Podcasts about Economics

Veteran war correspondent Phil Ittner reports from Uktraine. The war Trump chose to join against Iran in violation of our laws and Constitution, in other words, is directly helping Putin kill children in Ukraine and assists Iran in hitting our troops in the Middle East. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In 1966, the federal government commissioned a massive survey aimed at solving educational inequality. Instead, the explosive Coleman Report unleashed a 60-year debate over race, resources, and what education in America is actually for. This is the story of how the report came together… and the policy whirlwind that followed.Guests:Victoria Cain, Associate Professor of History, Northwestern University Thomas Kane, Walter H. Gale Professor of Education and Economics, Harvard University  Support public media with NPR+ and enjoy perks for over 25 podcasts like this one. This show's perks include sponsor-free listening. Learn more at plus.npr.org.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

Misha Glenny delves in to the In Our Time archive to select ten episodes for listeners to revisit. His fifth choice, first released in May 2024, is the Empress Dowager Cixi, the woman who, for almost fifty years, was the most powerful figure in the Chinese court. Cixi (1835-1908) started out at court as one of the Emperor's many concubines, yet was the only one who gave him a son to succeed him and who also possessed great political skill and ambition. When their son became emperor he was still a young child and Cixi ruled first through him and then, following his death, through another child emperor. This was a time of rapid change in China, when western powers and Japan humiliated the forces of the Qing empire time after time, and Cixi had the chance to push forward the modernising reforms the country needed to thrive. However, when she found those reforms conflicted with her own interests or those of the Qing dynasty, she was arguably obstructive or too slow to act and she has been personally blamed for some of those many humiliations even when the fault lay elsewhere.WithYangwen Zheng Professor of Chinese History at the University of ManchesterRana Mitter The S.T. Lee Professor of US-Asia Relations at the Harvard Kennedy SchoolAndRonald Po Associate Professor in the Department of International History at London School of Economics and Visiting Professor at Leiden UniversityProducer: Simon Tillotson In Our Time is a BBC Studios Audio ProductionReading list:Pearl S. Buck, Imperial Woman: The Story of the Last Empress of China (first published 1956; Open Road Media, 2013)Katharine A. Carl, With the Empress Dowager (first published 1906; General Books LLC, 2009)Jung Chang, Empress Dowager Cixi: The Concubine Who Launched Modern China (Jonathan Cape, 2013)Princess Der Ling, Old Buddha (first published 1929; Kessinger Publishing, 2007)Joseph W. Esherick, The Origins of the Boxer Uprising (University of California Press, 1987)John K. Fairbank and Merle Goldman, China: A New History (Harvard University Press, 2006)Peter Gue Zarrow and Rebecca Karl (eds.), Rethinking the 1898 Reform Period: Political and Cultural Change in Late Qing China (Harvard University Press, 2002)Grant Hayter-Menzies, Imperial Masquerade: The Legend of Princess Der Ling (Hong Kong University Press, 2008)Keith Laidler, The Last Empress: The She-Dragon of China (Wiley, 2003)Keith McMahon, Celestial Women: Imperial Wives and Concubines in China from Song to Qing (Rowman & Littlefield, 2020)Anchee Min, The Last Empress (Bloomsbury, 2011)Ying-Chen Peng, Artful Subversion: Empress Dowager Cixi's Image Making (Yale University Press, 2023).Sarah Pike Conger, Letters from China: with Particular Reference to the Empress Dowager and the Women of China (first published 1910; Forgotten Books, 2024)Stephen Platt, Imperial Twilight: The Opium War and the End of China's Last Golden Age (Atlantic Books, 2019)Liang Qichao (trans. Peter Zarrow), Thoughts From the Ice-Drinker's Studio: Essays on China and the World (Penguin Classics, 2023)Sterling Seagrave, Dragon Lady: The Life and Legend of the Last Empress of China (Vintage, 1993)Jonathan D. Spence, The Search for Modern China (first published 1991; W. W. Norton & Company, 2001)X. L. Woo, Empress Dowager Cixi: China's Last Dynasty and the Long Reign of a Formidable Concubine (Algora Publishing, 2003)

