Podcasts about Economics

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.

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.

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 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.

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/

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.

Daniel Ziffer, Business Reporter for Digital and National News here at the ABC joined Nic Healey on Nightlife looking at the biggest business stories from 2025 and what's instore for 2026.

Holden Mitrione Interviews Michael — A Wide-Ranging Conversation on Ideas, Economics, and CultureIn this episode of The Rational Egoist, Holden Mitrione sits on the other side of the microphone to interview Michael Liebowitz in a free-flowing discussion that moves comfortably across philosophy, economics, culture, and the habits of thinking that shape a person's life.Holden, an undergraduate majoring in economics, brings a sharp and curious mind to the conversation—asking questions that cut through abstractions and focus on fundamentals: how ideas form, how incentives actually work, and why clarity of thought matters more than fashionable opinion. Rather than sticking to a single theme, the discussion unfolds organically, touching on moral reasoning, personal responsibility, intellectual independence, and the dangers of treating systems as substitutes for judgment.Michael responds not with slogans, but with careful explanations rooted in cause and effect—connecting economic principles to everyday life, and philosophical ideas to real human choices. The result is a conversation that feels less like an interview and more like an honest intellectual exchange between two people who take ideas seriously.This episode is especially valuable for listeners who enjoy hearing principles tested in real time, rather than packaged neatly in talking points. It's a reminder that thinking well is not about credentials or authority, but about the willingness to follow ideas to their logical conclusions.Michael Liebowitz is the host of The Rational Egoist podcast, a philosopher, author, and political activist committed to the principles of reason, individualism, and rational self-interest. Deeply influenced by the philosophy of Ayn Rand, Michael uses his platform to challenge cultural dogma, expose moral contradictions, and defend the values that make human flourishing possible.His journey from a 25-year prison sentence to becoming a respected voice in the libertarian and Objectivist communities is a testament to the transformative power of philosophy. Today, Michael speaks, writes, and debates passionately in defence of individual rights and intellectual clarity.He is the co-author of two compelling books that examine the failures of the correctional system and the redemptive power of moral conviction:Down the Rabbit Hole: How the Culture of Corrections Encourages Crimehttps://www.amazon.com.au/Down-Rabbit-Hole-Corrections-Encourages/dp/197448064XView from a Cage: From Convict to Crusader for Libertyhttps://books2read.com/u/4jN6xjXenia Ioannou is the producer of The Rational Egoist, responsible for overseeing the publishing, presentation, and promotion of each episode to ensure a consistent standard of clarity, professionalism, and intellectual rigour.She is the CEO of Alexa Real Estate, a property manager and entrepreneur, and serves on the Board of Directors of the Ayn Rand Centre Australia, where she contributes to the organisation's strategic direction and public engagement with ideas centred on reason, individual rights, and human freedom.Xenia also leads Capitalism and Coffee – An Objectivist Meetup in Adelaide, creating a forum for thoughtful discussion on philosophy and its application to everyday life, culture, and current issues.Join Capitalism and Coffee here:https://www.meetup.com/adelaide-ayn-rand-meetup/Follow Xenia's essays on reason, independence, and purposeful living at her Substack:https://substack.com/@xeniaioannou?utm_source=user-menuBecause freedom is worth thinking about — and talking about.#TheRationalEgoist #PodcastConversation #EconomicsAndIdeas #IndependentThinking #PhilosophyInPractice #ReasonAndRealityAbout Michael Liebowitz – Host of The Rational EgoistAbout Xenia Ioannou – Producer of The Rational Egoist

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.

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

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.

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.

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.

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

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.

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.

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.

Subscribe to the podcastAre we on the brink?Learn about Bitcoin at a trickleBitcoinTrickle.comSponsorLiberty MugsKeep in touch with us everywhere you areJoin our Telegram groupLike us on FacebookFollow us on Twitter: @libertymugs (Rollo), @Slappy_Jones_2Check us out on PatreonLearn everything you need to know about Bitcoin in just 10 hours10HoursofBitcoin.comPodcast version

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.

