delve into the news that the US is formally de-prioritizing the "deterrence of China" in favor of a new focus on the homeland and the Western Hemisphere. What makes this shift so remarkable is its author: Elbridge Colby, the renowned strategist and author of "The Strategy of Denial," a book literally dedicated to containing Beijing. Has access to real intelligence revealed the futility of the mission?Was the much-hyped "pivot to Asia" always just rhetorical cover for a gradual withdrawal? Is this new doctrine not just an Asian exit, but a full-scale retrenchment from America's role as the global hegemon? Are we witnessing the end of the American Century? Is this a pragmatic acceptance of multipolarity and structural decline, or a dangerous vacuum that other powers will rush to fill? Newsflash: You can find everything Explaining History on Substack, join free hereHelp the podcast to continue bringing you history each weekIf you enjoy the Explaining History podcast and its many years of content and would like to help the show continue, please consider supporting it in the following ways:If you want to go ad-free, you can take out a membership hereOrYou can support the podcast via Patreon here Hosted on Acast. See acast.com/privacy for more information.

Tom Kmak is the co-founder and Chief Executive Officer of Fiduciary Decisions (FDI, formerly Fiduciary Benchmarks). During his 16 years with the firm, FDI has become the industry's leading firm for benchmarking retirement plans using a patented approach that recognizes the mathematical truth that “Fees Without Value is a Meaningless Comparison.” Tom is pleased to say that FDI's benchmarking service is used by 70% of the largest and most prestigious Recordkeepers as well as over 60% of the best Retirement Plan Advisors, as recognized by various industry publications. Tom has also been involved in the development of other services at Fiduciary Decisions, such as the Rollover Decision Support System supporting DOL PTE 2020-02, as well as the interactive plan design tool called the Retirement Outcomes Evaluator. Prior to founding FDI in 1990, Tom started the JPMorgan Retirement Plan Services business with American Century. Upon leaving in October 2007, that business employed 1,100 people serving two hundred large plan sponsors with over 1.5 million participants and more than $115 billion in assets. During his career with Retirement Plan Services, the company initiated numerous industry firsts, including no blackout conversions and the innovative employee education program, Audience of One. Tom also served on the Executive Committee for JPMorgan's asset management business. Tom graduated Phi Beta Kappa from DePauw University with a B.A. degree in Economics and Computational Mathematics. He was the first graduate of the prestigious Management Fellows Program, and he was a 3-year letterman in intercollegiate basketball.In this episode, Eric and Tom Kmak discuss:Do Managed Accounts Provide Personalized Value?Does a Dynamic QDIA Enhance Individualization?Evaluation Requires Comprehensive Tools and CriteriaRetirement Outcomes Should Be the PriorityKey Takeaways:Managed accounts can help participants who lack time or investment expertise by providing personalized guidance that can improve decision-making and long-term retirement outcomes.Dynamic QDIA strategies are intended to tailor investments to each participant's age, account balance, and financial situation, and can potentially create a more individualized approach to retirement planning.The goal of adopting managed account solutions should be to improve retirement readiness and long-term results, with fees considered in the context of overall value and personalization.“We've had some people say publicly, the reason I like managed accounts is they can't be benchmarked, to which we replied, hold my beer.” - Tom KmakConnect with Tom Kmak:Website: https://www.fiduciarydecisions.com/team/tom-kmak/ LinkedIn: https://www.linkedin.com/in/thomas-kmak-5635b77/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to changeIt is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

Author Peter Simons discusses his book Global Heartland: Cultivating the American Century on the Midwestern Farm. Then, an ISU wildlife extension specialist offers a new resource for Iowans who want to support wildlife.

For decades, Joseph Nye was one of the true giants of American foreign policy. His career, in government and in the academy, spanned epochs, and his body of work as a scholar of international relations remains unparalleled.   Nye, who passed away at the age of 88 in May, served in the Carter and Clinton administrations and headed the Harvard Kennedy School for nearly two decades. But he may be best known for his contributions to the study of international relations. Nye coined the term “soft power” and co-authored Power and Interdependence, a pathbreaking analysis of geopolitics, with Robert Keohane.   Fifty years later, Nye and Keohane, longtime colleagues and friends, reunited for a final time in Foreign Affairs' pages, to argue that President Donald Trump's single-minded fixation on hard power risks weakening the real sources of U.S. strength. It is a fitting, if not exactly valedictory, culmination of a life in the American century.   Over the decades, Keohane got to know Nye the thinker and Nye the man better than almost anyone. Dan Kurtz-Phelan spoke with Keohane about Nye's legacy and about what a changing American foreign policy will mean for the future of international relations. You can find sources, transcripts, and more episodes of The Foreign Affairs Interview at https://www.foreignaffairs.com/podcasts/foreign-affairs-interview. 

The period following the Second World War is often referred to as the American Century, when the rise of the United States to global hegemon accelerated and solidified. Those who take an interest in the global political economy are starting to wonder if that era is coming to a close. But the volatility of US policy in recent years, as much as it has given rise to questions over whether this period of American exceptionalism is at an end, also carries with it many elements which could herald its continuation. Marvin Barth, founder and author of Thematic Markets, an independent research effort focused on long-term trends and themes, joins the podcast to pore over the most critical questions facing the United States and what the answers mean for its place in the world.See omnystudio.com/listener for privacy information.

Is President Donald Trump augmenting or undermining the sources of American power? Trade wars against U.S. allies, an immigration crackdown, and slashing the federal workforce are but three ways the administration's approach to exercising power could ultimately erode it. In this episode, renowned political theorist Robert Keohane argues that "the continuation of Trump's current foreign policy would weaken the United States and accelerate the erosion of the international order that since World War II has served so many countries well." Is this the end of the American Century? Or was it already dead and buried? Recommended reading: The End of the Long American Century by Robert O. Keohane and Joseph S. Nye in Foreign Affairs, the official publication of the Council on Foreign Relations Joseph Nye, a scholar, strategist, and public servant, died on May 6, 2025.

On this excellent episode of BYABushwood, Brock White and Casey Earl Flynn talk LIV Andalucía and The Scottish Open before being joined by BYAPN Boots on the Ground, Cory Collins, who shares some stories about his time at the American Century Championship in Tahoe this past weekend.  Then they all three dive deep into a little golf tournament called The Open Championship that begins soon on the Dunlace Course at Royal Portrush Golf Club in Northern Ireland.  Hope you're ready for a fantastic weekend, and that you'll tell us who you're betting on over on FB, IG, and/or X please!  Also, say hi to Brock White on X and go buy lots of BYABushwood gear from the BYAPN SHOP!

7/14/25 - Hour 1 Rich shares his best (and worst?) moments from his weekend playing in the American Century celebrity golf tournament in Lake Tahoe. NBC Sports Bay Area's Matt Maiocco tells Rich how much leverage disgruntled WR Jauan Jennings has in his demand for a new contract or a trade from the 49ers, if Brandon Aiyuk will be ready to suit up for the Niners when the season kicks off, discusses the influx of rookies on defense and the return of Robert Saleh as DC, and if San Francisco can compete with the Rams for NFC West bragging rights. Please check out other RES productions: Overreaction Monday: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://apple.co/overreactionmonday⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  What the Football with Suzy Shuster and Amy Trask: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://apple.co/whatthefootball⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ The Jim Jackson Show: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/the-jim-jackson-show/id1770609432⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ No-Contest Wrestling with O'Shea Jackson Jr. and TJ Jefferson: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/no-contest-wrestling/id1771450708⁠⁠⁠ Learn more about your ad choices. Visit podcastchoices.com/adchoices

It was a real privilege to welcome my longtime collaborator and friend, Dr. Susan Helper, to the Manufacturing in the American Century podcast. Sue is not only a Harvard-trained PhD economist and professor at Case Western Reserve University, but also a seasoned federal leader who's served as Chief Economist at the U.S. Department of Commerce and on the White House Council of Economic Advisers. She's a nationally recognized expert on manufacturing and one of the most influential thought leaders advancing bottom-up economic development in America today.In this episode, we dive into our shared work on the Investing in Manufacturing Communities Partnership (IMCP), which was an early and influential federal initiative that helped seed the emergence of place-based development strategies across the country. Sue offers fascinating insights into the practical, evidence-based methods for catalyzing regional growth through smarter manufacturing, to include the power of industrial ecosystems, the risks of "racing to the bottom," and the need for better structures, metrics, and coordination among federal, state, and regional actors.From her reflections on the enduring value of manufacturing to her passionate call for a long-term national industrial strategy, Sue's clarity and conviction make her such a trusted leader in the field. Whether you're new to the AMCC network or a seasoned stakeholder, this episode is full of wisdom and takeaways from one of the nation's foremost champions for bottom-up, evidence-based sustainable development - it's a must listen!!

We’re calling another meeting of ‘The Urbanist’ bookclub to review two titles: ‘Designing the American Century’ and ‘Women Architects at Work’.See omnystudio.com/listener for privacy information.

With the excesses of 2020 now being examined in mainstream outlets like The New York Times, we are witnessing a moment of introspection on the American left. To unpack this development, we're joined by a writer who has studied the history of the left. And in this week's conversation, we wrestle with our own complicated — and at times conflicted — relationships to these politics.Daniel Oppenheimer is an American writer and podcaster. He runs the Substack newsletter Eminent Americans and hosts a podcast of the same name. He's the author of Exit Right: The People Who Left the Left and Reshaped the American Century, and his latest essay for Persuasion is “How the Left Loses its People.”You can find Tara Henley on Twitter at @TaraRHenley, and on Substack at tarahenley.substack.com

Eighty years ago this summer, a young John F. Kennedy took a job as a journalist for Hearst newspapers, filing dispatches in the final days of World War II. His columns capture the mood of a changing world. Even the most seasoned JFK scholars often overlook this chapter. In today's extra special Very Special Episode, Pulitzer Prize-winning biographer Fred Logevall and legendary director Rob Reiner join us to explore the forgotten summer that helped shape Kennedy's worldview. * Check out Fred Logevall's excellent book: JFK: Coming of Age in the American Century. Listen to Who Killed JFK? from Rob Reiner and Soledad O'Brien wherever you get your podcasts. And go see Spinal Tap II: The End Continues in theaters this September! And thanks to our JFK voice actor, Tom Antonellis, for nailing another role. * Hosted by Dana Schwartz, Zaron Burnett, and Jason EnglishWritten by Joe PompeoProduced by Josh FisherEditing and Sound Design by Jonathan Washington and Josh FisherAdditional Editing by Mary DooeMixing and Mastering by Josh FisherResearch and Fact-Checking by Joe Pompeo and Austin ThompsonOriginal Music by Elise McCoyShow Logo by Lucy QuintanillaExecutive Producer is Jason EnglishSee omnystudio.com/listener for privacy information.

