Podcasts about Economics

Social science that analyzes the production, distribution, and consumption of goods and services

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    Best podcasts about Economics

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    Latest podcast episodes about Economics

    EconTalk
    Conversation, Interintellect, and Arcadia (with Anna Gat)

    EconTalk

    Play Episode Listen Later Jan 5, 2026 82:15


    If technology is ruining the art of conversation, maybe it can save it, too. Anna Gat--poet, screenwriter, playwright, and founder of Interintellect--talks with EconTalk's Russ Roberts on how she's reviving the French salon in the digital age. They discuss why authority, moderation, and clear formats make conversation freer, not more constrained. They also explore why one of the greatest of modern plays--Tom Stoppard's Arcadia--is so resonant not only as a live theatrical performance, but also when read aloud, both alone and in a group. They conclude the episode by connecting Arcadia's themes to Gat's mission at Interintellect: Namely, preserving the value of thinking together across generations, disciplines, and worldviews.

    Thoughts on the Market
    The Bullish Signals That Investors Overlook

    Thoughts on the Market

    Play Episode Listen Later Jan 5, 2026 5:12


    Our CIO and Chief U.S. Equity Strategist Mike Wilson discusses key catalysts that investors may be missing, but that are likely to boost U.S. equities in 2026.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll be discussing the converging market forces bolstering our bullish outlook for 2026. It's Monday, January 5th at 11:30am in New York. So, let's get after it. The New Year is usually a time to look forward. But today, I want to take a step back and talk about what the market is missing. A series of bullish catalysts are lining up at the same time, and the market is still underestimating their collective impact. There's been a lot of focus on individual positives—solid earnings growth, further Fed easing—but in our view, the real story is how these forces are reinforcing one another. Deregulation, positive operating leverage, accommodative monetary policy, and increasingly supportive fiscal policy are all working in the same direction. And as we head into mid-term elections later this year, these policy levers are likely to stay supportive.Importantly, this isn't a market that's already priced for the outcomes I envision. Positioning in cyclical trades remains relatively light, and sentiment in economically sensitive areas is far from exuberant. That combination—of improving fundamentals with cautious positioning—is exactly what tends to characterize the early stages of a recovery. I continue to believe these tailwinds are most underappreciated in cyclical areas like Consumer Discretionary Goods, Financials, Industrials, and small- and mid-cap stocks. Many of the indicators we track are only just beginning to turn higher. This doesn't look late-cycle to me—it looks early in what I have deemed to be a rolling recovery. One reason investors have been hesitant is the sluggishness of traditional business-cycle indicators, particularly the ISM Manufacturing Purchasing Managers Index. There's been a reluctance to press cyclical trades until those gauges clearly re-accelerate; and beneath that hesitation is a lingering anxiety that the U.S. economy could even slip back into a growth scare. My view is different. I believe a three year rolling recession ended with Liberation Day. If that's true, then the moderate softness we're now witnessing in lagging labor data is constructive for equities because it keeps the Fed leaning dovish for longer and more aggressive—a positive for equities. I see the second half of 2025 as the bottoming process for key macro indicators; with 2026 shaping up as a year of re-acceleration. Longer-cycle analysis supports this. Specifically, the 45-month cycle of the ISM Manufacturing Purchasing Managers Index points to a rebound. That recovery has been delayed—but not cancelled. Another tailwind that doesn't get nearly enough attention is energy prices. Gasoline prices in particular are sitting near five-year lows, which is providing real economic relief for lower- and middle-income consumers. That cushion matters, especially as other parts of the economy firm. This past weekend's events in Venezuela argue for lower oil prices for longer. From a sector standpoint, Financials stand out as the key beneficiary of deregulation and these stocks have been great performers over the past year in anticipation of these changes. I think there is more to go in 2026. Housing could be another important piece of the recovery. Subdued wage growth and falling rents may pressure home prices, while some builders are prioritizing volume over margins. While that may cap profitability for the builders, it could unlock housing velocity and feed into a more dovish inflation backdrop. Of course, there are also risks. Liquidity has been our top concern since September, and markets have reflected that through weakness in speculative assets. The good news is that the Fed has responded by ending quantitative tightening early and restarting asset purchases through the Reserve Management Program. This effectively adds liquidity to a system that was showing signs of stress this past several months. Another risk is a renewed slowdown in AI CapEx, particularly as markets demand clearer payback from debt-funded spending. And geopolitically, the U.S. intervention in Venezuela raises new questions. Strategically, it reinforces U.S. influence in the Western Hemisphere and supports our ‘Run It Hot' thesis—but the key wildcard remains whether China chooses to react. Net-net, we think the balance of risks and rewards still favor leaning into this early-cycle recovery and our bullish outlook for US equities in 2026. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

    The Hartmann Report
    Daily Take: Trump Didn't Merely Borrow Strongman Tactics: He Imported an Entire Doctrine Built to Kill Democracies

    The Hartmann Report

    Play Episode Listen Later Jan 5, 2026 12:14


    Trump Didn't Merely Borrow Strongman Tactics: He Imported an Entire Doctrine Built to Kill Democracies...See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    Peter St Onge Podcast
    Ep 154 Weekly Roundup: $1.5 Trillion in Welfare Fraud

    Peter St Onge Podcast

    Play Episode Listen Later Jan 5, 2026 21:02


    Roundup of the Week's Top Stories in Economics and FreedomSilver Prices Jump 11%How Mass Migration Worsens Labor Shortages2025 in ReviewWhat's Coming in 2026$1.5 Trillion in Welfare FraudRead the article "$1.5 Trillion in Welfare Fraud" at https://www.profstonge.com/Visit our Sponsor: Monetary MetalsEarn 5% to 12% interest on your physical gold and silver, paid in physical gold and silver.Visit our Sponsor: CoinKiteProtect your Bitcoin with an Ultra-Secure Hardware WalletProfstonge WeeklyWeekly articles on economics and freedom and a monthly investment Watch ListDisclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the show

    The Hartmann Report
    If You're Afraid of Science..

    The Hartmann Report

    Play Episode Listen Later Jan 4, 2026 58:45


    Measles is coming back to the USA in part because the G.O.P. has declared war on evidence and logic. Plus- Thom reads from "Lifelines: A Doctor's Journey in the Fight for Public Health" by Dr. Leana Wen.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    The Dr Boyce Breakdown
    Trump, Venezuela and the economics of war - Dr Boyce Watkins

    The Dr Boyce Breakdown

    Play Episode Listen Later Jan 4, 2026 62:16


    Dr Boyce breaks down the real economic reasons that Donald Trump invaded Venezuela.

    The Hartmann Report
    The Truth Is What He Says It Is

    The Hartmann Report

    Play Episode Listen Later Jan 3, 2026 57:59


    Will Donald's supporters keep believing his deluded lies about health insurance, or will the reality of denied coverage and insane premiums bring millions of people back to reality? Plus- Thom reads from "Rendezvous with Oblivion: Reports from a Sinking Society" by Thomas Frank.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    New Books Network
    Judd B. Kessler, "Lucky by Design: The Hidden Economics of Getting More of What You Want" (Little, Brown Spark, 2025)

    New Books Network

    Play Episode Listen Later Jan 3, 2026 51:36


    What's the secret to scoring a reservation at a hot new restaurant? When should you enter a lottery to increase your odds of winning? Why did your neighbor's kid get into a nearby preschool while yours didn't? Who gets priority for a life-saving organ donation? These outcomes are not a matter of luck. Instead, they depend on how we navigate hidden markets that arise to decide who gets what when many of us want something and there isn't enough to go around. Every day we play in these markets, yet few of us fully understand how they work. In familiar markets, what we get depends on how much we're willing to pay. Hidden markets do not rely on prices: you can't buy your way in to a better position. Instead, what you receive hinges on the rules by which the market operates, and the choices you make in them. Judd Kessler has spent a career studying and designing these very markets. Now, he reveals the secrets of how they work, and how to maneuver in them. Whether you want to snag a coveted ticket, secure a spot in an oversubscribed college course, get better matches in the dating and job markets, do your fair share of the household chores (but no more), or more efficiently allocate your time and attention, this must-read guide will show you how to get Lucky by Design. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

    New Books in Sociology
    Judd B. Kessler, "Lucky by Design: The Hidden Economics of Getting More of What You Want" (Little, Brown Spark, 2025)

    New Books in Sociology

    Play Episode Listen Later Jan 3, 2026 51:36


    What's the secret to scoring a reservation at a hot new restaurant? When should you enter a lottery to increase your odds of winning? Why did your neighbor's kid get into a nearby preschool while yours didn't? Who gets priority for a life-saving organ donation? These outcomes are not a matter of luck. Instead, they depend on how we navigate hidden markets that arise to decide who gets what when many of us want something and there isn't enough to go around. Every day we play in these markets, yet few of us fully understand how they work. In familiar markets, what we get depends on how much we're willing to pay. Hidden markets do not rely on prices: you can't buy your way in to a better position. Instead, what you receive hinges on the rules by which the market operates, and the choices you make in them. Judd Kessler has spent a career studying and designing these very markets. Now, he reveals the secrets of how they work, and how to maneuver in them. Whether you want to snag a coveted ticket, secure a spot in an oversubscribed college course, get better matches in the dating and job markets, do your fair share of the household chores (but no more), or more efficiently allocate your time and attention, this must-read guide will show you how to get Lucky by Design. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/sociology

    YAP - Young and Profiting
    Guy Kawasaki: Win Every Pitch Using These Timeless Sales Principles | Sales | YAPClassic