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave is joined by Congressman Thomas Massie! They discuss Massie's proposal of a new Epstein files transparency act, his feelings about being unseated in Congress, the war in Syria compared to Iran, and more.Find Lauren Smith's book "Healthy Hibernation" here: https://a.co/d/0g2UnnikSupport Our Sponsors:BodyBrain - Go to BodyBrainCoffee.com, use code DAVE20 for 20% off your first order!Hexclad - Find your forever cookware @hexclad and get10% off at https://hexclad.com/PROBLEM! #hexcladpartnerPrize Picks - Visit https://prizepicks.onelink.me/LME0/POTP and use code POTP and get $150 if you win your first $5 lineup! Superpower - Head to Superpower.com and use code PROBLEM at checkout for $20 off your membership. Unlock your new health intelligence. 100+ biomarkers. Every year. Detect early signs of 1,000+ conditions. #superpowerpodPart 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.

Our Global Commodities Strategist Martijn Rats explains how tightening supply and shrinking buffers are pushing Brent prices up again, and what that would mean for fuel costs and energy markets.Read more insights from Morgan Stanley.----- Transcript -----Martijn Rats: Welcome to Thoughts on the Market. I'm Martijn Rats, Morgan Stanley's Global Commodities Strategist.Today: why the oil market is tightening, and why we now see Brent reaching $100 per barrel later this year.It's Thursday, September 3rd, at 3pm in London.It has been an extraordinary summer for oil. Brent — the global benchmark price for crude oil and the reference point for most of the world's oil trade — traded above $110 per barrel in mid-May, fell to $71 by early June, climbed back above $100 three weeks later, and then dropped again to around $79 per barrel. More recently, prices have moved higher again. But the question now is whether that is just another temporary swing. Or whether there is a sign that the underlying market has changed.We think it has changed. Supply is tightening, inventories are falling, and some of the buffers that helped absorb earlier disruptions are fading.The clearest evidence is in inventories. Crude oil sitting on the water fell from nearly 1.3 billion barrels in mid-July to 1.1 billion barrels recently. That was a decline of about 190 million barrels. During one four-week stretch, oil-on-water fell at the unusually high rate of 5.3 million barrels a day, the fastest four-week decline since this data series began about eight years ago. Usually, when there is such a large amount of crude oil that is brought on land, it drives up onshore oil inventories. However, not on this occasion. On a global basis, onshore crude oil inventories have fallen by another 38 million barrels over the same period. That means that those offshore barrels arriving were being used straight away rather than put into land-based storage.The biggest supply issue is still the Middle East. Crude flows from the Strait of Hormuz briefly recovered to about 15 million barrels a day after the June Memorandum of Understanding. That was close to the pre-conflict level. More recently, however, they have been running again around about 7 million. Now, Red Sea exports have also fallen sharply, from about 4 - 4.5 million barrels a day in March and April to around about 1.5 million barrels a day at the moment. Therefore, total regional exports are still up from the lows in March and April, but they are sharply down from that late June peak. Another source of support is fading: strategic petroleum reserves. Globally, those releases added around 2.5 million barrels a day to supply in March and April. But that has fallen sharply, and we do not anticipate material further releases from global SPRs after September.Then China is important, too. Its seaborne crude imports are normally around 10 to 11 million barrels a day but briefly fell as low as 5 million barrels a day leaving more oil available elsewhere. Now, China's buying activity still appears low, but at a minimum it has stabilized, and there are tentative signs of an increase. If Chinese imports have stopped falling and possibly go into reverse, they can no longer free up additional barrels for buyers elsewhere, making the global oil market tighter. So why hasn't crude become even more constrained? It's because of refineries. Global refinery outages are running 5 - 6 million barrels a day above normal. Although supply of crude oil is constrained, this means that demand for crude is also reduced. Now, the result of that is that the tightness in the system has instead shown up in refined products rather than in crude. And diesel is the clearest example of this; and the one most likely to be felt throughout the economy, since diesel prices feed straight through into trucking, freight, farming costs, and many other areas. The front-month diesel benchmark in the U.S. was recently around $195 per barrel, versus Brent at $95 per barrel. The difference between the value of a refined product and the crude used to make it is called a crack spread. For diesel, that crack spread reached around $100 per barrel, an all-time high. Over time, that gives refiners a very strong incentive to bring back capacity where they can. If they do, crude demand should rise, whilst inventories are already falling and Middle East supply so far remains constrained. We now expect a full recovery in Middle East supply to take well into 2027. On that path, oil inventories should keep falling throughout the fourth quarter of this year as well as the first quarter of next year. We now forecast Brent to average $100 per barrel in the fourth quarter.Now, for much of this year, the oil market had several shock absorbers: strategic reserves, abundant barrels at sea, and unusually weak Chinese imports all helped. Those cushions are thinner now. That leaves less room for another disruption, just as the road back to normal supply is getting longer. 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.