Eighty years ago this summer, a young John F. Kennedy took a job as a journalist for Hearst newspapers, filing dispatches in the final days of World War II. His columns capture the mood of a changing world. Even the most seasoned JFK scholars often overlook this chapter. In today's extra special Very Special Episode, Pulitzer Prize-winning biographer Fred Logevall and legendary director Rob Reiner join us to explore the forgotten summer that helped shape Kennedy's worldview. * Check out Fred Logevall's excellent book: JFK: Coming of Age in the American Century. Listen to Who Killed JFK? from Rob Reiner and Soledad O'Brien wherever you get your podcasts. And go see Spinal Tap II: The End Continues in theaters this September! And thanks to our JFK voice actor, Tom Antonellis, for nailing another role. * Hosted by Dana Schwartz, Zaron Burnett, and Jason EnglishWritten by Joe PompeoProduced by Josh FisherEditing and Sound Design by Jonathan Washington and Josh FisherAdditional Editing by Mary DooeMixing and Mastering by Josh FisherResearch and Fact-Checking by Joe Pompeo and Austin ThompsonOriginal Music by Elise McCoyShow Logo by Lucy QuintanillaExecutive Producer is Jason EnglishSee omnystudio.com/listener for privacy information.

(If you loved Rob Reiner + Soledad O'Brien's WHO KILLED JFK?, perhaps you'll enjoy this story from JFK's early years. Thanks for Rob Reiner for joining the Very Special Episodes podcast to help us tell it.) Eighty years ago this summer, a young John F. Kennedy took a job as a journalist for Hearst newspapers, filing dispatches in the final days of World War II. His columns capture the mood of a changing world. In today's Very Special Episode, Pulitzer Prize-winning biographer Fred Logevall and legendary director Rob Reiner join us to explore the forgotten summer that helped shape Kennedy's worldview. * For more Very Special Episodes, follow the show wherever you get your podcasts. Go see Spinal Tap II: The End Continues in theaters this September! Check out Fred Logevall's excellent book: JFK: Coming of Age in the American Century. Today's episode was written by Joe Pompeo. Very Special Episodes is hosted by Dana Schwartz, Zaron Burnett, and Jason English. Produced and edited by Josh Fisher, Jonathan Washington, and Mary Dooe. And thanks to our JFK voice actor, Tom Antonellis, for nailing another role. See omnystudio.com/listener for privacy information.

Eighty years ago this summer, a young John F. Kennedy took a job as a journalist for Hearst newspapers, filing dispatches in the final days of World War II. His columns capture the mood of a changing world. Even the most seasoned JFK scholars often overlook this chapter. In today's extra special Very Special Episode, Pulitzer Prize-winning biographer Fred Logevall and legendary director Rob Reiner join us to explore the forgotten summer that helped shape Kennedy's worldview. * Check out Fred Logevall's excellent book: JFK: Coming of Age in the American Century. Listen to Who Killed JFK? from Rob Reiner and Soledad O'Brien wherever you get your podcasts. And go see Spinal Tap II: The End Continues in theaters this September! And thanks to our JFK voice actor, Tom Antonellis, for nailing another role. * Hosted by Dana Schwartz, Zaron Burnett, and Jason EnglishWritten by Joe PompeoProduced by Josh FisherEditing and Sound Design by Jonathan Washington and Josh FisherAdditional Editing by Mary DooeMixing and Mastering by Josh FisherResearch and Fact-Checking by Joe Pompeo and Austin ThompsonOriginal Music by Elise McCoyShow Logo by Lucy QuintanillaExecutive Producer is Jason EnglishSee omnystudio.com/listener for privacy information.

In celebration of Juneteenth, Pulitzer Prize–winning historian David Levering Lewis, author of the definitive two-volume biography of W.E.B. Du Bois, explores Du Bois' life, legacy, and enduring impact on American history, while also discussing his own new memoir, The Stained Glass Window. Jeffrey Rosen, president and CEO of the National Constitution Center, moderates. Resources David Levering Lewis, The Stained Glass Window: A Family History as the American Story, 1790–1958, (2025) David Levering Lewis, W.E.B. Du Bois: A Biography 1868–1963, (2009) American Historical Association, “W.E.B. Du Bois (1868–1963): Historian, Sociologist, Editor, Activist,” Perspectives on History, (2023) W.E.B. Du Bois, The Talented Tenth, (1903) W.E.B. Du Bois, The Souls of Black Folk: Centennial Edition, (2003) W.E.B. Du Bois, Black Reconstruction in America: An Essay Toward a History of the Part Which Black Folk Played in the Attempt to Reconstruct Democracy in America, 1860–1880, (2014) W.E.B. Du Bois and Guy B. Johnson, Encyclopedia of the Negro: Preparatory Volume with Reference Lists and Reports, (1940) David Levering Lewis, W.E.B. Du Bois: The Fight for Equality and the American Century, 1919–1963, Read by Courtney B. Vance, (2001)   Stay Connected and Learn More Questions or comments about the show? Email us at podcast@constitutioncenter.org Continue the conversation by following us on social media @ConstitutionCtr. Sign up to receive Constitution Weekly, our email roundup of constitutional news and debate. Follow, rate, and review wherever you listen. Join us for an upcoming live program or watch recordings on YouTube. Support our important work. Donate

SSJ start off the 3rd Hour talking to Matt Besler and Nate Bukaty LIVE in studio. The guys talk about an upcoming charity event that benefits The Battle Within. (https://www.thebattlewithin.org/) Then Steven is joined by Johnathan Thomas who is the CEO of American Century Investments. Johnathan talks to SSJ about the American Century celebrity golf tournament happening in Lake Tahoe July 9th - July 13th.See omnystudio.com/listener for privacy information.

Send us a textIn this brief episode we talk about the new series that will begin on June 11, 2025. Plus we also talk about the future of this broadcast. This look back at Bob Dole will also mark the end of our look at the Greatest Generation of Americans that overcame a depression, fought World War 2 , and came home to build the American Century while winning the Cold War. Bob Dole's story is their final story on the national political stage. After Bob Dole walks away in 1996, this generation will begin their gradual fading away and into history. We are honored to tell this story about this man who was a true American Hero in every sense of the word. We are not sure where this podcast will be going from here. So, while we lay out the plan for the next 3 seasons of our show, we are also listening for any ideas about the future or whether we are at the end of our run. We look forward to hearing from you as this story unfolds. Thank you for tuning in, this is a joy to be telling these stories.Randal WallaceHost of "The Randal Wallace Presents" Podcast, formerly known as Bridging the Political Gap Questions or comments at , Randalrgw1@aol.com , https://twitter.com/randal_wallace , and http://www.randalwallace.com/Please Leave us a review at wherever you get your podcastsThanks for listening!!

This is a free preview of a paid episode. To hear more, visit andrewsullivan.substack.comRobert is a journalist and historian. He served as president and editor-in-chief of Congressional Quarterly, the editor of The National Interest, and the editor of The American Conservative, and he covered Washington as a reporter for the WSJ for more than a decade. He has written many history books, including the one we're discussing this week: President McKinley: Architect of the American Century. It's a lively read, a fascinating glimpse of fin-de-siècle American politics, and of a GOP firmer on tariffs — but a hell of a lot more virtuous than it is under Trump today.For two clips of our convo — on McKinley's heroism during the Civil War, and the reasons he differs so much from Trump — head to our YouTube page.Other topics: Robert's journalist dad and his conservative influence; his own career as a journo; McKinley's roots in Ohio; his abolitionist parents; his mentor Rutherford B Hayes; his time in Congress; the economic depression of the 1890s; the debate over the gold standard; McKinley's “front-porch strategy” besting the great populist orator William Jennings Bryan; his underrated presidency; his modesty and “commanding quiet”; his incremental pragmatism — in the spirit of Oakeshott's “trimmer”; ushering in American empire; the Spanish-American War; the sinking of the Maine; taking over the Philippines; annexing Hawaii; leaving Cuba to the Cubans; the Panama Canal; McKinley's strong support of tariffs; his later pivot towards reciprocity in trade; his lackluster record on race relations; his assassination by an anarchist; Teddy taking over; his bombast contrasting with his predecessor; trust-busting; McKinley's remarkable marriage; his wife's epilepsy; HW Bush; and if a McKinley type of conservative could succeed in today's GOP.Browse the Dishcast archive for an episode you might enjoy (the first 102 are free in their entirety — subscribe to get everything else). Coming up: Chris Matthews — who just revived “Hardball” on Substack, Tara Zahra on the revolt against globalization after WWI, Walter Isaacson on Ben Franklin, Arthur C. Brooks on the science of happiness, Paul Elie on crypto-religion in ‘80s pop culture, and Johann Hari coming back to turn the tables and interview me for the pod. Please send any guest recs, dissents, and other comments to dish@andrewsullivan.com.

Rural America is Trump country. Last November Trump carried 93 percent of rural counties.. How can Democrats change that? Anthony Flaccavento and Erica Etelson, co-founders of the Rural Urban Bridge Initiative, have a strategy to accomplish that. Also: 20 minutes without Trump: We know a lot about the bad things J. Edgar Hoover did, but it turns out there's a lot we didn't know. In this episode from the archives, Historian Beverly Gage will explain. Her award-winning book is “G-Man: J. Edgar Hoover & the Making of the American Century.” (originally aired in December, 2022)Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Rural America is Trump country. Last November Trump carried 93 percent of rural counties.. How can Democrats change that? Anthony Flaccavento and Erica Etelson, co-founders of the Rural Urban Bridge Initiative, have a strategy to accomplish that. Also: 20 minutes without Trump: We know a lot about the bad things J. Edgar Hoover did, but it turns out there's a lot we didn't know. In this episode from the archives, Historian Beverly Gage will explain. Her award-winning book is “G-Man: J. Edgar Hoover & the Making of the American Century.” (originally aired in December, 2022)Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Book review: A Pulitzer winner by Yale Professor Beverly Gage. G-Man: J. Edgar Hoover and the Making of the American Century by Beverly Gage is a monumental biography. It is a revelatory portrait of a colossus who for decades influenced government, policing, race, ideology, politics, federal power and much more.⇨ YOU WILL LEARN: * What this Viking publication is all about* Highlights from the war on Communists and gangsters* Valuable tips for creating your own memoir or biography* How life stories can change history!⇨ FULL ARTICLEClick to read: https://foreveryoungautobiographies.com/g-man/ ⇨ VIDEO PODCASTClick to watch: https://youtu.be/XI08rOyRQNg ⇨ FREE GIFTStructure Success video training: Four steps to plan a life-story outline. FREE training, click to sign up: https://wp.me/P8NwjM-3o⇨ YOUR SAYDo you have a book review recommendation? Leave me a comment below or here https://www.foreveryoungautobiographies.com/contact/⇨ RELATED LINKSBest life stories of 2024: Settle in with an award-winning bookhttps://foreveryoungautobiographies.com/best-life-stories-of-2024/  Best life stories of 2023: Award-winning books to read over the holidays https://www.foreveryoungautobiographies.com/best-life-stories-of-2023/  Book review: A British Book Awards winner and bestseller by Katherine Rundell https://foreveryoungautobiographies.com/super-infinite/  How to make a timeline: What is a timeline + timeline example (plus free printable!)https://www.foreveryoungautobiographies.com/how-to-make-a-timeline/ Writing characters: If you've already tried creating characters, don't read this. It'll break your hearthttps://www.foreveryoungautobiographies.com/writing-characters/ Editing: Don't try self editing before reading this!https://www.foreveryoungautobiographies.com/editing-autobiographies/ ♡ Thanks for listening! Please subscribe if you are new and share or review the show if you found it helpful!Happy writing!⇨ ABOUT MEG'day! I'm Nicola, the founder of Forever Young Autobiographies. I've been a daily print journalist for decades and know how to create life stories! Now I help others do the same to share with family and friends so that unique memories live on.⇨ WEBSITEhttps://www.foreveryoungautobiographies.com⇨ YOUTUBEhttps://www.youtube.com/c/ForeverYoungAutobiographies⇨ FACEBOOKhttps://www.facebook.com/foreveryoungautobiographies⇨ INSTAGRAMhttps://www.instagram.com/foreveryoungautobiographies/