    YAP - Young and Profiting

    Play Episode Listen Later Jan 2, 2026 57:35


    Guy Kawasaki learned sales the hard way in the jewelry business, where every deal felt like hand-to-hand combat. With no technical background, he later joined Apple and turned those street-level selling skills into world-class software evangelism. He went on to become Chief Evangelist at Canva, shaping how the world thinks about selling ideas. In this episode, Guy breaks down why selling is the most critical skill for entrepreneurs, the sales strategies that helped him win pitches, and how to identify products or ideas that sell. In this episode, Hala and Guy will discuss: (00:00) Introduction (01:29) From Sales Rookie to Apple Evangelist (07:35) How to Get Your Big Break (11:49) Leadership Lessons From Apple and Beyond (17:51) The Art of Knowing When to Quit (24:53) How Big Career Risks Shape Success (33:22) Mastering the Sales and Pitch Strategy (42:07) Evangelism Strategy: Pitch Everyone, Always (47:43) Building Likability, Trust, and Competence Guy Kawasaki is a bestselling author, keynote speaker, and the Chief Evangelist of Canva. He previously served as the Chief Evangelist at Apple, where he popularized the concept of secular evangelism and helped make the Macintosh a household name. Guy is also the creator and host of the Remarkable People podcast, featuring world-class entrepreneurs and innovators. Sponsored By: Indeed - Get a $75 sponsored job credit to boost your job's visibility at Indeed.com/PROFITING  Shopify - Start your $1/month trial at Shopify.com/profiting.  Spectrum Business - Visit Spectrum.com/FreeForLife to learn how you can get Business Internet Free Forever. Northwest Registered Agent - Build your brand and get your complete business identity in just 10 clicks and 10 minutes at northwestregisteredagent.com/paidyap Framer - Publish beautiful and production-ready websites. Go to Framer.com/profiting and get 30% off their Framer Pro annual plan. Intuit QuickBooks - Start the new year strong and take control of your cash flow at QuickBooks.com/money  Quo - Run your business communications the smart way. Try Quo for free, plus get 20% off your first 6 months when you go to quo.com/profiting   Working Genius - Take the Working Genius assessment and discover your natural gifts and thrive at work. Go to workinggenius.com and get 20% off with code PROFITING Resources Mentioned: Guy's Website: remarkablepeople.com    Guy's Book, Wise Guy: bit.ly/-WiseGuy  Guy's Book, Enchantment: bit.ly/-Enchantment  Guy's Podcast, Remarkable People: bit.ly/RP-apple  Active Deals - youngandprofiting.com/deals  Key YAP Links Reviews - ratethispodcast.com/yap YouTube - youtube.com/c/YoungandProfiting Newsletter - youngandprofiting.co/newsletter  LinkedIn - linkedin.com/in/htaha/ Instagram - instagram.com/yapwithhala/ Social + Podcast Services: yapmedia.com Transcripts - youngandprofiting.com/episodes-new  Entrepreneurship, Entrepreneurship Podcast, Business, Business Podcast, Self Improvement, Self-Improvement, Personal Development, Starting a Business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side Hustle, Startup, Mental Health, Career, Leadership, Mindset, Health, Growth Mindset, Online Selling, Economics, E-commerce, Ecommerce, Prospecting, Persuasion, Inbound, Value Selling, Account Management, Scale, Scaling, Sales Podcast

    Thoughts on the Market
    Bigger Tax Refunds Likely to Power the Economy

    Thoughts on the Market

    Play Episode Listen Later Jan 2, 2026 3:45


    Our U.S. Economist Heather Berger discusses how larger tax refunds in 2026 could boost income and help support consumer balance sheets throughout the year.Read more insights from Morgan Stanley. ----- Transcript -----Welcome to Thoughts on the Market and Happy New Year! I'm Heather Berger, from Morgan Stanley's US Economics Team. On today's episode – why U.S. consumers can expect higher tax refunds, and what that means for the overall economy. It's Friday, January 2nd, at 10am in New York.As we kick off 2026, it's not just a fresh start. It's also the time when tax refund season is right around the corner. For many of us, those refunds aren't just numbers on a page; they shape the way we budget for many everyday expenses. The timing and size of our refunds this year could make a real difference in how much we're able to save, spend, or get ahead on bills.In the wake of the One Big Beautiful Bill Act, this year's tax refund season is shaping up to be bigger than usual. The new fiscal bill packed in a variety of tax cuts for consumers. It also included spending cuts to programs such as SNAP benefits and Medicaid, but most of those cuts don't pick up until later this decade. Altogether, this means that we'll likely see personal incomes and spending power get a boost in 2026.Many of the new deductions and tax credits for consumers in the bill were made retroactive to the 2025 fiscal year. These include deductions for tips and overtime, a higher child tax credit, an increased senior deduction, and a higher cap on state and local tax deductions, among others. The retroactive portion of these measures should be reflected in tax refunds early this year. Overall, we're expecting these changes to increase refunds by 15 to 20 percent on average. And different groups will benefit from different parts of the bill. For example, the higher state and local tax cap is likely to help high-income consumers the most, while deductions for tips and overtime will be most valuable to middle-income earners.Historically, U.S. consumers receive about 30 to 45 percent of tax refunds by the end of February, with then 60 to 70 percent arriving by the end of March. Because of the new tax provisions, we're anticipating a noticeable boost in personal income during the first quarter of the year. While we do also expect this legislation to encourage higher spending, it's unlikely that we'll see spending rise as sharply as income right away. According to surveys, most consumers say they use their refunds mainly for saving or paying down debt. This can lead to healthier balance sheets, which is shown by higher prepayment rates and fewer loan delinquencies during the tax refund season.When people choose to spend all or some of their tax refunds, they typically put that money toward everyday needs, travel, new clothes, or home improvements. Looking ahead, we do still see some near-term headwinds to spending, such as expected increases in inflation from tariffs and the expiration of the Affordable Care Act credits, which will most affect low-income consumers. As we progress throughout the year, though, we're anticipating steady growth in real consumer spending as the labor market stabilizes, inflation decelerates, and lagged effects of easier monetary policy flow through. On top of that, this year's larger tax refunds should give another lift to household spending.The boost to spending, along with other corporate provisions in the bill, should give the broader economy a push this year too. We expect the bill as a whole to support GDP growth in 2026.  But it then becomes a drag on growth in later years when more of the spending cuts take effect.Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

    The Brian Lehrer Show
    Holiday Best-Of: Freakonomics; Eating Well; 1776; New Yorker Documentary

    The Brian Lehrer Show

    Play Episode Listen Later Jan 2, 2026 109:10


    During this holiday season, hear some recent favorites:Stephen Dubner, host of Freakonomics Radio and the co-author of Freakonomics (Harper Collins, 2025), now in a new 20th anniversary edition, reflects on 20 years of "Freakonomics," its impact and use of data, and talks about what's next.Marion Nestle, professor of nutrition, food studies, and public health emerita at NYU and the author of many books, including her latest, What to Eat Now: The Indispensable Guide to Good Food, How to Find It, and Why It Matters (North Point Press, 2025), talks about her newly revised classic and how to navigate the food landscape today.Edward Larson, chaired professor of history and law at Pepperdine University and the author of Declaring Independence: Why 1776 Matters (W. W. Norton & Company, 2025), talks about the change in thinking 250 years ago in the American colonies from British subjects protesting the crown to revolution.David Remnick, editor of The New Yorker and the host of The New Yorker Radio Hour, and Marshall Curry, documentary filmmaker (including Street Fight, If a Tree Falls, A Night at the Garden), talk about "The New Yorker at 100" on Netflix. These interviews were lightly edited for time and clarity; the original web versions are available here:20 Years of Freakonomics (Nov 26, 2025)Eating Well Today (Dec 9, 2025)1776's No Kings (Nov 24, 2025)The New Yorker: A Movie (part 2, Dec 4, 2025)

    The Hartmann Report
    Is the Day of Reckoning Coming?

    The Hartmann Report

    Play Episode Listen Later Jan 2, 2026 57:38


    Social Security and Medicare aren't abstract programs — they keep millions of Americans alive. Critics warn Trump-backed policies could force seniors and disabled Americans to delay or skip lifesaving care. We break down what's changing, who's at risk, and why this could become a public health emergency. Executive Director of Social Security Works, Alex Lawson joins Thom to break it down. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    The Hartmann Report
    Daily Take: Is the Post Office About to Decide the 2026 Midterms?

    The Hartmann Report

    Play Episode Listen Later Jan 2, 2026 12:11


    A quiet USPS postmark change could turn “on time” ballots into “too late” ballots by the millions…See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    Moody's Talks - Inside Economics
    Resilient or Fragile?

    Moody's Talks - Inside Economics

    Play Episode Listen Later Jan 2, 2026 40:16


    The team reunites in 2026 and reflects on the economy's performance in 2025 and looks ahead to the New Year. Mark reviews the forecast accuracy for the past year and is surprised by the results. Mark and Cris quibble over how to characterize the economy in 2025, and the team shares its predictions for 2026, along with the probabilities of the base cases, upside, and downside forecasts.  Hosts: Mark Zandi – Chief Economist, Moody's Analytics, Cris deRitis – Deputy Chief Economist, Moody's Analytics, and Marisa DiNatale – Senior Director - Head of Global Forecasting, Moody's AnalyticsFollow Mark Zandi on 'X' and BlueSky @MarkZandi, Cris deRitis on LinkedIn, and Marisa DiNatale on LinkedIn  Questions or Comments, please email us at helpeconomy@moodys.com. We would love to hear from you. To stay informed and follow the insights of Moody's Analytics economists, visit Economic View. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    Peter St Onge Podcast
    Ep 153 Weekly Roundup: Voters Losing Patience with Inflation

    Peter St Onge Podcast

    Play Episode Listen Later Jan 2, 2026 19:57


    Roundup of the Week's Top Stories in Economics and FreedomVoters Losing Patience with InflationRent Prices Fall most in 15 YearsKey Climate Paper Retracted“Blockbuster” GDP GrowthDollar Collapse Would Bring HyperinflationRead the article "Dollar Collapse Would Bring Hyperinflation" at https://www.profstonge.com/Visit our Sponsor: Monetary MetalsEarn 5% to 12% interest on your physical gold and silver, paid in physical gold and silver.Visit our Sponsor: CoinKiteProtect your Bitcoin with an Ultra-Secure Hardware WalletDisclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the show

    The Money Show
    SA's 2025 economic outlook, family finance, imposter syndrome, Gen Z travel trends and the business of sport

    The Money Show

    Play Episode Listen Later Jan 2, 2026 95:13 Transcription Available


    Nokukhanya Mntambo speaks to Dr Dale McKinley, Political Economist, about South Africa’s economic performance in 2025 and the outlook for 2026, unpacking key finance, business and policy considerations. In other interviews, Siba Njoba, Director and Wealth Manager, discusses financial planning for new families, while clinical psychologist Charity Mkone explores how individuals can overcome imposter syndrome. The show also features SATSA Chairperson Oupa Pilane on why Gen Z is prioritising travel over family time, and sports business specialist Nqobile Ndlovu on the growing commercial and branding opportunities within the business of sport. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