America's defenses are being drained, Ukraine is being abandoned, and Russia and Iran are growing stronger. At what point does incompetence stop being an explanation?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With the midterms looming and the House back in session, we get the skinny from lead Progressive Congressman Mark Pocan as he takes calls from across the nation.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Gloria Steinem's legacyTrump's surveillance machineTexas voter suppression, CBS propagandaPoliticized disaster aidPardons for influence expose a democracy under relentless assaultSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

ICE whistleblower exposes reckless hiringHegseth extends the Iran war into 2027Reich demands impeachmentLutnick's family profits from tariff chaosPlus a Kamala fantasy from Trump's Ag SecSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Joe Cirincione explains Trump's illegal, unauthorized, unnecessary war is the worst strategic defeat in U.S. history - and - The main national security threat we face is not in Russia, China, North Korea or even Canada, but in the White House. Geeky Science. Researchers are Alarmed as GPS Readings Suddenly Veer Off by 33 Feet, Enough to Crash Self-Driving Cars. Oh oh. “Cyclospora research shelved“ by Marcia Brown and Rachel Shin. Whistleblower claims thousands of mail-in ballots could be rejected with new system“ by Ken Dixon. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Erik Torenberg is joined by a16z General Partner Alex Rampell and Affirm Co-Founder and CEO Max Levchin for a conversation on 25 years of fintech, from the early days of digital payments to the origins of Affirm and the next generation of agentic commerce.Max and Alex revisit what surprised them most about how payments evolved, why the card interface has been so difficult to displace, and why even the smallest corners of payments can become enormous markets. They also trace the early idea maze behind Affirm, from "pay with your identity" and the pajama problem to the realization that installment financing could dramatically increase merchant conversion.The conversation also gets into real versus "fake" 0% financing, what people misunderstand about Affirm today, why negative customer acquisition cost can be such a powerful business model advantage, and why Max is more bullish on agentic payments than on agents choosing what people buy.Resources:Follow Max Levchin on X: https://x.com/mlevchinFollow Alex Rampell on X: https://x.com/arampell Stay Updated:Find a16z on YouTube: YouTubeFind a16z on XFind a16z on LinkedInListen to the a16z Show on SpotifyListen to the a16z Show on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Trade has shaped human civilisation for thousands of years. From the copper used in Mesopotamian ploughs to the silicon inside our smartphones, vast networks have evolved to move the materials and products on which modern life depends. Yet much of this system remains invisible, only becoming clear when disruption exposes how fragile and interconnected it really is. In this episode, host Carl Miller speaks with journalist and bestselling author Ed Conway about the hidden world behind the things we buy. Through the stories of bread, cloth and cars, Ed traces the extraordinary journeys taken by everyday products and reveals the people and supply chains that make them possible. From the Corn Laws to the National Loaf and the fish finger, he shows how trade has shaped what ends up on our shelves and plates. Why has trade become one of the defining geopolitical issues of our time? What happens when governments intervene in supply chains? And how does the global economy respond when those networks are ruptured? Drawing on economic history and first-hand reporting, Ed explores how trade adapts and reshapes the world around us. Ed Conway is a writer and broadcaster. He is the Economics and Data Editor of Sky News and a regular columnist for The Times and Sunday Times. He has won numerous awards for his journalism and his book Material World was a Sunday Times bestseller and nominated for multiple prizes and books-of-the-year lists. Carl Miller is a Senior Fellow at Demos and founder of the Centre for the Analysis of Social Media (CASM). He is the co-writer and host of the investigative podcast Kill List and is the author of The Death of the Gods: the New Global Power Grab. If you'd like to become a Member and get access to all our full conversations, plus all of our Members-only content, just visit intelligencesquared.com/membership to find out more. For £4.99 per month you'll also receive: - Full-length and ad-free Intelligence Squared episodes, wherever you get your podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series - 15% discount on livestreams and in-person tickets for all Intelligence Squared events  ...  Or Subscribe on Apple for £4.99: - Full-length and ad-free Intelligence Squared podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series … Already a subscriber? Thank you for supporting our mission to foster honest debate and compelling conversations! Visit intelligencesquared.com to explore all your benefits including ad-free podcasts, exclusive bonus content and early access. … Subscribe to our newsletter here to hear about our latest events, discounts and much more. https://www.intelligencesquared.com/newsletter-signup/ Learn more about your ad choices. Visit podcastchoices.com/adchoices Learn more about your ad choices. Visit podcastchoices.com/adchoices