Send us a textOn June 11, 2025, our podcast will embark on the final story in the original thesis we intended to tell when we started this podcast nearly five years ago. On June 11, 1996, exactly 29 years ago, we saw Bob Dole resign his Senate seat, giving one of the most important speeches we ever heard, to pursue full time his bid for the White House. He would be the last of "The Greatest Generation" to do so. In 1992, in the midst of a recession, the Republican Party would be swept out of power losing not only the White House, but the House and Senate as well. On the Federal level of Government, one man stood alone, as the leader of his party. That man was also the last of the World War 2 generation to be left on the national stage. He was Senate Minority leader Robert J. Dole of Kansas. Over the next three seasons we will tell his story and the story of the rise of the modern Republican Party. It will be the final story of National leadership for the generation of people who built the American Century. For all the attention a new generation of Republican leaders would garner, it was in fact, Bob Dole, so often in the shadow of the giants of his age, from Nixon to Reagan to Bush, and who would largely be forgotten in the coming era of Gingrich , Clinton, the second Bush, McCain, and now Donald Trump, who actually led the Republican Party out of the political wilderness and back to power in both houses of Congress, and he was able to do it even as his own efforts to win the Presidency fell short. It was a remarkable final chapter for this greatest of  generations and the opening chapter in the career of our host Randal Wallace.  This series will be that story too, a story straight from the heart of our host over these next three seasons. As he was an eyewitness, to the last campaign of the very man who would become that last living symbol of the bygone era led by the Greatest Generation. Join us for : Season 15 - Bob Dole 1993 - 1995 The Last Man StandingSeason 16 - Bob Dole  The Life that Brought Him There     &- The 1995 Resurrection of Bill Clinton  Season 17 - Bob Dole 1996 The Campaign of a Lifetime. Questions or comments at , Randalrgw1@aol.com , https://twitter.com/randal_wallace , and http://www.randalwallace.com/Please Leave us a review at wherever you get your podcastsThanks for listening!!

Send us a textIn this final episode of our 14th Season, we watch one era begin and another end. We will tune into the beginning of the Inaugural Ceremony, hearing the great Senator Wendell Ford greet the crowd and introduce the players, which will include, the Reverend Billy Graham who will give the invocation. Then we will listen in as Governor William Jefferson Clinton of Arkansas, the first Baby Boomer President, takes the oath of office and assumes the title 42nd President of the United States. Then we will hear him deliver his Inaugural Address before we fade out and over to the final ceremonies of the tenure of the now former President George H. W. Bush. We will follow him out to the West side of the Capitol as he is escorted by President and Mrs. Clinton out to the Helicopter which will fly him out to Andrews Air Force Base. We will hear some final assessments from ABC News reporter Britt Hume, followed by ABC News Anchormen Peter Jennings and David Brinkley, some final thoughts from our host Randal Wallace, and then the brief departure events at Andrews Air Force Base as President Bush and Mrs. Bush fly off for Houston , Texas and their long retirement. Then we will hear some final thoughts from the President himself as we say farewell to him and his generation of Americans at the end of the era. An era that built the American Century and created the enormously powerful and prosperous country we live in today. But what we didn't know then, that we do know now, is that the Greatest Generation would have one more story to tell, and that will be the subject of our next three season series.  Questions or comments at , Randalrgw1@aol.com , https://twitter.com/randal_wallace , and http://www.randalwallace.com/Please Leave us a review at wherever you get your podcastsThanks for listening!!

A personal and cultural exploration of the struggles between art and business at the heart of modern Hollywood, through the eyes of the talent that shaped it Matthew Specktor grew up in the film industry: the son of legendary CAA superagent Fred Specktor, his childhood was one where Beau Bridges came over for dinner, Martin Sheen's daughter was his close friend, and Marlon Brando left long messages on the family answering machine. He would eventually spend time working in Hollywood himself, first as a reluctant studio executive and later as a screenwriter. Now, with The Golden Hour, Specktor blends memoir, cultural criticism, and narrative history to tell the story of the modern motion picture industry-illuminating the conflict between art and business that has played out over the last seventy-five years in Hollywood. Braiding his own story with that of his father, mother (a talented screenwriter whose career was cut short), and figures ranging from Jack Nicholson to CAA's Michael Ovitz, Specktor reveals how Hollywood became a laboratory for the eternal struggle between art, labor, and capital. Beginning with the rise of Music Corporation of America in the 1950s, The Golden Hour lays out a series of clashes between fathers and sons, talent agents and studio heads, artists, activists, unions, and corporations. With vivid prose and immersive scenes, Specktor shows how Hollywood grew from the epicenter of American cultural life to a full-fledged multinational concern-and what this shift has meant for the nation's place in the world. At once a book about the movie business and an intimate family drama, The Golden Hour is a sweeping portrait of the American Century. Become a supporter of this podcast: https://www.spreaker.com/podcast/arroe-collins-like-it-s-live--4113802/support.

Naysayers and fake news spreaders abound in this final hour as even the former treasury secretary takes lisping swings at Trump's tariff plans. The President's top economic advisors celebrate the success America is already seeing, shortly before Nvidia makes a half-trillion dollar announcement that vaporizes the left's lies. Karmelo Anthony gets house arrest after killing another teen by stabbing him in the heart. Make it make sense.

For our sixth episode of "History and our Current World," Jeremi Suri joins Kelly to discuss how policymakers can effectively use historical analogies without falling into the trap of oversimplification. They discuss how examining multiple historical cases rather than relying on a single analogy like Munich or Vietnam can result in better policy outcomes. Jeremi holds the Mack Brown Distinguished Chair for Leadership in Global Affairs at The University of Texas at Austin, and is a Professor in UT Austin's Department of History and the LBJ School of Public Affairs. He is the author and editor of eleven books on contemporary politics and foreign policy, most recently Civil War By Other Means: America's Long and Unfinished Fight for Democracy. His other books include The Impossible Presidency: The Rise and Fall of America's Highest Office; Henry Kissinger and the American Century; Liberty's Surest Guardian: American Nation-Building from the Founders to Obama; and The Power of the Past: History and Statecraft, edited with Hal Brands. Link to Civil War By Other Means: https://www.amazon.com/Civil-War-Other-Means-Unfinished/dp/1541758544  The opinions expressed in this conversation are strictly those of the participants and do not represent the views of Georgetown University or any government entity. Produced by Theo Malhotra and Freddie Mallinson.  Recorded on April 7, 2025. Diplomatic Immunity, a podcast from the Institute for the Study of Diplomacy at Georgetown University, brings you frank and candid conversations with experts on the issues facing diplomats and national security decision-makers around the world. Funding support from the Carnegie Corporation of New York. For more, visit our website, and follow us on Linkedin, Twitter @GUDiplomacy, and Instagram @isd.georgetown

Joseph S. Nye Jr. is a Harvard University Distinguished Service Professor, Emeritus, and former Dean of Harvard's Kennedy School of Government. He has served as assistant secretary of defense for international security affairs, as chairman of the National Intelligence Council, and as deputy undersecretary of state for security assistance, science and technology. In a recent survey of international relations scholars, he was ranked as the most influential scholar on American foreign policy, and in 2011, Foreign Policy named him one of the top 100 Global Thinkers. His most recent book, published in 2024, is “A Life in the American Century.” His other books include “The Power to Lead,” “The Future of Power,” “Presidential Leadership and the Creation of the American Era,” and "Is the American Century Over?” He is a fellow of the American Academy of Arts and Sciences, the British Academy, and the American Academy of Diplomacy. He received his bachelor's degree summa cum laude from Princeton University, won a Rhodes Scholarship to Oxford University, and earned a PhD in political science from Harvard. Ralph Ranalli of the HKS Office of Communications and Public Affairs is the host, producer, and editor of HKS PolicyCast. A former journalist, public television producer, and entrepreneur, he holds an BA in political science from UCLA and a master's in journalism from Columbia University.Scheduling and logistical support for PolicyCast is provided by Lilian Wainaina. Design and graphics support is provided by Laura King. Web design and social media promotion support is provided by Catherine Santrock and Natalie Montaner. Editorial support is provided by Nora Delaney and Robert O'Neill. 

Liberals won't like it, but according to the Seattle based historian and podcaster Daniel Bessner, Trump's wannabe imperial presidency is a “natural outgrowth” of the centralized power of the FDR presidency. In a provocative Jacobin piece, Bessner contends that executive power has been expanding since FDR, with the U.S. President increasingly becoming an "elected monarch." The leftist Bessner criticizes American liberals for both obsessing over the fictional specter of fascism and for failing to address the economic inequality that enabled the rise of Trump. And he expresses pessimism about meaningful reform, arguing that 21st century capitalism has become too entrenched for significant changes without some dramatic external shock. 5 Takeaways from the Bessner Interview* Trump's presidency represents a continuation of American traditions rather than fascism, with his immigration policies echoing historical patterns like the Palmer Raids and McCarthyism.* The significant shift under Trump is his aggressive tariff policy against China, which represents a departure from decades of neoliberal economic approaches.* Presidential power has been expanding dramatically since FDR (who issued over 3,700 executive orders), creating what Bessner calls an "elected monarch" with increasingly unchecked authority.* The failure of liberal leadership, particularly Obama's inadequate response to the 2008 financial crisis and insufficient economic redistribution, created the conditions for Trump's rise.* Bessner expresses deep pessimism about the possibility of meaningful reform, suggesting that capitalism has become too entrenched globally for significant democratic changes without some external shock like climate disaster or war.Daniel Bessner is an historian and journalist. He is currently the Anne H.H. and Kenneth B. Pyle Associate Professor in American Foreign Policy in the Henry M. Jackson School of International Studies at the University of Washington. He previously held the Joff Hanauer Honors Professorship in Western Civilization and is also a Non-Resident Fellow at the Quincy Institute for Responsible Statecraft, an Associate of the Alameda Institute, and a Contributing Editor at Jacobin. In 2019-2020, he served as a foreign policy advisor to Bernie Sanders' presidential campaign; in 2024, for unclear reasons, the Russian government sanctioned him. Daniel is an intellectual historian, and his work has focused on three areas of inquiry: the history and contemporary practice of U.S. foreign relations; the history and theory of liberalism; and, most recently, the history and practice of the entertainment industry. He is the author of Democracy in Exile: Hans Speier and the Rise of the Defense Intellectual (Cornell, 2018), which you may order here. He is also the co-editor, with Nicolas Guilhot, of The Decisionist Imagination: Sovereignty, Social Science, and Democracy in the Twentieth Century (Berghahn, 2019), which you may order here; and the co-editor, with Michael Brenes, of Rethinking U.S. World Power: Domestic Histories of U.S. Foreign Relations (Palgrave, 2024), which you may order here. In addition to his scholarship, he has published pieces in The New York Times, The Washington Post, The Guardian, The New Republic, The Nation, n+1, and other venues. In July 2022, he published a cover story in Harper's Magazine titled “Empire Burlesque: What Comes After the American Century?”; in May 2024, he published a cover story, also in Harper's, titled “The Life and Death of Hollywood: Film and Television Writers Face an Existential Threat,” which was also republished as the cover of the Italian magazine Internazionale.Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best known broadcasters and commentators. In addition to presenting the daily KEEN ON show, he is the host of the long-running How To Fix Democracy interview series. He is also the author of four prescient books about digital technology: CULT OF THE AMATEUR, DIGITAL VERTIGO, THE INTERNET IS NOT THE ANSWER and HOW TO FIX THE FUTURE. Andrew lives in San Francisco, is married to Cassandra Knight, Google's VP of Litigation & Discovery, and has two grown children.Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