    Shifting Culture
    Ep. 379 Kelley Nikondeha Returns - Jubilee Economics

    Shifting Culture

    Play Episode Listen Later Jan 2, 2026 62:28 Transcription Available


    What does it mean to take Jesus seriously when he announces good news to the poor, freedom for the captive, and release from debt? In this episode of Shifting Culture, I'm joined by theologian and practitioner Kelley Nikondeha to talk about her new book Jubilee Economics and the disruptive, concrete vision of Jubilee found in Scripture. We explore why Jubilee was never just a spiritual metaphor but a real economic practice involving debt forgiveness, land, labor, and community restoration. Kelley shares stories from her work in Burundi—where economic collapse forced hard, human decisions about care, reentry, and neighbor-love—and helps us reframe Jesus's sermon in Luke 4 as dangerous, embodied good news. This conversation asks what Jubilee might look like today, and what it might cost us to love our neighbors well in a debt-saturated world.Kelley Nikondeha is a liberation theologian, community development practitioner, and author of First Advent in Palestine and Defiant. She is Co-founder of Communities of Hope in Burundi.Kelley's Book:Jubilee EconomicsConnect with Joshua: jjohnson@shiftingculturepodcast.comGo to www.shiftingculturepodcast.com to interact and donate. Every donation helps to produce more podcasts for you to enjoy.Follow on Facebook, Instagram, Twitter, Threads, Bluesky or YouTubeConsider Giving to the podcast and to the ministry that my wife and I do around the world. Just click on the support the show link belowGet Your Sidekick Support the show

    Ideas of India
    Snigdha Poonam on the Political Economy of Transnational Scams

    Ideas of India

    Play Episode Listen Later Jan 2, 2026 87:59


    Today my guest is Snigdha Poonam who is a journalist and writer. She is the author of the new book Scamlands and also the author of the 2018 award winning book Dreamers: How Young Indians Are Changing Their World. We talked about the scam industrial complex in different states like Jharkhand,  Assam and Tamil Nadu in India, the interaction between the scam economy and the formal economy, the transnational scams in China and Cambodia and how they are connected to India, the aspirations and traumas of the scam work force and much more.  Recorded November 17th, 2025. Read a full transcript enhanced with helpful links. Learn more about The 1991 Fellowship. Connect with Ideas of India Follow us on X Follow Shruti on X Follow Snigdha on X Click here for the latest Ideas of India episodes sent straight to your inbox. Timestamps (00:00:00) - Intro (00:01:13) - The Scam-Industrial Complex (00:03:48) - On Jamtara and the Economics of Joining a Scam (00:09:12) - The Moral Logic of Scamming (00:13:31) - How the State Enables the Scam Economy (00:15:54) - Inside Assam's Paperwork and Insurance Scams (00:23:04) - The Politics of Legibility in Assam (00:32:47) - Women in the Scam Economy (00:38:32) - How Scammers Get Trapped Inside the System (00:46:18) - From Local Scams to Transnational Cybercrime (00:52:18) - Scam Slavery in Southeast Asia (01:02:15) - Reporting on the Shadow Economy (01:10:49) - Starting the Story (01:16:54) - From Aspiration to Desperation (01:21:56) - Closing Reflections (01:27:08) - Outro

    Squawk Box Europe Express
    FTSE 100 BREAKS PAST 10,000 FOR FIRST TIME

    Squawk Box Europe Express

    Play Episode Listen Later Jan 2, 2026 25:44


    European equities kick off the first trading day of the new year on a positive note, with the FTSE 100 breaking past 10,000 points for the first time. U.K. house prices unexpectedly fell in December according to data from Nationwide, which is the weakest growth since April 2024. And, we discuss the outlook for the Federal Reserve in 2026, with a new chair, further questions over its independence and an AI boom all in its in-tray.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    The Hartmann Report
    A New Year Begins and the Trump Cartel Tightens Its Grip Through Wealth, Force, & Faith

    The Hartmann Report

    Play Episode Listen Later Jan 1, 2026 11:24


    A New Year Begins and the Trump Cartel Tightens Its Grip Through Wealth, Force, & FaithSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    The Hartmann Report
    What Kind of World Do We Want?

    The Hartmann Report

    Play Episode Listen Later Jan 1, 2026 58:18


    It's one of the greatest preventable mass deaths in modern history: around two people every minute of every day, day and night, week after week, soon to be year after year. Elon Musk has called USAID — the agency administering programs like George W. Bush's PEPFAR which have saved tens of millions of lives, most in Africa — “a criminal organization,” adding that it was, “Time for it to die.” Why is the world's richest man killing the world's poorest people?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    The Forever Cash Life Real Estate Investing Podcast: Create Cash Flow and Build Wealth like Robert Kiyosaki and Donald Trump

    Aaron Chapman survived a devastating motorcycle crash in 2008 that left him broken on the ground, financially destroyed with a 460 credit score, and facing total loss. That beating? It taught him everything about real success. Now he and his illustrator brother, Eric Chapman, are back to talk about their book "Redneckonomics"—the raw, unfiltered truth about achieving success through the beaten path, not around it. We dive into why you need to write down your 5-year vision NOW, how multi-generational wealth actually works, and why most people will never do what it takes.   Get the book: quitjerkingoff.com  

    PodRocket - A web development podcast from LogRocket
    Anthropic buys Bun, GitHub friction, and AI economics

    PodRocket - A web development podcast from LogRocket

    Play Episode Listen Later Jan 1, 2026 40:07


    In this panel episode, the crew discusses AI platform consolidation, open-source sustainability, and the future of web development. We break down Anthropic's acquisition of Bun, what it means for the JavaScript ecosystem, and whether open-source projects can remain independent as AI companies invest heavily in infrastructure. We also discuss Zig leaving GitHub, growing concerns around AI-first developer tools, npm security vulnerabilities, and supply-chain risk in modern software. The episode wraps with hot takes on AI infrastructure costs, developer productivity, and practical advice for engineers navigating today's rapidly changing tech landscape. Resources Anthropic acquires Bun as Claude Code hits $1B milestone: https://www.anthropic.com/news/anthropic-acquires-bun-as-claude-code-reaches-usd1b-milestone Zig quits GitHub, says Microsoft's AI obsession ruined the service: https://ziglang.org/news/migrating-from-github-to-codeberg/ Shai-Hulud: 1K+ npm packages & 27K repos infected: https://helixguard.ai/blog/malicious-sha1hulud-2025-11-24 IBM CEO says AI data center spending “won't pay off” at current costs: https://www.businessinsider.com/ibm-ceo-big-tech-ai-capex-data-center-spending-2025-12 We want to hear from you! How did you find us? Did you see us on Twitter? In a newsletter? Or maybe we were recommended by a friend? Fill out our listener survey (https://t.co/oKVAEXipxu)! https://t.co/oKVAEXipxu Let us know by sending an email to our producer, Elizabeth, at elizabeth.becz@logrocket.com (mailto:elizabeth.becz@logrocket.com), or tweet at us at PodRocketPod (https://twitter.com/PodRocketpod). Check out our newsletter (https://blog.logrocket.com/the-replay-newsletter/)! https://blog.logrocket.com/the-replay-newsletter/ Follow us. Get free stickers. Follow us on Apple Podcasts, fill out this form (https://podrocket.logrocket.com/get-podrocket-stickers), and we'll send you free PodRocket stickers! What does LogRocket do? LogRocket provides AI-first session replay and analytics that surfaces the UX and technical issues impacting user experiences. Start understanding where your users are struggling by trying it for free at LogRocket.com. Try LogRocket for free today. (https://logrocket.com/signup/?pdr) Chapters 01:00 – Meet the Panel: Paige, Jack, and Paul 02:00 – Anthropic Acquires Bun: First Reactions 05:30 – What the Bun Acquisition Means for JavaScript Runtimes 09:00 – Open Source Funding, Independence, and New Exit Models 14:30 – Zig Leaves GitHub: AI-First Platforms and OSS Friction 20:30 – GitHub, Copilot, and Developer Experience Tradeoffs 24:30 – npm Security, Supply Chain Attacks, and Trust at Scale 31:00 – Are We Too Dependent on Big Tech Platforms? 36:30 – AI Infrastructure Costs and the Sustainability Question 43:00 – Small Models, Local AI, and the Future of Inference 50:30 – Hot Takes: Subscriptions, Burnout, and Developer Frustration 58:30 – Security Alerts, Tooling Wins, and Final Thoughts Special Guest: Jack Herrington.

    Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)
    Power and Progress — Nobel Laureate Simon Johnson on Why AI Is Repeating Industrial-Era Mistakes

    Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)

    Play Episode Listen Later Jan 1, 2026 56:36


    What if AI is repeating the same mistakes society made during the Industrial Revolution? In this episode of Technovation, Peter is joined by Nobel Prize Laureate in Economics and Ronald A. Kurtz Professor of Entrepreneurship at the MIT Sloan School of Management Simon Johnson. Throughout their conversation, they explore why automation has historically failed to deliver shared prosperity and why artificial intelligence may be following the same path. Drawing on centuries of economic history, Johnson explains how mechanization once displaced workers faster than new jobs were created, fueling inequality and social unrest. Together, they discuss what today's AI leaders must learn from history, why institutions matter more than technology alone, and how workforce anxiety is an early warning sign of deeper structural problems. Key topics include: Automation vs. job creation AI's impact on entry-level and knowledge work Workforce polarization and regional inequality Lessons from the Industrial Revolution for today's leaders What it takes to align innovation with shared prosperity

    A Brief Listen
    What happened in Africa in 2025 (and what we're expecting in 2026)

    A Brief Listen

    Play Episode Listen Later Jan 1, 2026 54:56


    In this episode, Loye and Fola give out awards for 2025. They select their Leader of the Year, Story of the Year, Election of the Year, Startup of the Year, “What in the World” of the Year, “Thank God That's Not Our Leader” of the Year, and finally closing with stories they're looking out for in 2026.Happy New Year you beautiful people! Time stamps02:05 Leader of the Year10:57 Story of the Year21:14 Election of the Year26:58 Startup of the Year33:40 “What's in the World” of the Year38:18 “Thank God That's Not Our Leader” of the Year 42:44 Stories for 2026https://www.instagram.com/thebrief.xyz/