Dr. Darrin Porcher, Retired NYPD Lieutenant, Criminal Justice Professor at Pace University and a former Army OfficerTopic: Latest on the Times Square stabbing Robert Greenway, Senior VP of American Global Strategies, Former Deputy Assistant to the President and Senior Director for the Middle East and North Africa in the Trump administration, and principal architect of the Abraham AccordsTopic: U.S. military strikes Iran Helen Timari, co-founder of the Foundation for DignityTopic: Staten Island Spotlight Stephen Moore, "Joe Piscopo Show" Resident Scholar of Economics, Chairman of FreedomWorks Task Force on Economic Revival, former Trump economic adviser and the author of "The Trump Economic Miracle: And the Plan to Unleash Prosperity Again"Topic: Is the USA going bankrupt? Gordon Chang, Asia expert, columnist and author of "China is Going to War"Topic: Putin, Xi, and Trump possibly holding a trilateral talk in November Sheriff Shaun Golden, Monmouth County SheriffTopic: 25 years after 9/11; Flock cameras Arthur Lih, Inventor & CEO of LifeVac and the author of "Sorry, Can't is a Lie"Topic: Motorcycle trip Dr. Jeff Gardere, America's psychologist and Associate Professor at Touro College of Osteopathic MedicineTopic: Times Square stabbing and the role mental health playedSee omnystudio.com/listener for privacy information.

Preorder my new book Politics, Economics and New Testament Interpretation here: https://libertarianchristians.com/store/politics-economics-and-new-testament-interpretation/In this episode, I replay a conversation I had with Doug Stuart on the Libertarian Christian Podcast about how to read the Bible effectively. I talk about my relationship with the Bible, why it is so important to me, and why I read it daily. I talk about the different ways of approaching the text, how I prefer to read it, and provide some strategies and insights into how Christians can read Scripture more effectively. Media Referenced:Four Strategies for Reading the Bible Sermon: https://libertarianchristians.com/episode/ep-129-four-strategies-for-reading-the-bible-sunday-sermon/  Sign up for LCI's 2026 Conference in Cincinnati, OH on Saturday, October 17! Many LCI content creators, including myself, will be speaking at the event, and it will be an excellent opportunity to connect with likeminded, liberty-loving Christians. Check out the event and sign up here: https://libertarianchristians.com/conference/ The Protestant Libertarian Podcast is a project of the Libertarian Christian Institute and a part of the Christians For Liberty Network. The Libertarian Christian Institute can be found at www.libertarianchristians.com.Questions, comments, suggestions? Please reach out to me at theprotestantlibertarian@gmail.com.  You can also follow the podcast on Twitter: @prolibertypod, and YouTube, @ProLibertyPod, where you will get shorts and other exclusive video content. For more about the show, you can go to theprotestantlibertarianpodcast.com. If you like the show and want to support it, you can! Go to libertarianchristians.com, where you can donate to LCI and buy The Protestant Libertarian Podcast Merch! Also, please consider giving me a star rating and leaving me a review, it really helps expand the show's profile! Thanks!