Every week This is Nashville presents The Roundabout where we bring together a panel of guests spanning the political spectrum to unpack the week's biggest news and hear directly from listeners across Middle Tennessee. For this special “Best of…” episode we revisit some of the most timely conversations, surprising moments of agreement, and thoughtful opinions.Featuring How will Vanderbilt answer Trump? with Marianna Bacallao, state legislative reporter, WPLN; Rep. Jody Barrett, state house representative; Bruce Barry, Vanderbilt professor;  Tennessee Lookout contributor Vouchers with Maryam Abolfazli, founder of Rise & Shine TN; Shaka Mitchell, Sr. Fellow for the American Federation for Children; Pat Nolan, political analyst and retired journalist The real-world economy with Molly Davis, Reporter, The Tennessean; Kara Smith, PhD, Belmont University Professor of Economics; Mandy Spears, Executive Vice President, The Sycamore Institute Southern Christians and the death penalty with Liam Adams, religion reporter, Tennessean; Russell Moore, Editor at-large of Christianity Today; Dr. Phillis Sheppard, professor of religion and psychology, Vanderbilt University

European markets edge into the green with the Stoxx 600 still on course to notch its best annual performance since 2021. Investors are now awaiting minutes from the FOMC later today. Russia vows to respond, following alleged Ukrainian drones targeting President Putin's state residence in the northwestern Novgorod region, which threatens to derail peace talks between the two countries. Precious metal prices move higher with copper leading the charge, recording its highest annual rise in more than 15 years.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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

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.

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 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.

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.

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.

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

As part of our official DealFlow Discovery Conference Interview Series, produced by Mission Matters, along with our partner DealFlow Events, we're showcasing the innovative companies presenting at the DealFlow Discovery Conference and the executives behind them. ---- In this episode, Adam Torres interviews Ilan Danieli, CEO of Precipio, about the company's mission to reduce cancer misdiagnosis—especially in complex blood-related cancers. Ilan explains how Precipio partners with academic experts to expand access to subspecialty pathology, why accuracy matters more than speed, and how better diagnostics can directly change treatment decisions and patient outcomes. About Ilan Danieli Ilan Danieli has served as Precipio's CEO since founding the company in early 2011. With over 20 years managing small and medium-size companies, some of his previous experiences include COO of Osiris, a publicly-traded company based in New York City with operations in the US, Canada, Europe; Laurus Capital Management, a multi-billion dollar hedge fund; and in various other entrepreneurial ventures. Ilan holds an MBA from the Darden School at the University of Virginia, and a BA in Economics from Bar-Ilan University in Israel. Ilan has a private pilot license, plays the saxophone, and possesses infinite love for his horses. About Precipio Precipio's platform delivers superior diagnostic accuracy through academic expertise and cutting edge technology. They are a laboratory focused on delivering specialized diagnostic services to physicians and their patients to ensure they receive accurate results. Watch Full Episode on ⁠Youtube⁠. --- This interview is part of our effort to help investors discover compelling companies ahead of the event — and to help CEOs introduce their story to the 1500+ conference attendees. Learn more about the event and presenting companies: ⁠⁠https://dealflowdiscoveryconference.com/⁠ Follow Adam on Instagram at ⁠https://www.instagram.com/askadamtorres/⁠ for up to date information on book releases and tour schedule. Apply to be a guest on our podcast: ⁠https://missionmatters.lpages.co/podcastguest/⁠ Visit our website: ⁠https://missionmatters.com/⁠ More FREE content from Mission Matters here: ⁠https://linktr.ee/missionmattersmedia Learn more about your ad choices. Visit podcastchoices.com/adchoices

Send us a textIn this eye-opening episode, we dive into one of America's biggest policy failures: the pricing of prescription medications like GLP-1s. While many focus on the legalization and rescheduling of cannabis, there's a far more insidious, legal, and mainstream drug policy draining your paycheck and costing countless lives. We break down the economics, the hidden players like PBMs, and the stark differences in drug pricing between the US and other countries. Learn how we can fix this broken system and why it matters for your wallet and your health.