    Part Of The Problem
    2025 Year End Recap

    Part Of The Problem

    Play Episode Listen Later Dec 31, 2025 67:37


    Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave and Robbie "The Fire" Bernstein talk about the biggest news stories of the year, biggest surprises of the Trump administration, rank Dave's debate opponents, and more.Support Our Sponsors:Sheath - https://sheathunderwear.com use promo code PROBLEM20Cowboy Colostrum - Get 25% Off Cowboy Colostrum with code DAVE at https://www.cowboycolostrum.com/DAVEVandy Crisps - https://vandycrisps.com/dave Use code "DAVE" for 25% offRugiet - Get 15% off your first order by going to http://rugiet.com/DAVE and using code DAVEPart Of The Problem is available for early pre-release at https://partoftheproblem.com as well as an exclusive episode on Thursday!PORCH TOUR DATES HERE:https://robbernsteincomedy.com/eventsFind Run Your Mouth here:YouTube - http://youtube.com/@RunYourMouthiTunes - https://podcasts.apple.com/us/podcast/run-your-mouth-podcast/id1211469807Spotify - https://open.spotify.com/show/4ka50RAKTxFTxbtyPP8AHmFollow the show on social media:X:http://x.com/ComicDaveSmithhttp://x.com/RobbieTheFireInstagram:http://instagram.com/theproblemdavesmithhttp://instagram.com/robbiethefire#libertarian See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    Thoughts on the Market
    Special Encore: What's Driving U.S. Growth in 2026

    Thoughts on the Market

    Play Episode Listen Later Dec 31, 2025 7:06


    Original Release Date: November 25, 2025Our Chief U.S. Economist Michael Gapen breaks down how growth, inflation and the AI revolution could play out in 2026.Read more insights from Morgan Stanley.----- Transcript -----Michael Gapen: Welcome to Thoughts on the Market. I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist.Today I'll review our 2026 U.S. Economic Outlook and what it means for growth, inflation, jobs and the Fed.It's Tuesday, November 25th, at 10am in New York.If 2025 was the year of fast and furious policy changes, then 2026 is when the dust settles.Last year, we predicted slow growth and sticky inflation, mainly because of strict trade and immigration policies – and this proved accurate. But this year, the story is changing. We see the U.S. economy finally moving past the high-uncertainty phase. Looking ahead, we see a return to modest growth of 1.8 percent in 2026 and 2 percent in 2027. Inflation should cool but it likely won't hit the Fed's 2 percent target. By the end of 2026, we see headline PCE inflation at 2.5 percent, core inflation at 2.6 percent, and both stay above the 2 percent target through 2027. In other words, the inflation fight isn't over, but the worst is behind us.So, if 2025 was slow growth and sticky inflation, then 2026 and [20]27 could be described as moderate growth and disinflation. The impact of trade and immigration policies should fade, and the economic climate should improve. Now, there are still some risks. Tariffs could push prices higher for consumers in the near term; or if firms cannot pass through tariffs, we worry about additional layoffs. But looking ahead to the second half of 2026 and beyond, we think those risks shift to the upside, with a better chance of positive surprises for growth.After all, AI-related business spending remains robust and upper income consumers are faring well. There is reason for optimism. That said, we think the most likely path for the economy is the return to modest growth. U.S. consumers start to rebound, but slowly. Tariffs will keep prices firm in the first half of 2026, squeezing purchasing power for low- and middle-income households. These households consume mainly through labor market income, and until inflation starts to retreat, purchasing power should be constrained.Real consumption should rise 1.6 percent in 2026 and 1.8 [percent] in 2027 – better, but not booming. The main culprit is a labor market that's still in ‘low-hire, low-fire' mode driven by immigration controls and tariff effects that keep hiring soft. We see unemployment peaking at 4.7 percent in the second quarter of 2026, then easing to 4.5 percent by year-end. Jobs are out there, but the labor market isn't roaring. It'll be hard for hiring to pick up until after tariffs have been absorbed.And when jobs cool, the Fed steps in. The Fed is cutting rates – but at a cost. After two 25 basis point rate cuts in September and October, we expect 75 basis points more by mid 2026, bringing the target range to 3.0-3.25 percent. Why? To insure against labor market weakness. But that insurance comes with a price: inflation staying above target longer. Think of it as the Fed walking a tightrope—lean too far toward jobs, and inflation lingers; lean too far toward inflation, and growth stumbles. For now the Fed has chosen the former.And how does AI fit into the macro picture? It's definitely a major growth driver. Spending on AI-related hardware, software, and data centers adds about 0.4 percent to growth in both 2026 and 2027. That's roughly 20 percent of total growth. But here's the twist: imports dilute the impact. After accounting for imported tech, AI's net contribution falls sharply. Still, we expect AI to boost productivity by 25-35 basis points by 2027, over our forecast horizon, marking the start of a new innovation cycle. In short: AI is planting the seeds now for bigger gains later.Of course, there are risks to our outlook. And let me flag three important ones. First, demand upside – meaning fiscal stimulus and business optimism push growth higher; under this scenario inflation stays hot, and the Fed pauses cuts. If the economy really picks up, then the Fed may need to take back the risk management cuts it's putting in now. That would be a shock to markets. Second, there's a productivity upside – in which case AI delivers bigger productivity gains, disinflation resumes, and rates drift lower. And lastly, a potential mild recession where tariffs and tight policy bite harder, GDP turns negative in early 2026, and the Fed slashes rates to near 1 percent. So in summary: 2026 looks to be a transition year with less drama but more nuance, as growth returns and inflation cools, while AI keeps rewriting the playbook.Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

    The Hartmann Report
    Why Are Republicans Calling Control Over Women a Family Value?

    The Hartmann Report

    Play Episode Listen Later Dec 31, 2025 58:19


    Michelle Goldberg warns that the modern Republican Party is slipping into open, unapologetic misogyny, and even Republican congresswomen are starting to say the quiet part out loud. They're learning there's a brutal difference between being useful to powerful men and being respected as an equal.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    The Hartmann Report
    Daily Take: We've Got 11 Months, So Are We Going to Change the Democratic Party or Watch the Right Keep Winning?

    The Hartmann Report

    Play Episode Listen Later Dec 31, 2025 13:17


    The clock is ticking, and cynicism isn't a strategy. Here's the concrete, local, Tea Party-style roadmap to rebuild Democrats into a fighting progressive party…See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    Epicenter - Learn about Blockchain, Ethereum, Bitcoin and Distributed Technologies
    2025 Rewind: End of the Infinite Money Glitch and Looking Ahead to 2026

    Epicenter - Learn about Blockchain, Ethereum, Bitcoin and Distributed Technologies

    Play Episode Listen Later Dec 31, 2025 52:32


    In this episode, hosts Sebastien Couture, Brian Crain, and Friederike Ernst gather for their annual wrap-up to discuss the end of the "infinite money glitch": the era where tokens traded at billions without proven product-market fit. They explore the 2025 "spring cleaning" that devastated the altcoin market and the quiet, efficient entry of web2 incumbents like Revolut and Stripe. The discussion centers on the industry's maturation into a space where protocols are finally judged on their ability to generate real revenue and growth.The team analyzes the 2025 "spring cleaning" of altcoins alongside Polymarket's mainstream breakout. As giants like Stripe and Revolut scale crypto integrations, the hosts debate if consolidating distribution power is diluting the original promise of decentralized agency. Finally, they address the existential quantum threat to Bitcoin and share their 2026 "hot takes.Topics00:00 Intro & Notable Memories 04:30 The Bybit Hack & Price Action 08:15 Polymarket & The Mainstream Breakout 12:00 The Altcoin "Spring Cleaning" 18:45 Axelar & The Circle Acquisition 25:30 Incumbents: Back-end Upgrades vs. Values33:15 Social Media & The Economics of Attention 42:00 Staking Consolidation & Distribution Power 50:30 The Quantum Threat to Bitcoin 58:45 2026 Predictions: RWAs & PerpsLinks Sebastien on X: https://x.com/seb3point0 Brian on X: https://x.com/crainbf Friederike on X: https://x.com/tw_tter Gnosis: https://gnosis.io/Sponsors: Gnosis: Gnosis has been building core decentralized infrastructure for the Ethereum ecosystem since 2015. With the launch of Gnosis Pay last year, we introduced the world's first Decentralized Payment Network. Start leveraging its power today at http://gnosis.io

    WTFinance
    A Guide to Uranium Markets & Nuclear Economics with Justin Huhn

    WTFinance

    Play Episode Listen Later Dec 31, 2025 45:48


    On this episode of the WTFinance podcast I had the pleasure of welcoming on Justin Huhn. Justin is the founder and publisher of Uranium Insider. During our conversation we spoke about the uranium market, fundamental risks, economics of nuclear and uranium mines, small modular reactors and more. I hope you enjoy!0:00 - Introduction 0:15 - Uranium market overview7:15 - Fundamental risks9:10 - Russia large exposure11:30 - Economics of Uranium mines21:23 - Fuel cost vs fossil fuels22:38 - Uranium miners outperformance28:55 - Modelling future demand35:45 - Small Modular Reactors37:14 - Uranium portfolios42:11 - One message to takeaway?Justin Huhn is a publisher and the founder of Uranium Insider Pro – the leading authority in Uranium market news and analysis of uranium sector equities. As a professional investor with a deep technical knowledge, he launched his newsletter ‘Uranium Insider Pro' in August 2019 to help others identify the best publicly traded companies in the space and clearly define the new market opportunities within the energy sector. As a recognized authority in the space, Justin's commentary is frequently sought out by media outlets. He has previously been featured on Crux Investor, Smith Weekly, KITCO, Palisades Radio, Mining Stock Education, and Mining Stock Daily Justin is passionate about enlightening investors about the present opportunities and value offered by exposure to uranium/uranium equities within the energy sector and seeks to inform investors about those situations that offer the best risk:reward profile.Justin Huhn - Website - https://www.uraniuminsider.com/X - https://x.com/uraniuminsiderLinkedIn - https://www.linkedin.com/in/justin-huhn-2b737b16/YouTube -  @UraniumInsider WTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseasThumbnail image from - https://discoveryalert.com.au/investments-uranium-resources-nuclear-growth/

    Squawk Box Europe Express
    Stoxx 600 on course for best year since 2021

    Squawk Box Europe Express

    Play Episode Listen Later Dec 31, 2025 26:44


    European markets start the final trading day of the year relatively flat, but the benchmark Stoxx 600 remains on course to notch its best annual performance since 2021. Silver prices move lower following a volatile year which has seen the precious metal rise by more than 150 per cent. Ukraine continues to deny an alleged drone attack on President Putin's compound in the north-western Novgorod region while Russia deploys nuclear-capable ‘Oreshnik' ICBMs to Belarus.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    Part Of The Problem
    The Unbelievable Minnesota Fraud