Are you throwing tens of thousands of dollars at staff issues and practice management consultants without actually fixing what's broken in your business?In this episode of The Millionaire Dentist, hosts Casey Hiers and Jarrod Bridgeman break down the critical difference between generic practice management and custom business advisory. Using a powerful real-world analogy, they explore how practice owners often suffer for years from "black mold" problems—like high overhead, terrible tax management, and poor cash flow—while spending $60,000 to $100,000 on Band-Aid solutions that only address surface-level symptoms.In this episode, we explore:Diagnosis Before Prescription: Why prescribing solutions without a thorough, root-cause financial diagnosis is the business equivalent of malpractice.The "Kumbaya" Trap: How focusing solely on staff harmony and practice management can end up padding your overhead without increasing your personal income.Order of Operations: Why you must get your cash flow, overhead, and core financial structure right before trying to scale or fix minor day-to-day headaches.The Growth Fallacy: Why opening a second location or buying another practice often just multiplies your existing staff and financial problems.Stop treating the symptoms while ignoring the root cause. Join us for a candid discussion on getting a proper diagnosis for your practice so you can protect your money, lower your stress, and build long-term wealth.Upcoming Tour Dates: Go to our EVENTS page for infoFacebook: Four Quadrants AdvisoryInstagram: @fourquadrantsadvisoryLinkedIn: Four Quadrants Advisory

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave and Robbie "the Fire" Bernstein discuss Ben Shapiro's comments about leaks and treason, the state of the government and the war, Vivek Ramaswamy's speech for the Republican Jewish Coalition , and more.Support Our Sponsors:CrowdHealth - https://www.joincrowdhealth.com/promos/potpRidge - https://ridge.com/potp10Prolon - https://prolonlife.com/potpQuince - Get free shipping on your Quince order and 365-day returns athttps://www.quince.com/POTPPart 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.