Precious metals are seeing profit taking this morning after a strong rally last week saw the likes of gold and silver continue their strong years. On the flip side, cyptocurrencies are higher today, after a fourth quarter rout had previously spoiled any hopes of a Santa rally. Geopolitics continues to dominate the holiday period, with Trump and Zelenskyy meeting this past weekend at the White House to hammer out the details of a potential peace deal. The two leaders praised progress in negotiations, with Zelenskyy emphasing the strides made on security guarentees, a key sticking point for his country and the Europeans. Elsewhere, Ubisoft dives after one of its games was hacked over Christmas. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

As the cost of health insurance continues to climb, politicians debate how to control those costs and expand coverage. But the truth is, there's already enough money in the system to cover everyone. It's just being siphoned off by insurance corporations for profits, lobbying, and stock buybacks. Rachel Madley, PhD exposes the details in Wendell Potter's recent Healthcare Uncovered substack.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

When politicians hand the gun industry a liability shield, they're not “protecting freedom,”they're protecting a business model built on body counts. Before Trump, Republicans largely only shaded the truth: George W. Bush's administration asserted “we know” Iraq has WMDs. The statements danced on ambiguous intelligence, carefully presenting suspicions as certainties.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Mostly Growth on YouTube: https://www.youtube.com/@MostlyGrowthMostly Growth on Apple: https://podcasts.apple.com/us/podcast/mostly-growth/id1842238102Mostly Growth on Spotify: https://open.spotify.com/show/3KDtaLaXx1obFp5PUhZ6V3In this year-end episode of Mostly Growth, CJ Gustafson, Kyle Poyar, and Ben Hillman reflect on what it actually takes to build a modern media business around newsletters and podcasts. They unpack CJ's first year going full-time, comparing creative intuition versus metric-driven operating styles, and discuss what content truly drives growth. The conversation also covers distribution dynamics, the emotional reality of unsubscribes and burnout, and closes with a candid look at monetization, team building, and the tradeoffs between simplicity and scale.—SPONSORS:Pulley is the cap table management platform built for CFOs and finance leaders who need reliable, audit-ready data and intuitive workflows, without the hidden fees or unreliable support. Switch in as little as 5 days and get 25% off your first year: https://pulley.com/mostlymetricsMetronome is real-time billing built for modern software companies. Metronome turns raw usage events into accurate invoices, gives customers bills they actually understand, and keeps finance, product, and engineering perfectly in sync. That's why category-defining companies like OpenAI and Anthropic trust Metronome to power usage-based pricing and enterprise contracts at scale. Focus on your product — not your billing. Learn more and get started at https://www.metronome.com—LINKS:Mostly Metrics: https://www.mostlymetrics.comCJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/Growth Unhinged: https://www.growthunhinged.com/Kyle on LinkedIn: https://www.linkedin.com/in/kyle-poyar/Slacker Stuff: https://www.slackerstuff.com/Ben on LinkedIn: https://www.linkedin.com/in/slackerstuff/https://www.growthunhinged.com/p/deep-research-for-gtmhttps://www.growthunhinged.com/p/2025-state-of-b2b-gtm-reporthttps://www.mostlymetrics.com/p/presenting-the-state-of-the-agentic-financial-stackhttps://www.mostlymetrics.com/p/the-great-ai-arr-illusionhttps://www.mostlymetrics.com/p/presenting-the-2025-tech-stack-reporthttps://www.mostlymetrics.com/p/download-the-annual-planning-biblehttps://www.growthunhinged.com/p/how-to-sell-annual-planshttps://www.growthunhinged.com/p/get-recommended-by-chatgpthttps://www.growthunhinged.com/p/gtm-vibecoding-ideashttps://www.growthunhinged.com/p/how-to-use-ai-agents-for-marketing—RELATED EPISODES:We get roasted for swag and drop some GTM goldhttps://youtu.be/uubf_8al95wDo vanity plates bring serious business?https://youtu.be/Cm1rubFb-kgPricing in the Real World: Babies, Bots, and Billinghttps://youtu.be/T1cjFSZR0k0—TIMESTAMPS:00:00:00 Preview and Intro00:01:52 Sponsors — Pulley | Metronome00:04:12 Action Figure Swag and Year-in-Review Setup00:05:47 Going Full-Time and the First-Year Reality Check00:07:24 Writing Schedules, Creative Work, and Time Optimization00:09:16 Writing Speed, Craft, and the Myth That Time Equals Quality00:10:51 Perfectionism vs. Throughput in Newsletter Writing00:13:03 Creator Burnout, Motivation, and Engagement Anxiety00:14:08 Playing the Long Game vs. Obsessing Over Metrics00:15:42 Best Work of the Year and High-Leverage Content Bets00:17:55 Big Research Reports as Career-Defining Projects00:19:19 When Memes Outperform Deep Work00:19:52 LinkedIn Algorithms vs. Content Quality00:20:51 Writing for the Feed vs. Writing to Think00:22:03 Optimizing LinkedIn Profiles for Credibility00:23:47 Subscriber Growth, Audience Quality, and Churn Reality00:27:20 Reports and Research as Growth Engines00:28:37 Tactical “How-To” Content That Actually Converts00:30:21 Tactical Value Beats Sounding Smart00:30:40 Building a Team and Scaling Beyond a Solopreneur00:32:05 Simplicity vs. Scale in Early Business Decisions00:35:37 Avoiding Boredom and Shiny Object Syndrome00:37:12 Balancing Writing, Consulting, and Energy00:37:54 Making the Leap Financially as a Creator00:39:01 Subscriptions vs. Advertising as the Real Business Model#MostlyGrowthPodcast #CreatorEconomy #IndependentCreator #NewsletterBusiness #YearInReview This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cjgustafson.substack.com