    Part Of The Problem

    Play Episode Listen Later Dec 30, 2025 64:29


    Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave and Robbie "The Fire" Bernstein talk about the shocking fraud happening around grants for preschools in Minnesota, Tim Walz's bragging about his school funding policies, and more.Support Our Sponsors:BodyBrain - Go to BodyBrainCoffee.com, use code DAVE20 for 20% off your first orderCrowdHealth - https://www.joincrowdhealth.com/promos/potpExpress VPN: https://www.expressvpn.com/problemYoKratom - https://yokratom.com/Part Of The Problem is available for early pre-release at https://partoftheproblem.com as well as an exclusive episode on Thursday!PORCH TOUR DATES HERE:https://robbernsteincomedy.com/eventsFind Run Your Mouth here:YouTube - http://youtube.com/@RunYourMouthiTunes - https://podcasts.apple.com/us/podcast/run-your-mouth-podcast/id1211469807Spotify - https://open.spotify.com/show/4ka50RAKTxFTxbtyPP8AHmFollow the show on social media:X:http://x.com/ComicDaveSmithhttp://x.com/RobbieTheFireInstagram:http://instagram.com/theproblemdavesmithhttp://instagram.com/robbiethefire#libertarianSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    Pitchfork Economics with Nick Hanauer
    How Economists Cause Harm Even as They Aspire to Do Good (with George DeMartino)

    Pitchfork Economics with Nick Hanauer

    Play Episode Listen Later Dec 30, 2025 39:23


    For more than a century, economists have told us they're simply “describing the world as it is.” But what if their theories aren't neutral — and are quietly doing enormous harm? This week, we're joined by economist George DeMartino, author of The Tragic Science, who makes a devastating case that modern economics has helped legitimize policies that shattered communities, fueled inequality, and even cost millions of lives — all while claiming scientific objectivity. DeMartino exposes how orthodox economics trained itself to dismiss real suffering as abstract and acceptable — as long as the aggregate numbers looked good. If you've ever wondered why economic “expertise” keeps failing working people, this conversation connects the dots. George DeMartino is a Professor of Economics at the Josef Korbel School of International Studies at the University of Denver. He is the author of The Tragic Science: How Economists Cause Harm (Even as They Aspire to Do Good) and The Economist's Oath. His work examines the moral obligations of economists, the profession's history of harm—including what he calls econogenic harm—and the need for a new ethics grounded in humility, uncertainty, and democratic accountability. Further reading:  The Tragic Science: How Economists Cause Harm (Even as They Aspire to Do Good) The Economist's Oath: On the Need for and Content of Professional Economic Ethics Website: http://pitchforkeconomics.com Facebook: Pitchfork Economics Podcast Bluesky: @pitchforkeconomics.bsky.social Instagram: @pitchforkeconomics Threads: pitchforkeconomics TikTok: @pitchfork_econ YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Twitter: @PitchforkEcon, @NickHanauer Substack: ⁠The Pitch⁠

    Thoughts on the Market
    Special Encore: Investors' Top Questions for 2026

    Thoughts on the Market

    Play Episode Listen Later Dec 30, 2025 11:17


    Original Release Date: December 3, 2025Our Global Head of Fixed Income Research and Public Policy Strategy Michael Zezas and Chief Global Cross-Asset Strategist Serena Tang address themes that are key for markets next year.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Serena Tang: And I'm Serena Tang, Morgan Stanley's Chief Global Cross-Asset Strategist.Michael Zezas: Today we'll be talking about key investor debates coming out of our year ahead outlook.It's Wednesday, December 3rd at 10:30am in New York.So, Serena, it was a couple weeks ago that you led the publication of our cross-asset outlook for 2026. And so, you've been engaging with clients over the past few weeks about our views – where they differ. And it seems there's some common themes, really common questions that come up that represent some important debates within the market.Is that fair?Serena Tang: Yeah, that's very fair. And, by the way, I think those important debates, are from investors globally. So, you have investors in Europe, Asia, Australia, North America, all kind of wanting to understand our views on AI, on equity valuations, on the dollar.Michael Zezas: So, let's start with talking about equity markets a bit. And one of the common questions – and I get it too, even though I don't cover equity markets – is really about how AI is affecting valuations. One of the concerns is that the stock market might be too high, might be overvalued because people have overinvested in anything related to AI. What does the evidence say? How are you addressing that question?Serena Tang: It is interesting you say that because I think when investors talk about equities being too high, of valuations – AI related valuations being very stretched, it's very much about parallels to that 1990s valuation bubble.But the way I approach it is like there are some very important differences from that time period, from valuations back then. First of all, I think companies in major equity indices are higher quality than the past. They operate more efficiently. They deliver strong profitability, and in general pretty solid free cash flow.I think we also need to consider how technology now represents a larger share of the index, which has helped push overall net margins to about 14 percent compared to 8 percent during that 1990s valuation bubble. And you know, when margins are higher, I think paying premium for stocks is more justified.In other words, I think multiples in the U.S. right now look more reasonable after adjusting for profit margins and changes in index composition. But we also have to consider, and this is something that we stress in our outlook, the policy backdrop is unusually favorable, right? Like you have economists expecting the Fed to continue easing rates into next year. We have the One Big Beautiful Bill Act that could lower corporate taxes, and deregulation is continuing to be a priority in the U.S.And I think this combination, you know, monetary easing, fiscal stimulus, deregulation. That combination rarely occurs outside of a recession. And I think this creates an environment that supports valuation, which is by the way why we recommend an overweight position in U.S. equities, even if absolute and relative valuation look elevated.Michael Zezas: Got it. So, if I'm hearing you right, what I think you're saying is that comparisons to some bubbles of the past don't necessarily stack up because profitability is better. There aren't excesses in the system. Monetary policy might be on the path that's more accommodative. And so, when compared against all of that, the valuations actually don't look that bad.Serena Tang: Exactly.Michael Zezas: Got it. And sticking with the equity markets, then another common question is – it's related to AI, but it's sort of around this idea that a small set of companies have really been driving most of the growth in the market recently. And it would be better or healthier if the equity market were to perform across a wider set of companies and names, particularly in mid- and small cap companies. Is that something that we see on the horizon?Serena Tang: Yes. We are expecting U.S. stock earnings to sort of broaden out here and it's one of the reasons why our U.S. equity strategy team has upgraded small caps and now prefer it over large caps. And I think like all of this – it comes from the fact that we are in a new bull market. I think we have a very early cycle earnings recovery here. I mean, as discussed before, the macro environment is supportive. And Fed rate cuts over the next 12 months, growth positive tax and regulatory policies, they don't just support valuations. They also act as a tailwind to earnings.And I think like on top of that, leaner cost structures, improving earnings revisions, AI driven efficiency gains. They all support a broad-based earnings upturn. and our U.S. equity strategy team do see above consensus 2026 earnings growth at 17 percent. The only other region where we have earnings growth above consensus in 2026 is Japan; for both Europe and the EM we are below, which drive out equal weight and slight underweight position in those two indices respectively.Michael Zezas: Got it. And so, since we can't seem to get away from talking about AI and how it's influencing markets, the other common question we get here is around debt issuance related to AI.So, our colleagues put together a report from earlier this year talking about the potential for nearly $3 trillion of AI related CapEx spending over the next few years. And we think about half of that is going to have to be debt financed. That seems to be a lot of debt, a lot of potential bonds that might be issued into the market – which, are credit investors supposed to be concerned about that?Serena Tang: We really can't get away from AI as a topic. And I think this will continue because AI-related CapEx is a long-term trend, with much of the CapEx still really ahead. And I think this goes to your question. Because this really means that we expect nearly another [$]3 trillion of data center related CapEx from here to 2028. You know, while half of the spend will come from operating cash flows of hyperscalers, it still leaves a financing gap of around [$]1.5 trillion, which needs to be sourced through various credit channels.Now, part of it will be via private credit, part of it would be via Asset Backed Securities. But some of it would also be via the U.S. investment grade corporate credit bond space. So, add in financing for faster M&A cycle, we forecast around [$]1 trillion in net investment grade bond issuance, you know, up 60 percent from this year.And I think given this technical backdrop, even though credit fundamentals should stay fine, we have doubled downgraded U.S. investment grade corporate credit to underweight within our cross asset allocation.Michael Zezas: Okay, so the fundamentals are fine, but it's just a lot of debt to consume over the next year. And so somewhat strangely, you might expect high yield corporate bonds actually do better.Serena Tang: Yes, because I think a high yield doesn't really see the same headwind from the technical side of things. And on the fundamentals front, our credit team actually has default rates coming down over the next 12 months, which again, I think supports high yield much better than investment grade.Michael Zezas: So, before we wrap up, moving away from the equity markets, let's talk about foreign exchange. The U.S. dollar spent much of last year weakening, and that's a call that our team was early to – eventually became a consensus call. It was premised on the idea that the U.S. was going to experience growth weakness, that there would also be these questions among investors about the role of the dollar in the world as the U.S. was raising trade barriers. It seemed to work out pretty well.Going into 2026 though, I think there's some more questions amongst our investors about whether or not that trend could continue. Where do we land?Serena Tang: I think in the first half of next year that downward pressure on the dollar should still persist. And you know, as you said, we've had a very differentiated view for most of this year, expecting the dollar to weaken in the first half versus G10 currencies. And several things drive this. There is a potential for higher dollar negative risk premium, driven by, I think, near term worries about the U.S. labor markets in the short term. And as investors, I think, debate the likely composition of the FOMC next year. Also, you know, compression in U.S. versus rest of the world. Rate differentials should reduce FX hedging costs, which also adds incentive for hedging activity and dollar selling.All this means that we see downward pressure on the dollar persisting in the first half of next year with EUR/USD at 123 and USD/JPY at 140 by the end of first half 2026.Michael Zezas: All right. Well, that's a pretty good survey about what clients care about and what our view is. So, Serena, thanks for taking the time to talk with me today.Serena Tang: And thank you for inviting me to the show today.Michael Zezas: And to our audience, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and share the podcast. We want everyone to listen.