Unlocked Patreon episode. Support Ordinary Unhappiness on Patreon to get access to all the exclusive episodes. patreon.com/OrdinaryUnhappinessIn a perfect pairing with our ongoing series on Lacan, we come in from the cold and go underground by watching Theodore Flicker's neglected classic, “The President's Analyst” (1967). James Coburn stars as a psychoanalyst drafted to serve as the president's shrink, and who swiftly goes from starstruck to depleted to a fugitive on the run. This satiric romp hit a nerve with the FBI, was censored in post-production, and quickly disappeared from theaters. A loving sendup of psychoanalysis, an acid-addled dramatization of Cold War anxieties, and just a gonzo all-around-good time, the film gives us plenty to talk about, from the paranoic structure of knowledge to the Big Other of surveillance to unorthodox cures for “hostility” to J. Edgar Hoover's secret flirtations with self-analysis and more. Beverly Gage's biography of J. Edgar Hoover is G-MAN: J. Edgar Hoover and the Making of the American Century. You can listen to Barry McGuire's “Inner-Manipulations” (featured in the film) here: https://www.youtube.com/watch?v=WU7F_u9L5X8Have you noticed that Freud is back? Got questions about psychoanalysis? Or maybe you've traversed the fantasy and lived to tell the tale? Leave us a voicemail! (646) 450-0847  A podcast about psychoanalysis, politics, pop culture, and the ways we suffer now. New episodes on Saturdays. Follow us on social media:  Linktree: https://linktr.ee/OrdinaryUnhappiness Twitter: @UnhappinessPod Instagram: @OrdinaryUnhappiness Patreon: patreon.com/OrdinaryUnhappiness Theme song: Formal Chicken - Gnossienne No. 1 https://open.spotify.com/album/2MIIYnbyLqriV3vrpUTxxO Provided by Fruits Music

J. Edgar Hoover is one of the most polarizing figures in U.S. history. And the seeds he planted as the decades long founding director of the FBI continue to shape much of today's conservative political landscape. Kash Patel, who now leads the FBI, has openly vowed to find ways to punish Trump's political enemies. While that's appalling, it's not the first time an FBI director has used abused institutional power. There's a lot of historical precedent that we can compare and contrast with the current moment. Beverly Gage is a historian at Yale University and the Pulitzer Prize-winning author of “G-Man: J. Edgar Hoover and the Making of the American Century.” She joins WITHpod to discuss Hoover's influence, the politicization of the FBI, the abuse of its power, the FBI in Trump 2.0 and more.

The biggest counterfactual that hangs on the assassination of JFK is this: Would JFK have launched a ground war in the jungles of Vietnam? Don Wildman and his guest Fredrik Logevall explore what might have happened if JFK didn't die.Fredrik Logevall is a Pulitzer Prize winning historian at Harvard who is working on a definitive three-part biography of JFK. The first volume is out now, JFK: Coming of Age in the American Century, 1917-1956.Produced by Freddy Chick. Edited by Aidan Lonergan. Senior Producer was Charlotte Long.Sign up to History Hit for hundreds of hours of original documentaries, with a new release every week and ad-free podcasts. Sign up at https://www.historyhit.com/subscribe.  You can take part in our listener survey here.All music from Epidemic Sounds.American History Hit is a History Hit podcast.

American history, Clay Risen reminds us, has an uncanny knack of repeating itself. In Red Scare, his important new book about blacklists, McCarthyism and the making of modern America, Risen suggests that Trump and MAGA have happened before. First as the tragedy of Joe McCarthy then as farcical Donald Trump? Or might today's latest chapter in the paranoid style of American history actually be its most consequential and thus tragic?Here are the 5 KEEN ON AMERICA takeaways in this conversation with Risen:* Historical Parallels to Today: Risen suggests that there are striking parallels between the McCarthy era and current American politics under Trump, with similar tactics being used to target perceived enemies and "others" within society. The infrastructure created during previous periods of paranoia (like the FBI and certain immigration laws) is being repurposed in the present day.* Bipartisan Nature of the Red Scare: While often associated with Republicans, the Red Scare had bipartisan elements. Risen explains that Democrats like Harry Truman implemented loyalty programs, and figures like JFK positioned themselves carefully regarding anti-communist sentiment. This challenges the notion that such movements are solely partisan.* Targeting Vulnerable Groups: Both historically and today, political movements often target the most vulnerable groups first. During the Red Scare, Risen explains that was suspected communists and homosexuals; today, transgender people face similar targeting as political pawns and scapegoats.* Impact Beyond the Obviously Political: Risen reminds us that the Red Scare affected ordinary Americans across many sectors - teachers, Hollywood professionals, government workers - whose lives were ruined based on rumors, associations, or past affiliations. This led to widespread conformity as people self-censored to avoid scrutiny.* The Role of Institutions as Backstops: Risen is cautiously optimistic about how America's current paranoid periods might end. He suggests that the judicial system (particularly the Supreme Court) represents the most effective backstop against MAGA excesses, much as the Warren Court eventually helped end McCarthy-era abuses of civil liberties.Clay Risen, a reporter and editor at The New York Times, is the author of Red Scare: Blacklists, McCarthyism, and the Making of Modern America. His other recent books include The Impossible Collection of Whiskey (October, 2020) and Single Malt: A Guide to the Whiskies of Scotland (October, 2018). He is also the author of the spirits bestseller American Whiskey, Bourbon & Rye: A Guide to the Nation's Favorite Spirit, now in its sixth printing with more than 100,000 copies sold. It is widely considered the bible on American whiskey and placed Risen among the leading authorities on the history, business, and diversity of U.S. spirits. Risen has served as a judge on multiple spirit award committees, including the prestigious Ultimate Spirits Challenge. In addition to Red Scare, Risen is the author of The Crowded Hour: Teddy Roosevelt, the Rough Riders and the Dawn of the American Century, a New York Times Notable Book of 2019 and a finalist for the Gilder-Lehrman Prize in Military History; A Nation on Fire: America in the Wake of the King Assassination; and The Bill of the Century: The Epic Battle for the Civil Rights Act. A graduate of the Georgetown School of Foreign Service and the University of Chicago, Risen grew up in Nashville, Tennessee, and now lives in Brooklyn, New York, with his wife and two children. Named as one of the "100 most connected men" by GQ magazine, Andrew Keen is amongst the world's best known broadcasters and commentators. In addition to presenting the daily KEEN ON show, he is the host of the long-running How To Fix Democracy interview series. He is also the author of four prescient books about digital technology: CULT OF THE AMATEUR, DIGITAL VERTIGO, THE INTERNET IS NOT THE ANSWER and HOW TO FIX THE FUTURE. Andrew lives in San Francisco, is married to Cassandra Knight, Google's VP of Litigation & Discovery, and has two grown children.Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

VettaFi's Head of Research Todd Rosenbluth discussed the American Century US Quality Value ETF (VALQ) on this week's “ETF of the Week” podcast with Chuck Jaffe of “Money Life.” 

Visit us at Network2020.org.The Trump administration's recent foreign policy decisions—including the pause on foreign aid, the closure of USAID, and an assertive approach to negotiations—have raised questions about the trajectory of U.S. soft power. In a world where power is increasingly diffuse and economic and political relationships are fuzzy, what will be the role of soft power in shaping international norms and achieving diplomatic goals? The cyclical nature of soft power, particularly in contrast to China's expanding global footprint, underscores the need to contextualize these shifts within broader geopolitical trends.Join us for a discussion with Professor Joseph Nye, University Distinguished Service Professor, Emeritus and former Dean of the Harvard Kennedy School of Government, and former Chair of the National Intelligence Council. His latest book A Life in the American Century traces the rise and transformation of U.S. power while contemplating the challenges and opportunities that lie ahead. A leading thinker on soft power, Professor Nye will put Washington's recent actions into context, highlighting how they have influenced America's global standing. As countries navigate evolving trade dynamics and strategic realignments, this conversation will explore whether U.S. soft power can adapt to an increasingly competitive international landscape.Music by Sergii Pavkin from Pixabay.

President Donald Trump has found inspiration for tariffs and more in the 25th President of the United States: William McKinley. This hour, we look at the life and legacy of McKinley, and why Trump is drawn to him. Plus, we'll learn about the Gilded Age and its parallels to today. GUESTS: Kevin Kern: Associate Professor of History at The University of Akron. He is co-author of Ohio: A History of the Buckeye State Beverly Gage: Professor of 20th-century U.S. history at Yale University. Her newest book, G-Man: J. Edgar Hoover and the Making of the American Century, received the 2023 Pulitzer Prize for Biography. Joan Antonson: Executive Director of the Alaska Historical Society Support the show: http://www.wnpr.org/donateSee omnystudio.com/listener for privacy information.

Welcome back to Manufacturing an American Century! Today, I had the pleasure of talking with Laura Teicher, the president and executive director of FORGE, a nonprofit that's laser-focused on helping hard tech entrepreneurs turn their prototypes into real-world solutions. FORGE is filling a crucial gap in the manufacturing ecosystem, making sure that companies working on physical products—whether it's next-gen solar panels or AI-driven industrial systems—get the connections and support they need to scale and succeed.Laura walked us through FORGE's unique approach, which isn't your typical incubator or accelerator. Instead, FORGE acts as a matchmaker between innovators and the manufacturers who can help bring their ideas to life. And they do it all with a deep commitment to local manufacturing, helping strengthen regional economies while reducing global supply chain risks and emissions. We also got into Laura's personal passion for climate-focused innovation and sustainable economic development, which drives her work at FORGE. She sees firsthand how manufacturing and hard tech solutions can tackle some of the world's biggest challenges, from climate change to supply chain resilience. If you're an entrepreneur, a manufacturer, or someone looking to help build America's hard tech future, FORGE is a resource you need to know about. That's it for today's episode—keep innovating, keep making, and let's manufacture a stronger future together!AMCC's podcast is made possible in part by the expertise of Mike McAllen, founder of Podcasting4Associations. Are you part of an association also looking to produce a podcast? Let us get you in touch with Mike.Thank you to the Economic Development Administration for their partnership in producing this podcast. This podcast was prepared in part using Federal funds under award 3070145 from the Economic Development Administration, U.S. Department of Commerce. The statements, findings, conclusions, and recommendations are those of the author(s) and do not necessarily reflect the views of the Economic Development Administration or the U.S. Department of Commerce.