Pour terminer l'année, l'équipe de Sur le Fil vous propose de passer en revue les dossiers chauds de l'année 2026 à l'échelle internationale, des relations entre les Etats-Unis et l'Europe, en passant par la guerre en Ukraine, la relation entre Pékin et Washington, les grandes tendances sur le continent africain et en Amérique latine et la situation à Gaza.Un épisode préparé avec Karim Talbi, rédacteur en chef de l'AFP pour l'Europe, Laura Bonilla, rédactrice en chef de l'AFP en Amérique latine, et Patrick Markey, redacteur en chef Afrique de l'AFP.Intervenants : Michael Cox, professeur émérite en relations internationales à la London School of Economics. Auteur de US Foreign Policy, dont la nouvelle édition va paraître en mars 2026.Alice Ekman, directrice de la recherche de l'Institut des études de sécurité de l'Union européenne (EUISS) et spécialiste de la Chine. Autrice notamment de Dernier Vol pour Pékin (Flammarion, 2024)Agnès Levallois, présidente de l'Institut de recherche et d'études Méditerranée Moyen-Orient (IreMMO), spécialiste du monde arabe contemporain. Realisation : Michaëla Cancela-KiefferDoublages : Emmanuelle Baillon, Denis Barnett Sébastien Casteran, Marie Dhumieres, Maxime MametExtraits sonores : AFPTV Extrait afrobeat : "Water", par TylaMusique : Nicolas VairPour aller plus loinCinq choses à attendre en 2026 (AFP)The G20 Agenda Is Shifting from the Global South to America FirstLe durcissement américain vis-à-vis de l'Europe va continuer, prévient Paris | European Newsroom (AFP)Paix en Ukraine : la dernière version du plan américain en 20 points (24 décembre 2025)Document officiel énonçant la stratégie de sécurité américaine (Novembre 2025)Breaking down Trump's 2025 National Security Strategy | Analyse par l'institut BrookingsGuerre commerciale : Donald Trump et Xi Jinping prêts pour un fragile accord de trêve ? | IfriPour la Chine, l'UE est un enjeu secondaire | Cairn.info (Décembre 2025)La Chine dans le monde. Entretien avec Alice Ekman (Diploweb, juillet 2024)China's turn towards the 'Global South': Europe is not Beijing's priority | European Union Institute for Security Studies(17 juillet 2025)Africa outlook 2026 - Economist Intelligence UnitConseil de sécurité: les derniers développements en Afrique de l'Ouest et au Sahel illustrent la fragilité et la résilience de la sous-région | ONU Couverture des réunions & communiqués de presseMegaprojet gazier de TotalEnergies au Mozambique : le communiqué de l'entrepriseA Gaza, des Palestiniens sous les bombes du côté israélien de la "ligne jaune" (AFP, 22 décembre 2025)Operation Southern Spear: The U.S. Military Campaign Targeting Venezuela | Council on Foreign RelationsAmérique latine : un nouveau cycle électoral incertain - Fondation Jean-JaurèsLa Semaine sur le fil est le podcast hebdomadaire de l'AFP. Vous avez des commentaires ? Ecrivez-nous à podcast@afp.com. Si vous aimez, abonnez-vous, parlez de nous autour de vous et laissez-nous plein d'étoiles sur votre plateforme de podcasts préférée pour mieux faire connaître notre programme. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

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.