    The Hartmann Report
    Money is What Matters (to Republicans)

    The Hartmann Report

    Play Episode Listen Later Dec 30, 2025 57:59


    We know that people die when they don't have access to health care- so why does the system that Republicans have built in the richest country on earth not prioritize human life?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    The Hartmann Report
    Daily Take: Why Do Third-Party “Dreams” Keep Turning Into Republican Power?

    The Hartmann Report

    Play Episode Listen Later Dec 30, 2025 14:27


    A warning to every progressive voter: In America's election system, your third-party vote can be a gift-wrapped victory for the GOP…See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    Words & Numbers
    Episode 485: R.I.P. Heritage Foundation

    Words & Numbers

    Play Episode Listen Later Dec 30, 2025 66:37


    In this episode, we examine the realities behind universal health care by looking at Canada's system, wait times, medical tourism, and cases where patients are denied life-saving treatment. We discuss the rise of weight-loss drugs like Ozempic and Wegovy, the economics behind high drug prices, and why “miracle” medications often create new dependencies and unintended costs. We scrutinize airline incivility, declining standards of behavior, and why airlines are reluctant to enforce norms despite growing problems. Phil Magness also joins us to discuss the internal collapse of the Heritage Foundation, the rise of post-liberal conservatism, and the growing influence of figures like Tucker Carlson and Nick Fuentes. We explore tensions within the Republican Party, the appeal of emergency powers on both the left and right, the dangers of mixing religion with state authority, and what these trends mean for the future of American politics. 00:00 Introduction and Overview 00:28 Canadian Health Care and the Myth of “Free” Medicine 02:38 When Universal Health Care Denies Life-Saving Treatment 04:50 Wait Times, Medical Tourism, and U.S. vs Canada Outcomes 06:16 Ozempic, Wegovy, and the Economics of Weight-Loss Drugs 08:52 Why Expensive Drugs Create Cheaper Alternatives 10:05 Side Effects, Dependency, and the Cost of “Miracle” Drugs 10:36 Airline Incivility and Delta's Class-Based Explanation 12:28 Why Airlines Refuse to Enforce Behavioral Standards 13:52 Why Flying Is Cheaper Than Ever (and Why That Matters) 15:22 Horror Stories From the Skies 18:07 Introducing Phil Magness 19:14 The Implosion of the Heritage Foundation 22:34 Tucker Carlson, Nick Fuentes, and the Post-Liberal Right 25:24 Mass Resignations and the Collapse of Heritage's Core 28:52 Post-Liberalism and the Rejection of the American Founding 32:00 Is the Republican Party Fracturing? 34:34 Mike Pence and the Future of Free-Market Conservatism 37:08 The Left and Right's Shared Authoritarian Instincts 39:21 Emergency Powers, Carl Schmitt, and Executive Absolutism 44:06 Why Emergency Government Always Expands 46:58 Christian Nationalism and Catholic Integralism 50:03 Why Religion and State Power Don't Mix 52:12 Who Really Wants Political Power? 54:52 Trump as a Lame-Duck President 55:45 JD Vance, 2028, and Electoral Reality 58:11 Why Both Parties Keep Nominating Losers 01:02:27 Conclusion Learn more about your ad choices. Visit podcastchoices.com/adchoices

    Solar Maverick Podcast
    SMP 256: Smarter Solar with MLPE, AI, and Energy Intelligence

    Solar Maverick Podcast

    Play Episode Listen Later Dec 30, 2025 24:32


    Episode Notes On this episode of the Solar Maverick Podcast, host Benoy Thanjan sits down with Jing Tian, Chief Growth & Revenue Officer at Tigo Energy, to explore how smarter electronics, AI, and energy intelligence are reshaping the solar industry. Jing shares her journey from a PhD in chemistry to becoming a global solar executive, including leadership roles across Asia and the U.S. She breaks down how module-level power electronics (MLPE) improve safety, flexibility, and performance in residential, C&I, and utility-scale solar and why MLPE is becoming foundational as solar converges with storage, software, and grid services. The conversation also dives into rapid shutdown requirements, AI-powered monitoring, and how predictive analytics can reduce O&M costs while improving system reliability. Jing closes with thoughtful advice for emerging leaders, women in clean energy, and anyone navigating the “solar coaster.” Notable Takeaways * MLPE enables safer, smarter, and more flexible solar system design * Small performance gains at the module level can create massive impact at scale * AI-driven monitoring turns raw data into actionable insights * Innovation must solve real customer pain points, not just advance technology * Strong leadership requires adaptability, clear communication, and cultural awareness   Biographies Benoy Thanjan Benoy Thanjan is the Founder and CEO of Reneu Energy, solar developer and consulting firm, and a strategic advisor to multiple cleantech startups. Over his career, Benoy has developed over 100 MWs of solar projects across the U.S., helped launch the first residential solar tax equity funds at Tesla, and brokered $45 million in Renewable Energy Credits (“REC”) transactions. Prior to founding Reneu Energy, Benoy was the Environmental Commodities Trader in Tesla's Project Finance Group, where he managed one of the largest environmental commodities portfolios. He originated REC trades and co-developed a monetization and hedging strategy with senior leadership to enter the East Coast market. As Vice President at Vanguard Energy Partners, Benoy crafted project finance solutions for commercial-scale solar portfolios. His role at Ridgewood Renewable Power, a private equity fund with 125 MWs of U.S. renewable assets, involved evaluating investment opportunities and maximizing returns. He also played a key role in the sale of the firm's renewable portfolio. Earlier in his career, Benoy worked in Energy Structured Finance at Deloitte & Touche and Financial Advisory Services at Ernst & Young, following an internship on the trading floor at D.E. Shaw & Co., a multi billion dollar hedge fund. Benoy holds an MBA in Finance from Rutgers University and a BS in Finance and Economics from NYU Stern, where he was an Alumni Scholar. Jing Tian CHIEF GROWTH AND REVENUE OFFICER Jing is responsible for leading Tigo's strategic growth initiatives, driving revenue generation, and scaling the business worldwide. Jing has a 25+ years of proven track record of technical and business success at companies like Credence, Solfocus, Shift Energy, and Trina Solar. For the past decades, she has focused on the profitable growth of equipment manufacturers across the solar ecosystem as well as solar project financing and development. While serving as Head of Global Marketing and President of Trina Solar USA, she launched the TrinaSmart Module in collaboration with Tigo. Stay Connected: Benoy Thanjan Email: info@reneuenergy.com  LinkedIn: Benoy Thanjan Website: https://www.reneuenergy.com Website: https://www.solarmaverickpodcast.com/       Jing Tian      Linkedin: https://www.linkedin.com/in/jing-tian/     Tigo Energy:  https://www.tigoenergy.com/        Please provide 5 star reviews      If you enjoyed this episode, please rate, review and share the Solar Maverick Podcast so more people can learn how to accelerate the clean energy transition.    Reneu Energy Reneu Energy provides expert consulting across solar and storage project development, financing, energy strategy, and environmental commodities. Our team helps clients originate, structure, and execute opportunities in community solar, C&I, utility-scale, and renewable energy credit markets. Email us at info@reneuenergy.com to learn more.

    Explaining History (explaininghistory) (explaininghistory)
    Fascism, Austerity, and the Class War in 1920s Italy

    Explaining History (explaininghistory) (explaininghistory)

    Play Episode Listen Later Dec 30, 2025 32:06


    Episode Summary:In this episode of Explaining History, Nick explores the neglected connection between economic austerity and political repression in the early years of Fascist Italy.Drawing on the groundbreaking work of economist Clara Mattei, we delve into how Mussolini's regime used budget cuts, regressive taxation, and mass layoffs not just to balance the books, but to crush the Italian working class. We examine the "Two Red Years" (Biennio Rosso) that terrified the bourgeoisie and how Fascism was welcomed by liberal elites as a necessary tool to restore order and protect private capital.From the hiking of third-class rail fares to the slashing of veteran benefits, we unpack how economic policy was weaponized to reverse the democratic gains of the post-WWI era. Was austerity the true engine of the Fascist counter-revolution?Key Topics:Austerity as Repression: How economic policy was used to discipline the working class.The Liberal-Fascist Alliance: Why mainstream economists supported Mussolini.The Biennio Rosso: The socialist uprising that terrified Italy's elites.The Motto "Nothing for Nothing": De Stefani's ruthless approach to public spending.Resources:"Austerity and Repressive Politics: Italian Economists and the Early Years of the Fascist Government" by Clara Mattei (Institute of Economics, Scuola Superiore Sant'Anna)Explaining History helps you understand the 20th Century through critical conversations and expert interviews. We connect the past to the present. If you enjoy the show, please subscribe and share.▸ Support the Show & Get Exclusive ContentBecome a Patron: patreon.com/explaininghistory▸ Join the Community & Continue the ConversationFacebook Group: facebook.com/groups/ExplainingHistoryPodcastSubstack: theexplaininghistorypodcast.substack.com▸ Read Articles & Go DeeperWebsite: explaininghistory.org Hosted on Acast. See acast.com/privacy for more information.

    The Todd Huff Radio Show
    What to Expect in 2026 Politics Economics and Culture

    The Todd Huff Radio Show

    Play Episode Listen Later Dec 30, 2025 40:51 Transcription Available


    As 2025 comes to a close, Todd Huff lays out what lies ahead in 2026 — politically, economically, and culturally. From the midterm election landscape and potential House and Senate outcomes to economic growth, inflation realities, tariffs, immigration enforcement, and voter roll cleanup, this episode prepares listeners for what's coming next. Todd also discusses the likelihood of government shutdowns, escalating media attacks, conservative infighting, independent journalism exposing corruption, and unresolved questions surrounding Epstein. This isn't prediction — it's expectation, grounded in history, human nature, and hard political realities. Buckle up, because 2026 is shaping up to be a high-stakes year for liberty, accountability, and the future of the country.