Pres. Trump admires Pres. Polk and Pres. McKinley - two presidents who expanded America's territories in an age when territorial expansion was a measure of national success. In this interview, my guest compares Pres. Trump with Pres. Polk and Pres. McKinley. He also explains Manifest Destiny, and indulges my questions about what I term 'America's Manifest Destiny 2.0'. Mr. Merry also talks about America's Men of Destiny. So I ask him this: Is Pres. Trump a Man of Destiny?

Since Kash Patel was announced as the director for the FBI, pundits have warned of a return to the era of J. Edgar Hoover, who ran the bureau for 48 years. But according to Beverly Gage, the author of G-Man: J. Edgar Hoover and the Making of the American Century, under Patel, the FBI could be politicized in ways that even its notorious first director would have rejected. This week, Micah and Beverly discuss how Hoover established a playbook for weaponizing the FBI, and how Patel might go even further. On the Media is supported by listeners like you. Support OTM by donating today (https://pledge.wnyc.org/support/otm). Follow our show on Instagram, Twitter and Facebook @onthemedia, and share your thoughts with us by emailing onthemedia@wnyc.org.

Hey everyone, Matt Bogoshian here! On this episode of Manufacturing an American Century, I sit down with Mark Hedstrom, CEO of the Skilled Careers Coalition, to discuss the big-picture challenge of getting more young people into skilled careers. We dig into why these careers—especially in manufacturing—are essential for America's future and why we need to shake the outdated stigma around them.Mark shares how his background in philanthropy and collective impact work is helping to bring together education, industry, and entertainment to reach more students and parents. We also get into how storytelling (and yes, even TikTok) plays a massive role in getting young people to see skilled careers as a smart and fulfilling option.And for those working in workforce development, Mark lays out some ideas on how we can better connect regional best practices and scale them up nationwide. Plus, we talk about the power of partnerships—like how Warner Bros. Discovery is using entertainment to spotlight these career paths. Give it a listen, and let's talk about how we can go further, faster in solving this workforce challenge together!AMCC's podcast is made possible in part by the expertise of Mike McAllen, founder of Podcasting4Associations. Are you part of an association also looking to produce a podcast? Let us get you in touch with Mike.Thank you to the Economic Development Administration for their partnership in producing this podcast. This podcast was prepared in part using Federal funds under award 3070145 from the Economic Development Administration, U.S. Department of Commerce. The statements, findings, conclusions, and recommendations are those of the author(s) and do not necessarily reflect the views of the Economic Development Administration or the U.S. Department of Commerce.Links to Learn More:The SkillsUSA National Conference is happening this June—if you're in workforce development, you don't want to miss it!Students: March 1 is the deadline to register if you want to compete at the SkillsUSA national competition.Find Mark on LinkedIn.Learn more about Skilled Careers CoalitionFollow AMCC on Linkedin.Find Matt on Linkedin.Visit our website.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What can we learn from President William McKinley's leadership, and how does his legacy compare to the modern political landscape? In this fascinating conversation, historian and journalist Robert W. Merry joins ISI to discuss his latest book, President McKinley: Architect of the American Century.McKinley, often overshadowed by his more flamboyant successors, was a transformational figure who reshaped America's global role and set the stage for the 20th century. Merry breaks down McKinley's underrated statesmanship, his approach to economic and foreign policy, and his impact on American conservatism.The discussion takes an intriguing turn as McKinley's leadership is compared to Donald Trump—examining their similarities in political realignment, media battles, and their roles as champions of the "forgotten American."

In this podcast episode, Simon Nantais talks to Asa McKercher and Michael D. Stevenson about their co-edited book North of America: Canadians and the American Century, 1945-60, which will be published by UBC Press in October 2023. North of America: Canadians and the American Century, 1945-60, is an edited volume that looks at postwar Canada and Canadian-American relations of the 1940s and 1950s. From constitutional reform to transit policy, from national security to the arrival of television, Canadians were ever mindful of the American experience. The volume explores the opinions and perceptions of a broad range of Canadians – from consumers to diplomats, jazz musicians to urban planners, and a diverse cross-section in between. Asa McKercher and Michael D. Stevenson discuss the topics covered in the volume such as international relations in a nuclear armed early Cold War era, domestic politics, and national identity. Asa McKercher is an assistant professor of history at the Royal Military College of Canada. His publications include Canada and the World Since 1867 and Canada and Camelot: Canadian-American Relations in the Kennedy Era. Michael D. Stevenson is a professor of history at Lakehead University. He is the author of Canada's Greatest Wartime Muddle: National Selective Service and the Mobilization of Human Resources in Canada during World War II and editor of the 1957–58 volumes of Documents on Canadian External Relations. Image Credit: Office National du Film du Canada / Bibliothèque et Archives Canada If you like our work, please consider supporting it: https://bit.ly/support_WTY. Your support contributes to the Champlain Society's mission of opening new windows to directly explore and experience Canada's past.

Nvidia shares are back on the run as the stock looks to close about $150 a share for the first time since November. Kristina Partsinevelos tells us what's at stake when CEO Jensen Huang speaks tonight. Plus, our all-star panel of Trivariate's Adam Parker, NewEdge's Cameron Dawson and American Century's Mike Rode debate where stocks could be headed this year. Former Dallas Fed President Robert Kaplan tells us what he thinks is most important to the market right now. And, PIMCO's Erin Browne breaks down her playbook for 2025.  

This time around, Langdon and Eden dive into the question of geo-political narratives and the stories we tell ourselves, specifically about the "American Century" and it's dubious decline. Then, they dive deep into Oh God, the Sun Goes, the debut novel by David Connor. State of mind, Pynchon-esque misconnections, hazy realities, and the power of the desert, combine into a flawed but highly moving book! Music played: Caelestra - Lightbringer https://caelestra.bandcamp.com/track/lightbringer The Great Old Ones - Me, the Dreamer https://thegreatoldonessom.bandcamp.com/track/me-the-dreamer

Trade globalization has created immense prosperity for the U.S. and the global economy. It's literally lifted millions of people out of poverty over the past several decades. The Chinese economy, in particular, has transformed dramatically as a result of its trade with the U.S. Other of our trading partners have benefitted as well. As our partners have accumulated U.S. currency, they've invested this money into U.S. bonds, which has helped us subsidize our budget deficit and national debt. The decisions we make concerning tariffs over the next couple years may have dramatic impacts on our domestic economy. Richard Duncan, author of “The Money Revolution, How to Finance the next American Century,” has a prescription for future growth and prosperity that entails investing in industries and technologies that will cement U.S. geopolitical preeminence. Richard is also the publisher of Macro Watch, a video-newsletter that analyzes the forces driving the economy and the financial markets in the 21st Century.

After the election, there was a hurricane of postmortems attempting to explain why Kamala Harris lost to Donald Trump. Eschewing small-bore analysis, historian Daniel Bessner posted on X, "I feel like people are missing the fundamental lesson of the election: it is not the Democratic Party that is in crisis; liberalism itself is in crisis." Liberalism—the dominant political philosophy of the American Century—appears to be a spent force amid a wave of illiberal populism and anti-establishment politics. In this episode, Bessner, who co-hosts American Prestige podcast, delves into the origins of liberalism's rise and apparent decline in this post-post-Cold War period. Further reading: Empire Burlesque: What Comes After the American Century? by Daniel Bessner (Harper's)