Original Release Date: November 19, 2025Our CIO and Chief U.S. Equity Strategist Mike Wilson explains why he continues to hold on to an out-of-consensus view of a growth positive 2026, despite near-term risks.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 I'll discuss our outlook for 2026 that we published earlier this week. It's Wednesday, Nov 19th at 6:30 am in New York. So, let's get after it. 2026 is a continuation of the story we have been telling for the past year. Looking back to a year ago, our U.S. equity outlook was for a challenging first half, followed by a strong second half. At the time of publication, this was an out of consensus stance. Many expected a strong first half, as President Trump took office for his second term. And then a more challenging second half due to the return of inflation. We based our differentiated view on the notion that policy sequencing in the new Trump administration would intentionally be growth negative to start. We likened the strategy to a new CEO choosing to ‘kitchen sink' the results in an effort to clear the decks for a new growth positive strategy. We thought that transition would come around mid-year. The U.S. economy had much less slack when President Trump took office the second time, compared to the first time he came into office. And this was the main reason we thought it was likely to be sequenced differently. Earnings revisions breadth and other cyclical indicators were also in a phase of deceleration at the end of 2024. In contrast, at the beginning of 2017—when we were out of consensus bullish—earnings revisions breadth and many cyclical gauges were starting to reaccelerate after the manufacturing and commodity downturn of 2015/2016. Looking back on this year, this cadence of policy sequencing did broadly play out—it just happened faster and more dramatically than we expected. Our views on the policy front still appear to be out of consensus. Many industry watchers are questioning whether policies enacted this year will ultimately lead to better growth going forward, especially for the average stock. From our perspective, the policy choices being made are growth positive for 2026 and are largely in line with our ‘run it hot' thesis. There's another factor embedded in our more constructive take. April marked the end of a rolling recession that began three years prior. The final stages were a recession in government thanks to DOGE, a rate of change trough in expectations around AI CapEx growth and trade policy, and a recession in consumer services that is still ongoing. In short, we believe a new bull market and rolling recovery began in April which means it's still early days, and not obvious—especially for many lagging parts of the economy and market. That is the opportunity. The missing ingredient for the typical broadening in stock performance that happens in a new business cycle is rate cuts. Normally, the Fed would have cut rates more in this type of weakening labor market. But due to the imbalances and distortions of the COVID cycle, we think the Fed is later than normal in easing policy, and that has held back the full rotation toward early cycle winners. Ironically, the government shutdown has weakened the economy further, but has also delayed Fed action due to the lack of labor data releases. This is a near-term risk to our bullish 12-month forecasts should delays in the data continue, or lagging labor releases do not corroborate the recent weakness in non-govt-related jobs data. In our view, this type of labor market weakness coupled with the administration's desire to ‘run it hot' means that, ultimately, the Fed is likely to deliver more dovish policy than the market currently expects. It's really just a question of timing. But that is a near-term risk for equity markets and why many stocks have been weaker recently. In short, we believe a new bull market began in April with the end of a rolling recession and bear market. Remember the S&P [500] was down 20 percent and the average S&P stock was down more than 30 percent into April. This narrative remains underappreciated, and we think there is significant upside in earnings over the next year as the recovery broadens and operating leverage returns with better volumes and pricing in many parts of the economy. Our forecasts reflect this upside to earnings which is another reason why many stocks are not as expensive as they appear despite our acknowledgement that some areas of the market may appear somewhat frothy. For the S&P 500, our 12-month target is now 7800 which assumes 17 percent earnings growth next year and a very modest contraction in valuation from today's levels. Our favorite sectors include Financials, Industrials, and Healthcare. We are also upgrading Consumer Discretionary to overweight and prefer Goods over Services for the first time since 2021. Another relative trade we like is Software over Semiconductors given the extreme relative underperformance of that pair and positioning at this point. Finally, we like small caps over large for the first time since March 2021, as the early cycle broadening in earnings combined with a more accommodative Fed provides the backdrop we have been patiently waiting for. We hope you enjoy our detailed report published earlier this week and find it helpful as you navigate a changing marketplace on many levels. Thanks for tuning in. 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!