    YAP - Young and Profiting
    Dan Henry: The Psychology of Selling, How to Make Cold Prospects Say “Yes” Fast | Sales | E379

    YAP - Young and Profiting

    Play Episode Listen Later Dec 29, 2025 52:38


    When Dan Henry was building his online business, he struggled with inconsistent sales and needed to quickly figure out how to turn prospects into paying clients. That challenge pushed him to study the psychology behind why people buy and develop sales frameworks that now generate millions in revenue and enable him to close $25K to $50K deals over text alone. In this episode, Dan breaks down his proven sales scripts, objection-handling techniques, and persuasion strategies for closing high-ticket deals and converting cold prospects into loyal buyers. In this episode, Hala and Dan will discuss: (00:00) Introduction (02:13) Building Rapport on Cold Sales Calls (07:41) Storytelling Frameworks That Boost Sales (12:15) Strategic Questioning to Uncover Buyer Intent (18:56) Objection Handling Strategies for Conversion (28:35) Identifying Buyer Motives on Sales Calls (33:29) Connecting With Audiences at Scale (37:54) Finding Fulfillment Beyond Business Success Dan Henry is an entrepreneur, bestselling author, and founder of GetClients.com. He has built multiple high-revenue online businesses by helping entrepreneurs craft compelling personal brands, structure high-converting presentations, and scale through proven sales strategies. As a business coach, Dan's frameworks have helped thousands of business owners generate millions. Sponsored By: Indeed - Get a $75 sponsored job credit to boost your job's visibility at Indeed.com/PROFITING  Shopify - Start your $1/month trial at Shopify.com/profiting.  Revolve - Head to REVOLVE.com/PROFITING and take 15% off your first order with code PROFITING  DeleteMe - Remove your personal data online. Get 20% off DeleteMe consumer plans at to joindeleteme.com/profiting  Spectrum Business - Visit Spectrum.com/FreeForLife to learn how you can get Business Internet Free Forever. Airbnb - Find yourself a cohost at airbnb.com/host  Northwest Registered Agent - Build your brand and get your complete business identity in just 10 clicks and 10 minutes at northwestregisteredagent.com/paidyap Framer - Publish beautiful and production-ready websites. Go to Framer.com/design and use code PROFITING Intuit QuickBooks - Bring your money and your books together in one platform at QuickBooks.com/money  Resources Mentioned: Dan's Website: getclients.com Dan's YouTube: youtube.com/danhenry  Dan's Instagram: instagram.com/danhenry Dan's Bali Personal Branding Talk: getclients.com/yap  Active Deals - youngandprofiting.com/deals  Key YAP Links Reviews - ratethispodcast.com/yap YouTube - youtube.com/c/YoungandProfiting Newsletter - youngandprofiting.co/newsletter  LinkedIn - linkedin.com/in/htaha/ Instagram - instagram.com/yapwithhala/ Social + Podcast Services: yapmedia.com Transcripts - youngandprofiting.com/episodes-new  Entrepreneurship, Entrepreneurship Podcast, Business, Business Podcast, Self Improvement, Self-Improvement, Personal Development, Starting a Business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side Hustle, Startup, Mental Health, Career, Leadership, Mindset, Health, Growth Mindset, Online Selling, Economics, E-commerce, Ecommerce, Prospecting, Inbound, Value Selling, Account Management, Scaling, Sales Podcast

    EconTalk
    In Defense of Intuition (with Gerd Gigerenzer)

    EconTalk

    Play Episode Listen Later Dec 29, 2025 58:16


    Psychologist Gerd Gigerenzer explains the power of intuition, how intuition became gendered, what he thinks Kahneman and Tversky's research agenda got wrong, and why it's a mistake to place intuition and conscious thinking on opposing ends of the cognition spectrum. Topics he discusses in this wide-ranging conversation with EconTalk's Russ Roberts include what Gigerenzer calls the "bias bias"--the overemphasis on claims of irrationality, why it's better to replace "nudging" with "boosting," and the limitations of AI in its current form as a replacement for human intelligence and intuition.

    Thoughts on the Market
    Special Encore: Who's Disrupting — and Funding — the AI Boom

    Thoughts on the Market

    Play Episode Listen Later Dec 29, 2025 14:51


    Original Release Date: November 13, 2025Live from Morgan Stanley's European Tech, Media and Telecom Conference in Barcelona, our roundtable of analysts discusses tech disruptions and datacenter growth, and how Europe factors in.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's European Head of Research Product. Today we return to my conversation with Adam Wood. Head of European Technology and Payments, Emmet Kelly, Head of European Telco and Data Centers, and Lee Simpson, Head of European Technology. We were live on stage at Morgan Stanley's 25th TMT Europe conference. We had so much to discuss around the themes of AI enablers, semiconductors, and telcos. So, we are back with a concluding episode on tech disruption and data center investments. It's Thursday the 13th of November at 8am in Barcelona. After speaking with the panel about the U.S. being overweight AI enablers, and the pockets of opportunity in Europe, I wanted to ask them about AI disruption, which has been a key theme here in Europe. I started by asking Adam how he was thinking about this theme. Adam Wood: It's fascinating to see this year how we've gone in most of those sectors to how positive can GenAI be for these companies? How well are they going to monetize the opportunities? How much are they going to take advantage internally to take their own margins up? To flipping in the second half of the year, mainly to, how disruptive are they going to be? And how on earth are they going to fend off these challenges? Paul Walsh: And I think that speaks to the extent to which, as a theme, this has really, you know, built momentum. Adam Wood: Absolutely. And I mean, look, I think the first point, you know, that you made is absolutely correct – that it's very difficult to disprove this. It's going to take time for that to happen. It's impossible to do in the short term. I think the other issue is that what we've seen is – if we look at the revenues of some of the companies, you know, and huge investments going in there. And investors can clearly see the benefit of GenAI. And so investors are right to ask the question, well, where's the revenue for these businesses? You know, where are we seeing it in info services or in IT services, or in enterprise software. And the reality is today, you know, we're not seeing it. And it's hard for analysts to point to evidence that – well, no, here's the revenue base, here's the benefit that's coming through. And so, investors naturally flip to, well, if there's no benefit, then surely, we should focus on the risk. So, I think we totally understand, you know, why people are focused on the negative side of things today. I think there are differences between the sub-sectors. I mean, I think if we look, you know, at IT services, first of all, from an investor point of view, I think that's been pretty well placed in the losers' buckets and people are most concerned about that sub-sector… Paul Walsh: Something you and the global team have written a lot about. Adam Wood: Yeah, we've written about, you know, the risk of disruption in that space, the need for those companies to invest, and then the challenges they face. But I mean, if we just keep it very, very simplistic. If Gen AI is a technology that, you know, displaces labor to any extent – companies that have played labor arbitrage and provide labor for the last 20 - 25 years, you know, they're going to have to make changes to their business model. So, I think that's understandable. And they're going to have to demonstrate how they can change and invest and produce a business model that addresses those concerns. I'd probably put info services in the middle. But the challenge in that space is you have real identifiable companies that have emerged, that have a revenue base and that are challenging a subset of the products of those businesses. So again, it's perfectly understandable that investors would worry. In that context, it's not a potential threat on the horizon. It's a real threat that exists today against certainly their businesses. I think software is probably the most interesting. I'd put it in the kind of final bucket where I actually believe… Well, I think first of all, we certainly wouldn't take the view that there's no risk of disruption and things aren't going to change. Clearly that is going to be the case. I think what we'd want to do though is we'd want to continue to use frameworks that we've used historically to think about how software companies differentiate themselves, what the barriers to entry are. We don't think we need to throw all of those things away just because we have GenAI, this new set of capabilities. And I think investors will come back most easily to that space. Paul Walsh: Emmet, you talked a little bit there before about the fact that you haven't seen a huge amount of progress or additional insight from the telco space around AI; how AI is diffusing across the space. Do you get any discussions around disruption as it relates to telco space? Emmet Kelly: Very, very little. I think the biggest threat that telcos do see is – it is from the hyperscalers. So, if I look at and separate the B2C market out from the B2B, the telcos are still extremely dominant in the B2C space, clearly. But on the B2B space, the hyperscalers have come in on the cloud side, and if you look at their market share, they're very, very dominant in cloud – certainly from a wholesale perspective. So, if you look at the cloud market shares of the big three hyperscalers in Europe, this number is courtesy of my colleague George Webb. He said it's roughly 85 percent; that's how much they have of the cloud space today. The telcos, what they're doing is they're actually reselling the hyperscale service under the telco brand name. But we don't see much really in terms of the pure kind of AI disruption, but there are concerns definitely within the telco space that the hyperscalers might try and move from the B2B space into the B2C space at some stage. And whether it's through virtual networks, cloudified networks, to try and get into the B2C space that way. Paul Walsh: Understood. And Lee maybe less about disruption, but certainly adoption, some insights from your side around adoption across the tech hardware space? Lee Simpson: Sure. I think, you know, it's always seen that are enabling the AI move, but, but there is adoption inside semis companies as well, and I think I'd point to design flow. So, if you look at the design guys, they're embracing the agentic system thing really quickly and they're putting forward this capability of an agent engineer, so like a digital engineer. And it – I guess we've got to get this right. It is going to enable a faster time to market for the design flow on a chip. So, if you have that design flow time, that time to market. So, you're creating double the value there for the client. Do you share that 50-50 with them? So, the challenge is going to be exactly as Adam was saying, how do you monetize this stuff? So, this is kind of the struggle that we're seeing in adoption. Paul Walsh: And Emmet, let's move to you on data centers. I mean, there are just some incredible numbers that we've seen emerging, as it relates to the hyperscaler investment that we're seeing in building out the infrastructure. I know data centers is something that you have focused tremendously on in your research, bringing our global perspectives together. Obviously, Europe sits within that. And there is a market here in Europe that might be more challenged. But I'm interested to understand how you're thinking about framing the whole data center story? Implications for Europe. Do European companies feed off some of that U.S. hyperscaler CapEx? How should we be thinking about that through the European lens? Emmet Kelly: Yeah, absolutely. So, big question, Paul. What… Paul Walsh: We've got a few minutes! Emmet Kelly: We've got a few minutes. What I would say is there was a great paper that came out from Harvard just two weeks ago, and they were looking at the scale of data center investments in the United States. And clearly the U.S. economy is ticking along very, very nicely at the moment. But this Harvard paper concluded that if you take out data center investments, U.S. economic growth today is actually zero. Paul Walsh: Wow. Emmet Kelly: That is how big the data center investments are. And what we've said in our research very clearly is if you want to build a megawatt of data center capacity that's going to cost you roughly $35 million today. Let's put that number out there. 35 million. Roughly, I'd say 25… Well, 20 to 25 million of that goes into the chips. But what's really interesting is the other remaining $10 million per megawatt, and I like to call that the picks and shovels of data centers; and I'm very convinced there is no bubble in that area whatsoever.So, what's in that area? Firstly, the first building block of a data center is finding a powered land bank. And this is a big thing that private equity is doing at the moment. So, find some real estate that's close to a mass population that's got a good fiber connection. Probably needs a little bit of water, but most importantly needs some power. And the demand for that is still infinite at the moment. Then beyond that, you've got the construction angle and there's a very big shortage of labor today to build the shells of these data centers. Then the third layer is the likes of capital goods, and there are serious supply bottlenecks there as well.And I could go on and on, but roughly that first $10 million, there's no bubble there. I'm very, very sure of that. Paul Walsh: And we conducted some extensive survey work recently as part of your analysis into the global data center market. You've sort of touched on a few of the gating factors that the industry has to contend with. That survey work was done on the operators and the supply chain, as it relates to data center build out. What were the key conclusions from that? Emmet Kelly: Well, the key conclusion was there is a shortage of power for these data centers, and… Paul Walsh: Which I think… Which is a sort of known-known, to some extent. Emmet Kelly: it is a known-known, but it's not just about the availability of power, it's the availability of green power. And it's also the price of power is a very big factor as well because energy is roughly 40 to 45 percent of the operating cost of running a data center. So, it's very, very important. And of course, that's another area where Europe doesn't screen very well.I was looking at statistics just last week on the countries that have got the highest power prices in the world. And unsurprisingly, it came out as UK, Ireland, Germany, and that's three of our big five data center markets. But when I looked at our data center stats at the beginning of the year, to put a bit of context into where we are…Paul Walsh: In Europe… Emmet Kelly: In Europe versus the rest. So, at the end of [20]24, the U.S. data center market had 35 gigawatts of data center capacity. But that grew last year at a clip of 30 percent. China had a data center bank of roughly 22 gigawatts, but that had grown at a rate of just 10 percent. And that was because of the chip issue. And then Europe has capacity, or had capacity at the end of last year, roughly 7 to 8 gigawatts, and that had grown at a rate of 10 percent. Now, the reason for that is because the three big data center markets in Europe are called FLAP-D. So, it's Frankfurt, London, Amsterdam, Paris, and Dublin. We had to put an acronym on it. So, Flap-D. Good news. I'm sitting with the tech guys. They've got even more acronyms than I do, in their sector, so well done them. Lee Simpson: Nothing beats FLAP-D. Paul Walsh: Yes. Emmet Kelly: It's quite an achievement. But what is interesting is three of the big five markets in Europe are constrained. So, Frankfurt, post the Ukraine conflict. Ireland, because in Ireland, an incredible statistic is data centers are using 25 percent of the Irish power grid. Compared to a global average of 3 percent.Now I'm from Dublin, and data centers are running into conflict with industry, with housing estates. Data centers are using 45 percent of the Dublin grid, 45. So, there's a moratorium in building data centers there. And then Amsterdam has the classic semi moratorium space because it's a small country with a very high population. So, three of our five markets are constrained in Europe. What is interesting is it started with the former Prime Minister Rishi Sunak. The UK has made great strides at attracting data center money and AI capital into the UK and the current Prime Minister continues to do that. So, the UK has definitely gone; moved from the middle lane into the fast lane. And then Macron in France. He hosted an AI summit back in February and he attracted over a 100 billion euros of AI and data center commitments. Paul Walsh: And I think if we added up, as per the research that we published a few months ago, Europe's announced over 350 billion euros, in proposed investments around AI. Emmet Kelly: Yeah, absolutely. It's a good stat. Now where people can get a little bit cynical is they can say a couple of things. Firstly, it's now over a year since the Mario Draghi report came out. And what's changed since? Absolutely nothing, unfortunately. And secondly, when I look at powering AI, I like to compare Europe to what's happening in the United States. I mean, the U.S. is giving access to nuclear power to AI. It started with the three Mile Island… Paul Walsh: Yeah. The nuclear renaissance is… Emmet Kelly: Nuclear Renaissance is absolutely huge. Now, what's underappreciated is actually Europe has got a massive nuclear power bank. It's right up there. But unfortunately, we're decommissioning some of our nuclear power around Europe, so we're going the wrong way from that perspective. Whereas President Trump is opening up the nuclear power to AI tech companies and data centers. Then over in the States we also have gas and turbines. That's a very, very big growth area and we're not quite on top of that here in Europe. So, looking at this year, I have a feeling that the Americans will probably increase their data center capacity somewhere between – it's incredible – somewhere between 35 and 50 percent. And I think in Europe we're probably looking at something like 10 percent again. Paul Walsh: Okay. Understood. Emmet Kelly: So, we're growing in Europe, but we're way, way behind as a starting point. And it feels like the others are pulling away. The other big change I'd highlight is the Chinese are really going to accelerate their data center growth this year as well. They've got their act together and you'll see them heading probably towards 30 gigs of capacity by the end of next year. Paul Walsh: Alright, we're out of time. The TMT Edge is alive and kicking in Europe. I want to thank Emmett, Lee and Adam for their time and I just want to wish everybody a great day today. Thank you.(Applause) That was my conversation with Adam, Emmett and Lee. Many thanks again to them. Many thanks again to them for telling us about the latest in their areas of research and to the live audience for hearing us out. And a thanks to you as well for listening. Let us know what you think about this and other episodes by living us a review wherever you get your podcasts. And if you enjoy listening to Thoughts on the Market, please tell a friend or colleague about the podcast today.