A.M. Edition for Sept. 2. Bonds are selling off again with investors left unimpressed by Treasury Secretary Scott Bessent's seeming indifference to the recent rise in yields. Economics editor Paul Hannon and WSJ reporter Chelsey Dulaney explain how the bond rout is impacting markets, consumers and businesses and what it will take to calm investors. Plus, Open AI restricts its latest AI model, rating it a 'critical' cyber risk. And Google tries to challenge the frontrunners in agentic coding. Luke Vargas hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Midterm elections, backlash against data centers and a U.S.-China summit. Michael Zezas and Ariana Salvatore discuss themes that could test investor confidence in the coming months.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Deputy Global Head of Research for Morgan Stanley.Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research.Michael Zezas: Today, we'll look ahead to public policy catalysts that matter for investors this fall.It's Wednesday, September 2nd at 10:30am in New York.Okay, Ariana, there's a few days left in the summer, and investors are already starting to think about what's going to happen this fall. And there's a pretty heavy calendar; everything from midterm elections to some pretty important diplomatic dates. High level, what do you think people need to focus on?Ariana Salvatore: So, I'll start with probably the most consequential catalyst of the list that you mentioned, and that's the midterm elections. Obviously, not until November 3rd, but the debate is going to start to emerge over the coming weeks – in terms of if Democrats were to win just one chamber versus both chambers; if Republicans were to keep control; what could that mean for markets? And what are the durable policy themes?I think in this context, the biggest debate far and away is on data center pushback. And this has transitioned from more of a macro thematic. So, investors trying to understand the potential implications for the CapEx build-out, to more of a micro really granular question, right? Which races are the ones that we need to watch? Where are there states or jurisdictions that projects that are pending could be possibly called into question?And that's, sort of, the continuous debate that I've had recently with investors, trying to pinpoint it more precisely to figure out where exactly the build-up could be impacted.Michael Zezas: So, I hear from investors this general concern that the midterm elections will reveal that it's become a consensus preference amongst American voters and members of both parties to slow down on data center spending. Or perhaps even stop it or something more severe like that.What type of midterm election outcome would point to that as a possibility?Ariana Salvatore: Well, I would start by saying the politics here are scrambled in the sense that there's no clear fault lines when it comes to Democrats or Republicans around data center opposition, right? We are seeing some pretty notable pivots even from lawmakers that in the past were supportive of data centers. So that's why I think we have to zoom into these really specific races.And there I would say there's some governorships that matter actually more than some of the Senate races; because remember, governors also in certain states can appoint public utility commissioners. And in places like Texas, that actually could be a really consequential outcome for the 2026 midterm elections, more so than who ends up sitting in Congress on a very federal level.Michael Zezas: Okay. And so, would you say it's fair then that folks running for office who are challenging incumbents in both parties, who are expressing a desire for more regulation on data centers, that it kind of cuts across both parties? So, this is more about folks challenging incumbents than it is about one party or the other having a specific view on AI and the AI industrial build-out via data centers?Ariana Salvatore: That's right. It's hard to sort into these really generic party umbrellas, and there are a few nuances under the surface. If you look at something like Ohio. The governor's race there, both the Republican and Democrat candidates are proposing a conditional build-out, basically. So, if certain projects meet criteria, they're going to be allowed to proceed.In other races, like in Texas and Pennsylvania governorships, you're seeing the opponents basically propose a more restrictive form of the pause or directive that's already in place. So, I would say it's not very clean in terms of Democrat or Republican-led. And that just gives us conviction that this is going to persist and remain an issue even after November. Even though the federal policy incentives we don't think are likely going to change.Michael Zezas: So, we could see investors taking a signal about the AI data center build-out from an outcome where incumbents don't do particularly well.Now, I know we're still doing work on this, but what's the current thinking about – even if we were to see a result like that, how much should investors be concerned that the expectations around spending on data centers might not be realized because of new policy, other regulatory changes that would come as a result of the midterms?Ariana Salvatore: So, I would say overall, we are still very constructive on AI CapEx, right? So, our internet team is still forecasting over a trillion dollars of spending for the hyperscalers next year, and there are a few reasons for that, one of which has to do with this AI sovereignty theme that we've been writing about.So, this notion that governments are increasingly wanting to control their own stack and their own AI capabilities, so that's driving a bit of the spend. On the other hand, we are starting to