Trump's Christmas message "Scum" wasn't just offensive. It was a warning.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Lev Parnas, Ukrainian-American businessman turned political activist, and author joins Thom to expose the reality of Donald's duplicity with Ukraine. Is Russia already at war with us? Tanks aren't rolling through cities, but cyberattacks, proxy wars, sanctions, and covert operations are everywhere. Has the world already crossed the line into global war between the United States and Russia? — and why governments may be afraid to say it out loud.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Post-liberalism is all the rage on the American right, finding a common cause between legal theorists like Adrian Vermeule and Patrick Deneen and rising political stars like J.D. Vance, the serving vice president. In the UK, on the other hand, the movement has been pioneered by left-wing thinkers seeking to return lost working-class voters to the Labour Party and return the party itself to its non-urban, communitarian and patriotic roots. In Against Post-Liberalism: Why ‘Family, Faith and Flag' is a Dead End for the Left (Polity, 2025), Paul Kelly explores this post-liberal strain and concludes that it offers "capitalism without social mobility". "Liberalism is not everything but it's not supposed to be," he writes. "It doesn't give an account of the meaning of life or the point of the universe. What it does offer is a way of negotiating social change and, hopefully, of ensuring that the burdens of that change fall reasonably equitably on everyone across generations. It looks to the future. It does not lock us into some nostalgia for a world gone by or frustrate our engagement with a future of necessary change". Paul Kelly is Professor of Political Theory at the London School of Economics. Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who writes and podcasts at 242.news. 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

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 fumbling of the release of the Epstein files, break down the economic logic of deflation, and more.Order Lauren Smith's book here: https://a.co/d/67djjBpSupport Our Sponsors:Sheath - https://sheathunderwear.com use promo code PROBLEM20Ridge - https://ridge.com/potp10Rugiet - Get 15% off your first order by going to http://rugiet.com/DAVE and using code DAVEMars Men - https://mengotomars.com/ Use code "PROBLEM" at checkoutPart 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.

Donald Trump and Pete Hegseth are going to do unspeakable things to the people of Venezuela. The result is going to be more money for big oil companies, and a lot of dead people. Plus a Wisdom School musing on the ubiquity of panpsychism. Racist pundit Nick Fuentes advocated for non-Christians to receive the death penalty. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Christmas: The Night We Reignite the World. When the Longest Dark Becomes the Turning Point…See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave is joined by Scott Horton to discuss David Wurmser's recent podcast appearance breaking down Israel's relationship with America, the Clean Break Memo, and more.Use our code to sign up for Scott Horton Academy: https://scotthortonacademy.com/POTPSupport Our Sponsors:Proton Drive -http://www.proton.me/davesmithProlon - https://prolonlife.com/potpMy Patriot Supply - https://www.mypatriotsupply.com/problemBodyBrain - Go to BodyBrainCoffee.com, use code DAVE20 for 20% off your first orderPart 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://www.eventbrite.com/cc/porch-tour-2025-4222673Find 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.