    The Economics of Everyday Things
    120. An update on the show

    The Economics of Everyday Things

    Play Episode Listen Later Dec 29, 2025 2:12


    The Economics of Everyday Things is going on an indefinite hiatus. SOURCES:Zachary Crockett, host of The Economic of Everyday Things. RESOURCES:Zachary Crockett on Substack.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    The Hartmann Report
    Who Decides the Truth in America Now?

    The Hartmann Report

    Play Episode Listen Later Dec 29, 2025 58:34


    From government pressure to political targeting, critics argue Trump is redefining which beliefs are “safe” and which are suspect. We look at where this power comes from, how it's being used, and why free speech advocates are sounding the alarm.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    The Hartmann Report
    Daily Take: Nothing Is Ours Anymore: Is the "Rental Economy" the Most Destructive Scam in Modern American Capitalism?

    The Hartmann Report

    Play Episode Listen Later Dec 29, 2025 11:12


    From 50-year mortgages to paywalled car features, the rental economy is replacing ownership with lifelong monthly bills...See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    ManTalks Podcast
    The Crisis Facing Young Men with Josh Fryday

    ManTalks Podcast

    Play Episode Listen Later Dec 29, 2025 51:12


    I sit down with Josh to unpack what's really happening with men today, why so many feel disconnected, and how culture, economics, and identity play into the decline we're seeing. We get into whether men are being blamed, why institutions repel them, and how service can restore purpose, direction, and confidence.I also ask Josh what he fears most for the next generation and what responsibility, excellence, and manhood should look like in today's world. This one will challenge you, and I hope it pushes you to think, act, and share it forward.SHOW HIGHLIGHTS00:00 Welcome and opening question03:10 Crisis of connection08:25 Are men being seen as the problem12:40 Economics, purpose, and identity18:05 Why institutions repel young men23:30 Why California launched this program28:55 The role of service33:10 Mentoring, coaching, and responsibility39:20 Modern politics and polarization45:05 How men build friendships50:10 Skills, jobs, and opportunity56:30 What Josh fears for his sons01:00:45 Redefining responsibility and excellence01:05:20 Closing thoughts and how to get involved***Tired of feeling like you're never enough? Build your self-worth with help from this free guide: https://training.mantalks.com/self-worthPick up my book, Men's Work: A Practical Guide To Face Your Darkness, End Self-Sabotage, And Find Freedom: https://mantalks.com/mens-work-book/Heard about attachment but don't know where to start? Try the FREE Ultimate Guide To AttachmentCheck out some other free resources: How To Quit Porn | Anger Meditation | How To Lead In Your RelationshipBuild brotherhood with a powerful group of like-minded men from around the world. Check out The Alliance. Enjoy the podcast? Leave a review on Apple Podcasts, Stitcher, or Podchaser. It helps us get into the ears of new listeners, expand the ManTalks Community, and help others find the tools and training they're looking for. And don't forget to subscribe on Apple Podcasts | Google Podcasts | SpotifyFor more, visit us at ManTalks.com | Facebook | Instagram

    Freakonomics Radio
    Are the Rich Really Less Generous Than the Poor? (Update)

    Freakonomics Radio

    Play Episode Listen Later Dec 26, 2025 43:58


    A series of academic studies suggest that the wealthy are, to put it bluntly, selfish jerks. It's an easy narrative to embrace — but is it true? As part of GiveDirectly's “Pods Fight Poverty” campaign, we revisit a 2017 episode. SOURCES:Jim Andreoni, professor of economics at the University of California, San Diego.Nikos Nikiforakis, professor of economics at New York University in Abu Dhabi.Paul Piff, associate professor of psychology at the University of California, Irvine.Jan Stoop, associate professor of applied economics at the Erasmus School of Economics. RESOURCES:"Are the Rich More Selfish Than the Poor, or do They Just Have More Money? A Natural Field Experiment," by James Andreoni, Nikos Nikiforakis, and Jan Stoop (National Bureau of Economic Research, 2017)."Exploring the Psychology of Wealth, 'Pernicious' Effects of Economic Inequality," (PBS NewsHour, 2013)."Poverty Impedes Cognitive Function," by Anandi Mani, Sendhil Mullainathan, Eldar Shafir, and Jiaying Zhao (Science, 2013)."Higher Social Class Predicts Increased Unethical Behavior," by Paul Piff, Daniel Stancato, Stéphane Côté, Rodolfo Mendoza-Denton, and Dacher Keltner (PNAS, 2011)."Relative Earnings and Giving in a Real-Effort Experiment," by Nisvan Erkal, Lata Gangadharan, and Nikos Nikiforakis (American Economic Review, 2011)."Experimenter Demand Effects in Economic Experiments," by Daniel John Zizzo (Experimental Economics, 2009)."Impure Altruism and Donations to Public Goods: A Theory of Warm-Glow Giving," by James Andreoni (The Economic Journal, 1990)."Privately Provided Public Goods in a Large Economy: The Limits of Altruism," by James Andreoni (Journal of Public Economics, 1987)."A Positive Model of Private Charity and Public Transfers," by Russell Roberts (Journal of Political Economy, 1984).Pods Fight Poverty Campaign on Give Directly. EXTRAS:“How to Raise Money Without Killing a Kitten,” by Freakonomics Radio (2013). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.