Keith discusses the current state of the US economy, noting that while it is considered strong by conventional measures, there are four major threats on the horizon that the country is not doing enough to address. He's joined by our guest, macroeconomic expert, Richard Duncan to discuss these topics. Richard proposes a solution that could strengthen the US's competitive position against China. Shifting from Capitalism to Creditism. Also, hear about the risks facing the real estate and stock markets in the near-term, such as the historically high wealth-to-income ratio and the ongoing quantitative tightening by the Federal Reserve. Learn more about Richard's work through his video newsletter, Macro Watch. Use discount code GRE for 50% off at: RichardDuncanEconomics.com Show Notes: GetRichEducation.com/527 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching:GREmarketplace.com/Coach Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 For advertising inquiries, visit: GetRichEducation.com/ad Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Automatically Transcribed With Otter.ai  Keith Weinhold  0:01   Keith, welcome to GRE. I'm your host. Keith Weinhold, per conventional measures, today's us. Economy is strong, but there are four vicious threats on the horizon, and we're not doing enough about them. Our macroeconomist guests will discuss that with us today. How alarming is it, and what's the solution to our crises, this week on get rich education,   Speaker 1  0:27   since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors, who delivers a new show every week since 2014 there's been millions of listener downloads of 188 world nations. He has a list show guests and key top selling personal finance author Robert Kiyosaki, get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast, or visit get rich education.com   Corey Coates  1:12   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  1:28   Welcome to GRE from Fort Wayne, Indiana to Fort Lee New Jersey and across 188 nations worldwide. I'm Keith Weinhold, and you are back inside get rich education. We've been here for you, every single week since 2014 coming off of an election last week, this spurs more macroeconomic thought, monetary and fiscal policy, and more than that. And you know, one thing that I'm always looking for are signs of inflation versus deflation, because we live in a long term inflationary world. Well, you wouldn't keep a million bucks under a mattress because it would only be worth 300k in a few decades. But in deflation, you would flip your strategy and actually be a saver. You might keep millions out of the mattress, because deflation would actually increase the purchasing power of every single one of your dollars. Now, I've got a pretty unpopular take for you here at some point, probably now you've got to give the Fed credit for a soft landing. And what does a soft landing mean? Exactly. It means bringing down inflation without putting the economy into a recession. Well, inflation is down to about 2% now, unemployment is still low, near 4% and GDP growth for last quarter came in at 2.8% okay, yes, I sure understand that those benefits are distributed unevenly, but at this point, how much more of a soft landing Do you really want? And by the way, this sure doesn't mean that I love the Federal Reserve. I mean, they get no credit from me for not jumping on inflation sooner, when it peaked two and a half years ago, or even before that point, well, those high consumer prices as a result of that are still with us, and that's a problem, and they got that part wrong. We're about to talk with our global macroeconomic expert, really. He is one of the foremost authorities in the entire world today. We're going to talk about four major catastrophes the US economic future faces. One of those four is our ballooning national debt and deficit. And to review that for you, first, the debt is our overall accumulation of debt over the years now at 36 trillion. And when it comes to these awful, dreadful debt and deficit issues, I will ask our guests the question, when is it game over? Where is that tipping point? What would need to happen and the deficit? Okay, that refers to the annual shortfall, the annual thing, that shortfall that our bloated government keeps coming up with at the end of every year, all right, so therefore revenue minus spending equals deficit. Another way to say that is income minus expenses equals a deficit when the expenses are greater than the income. Well, that figure is near $2 trillion we're spending 2 trillion more than we raise in revenue each year. And here's an example. I'll use real world numbers rounded off to the nearest trillion. So if the government's annual revenue is only 5 trillion and you have to subtract out spending, which is 7 trillion, that could. Gives us an annual deficit of 2 trillion, pretty simple stuff, and that more or less gets added onto our overall debt of 36 trillion. Another major problem is this growing competition from China. Yes, I know that people like to discuss their demographic problems, but still, their population is more than four times the US population, and you learn about what other advantages they have over us and what we direly need to do to catch up. In our guests opinion, these issues incur some rather detailed explanations. So I'm really going to let our guest expert takeover for a while today, this weekend, I will be in San Antonio, Texas. San Antonio is an uptrending real estate market because they are really a beneficiary in distribution with their proximity to Mexico in the near shoring movement that's taking place. And then I will be in Austin, Texas, for a few days, Austin is one of the few major US metros that have seen rents substantially decline recently. I'll bring you next week's show from Austin, where I might talk more about that. Then, from the 20th to the 24th of this month, I'll be in New Orleans at the famed New Orleans investment conference, where they're pulling out all the stops at the 50th anniversary of the event, and that is the longest running investment event in America and perhaps the world. I hope to meet some of you there in New Orleans, just like I do each time I'm at the event. Let's talk about the bigger picture economy that your real estate and investments float within next.   This week's guest is the author of four books analyzing the crises that brought the global economy to the brink of collapse in recent decades. One of the books forecast the 2008 global financial crisis with great accuracy. We're going to discuss future crises here today, before we're done, he has worked as an equities and Investment Analyst, and then he went on to hold some rather esteemed roles at the World Bank in DC and as a consultant to the IMF in Asia. He joins us from Thailand today. He now publishes a video newsletter called macro watch, and long time listeners know that today's guest was also this show's very first guest that was back on GRE podcast episode seven, only 10 years ago now, in November 2014, and he's really become quite the friend of the show, and we've looked out for each other ever since. It's terrific to have back global macro economist Richard Duncan   Richard Duncan  7:46   Keith, hey, thank you for having me back. It's great to speak with you again.   Keith Weinhold  7:50   Oh, it's so good to have you here an entire decade of our lives. And as times change, economies are surely dynamic, and you're so good at spotlighting crises and explaining them in a way to people that they can understand. So Richard, why don't you talk to us now about risks facing the nation? Yes, I'm talking about the United States.   Richard Duncan  8:15   A lot of podcasts focus on all the problems the United States is facing, and it is certainly true that the United States is facing very serious risk. So I'd like to start off this conversation telling you what I think the greatest risk facing our country are. There are four main things I'd like to hit on. The first is something you mentioned to me before in our exchange of emails, is that the US government does have a very high level of government debt relative to GDP, and the budget deficits are large. So that's problem number one. Problem number two, in my opinion, looking at this from where I live in Asia, is that the United States is at risk of being conquered by China in the not too distant future. Risk Number Two. Risk Number three, we have very serious domestic political divisions within the United States. Risk Number four is that our post capitalist economic system, which I call creditism, must have credit growth to survive. If credit contracts, then our economy will spiral into a Great Depression that will be probably worse than the one of the 1930s so those are the big four problems that we have, and it doesn't do anyone any good just to talk about our country's problems if you don't offer a solution to them. So in my opinion, all of these problems can be overcome by accelerating economic growth in the United States, while all of these problems would be made very much worse by anything that causes us economic growth to slow down. The way to make the US economy grow much faster is to have the US Government finance a very, very large investment in the industries and technologies of the future over the next 10 years, starting immediately. The alternative austerity would cause the economy to spiral down into deflation. We'd like your listeners to think of austerity when they hear the word austerity. I'd like them to think of the word death. It's austerity is equal to death. Yeah, the US doesn't have to be a declining power. The first American Century doesn't have to be the last. It can be the first of many. The solution for driving the US economy to grow much more rapidly and solving all four of the problems that I mentioned above is a US sovereign wealth fund. Thank heavens. Both parties now support the establishment of a US sovereign wealth fund. On September 5, former President Trump came out in support of establishing a US sovereign wealth fund, and on the following day, the Biden administration said, then working on this for months and had a plan that they were developing. So this is fantastic news for the United States. It offers great hope for solving all of our greatest problems. And I'd like to spend, you know, a few minutes explaining to your listeners what a US sovereign wealth fund is, yes, urgently necessary, and why both parties have now come to understand why this is important to establish.   Keith Weinhold  11:27   Yeah, please tell us why you think the US sovereign wealth fund is so urgently needed, and what it is because for even longer than the 10 years since you were first here, for about 15 years now, you have championed and promoted this US sovereign wealth fund. You discussed it on CNBC Squawk Box and all over the place. Last year, you presented about it in a speech in DC to 15 members of the House, Ways and Means Committee. So tell us about the US sovereign wealth fund and why you think it's urgently needed.   Richard Duncan  11:56    Let's begin with, what is a sovereign wealth fund? Well, effectively, a sovereign wealth fund is where a country invest in individual companies or even in startups. There are sovereign wealth funds all around the world. Norway has the largest, Singapore has two very effective ones called gdic and Temasek, which had been enormously profitable and successful, and it made the people in Singapore much richer. So a sovereign wealth fund in the United States would be an investment bond financed by the United States government with the US. This investment fund would take stakes in existing companies and also in startup companies, hopefully on a very large scale. Now, some people have asked, Why is this framework necessary? Why do we need a sovereign wealth fund to do that when the government is already making investments in the military, for instance, and funding some R and D research? Well, the difference between what the government is doing now and a sovereign wealth fund is with a sovereign wealth fund, the government would actually keep equity stakes in these companies that they invest in, meaning that when these companies they invest in become enormously profitable, the profits would be owned by every American. The Americans would have the equity stakes in all of the investments that this sovereign wealth fund makes. And it would be a situation where the government provides the financing, but the private sector manages the companies. The government just finances these companies in new industries and new technologies, and the government has the ability to invest on a very much larger scale than the private sector does. For example, The United States has a lot of great companies in the private sector that have accomplished really, truly great things in recent years and long past as well. But these private sector companies cannot invest on the same scale that the Chinese government can. The Chinese government is investing on a much larger scale than any of the American companies could ever dream to invest on. And that's explains why China is overtaking us now technologically, and if they continue to invest at a rapid rate that they're doing currently, then before long, there are going to be far ahead of us technologically and therefore economically, and more worryingly, militarily, the US government has the ability to invest truly on a multi trillion dollar scale over the next decade in new industries and technologies, things like artificial intelligence, quantum computing, nanotech, biotech, genetic engineering and developing energy sources like fusion, and it has the ability to do this on such a large scale that it would be certain to succeed. And once these companies start creating cancer vaccines or fusion, for instance, they would be enormously profitable, and they could be listed on. NASDAQ at multi trillion dollar valuations, and the American public would own equity stakes in these companies, and would then would directly reap the rewards of these profits that these companies would generate. That is what a sovereign wealth fund is, why it's desperately needed, is, well, first of all, we should do it, because we can easily afford to do it. And the results, the breakthroughs, the technological breakthroughs and medical miracles that these sorts of companies would produce, would we really have the shot of curing all the diseases and radically extending life expectancy, developing sources of limitless energy that would bring down the cost of energy radically. Just across the board, it would induce a technological revolution that would turbo charge us economic growth, create UNDRIP wealth, and at the same time, shore up US national security in the face of this growing threat from China. So for all of those reasons, it is urgently necessary. In my opinion.   Keith Weinhold  16:04   both Norway and Singapore have had similar models to this. US sovereign wealth fund, and we certainly think of those two nations as prosperous places, tell me more about why it's a success so the government finances it does that incentivize companies to therefore take more risk?   Richard Duncan  16:25   It allows them to invest more. It allows them to invest on a much larger scale than that. Could if they have to rely on their own funding sources. Rather than investing millions of dollars, they could invest billions of dollars or 10s of billions of dollars. For instance, at the moment, the National Cancer Institute in the United States, this annual budget is $6 billion a year. $6 billion a year is not curing cancer. If we look back a few years ago, the Fed was creating $120 billion a month through quantitative easing per month. So with just 5% of one month of QE, you could double the National Cancer Institute's budget. Now that's not what this sovereign wealth fund would do. That just illustrates the scale. How much greater the scale would be that the government could invest on relative to what is currently being invested at the moment by the government and by the private sector combined.   Keith Weinhold  17:28   Do any critics ever ask about Wait? Is this too much government intervention into the free market? Is this a move away from capitalism? What do you say to those sort of critics?   Richard Duncan  17:38    I say to them that capitalism died in World War One. It certainly didn't survive the 20th century. Now the government. In the 19th century, we had capitalism. The government had very little involvement in the economy then and gold was money. But now gold is no longer money. The Fed creates some money. Government spending is something like nearly $7 trillion out of a GDP. That is around just not quite $30 trillion yet. So the government has been directing the economy going back at least since World War Two. This hasn't been capitalism for a very long time. Under capitalism, the private sector made investments, and some businessmen would make profits from their investments, and they would save that profit as capital and reinvest that capital. That's how capitalism grew. That's why they called it capitalism. It was based on capital accumulation and investment. But that's not how our economic system has worked for decades. Our system now is not driven by investment and saving by the private sector. It's driven by credit creation and consumption and more credit creation and more consumption and our economies has now been transformed from capitalism. It has evolved into creditism, with the government playing the directing role. So total credit in the United States, just last quarter blew through $100 trillion for the first time. By what I mean by total credit is the same thing as total debt. Total credit is equal to total debt. So this is all the debt of all sectors of the economy, the government sector, the household sector, the corporate sector, the financial sector, Fannie Mae and Freddie Mac all the sectors of the economy, it just went through $100 trillion and Breda ism has created very rapid growth, especially all around the world, not only in the United States, because it has allowed the US economy to grow so rapidly and to import so much from other countries that this is why The Asian miracle occurred. I've lived through the Asian miracle because the US has been running massively large trade deficits since the early 1980s and all these countries in Asia have been running massively large trade surpluses, and all this spending that the Americans have been doing has been fueled by this rapidly. Radically expansion of credit. Total credit first went through $1 trillion in 1964 now it's $100,000,000,000,000. 60 years later. Now our system is not capitalism. The government is very involved. Anytime there's any problem with the economy, the government steps in. In 2008 the government prevented a new Great Depression when the private sector the households defaulted on their debts and caused all the banks to fail, and Freddie Mac did fail and had to be taken over by the government. So at that time, we narrowly avoided a Great Depression, because the government increased its budget deficits by more than a trillion dollars a year for four years in a row, and the Fed expanded. The Fed created three and a half trillion dollars between the end of 2007 and 2014, expanding its balance sheet by about five times. So that's not capitalism. We don't have capitalism. So people who are worried about us abandoning capitalism. They're behind the times that happened a long time ago. That shouldn't be a concern. They should be aware now that we are competing against players who don't play by the capitalist rules of little government intervention in the markets we're now competing against China, and China is one giant sovereign wealth fund intent on dominating the world by investing very aggressively in new industries and technologies. In the year 2000 the United States invested, I think, 10 times as much in research and development as China did. But now China is actually investing more in research and development and the US is and that explains why China is ahead in so many areas of technology. They had 5g years before we did. They are the leaders in electric vehicles and batteries. We have to put up 100% tariffs to keep out electric vehicles from China because they're so much better than our electric vehicles. They dominate solar panels. And are worse, they have hypersonic missiles and we don't, and I'm sure they have other military advantages that we don't, because they invest much more aggressively in new industries and technologies than our government does. And if we don't rectify this quickly, then we are soon going to be overtaken by China militarily, and our national security is at risk, much more than most Americans understand. But this realization has slowly grown on policymakers in Washington, and now both parties are worried about this, and this is why we have this growing fear of China, and why we have proposals to limit technology transfers to China, and this is why we've done things like the chips and science act, where the government has agreed to finance a $280 billion investment in new industries and technologies a couple of years ago, with 50 billion of that going into setting up manufacturing facilities within the in the US to create semiconductors, rather than relying solely on Taiwan to obtain all of our semiconductors, because China could take Taiwan at any moment, and then then he would end up with all the semiconductor chips that go into powering artificial intelligence. And whoever develops Artificial General Intelligence first is going to rule the world, and therefore it had better be the United States rather than China, because we don't want to live in a world dominated by China, believe me.    Keith Weinhold  23:26   Well, a lot of macro voices agree with you. About two months ago, we had the president of the Mises Institute here, and the way he characterized things are in the United States. 100 years ago, we had islands of socialism in a sea of capitalism, and today we merely have islands of capitalism in a sea of socialism. Do you see the US sovereign wealth fund being able to solve all four of the United States big problems that you outlined, debt and deficit conquering by China, political division and creditism. Can it solve all four of those?   Richard Duncan  24:04   Yes, it can. So as you know, Keith, a couple of years ago, I published my fourth book. It was called the money revolution. Yeah? How to find the book? Sure, yeah. How to finance the next American century. It was a subtitle. Now I argue that it would be very easy for the US to invest on a multi trillion dollar scale, new industries and new technologies over the next decade, and if we do that through a sovereign wealth fund, then would generate so much growth and be so profitable that instead of causing the government debt to increase, it would actually make the economy so much larger and generate so many more tax revenues, and the government would make so many profits from these companies that it has equity stakes in that it would reduce the government debt in absolute terms, and radically reduce the government debt relative to GDP, which would grow far faster than it has been growing in recent decades. This problem, number one, solved the high level of government debt. A high level of debt to GDP just make the GDP grow a lot faster, and the ratio of debt to GDP will go down. Problem number two is the US is at risk of being conquered by China. We can out invest China. We can invest more than China can afford to invest. We still have the best universities and the best entrepreneurs and scientists. So if we invest on a large enough scale, we will win, and China will not conquer us. Third, if the economy is growing at 7% a year instead of 1% a year, that is going to alleviate a lot of the domestic tensions that exist currently, much of the reason there's the origins of this domestic political divide that we're now suffering from in the US is because such a large part of the population has been left behind when all the factories moved overseas, countries like China and Vietnam, we de industrialized, and the people who Used to have good factory jobs, good, unionized, high paying factory jobs. All those people were left out in the cold, and they're not happy about it. And so if our economy were growing much more rapidly, these people would have much better jobs and much higher salaries, and they would be much happier than they are at the moment. And the final one was our post capitalist system of creditism requires credit growth to survive. So if the government is financing these investments on a multi trillion dollar scale, it's going to make credit expand, and that's going to keep the economy expanding. So yes, it would solve all four of those problems.   