Original Release Date: November 17, 2025In the first of a two-part episode presenting our 2026 outlooks, Chief Global Cross-Asset Strategist Serena Tang has Chief Global Economist Seth Carpenter explain his thoughts on how economies around the world are expected to perform and how central banks may respond.Read more insights from Morgan Stanley.----- Transcript -----Serena Tang: Welcome to Thoughts on the Market. I'm Serena Tang, Morgan Stanley's Chief Global Cross-Asset Strategist. Seth Carpenter: And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist. Serena Tang: Today, we'll focus on [the] all-important macroeconomic backdrop. Serena Tang: It's Monday, November 17th at 10am in New York. So, Seth, 2025 has been a year of transition. Global growth slowed under the weight of tariffs and policy uncertainty. Yet resilience in consumer spending and AI driven investments kept recession fears at bay. Your team has published its economic outlook for 2026. So, what's your view on global growth for the year ahead? Seth Carpenter: We really think next year is going to be the global economy slowing down a little bit more just like it did this year, settling into a slower growth rate. But at the same time, we think inflation is going to keep drifting down in most of the world. Now that anodyne view, though, masks some heterogeneity around the world; and importantly, some real uncertainty about different ways things could possibly go. Here in the U.S., we think there is more slowing to come in the near term, especially the fourth quarter of this year and the beginning of next year. But once the economy works its way through the tariffs, maybe some of the lagged effects of monetary policy, we'll start to see things pick up a bit in the second half of the year. China's a different story. We see the really tepid growth there pushed down by the deflationary spiral they've been in. We think that continues for next year, and so they're probably not quite going to get to their 5 percent growth target. And in Europe, there's this push and pull of fiscal policy across the continent. There's a central bank that thinks they've achieved their job in terms of inflation, but overall, we think growth there is, kind of, unremarkable, a little bit over 1 percent. Not bad, but nothing to write home about at all. So that's where we think things are going in general. But I have to say next year, may well be a year for surprises. Serena Tang: Right. So where do you see the biggest drivers of global growth in 2026, and what are some of the key downside risks? Seth Carpenter: That's a great question. I really do think that the U.S. is going to be a real key driver of the story here. And in fact – and maybe we'll talk about this later – if we're wrong, there's some upside scenarios, there's some downside scenarios. But most of them around the world are going to come from the U.S. Two things are going on right now in the U.S. We've had strong spending data. We've also had very, very weak employment data. That usually doesn't last for very long. And so that's why we think in the near term there's some slowdown in the U.S. and then over time things recover. We could be wrong in either direction. And so, if we're wrong and the labor market sending the real signal, then the downside risk to the U.S. economy – and by extension the global economy – really is a recession in the U.S. Now, given the starting point, given how low unemployment is, given the spending businesses are doing for AI, if we did get that recession, it would be mild. On the other hand, like I said, spending is strong. Business spending, especially CapEx for AI; household spending, especially at the top end of the income distribution where wealth is rising from stocks, where the liability side of the balance sheet is insulated with fixed rate mortgages. That spending could just stay strong, and we might see this upside surprise where the spending really dominates the scene. And again, that would spill over for the rest of the world. What I don't see is a lot of reason to suspect that you're going to get a big breakout next year to the upside or the downside from either Europe or China, relative to our baseline scenarios. It could happen, but I really think most of the story is going to be driven in the U.S. Serena Tang: So, Seth, markets have been focused on the Fed, as it should. What is the likely path in 2026 and how are you thinking about central bank policy in general in other regions? Seth Carpenter: Absolutely. The Fed is always of central importance to most people in markets. Our view – and the market's view, I have to say, has been evolving here. Our view is that the Fed's actually got a few more rate cuts to get through, and that by the time we get to the middle of next year, the middle of 2026, they're going to have their policy rate down just a little bit above 3 percent. So roughly where the committee thinks neutral is. Why do we think that? I think the slowing in the labor market that we talked about before, we think there's something kind of durable there. And now that the government shutdown has ended and we're going to start to get regular data prints again, we think the data are going to show that job creation has been below 50,000 per month on average, and maybe even a few of them are going to get to be negative over the next several months. In that situation, we think the Fed's going to get more inclination to guard against further deterioration in the labor market by keeping cutting rates and making sure that the central bank is not putting any restraint on the economy. That's similar, I would say, to a lot of other developed markets' central banks. But the tension for the ECB, for example, is that President Lagarde has said she thinks; she thinks the disinflationary process is over. She thinks sitting at 2 percent for the policy rate, which the ECB thinks of as neutral, then that's the right place for them to be. Our take though is that the data are going to push them in a different direction. We think there is clearly growth in Europe, but we think it's tepid. And as a result, the disinflationary process has really still got some more room to run and that inflation will undershoot their 2 percent target, and as a result, the ECB is probably going to cut again. And in our view, down to about 1.5 percent. Big difference is in Japan. Japan is the developed market central bank that's hiking. Now, when does that happen? Our best guess is next month in December at the policy meeting. We've seen this shift towards reflation. It hasn't been smooth, hasn't been perfectly linear. But the BoJ looks like they're set to raise rates again in December. But the path for inflation is going to be a bit rocky, and so, they're probably on hold for most of 2026. But we do think eventually, maybe not till 2027, they get back to hiking again – so that Governor Ueda can get the policy rate back close to neutral before he steps down. Serena Tang: So, one of the main investor debates is on AI. Whether it's CapEx, productivity, the future of work. How is that factoring into your team's view on growth and inflation for the next year? Seth Carpenter: Yeah, I mean that is absolutely a key question that we get all the time from investors around the world. When I think about AI and how it's affecting the economy, I think about the demand side of the economy, and that's where you think about this CapEx spending – building data centers, buying semiconductors, that sort of thing. That's demand in the economy. It's using up current resources in the economy, and it's got to be somewhat inflationary. It's part of what has kept the U.S. economy buoyant and resilient this year – is that CapEx spending. Now you also mentioned productivity, and for me, that's on the supply side of the economy. That's after the technology is in place. After firms have started to adopt the technology, they're able to produce either the same amount with fewer workers, or they're able to produce more with the same amount of workers. Either way, that's what productivity means, and it's on the supply side. It can mean faster growth and less inflation. I think where we are for 2026, and it's important that we focus it on the near term, is the demand side is much more important than the supply side. So, we think growth continues. It's supported by this business investment spending. But we still think inflation ends 2026, notably above the Fed's inflation target. And it's going to make five, five and a half years that we've been above target. Productivity should kick in. And we've written down something close to a quarter percentage point of extra productivity growth for 2026, but not enough to really be super disinflationary. We think that builds over time, probably takes a couple of years. And for example, if we think about some of the announcements about these data centers that are being built, where they're really going to unleash the potential of AI, those aren't going to be completed for a couple of years anyway. So, I think for now, AI is dominating the demand side of the economy. Over the next few years, it's going to be a real boost to the supply side of the economy. Serena Tang: So that makes a lot of sense to me, Seth. But can you put those into numbers? Seth Carpenter: Sure, Serena totally. In numbers, that's about 3 percent growth. A little bit more than that for global GDP growth on like a Q4-over-Q4 basis. But for the U.S. in particular, we've got about 1.75 percent. So that's not appreciably different from what we're looking for this year in 2025. But the number really, kind of, masks the evolution over time. We think the front part of the year is going to be much weaker. And only once we get into the second half of next year will things start to pick up. That said, compared to where we were when we did the midyear outlook, it's actually a notable upgrade. We've taken real signal from the fact that business spending, household spending have both been stronger than we think. And we've tried to add in just a little bit more in terms of productivity growth from AI. Layer on top of that, the Fed who's been clearly willing to start to ease interest rates sooner than we thought at the time of the mid-year outlook – all comes together for a little bit better outlook for growth for 2026 in the U.S. Serena Tang: Seth thanks so much for taking the time to talk. Seth Carpenter: Serena, it is always my pleasure to get to talk to you. Serena Tang: And thanks for listening. Please be sure to tune into the second half of our conversation tomorrow to hear how we're thinking about investment strategy in the year ahead. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