see mitigation measures from some of these companies to appease some of that local community backlash. And there we don't see a one-size-fits-all approach.We see very tailored solutions depending on what the source of the pushback is. Just to give a few examples. When you have communities that care about electricity price increases, for example, many hyperscalers have signed on to the Ratepayer Protection Pledge. When you have communities that care about the environmental impact, you've got companies like Google who said they want to put forward a regulatory framework for water usage; Amazon also disclosing their water usage in data centers.And so, like I said, there's not really a uniformity to these responses, but enough that we think will mitigate the concern and still leaves us constructive on the overall build-out.Michael Zezas: Right. And you actually bring up a really interesting point on the idea of AI sovereignty. Some of the kind of similar concerns that are driving voter anxiety around the build-out of AI, might also reinforce some of the spending that has to happen there. To the extent that voters and policymakers are concerned that AI should be controlled and aligned with American values would require some spending to make sure that there's sufficient supply chains and other variables in play that the U.S. is in control of.Is that fair?Ariana Salvatore: That's right. That's one of the clear policy consequences we see from this shift in sovereign AI and governments seeking that control. The other one is, of course, the potential for further tech restrictions and divergence between the U.S. and China on AI specifically.Michael Zezas: So, on the topic of China and the U.S., one date that you point out here is September 24th, a date when the U.S. and China are going to be meeting again. What's on the table for discussion? What do investors need to know? Obviously, there have been concerns over the past year about the level of tariffs and trade tensions between the two.Is there anything here that we need to pay specific attention to?Ariana Salvatore: So, we think the overarching goal for both sides is to maintain this managed stability that was established in the May summit too. At that point, the clear deliverables were around trade, right? So agricultural purchases, Boeing purchases, et cetera.We think there's likely some small incremental change to those deliverables, in particular when it comes to AI dialogue. But notably, we think there's potential for escalation into that summit, again, within the bounds of what we call tactical escalation. But we do think that there's plenty of room for more policy escalation between both the U.S. and China in line with some recent action that we've seen over the past few weeks.Michael Zezas: Got it. And there's also a couple of important considerations around fiscal policy, funding, the National Defense Authorization Act (NDAA). Can you talk us through that a bit?Ariana Salvatore: Yeah, so fiscal's been in the headlines recently as well, just given the Treasury buybacks and crossing that $40 trillion threshold. And I think in that context, it sort of puts a renewed spotlight on government funding.There we see a potential latent risk of another shutdown come December, right? So, we saw a continuing resolution pass both the House and the Senate and sort of punt that debate until after the elections.And then the NDAA is the annual bill that funds the Pentagon. It has to be done in December on a bipartisan basis. So, the elections have the potential to shift the incentive structure for some lawmakers, and we could see these, kind of, re-emerge as really big debates towards the end of the year.Michael Zezas: Now, interestingly enough, we've got a bunch of catalysts to pay attention to: midterms, the potential for data center pushback as a consequence of it, a U.S.-China summit, which we think is going to result in the continuation of managed stability, and fiscal catalysts where, you know, the debt and the deficit have been in scope and concern, particularly for equity investors. All of that is happening against a backdrop where the historical norm going into midterm elections – is one where the equity market tends to struggle a bit. Is that fair?Ariana Salvatore: Yeah. So, we tend to see a little bit of negative seasonality into the midterm elections, and our equity strategy team has pointed out the potential for a knee-jerk reaction if you were to see Democratic outperformance in November. We think that's not likely to be durable. We think it's more so the case that investors are going to pull forward the anticipation of Democrats doing well in the 2028 presidential election.We don't think that's going to be a long-lasting theme in the market, but it's typically in line with what we see during elections.Michael Zezas: So, this idea that there are going to be seasonal challenges to the equity market is important to take on board, particularly when there are a lot of policy narratives which in the investor's mind could reinforce the price action that comes with weak seasonality.But our view is that you need to keep your eye on the secular trends here underpinning economic growth, including the AI build-out, which we think at the moment is going to be less sensitive to some of these policy outcomes than it might seem – given strong campaign rhetoric around restricting data centers.Is that a fair statement?Ariana Salvatore: Yes, that's right.Michael Zezas: Great. Well, Ariana, thanks for taking the time to talk.Ariana Salvatore: Pleasure speaking with you, Mike.Michael Zezas: And thanks for listening. Ariana, what should our audience do next?Ariana Salvatore: If you enjoyed the podcast, leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