Keith Weinhold  26:35   One of those four problems is the debt and the deficit. I want to dive into that more with Richard as it becomes more and more problematic in the United States, and just how far we can kick this can down the road. You're listening to get rich education. We're talking with macro economist Richard Duncan. More, we come back. I'm your host. Keith Weinhold.    Oh, geez. The national average bank account pays less than 1% on your savings. 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Text family to 66866    Hey, you can get your mortgage loans at the same place where I get mine at Ridge lending group, NMLS, 420056, they provided our listeners with more loans than any provider in the entire nation because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. You can start your pre qualification and chat with President Caeli Ridge personally. Start Now while it's on your mind at Ridgelendinggroup.com that's Ridgelendinggroup.com   Jim Rickards  28:40   this is Author Jim Rickards. Listen to get rich education with Keith Weinhold, and don't quit your Daydream.   Keith Weinhold  28:55   Welcome back to get rich education. We are going big this week, talking about the global economy, although mostly centered on the United States, with macroeconomist Richard Duncan. You can learn more about him at RichardDuncaneconomics.com and Richard I want to talk about the debt in the deficit. The debt is the United States overall debt as it accumulates year after year, and the deficit is just the annual thing, and it's so interesting and concerning. When I look at this, when you look at the line items in the United States government's annual spending, we now see that interest payments are taking the second largest chunk, only to Social Security. Social Security's number one interest is the second biggest expense, even more than defense spending and on Medicare. So I just wonder, as I see the interest payments going up and up and up and projected to be our greatest expense every year. You know, one thing I think about Richard is when our interest payments alone exceed our. Revenue somewhere down the road, is that when it's game over, or is that when we're on the way to game over? So can you talk to us about really, where the concern crops up with the deficit, like I talked about, and with the debt that's now at about $36 trillion   Richard Duncan  30:17   deficit and debt is a real problem. It was the first problem that I mentioned when we kicked off the conversation. There are two components of that. One is the fact that government debt has been increasing very rapidly. At the end of 2007 total government debt was around $9 trillion by 2014 it had doubled to $18 trillion because the government had to respond to the collapse of the private sector in 2008 and prevent us from having a great depression at that time, and then after 2014 it has doubled again, from 18 trillion to $36 trillion now, much of that was due to the need for the government to keep us from having another Great Depression during COVID When government stimulus amounted to about $5 trillion and the Fed created a similar amount over just a two year period. So now we have a much higher level of government debt. But the second component of that is that interest rates are very much higher than they used to be. The federal funds rate went up from 0% a few years back to a high of five and a quarter, actually a range between five and a quarter and five and a half. And recently, the Fed cut the federal funds rate by 50 basis points. But you can still say it is 4.9% let's call it 4.9% so interest rates are far higher than they used to be, but they don't have to remain high. The reason interest rates went up is because the Fed increased the federal funds rate. And the reason the Fed increased the federal funds rate is because we had high rates of inflation. Inflation peaked at 9% or so in 2022 but most recently, the CPI has come back down to 2.4% and the Fed's favorite measure of inflation, that PCE Price Index, has come down to 2.2% and that means that the federal funds rate, which is 4.9% is more than twice as high as the inflation rate is. That shows us that we have very tight monetary policy, and the Fed should be able to reduce interest rates very rapidly going forward. They've told us in their dot plot projections that they expect that interest rates will end this year the federal funds rate at 4.4% and then in next year, at 3.4% and 2026 at 2.9% so that reduction in interest rates will bring down the cost of the total interest expense that you mentioned as being so high currently, the risk, however, is that we get a rebound in inflation. We're inflation to surge again, then interest rates won't come down. In fact, they could go higher. So all of my career, more or less, has been spent in Asia. And the main theme that is run through the global economy, the development of the global economy over the last three and a half decades has been globalization, globalization in the form of us running very large trade deficits with other countries. Literally, the US current account deficit since the early 1980s has been $15 trillion meaning countries with the trade surpluses have had a $15 trillion trade surplus, and that's why they've all been transformed economically as a result of their trade surplus with the US, but what the US got out of this was the ability to buy things made with very low cost labor, and that was extremely disinflationary, that drove down the inflation rate in the US, and that allowed interest rates in the US to come down to very low levels that we've seen during most of this century, Up until the time COVID started. The real danger is now, if we do impose very high trade tariffs on China and our other trading partners, then that will cause a very serious spike in inflation. And it won't just be one off, because, of course, when the tariffs are put in place, that will immediately cause everything to be that much more expensive. The US companies importing goods from abroad would have to pay that tariff, then those US companies would pass those higher expenses on to the consumers, so we'd get an immediate spike in inflation. But that would also mean that the companies abroad it wouldn't be so profitable for them to have their manufacturing facilities abroad, they would try to bring those back home. And given that the unemployment rate in the US is so low already, only 4.1% there's not enough labor to allow these manufacturing facilities to come back to the US and start producing goods in the US. So that would cause an upward spiral. In wages and the wage push inflation spiral of the type that we had in the late 1960s and early 1970s so that is a In other words, tariffs would put an end to globalization, and that would cause a such a severe spike in inflation and interest rates, it would essentially be the death nail for creditism, which requires credit growth to survive. The end of globalization would mean this end of this 30 year global economic boom that the world has enjoyed, and therefore it is a very severe threat, and it would push up the interest expense of the US government, which you let off with, instead of lower interest rates, bringing down the interest expense the government has to pay every year, we would have instead higher interest rates, which would make the amount that the government has to pay on its interest even higher than it is at the moment, and make the budget deficit even larger than it is at the moment, and Make the government debt grow even faster than it's growing at the moment. So let's hope that doesn't happen. Instead, the better approach is to invest, to have the government finance large scale investments in new industries and technologies make the economy grow much more rapidly and we can grow our way out of this debt problem that we're currently in,   Keith Weinhold  36:21   yes more inflation, whether that comes from higher tarrifs or any other sources, will lead to higher interest rates to counteract that higher inflation, which will Yes, pump up the deficit in the debt that much more. And you know, one thing that I like about Richard is, you know, a lot of people complain about things, or say, what are we going to do? Or Things look bad, and Richard is saying some of that, but he offers a way forward with the US sovereign wealth fund, like he talked about before, investing our way out of it. So Richard, if we don't invest in this debt and deficit situation gets worse. It could be a hard question to answer, but I'd like your best guess at how far can we kick the can down the road? When is it game over? How big do our interest payments on the debt and deficit have to get?    Richard Duncan  37:10   the game is never over. No matter how bad things become, humanity will survive and carry on. So even in the Great Depression, people made it through, even through World War Two that resulted, largely as a result of the Great Depression. A lot of people died. 60 million people died, but the game didn't end. So regardless of how bad the economic system system were to become, humanity will survive and there will be a solution. Now, a lot of people put forward that, the idea that they point out that we have this high level of government debt, and their solution is to reduce government spending. The government spends something like $6.8 trillion last year. That was the amount the government spent. The budget deficit last year was 1.8 trillion so in order to eliminate the budget deficit, the government would have to spend $1.8 trillion less. In other words, it would have to cut its spending by 27% but the government cut its spending by 27% they're going to happen. The economy would immediately spiral into a depression. So even that reduction in spending wouldn't balance the budget, because the government revenues would collapse, and they would have even fewer tax revenues, so the deficit would still be there, the economy would collapse, and the unemployment rate would be 20 plus percent, and would just fall further behind China and be at greater risk from a national security perspective, and much more miserable As a society overall. That's why it's always say people should consider think of the words austerity and death at the same time, because austerity would bring about the collapse of our economic system and the Great Depression unless your civilization would survive it.  trying to answer your question more directly, how high could this go? Well, governments don't default on their debt when push comes to shove. If the government's having a hard time paying interest on its debt, the Fed will just print more money. And in a case where between 2008 and 2014 when the Fed created three and a half trillion dollars, they printed a lot of money at that short space of time, and they got away with it without having high rates of inflation. The highest rate of inflation we had during that period was 3.8% in 2011 and by the early months of 2015 we had deflation again for a few months. Prices actually fell negative CPI for a few months in 2015 so if we have a global economy, as we do at the moment, full of we have nearly 8 billion people, I would guess 2 billion of them at least live on less than $5 a day. So the US could get away with having a lot of paper money printing without having higher, very high rates of inflation and the government could finance itself that way for quite a long time. Of course, if we have a closed domestic economy brought about by extremely high tariff barriers, then we would end up with hyperinflation in the United States. But even with hyperinflation, it would be very painful for people who have all their cash in the bank or under their mattress, but people with assets, those asset prices would appreciate more or less in line with the inflation, and it would erode the government debt relative to the size of the economy, because the GDP would grow in nominal terms very rapidly because of the hyperinflation, and the debt, which is not inflation adjusted, would be evaporated away by the inflation.   Keith Weinhold  40:43    right? that's why here at GRE we are all invested and aimed toward prudent use of leverage with assets like real estate and we sure have been the beneficiaries of that wave of inflation that followed COVID there. Richard, well, we're talking about the debt and the deficit somewhat, which, interestingly, has actually doubled since the first time you were here on the show. When you were here, 10 years ago, it was at 18 trillion, and today it's at 36 trillion. We talked about, how far can you kick the can down the road back then? Well, here we are, 10 years later, and it's doubled. Talk to us. You know, you talked previously about the greatest risk to the United States economy. Tell us now, as we are investors here on this show, about the greatest risk to the real estate and stock market, I would just say within the next year. What are some of those risks to those particular markets?   Richard Duncan  41:38   We've already discussed the main risk that high tariffs would potentially cause a new spike of inflation and force the Fed to hike interest rates rather than cutting interest rates. But there are some other risk as well. One is the fact that we already have a very high level of wealth relative to income. Let me back up a second. You were talking about debt doubling since we first spoke 10 years ago. Here's another statistic for you. Just in the last four and a half years, the total wealth of the Americans, all of their assets minus all of their liabilities. In other words, household sector net worth. Since the end of 2019 it has increased by $47 trillion in four and a half years. That's about a 40% increase. Now, $47 trillion is enough to pay off the entire US government tip, which we've been worrying about with $11 trillion left over. So not everything is as bleak as it sounds on the surface. We've had a huge explosion of wealth in the last four and a half years that's been driven by property and also by stocks. The problem now is, is that the level of income the asset prices, are very inflated relative to their historic norms. And one of the ratios that I always keep an eye on is called the wealth to income ratio. It takes the household sector net worth. In other words, the wealth that we were just discussing, which, by the way, is now $164 trillion of wealth owned by the Americans. The wealth divided by income, disposable personal income, this wealth to income ratio is now an extraordinarily high level. The ratio is 785% whereas the average of that ratio going back to 1950 has been 550% the previous two peaks were in the year 2000 when it hit 620 during the NASDAQ bubble, and then that bubble popped, and the stock market crashed, and we had a recession, and it went back to 550 and then it surged to a new peak of 680 during the property bubble. And then that bubble popped, and we almost went into a depression, and that a lot of wealth was destroyed. We had a severe recession. The government had to bail us out from and that ratio went back to 550 again. Now it is just off the charts relative to its previous peaks, because people 680 now it's 785 so people used to suggest that higher asset prices were justified because interest rates were near 0% but even after the Fed hiked interest rates from near 0% to about 5% The asset prices have stayed inflated. That does suggest that asset prices are very inflated and therefore very vulnerable to any sort of shock that could occur, whether geopolitical or economic or domestic political problems. So that's a concern. Another concern is quantitative tightening is still occurring. Quantitative tightening is the opposite of quantitative easing. When, with quantitative easing, the Fed creates money and pumps it into the financial markets, and that tends to make asset prices go up, and it also tends to make interest rates on government debt stay low, because if it pushes up bond prices, it pushes down. Bond yields. Well, now the opposite is occurring. Over the last two years, the Fed has destroyed roughly $2 trillion it created $5 trillion from the end of 2019 till about 2022 during the COVID pandemic, and the policy response to that, the Fed created $5 trillion but now it's destroyed 2 trillion of that five that it created, and is still destroying dollars at the rate of about $60 billion a month, or $700 billion a year. And as it does, as it destroys dollars, it takes dollars out of the financial system, which all other things being the same, tends to make financial conditions tighter, putting upward pressure on bond yields and downward pressure on asset prices. So as this continues, this is a concern, because reduce the liquidity in the system by another $700 billion if it continues for another year, having said that there is still an enormous amount of excess liquidity in the system as a result of all of the money that the Fed has created, going back to 2008 I estimate that the excess liquidity is somewhere around three and a half trillion dollars. If you look at bank reserves and the reverse repos at the Fed is about three and a half trillion dollars of excess liquidity, and the Fed actually has to pay interest to the banks on their bank reserves to hold interest rates up. That's how the Fed controls the federal funds rate now. It pays the banks roughly right now, 4.8% interest on all of the banks bank reserves, and so the banks will not lend money to anyone at less than 4.8% interest, because the Fed will pay them 4.8% interest. Why would they lend to anyone else for less if it suddenly stopped paying interest on these bank reserves, these banks would look around and where would they invest their three and a half trillion dollars in? No one's going to pay them 4.8% or even 3.8% or 2.8% interest rates would plunge because of all the excess liquidity that exists. So this excess liquidity has been a thing that's been driving the economy since COVID started, and it's why we've managed to avoid recession, which everyone is expected to arrive any moment now for the last two and a half years. So there are concerns, but there are also, as always, other reasons for optimism.   Keith Weinhold  47:24   Well, that wealth to income ratio that Richard talked about, that's a calculation that you yourself can do. One's net worth is almost eight times their income now, which is at a historic high, which is one concerning point that Richard brought up. Well, Richard, I want you to tell us about your terrific video newsletter, macro watch unless you have any other last thoughts first.   Richard Duncan  47:51   well, just one last word on the US sovereign wealth fund. Thank you very much for giving me a chance to discuss that and to explain why both Democrats and Republicans are now in favor of establishing a US sovereign wealth fund, one of the few issues that has bipartisan support. And this must come as a surprise to many of your listeners and most Americans, in fact, why have both parties agreed on really setting up a US sovereign wealth fund? So I'm glad I've had a chance to explain it and why it's so urgently necessary. I'd just like to emphasize the extraordinary benefits that this delivers to the American people, both individually and at a national level, individually, in terms of medical breakthroughs and better health and much more rapid economic growth for the economy, so much more wealth and much more national security as well. So I hope the Americans will get on board with this idea and give it their full support, because it's exactly what our country needs to solve all the four issues, the major issues that I laid out at the beginning of this conversation. But with that said, if your listeners would like to learn more about my work, Macrowatch. Microwatch is a video newsletter. Every couple of weeks, I upload a new video discussing something important happening in the global economy and how that's likely to affect the stock market, property, currencies and commodities. They can find macro watch on my website, which is RichardDuncanEconomics.com that's RichardDuncanEconomics.com Macro Watch has been going on now for 11 years, they'll find more than 100 hours of videos in the microwatch archives. They can begin watching immediately, and they'll receive a new video every couple of weeks. And I'd like to offer your listeners a subscription discount. If they go to Richard Duncan economics.com and hit the subscribe button, they'll be prompted to put in a discount coupon code, if they put it in G, R, E, they can subscribe to macro watch at a 50% discount. That's great. That's GRE so I hope they'll check that out, and at the very least, they can sign up there for my free blog and follow my work that way.   Keith Weinhold  49:56   And I have benefited from consuming macro watch content myself over the years, allowing me to sort of stretch my thought process and go macro, which we don't always do as real estate investors. Oh, Richard, it's been valuable as always, and you really offered a solution, a way forward here, something that's really refreshing. It's been great as always, having you back on the show.   Richard Duncan  50:18   Yeah. Thank you very much. I look forward to the next time   Keith Weinhold  50:21   me too. when it comes to the term capitalism, if that's truly a system that we're no longer in, you know, it seems to get replaced with the word meritocracy, and that is a word that I like, meritocracy, where producers get rewards for being productive, but even that is under attack, and the government just always seems to be stepping in with a safety net. Seemingly everywhere you look, it won't let banks fail. We saw them jump in early last year with Silicon Valley Bank and other bank failures, the government won't let homeowners fail either. I mean, you don't have to think back very far with mortgage loan forbearance in the COVID era, on issues of the debt and deficit. Even Fed Chair Jerome Powell himself has called it unsustainable. That's the word that he used. Like Richard said today, we won't default. We'll just print more. So when it comes to the inflation versus deflation tug of war, the future keeps looking inflationary, but at what rate of inflation? That's what I don't know, and no one really knows. If you like Richard Duncan's content, and you sort of wished he and I's conversation would go on. Well, he is a regular guest here, so I expect him back. But if you're telling yourself, I want more of his content and I want to make it visual at the same time to help really bring this to life, well, visit RichardDuncanEconomics.com hit the subscribe button and get 50% off. That's five zero, 50% off with the discount code. GRE. Happy Veterans Day. Until next week, I'm your host, Keith Weinhold, don't quit your Daydream.   Speaker 2  52:17   Nothing on this show should be considered specific, personal or professional advice, please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively you   Keith Weinhold  52:46   The preceding program was brought to you by your home for wealth, building, getricheducation.com