The playbook that showers the rich, spikes the debt, then demands you sacrifice Social Security and healthcare…See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Thom Hartman unravels the mysteries of pagan Yule traditions with a hopeful view of optimism in dark times. Also an exploration of the DrawDAO project yields promising new efforts for fighting climate change via the open-sourcing of carbon dioxide removal & storage. Dr. Irwin Redlener of The Ukraine Children's Action Project reveals essential humanitarian support underway for Ukraine's displaced and refugee children.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Kat Owens is a plastic pollution researcher, artist, and activist. She merges science, policy, and the arts to address plastic pollution in her ongoing art series “Entangled and Ingested” which showcases portraits of animals affected by plastic pollution…made of plastic. Owens is also a National Geographic Explorer, a Fulbright Nehru fellow, and a Professor at the University of Hartford in the Department of Politics, Economics, and International Studies. Owens works with her students on a variety of projects to address real-world problems, such as collecting marine debris and addressing pollution along their hometown shorelines in Connecticut. Owen’s research in marine plastic pollution and river debris has been supported by the National Oceanic and Atmospheric Administration, the Fulbright Nehru Foundation, and the National Geographic Society.See omnystudio.com/listener for privacy information.

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave and Robbie "The Fire" Bernstein talk about Trump's fake-out that was rumored to be an announcement of escalation with Venezuela, Ben Shapiro's statements at Turning Points' event vs. JD Vance's statements, and more.Order Lauren Smith's book here: https://a.co/d/67djjBpSupport Our Sponsors:Brunt Workwear - http://bruntworkwear.com/ Use code PROBLEMCowboy Colostrum - Get 25% Off Cowboy Colostrum with code DAVE at https://www.cowboycolostrum.com/DAVEMars Men - https://mengotomars.com/ Use code "PROBLEM" at checkoutPart 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.

Women report doing 64% of the domestic labor in their household and the 73% of the mental labor. Eve Rodsky, author of the book and movement Fair Play, has championed not only this research, but also strategies to level the playing field. Today, Nicole and Eve talk about how to make your relationship more fair— and the financial consequences if you don't. Click here to learn more about Eve's work, click here to find Fair Play resources.