When will all the craziness be over?  It's the question that seems to be on every American's mind, and one that many have asked both Russell Moore and George Packer, author and staff writer at The Atlantic. Moore and Packer discuss the exhaustion and rage that have become common in our politics. They discuss partisanship, profitability, and pessimism. They talk about the historical events that have led to our current realities, the effects of secularization on culture, and what it might take for Packer to believe there is a God—and why Packer still, despite all of the chaos, can't forgo his hope for humanity. Resources mentioned in this episode or recommended by the guest include: George Packer "What Will Become of American Civilization? Conspiracism and Hyper-Partisanship in the Nation's Fastest-Growing City” by George Packer at The Atlantic The Unwinding: An Inner History of the New America by George Packer The Assassins' Gate: America in Iraq by George Packer Blood of the Liberals by George Packer Facing Unpleasant Facts: Narrative Essays by George Orwell, compiled and with an introduction by George Packer Our Man: Richard Holbrooke and the End of the American Century by George Packer David French Mere Christianity by C. S. Lewis The Anxious Generation: How the Great Rewiring of Childhood Is Causing an Epidemic of Mental Illness by Jonathan Haidt Montaigne's Tower Click here for a trial subscription at Christianity Today. Learn more about your ad choices. Visit podcastchoices.com/adchoices

When Donald Trump praises foreign dictators—from Xi Jinping and Kim Jong Un to Viktor Orban and Vladimir Putin—the typical reaction is shock and dismay. But in fact, Beverly Gage points out in a recent essay in Foreign Affairs, such admiration is not uncommon in American politics. And Trump's embrace of overseas autocrats is just one of the unsettling features of American civic life today that has a more prominent place in U.S. history than most observers would like to think. Gage, a historian at Yale, has written extensively about contemporary U.S. politics, ideology, and social movements, and is the author of G-Man: J. Edgar Hoover and the Making of the American Century. She spoke with Foreign Affairs senior editor Kanishk Tharoor on October 17 about the historical parallels that help us understand today's fraught politics—as well as what set this moment apart. You can find transcripts and more episodes of The Foreign Affairs Interview at https://www.foreignaffairs.com/podcasts/foreign-affairs-interview.