These oligarchs should be concerned that they helped an aspiring fascist like Trump--from normalizing him to funding his vanity projects to helping him implement his anti-democratic agenda. Yet Google doesn't seem to care. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

America has spent decades paying for earlier interventions in oil-rich nations. Trump is now risking another cycle of rebellion, bloodshed, and blowback...See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Is Putin arming Iran?Why is RFK Jr. citing studies that don't exist?Ankle monitors, a dying detaineeJFK's felled willowsAnd the app that told Trump noSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A whistleblower says USPS could kill your mail ballotAmerica bombs a weddingTrump takes Venezuela's oilCongress punts past NovemberMarkey beats big moneySeattle teachers winSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Founder & President of Brave New Films, Robert Greenwald explains the new feature, Murdering 60 Minutes - We're taking a hard look at the proposed merger, the transformation of CBS News, and what has happened to 60 Minutes since Bari Weiss and Ellisons took over.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ronald Reagan. Champion of neoliberalism. To some, the man who lifted the spirits of a nation and restored a sense of pride and optimism after a period of despair. To others, the Reagan years marked the death of liberalism. A dark turn toward unfettered capitalist exploitation and the decapitation of working class movements and civil rights. So, which is it? Was Ronald Reagan responsible for ushering in an era of prosperity and restoring national pride as his boosters maintain? Or was he indeed the harbinger of doom and the reason we have Donald Trump today? Like most things, it’s complicated. But there are three ways in which Reagan fundamentally altered the trajectory of the United States to the detriment of most American families. Max walks through each of them before offering a bit of context for the era and ends with an example of a modern political figure that borrows from Reagan’s political playbook but with a twist: this time it’s to do good in the world. Resources Ronald Reagan Presidential Foundation and Institute: Americans Still Believe in Strong U.S. Global Leadership and Engagement, Including Young MAGA Republicans The New York Times: Javits Sees G.O.P. Hurt By Reagan NPR: 1976: The Last Time Republicans Duked It Out To The Last, Heated Minute : NPR 270ToWin: 1980 Presidential Election Interactive Map Center for Public Integrity: How four decades of tax cuts fueled inequality Roosevelt Institute: To Put Trickle-down Economics to Rest, We Need a New Tax Code Wikipedia: Americans for Tax Reform Brennan Center for Justice: Citizens United, Explained Heritage Foundation: Reagan And Heritage: A Unique Partnership The Nation: The Mandate for Leadership, Then and Now The New York Times: The Strike That Busted Unions Jacobin: The Legacy of the Crushed 1981 PATCO Strike NPR + Code Switch: The Truth Behind The Lies Of The Original ‘Welfare Queen’ History: Just Say No History of Cannabis Project: Reagan Drug Policy — Just Say No & the 1986 Act Wikipedia: Dark Alliance U.S. Department of Justice, Office of the Inspector General: CIA-Contra-Crack Cocaine Controversy PBS: The Iran-Contra Affair National Archives: President Dwight D. Eisenhower’s Farewell Address (1961) Peter G. Peterson Foundation: The United States Spends More on Defense than the Next 6 Countries Combined Frederic Lemieux: Militarization of Law Enforcement in America ProPublica: The Best Reporting on Federal Push to Militarize Local Police CounterPunch: The Hidden Cost of the U.S. Military: The Real Budget is Far Larger Than Reported UNFTR Resources Video: Did Reagan Destroy the American Dream? Essay: Did Ronald Reagan Destroy the American Dream? The Carter Series. -- If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com. Become a member at unftr.com/memberships. Buy yourself some Unf*cking Coffee at shop.unftr.com. Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations. Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibilitySupport the show: https://www.unftr.com/membershipsSee omnystudio.com/listener for privacy information.

Hugh Hallman, Attorney, Educator, and former Mayor of Tempe, joins Seth in studio for the full hour to talk about the high-profile murder trial of Lindsay Clancy, the Democratic Socialists of America (DSA) and their economic talking points, and more! They examine the idea that the DSA's views on issues like immigration, healthcare, and education are not only unrealistic but also potentially damaging to society. The discussion also touches on the DSA's all-encompassing ideology that seeks to transform society in its image. One of the key points made is the importance of understanding the economic system and how it affects people's lives; they discuss how the DSA's views on capitalism are misguided and how their ideology is based on a flawed understanding of history and economics. They also examine the consequences of the DSA's ideas, including the potential for increased poverty and decreased economic mobility.See omnystudio.com/listener for privacy information.

Dr. Wayne Thogmartin from the US Geological Survey joins us in this episode to discuss the economic impacts of birds along the flyway. We cover the prairie pothole region and what threatens it, as well as the many different ways migrating birds impact people. 

AI can accelerate a strong operating model, but when decision rights, incentives, or data are already unclear, it can make the mess spread faster.In this episode, I sit down with Denise Tilles, a leading voice in product operations, to unpack how her career moved from editorial work at Condé Nast into product management, commercial leadership, and eventually product operations. Denise shares how learning to work with revenue data, product analysts, and operating models changed the way she thought about product leadership and led to her work helping enterprise organizations make faster, better-quality decisions.We explore what product operations actually does, why an operating model needs to define how decisions get made, and where incentives can quietly undermine even a well-designed process. We also dig into what happens when AI makes producing documents, specifications, and analysis nearly effortless: generating more output doesn't remove the work of judgment. In many cases, it makes clarity about inputs, outputs, ownership, and what “good” looks like even more important.Key TakeawaysProduct ops should improve decision-making: Denise defines it around business and data insights, customer and market insights, and the operating model.Commercial context changes product thinking: At Cision, learning P&L, ACV, and recognized revenue helped Denise connect product decisions directly to business outcomes.Good analysis reveals hidden opportunities: A product analyst uncovered an add-on opportunity that generated roughly $1 million within a year.Operating models need clear decision rights: Teams need to know what gets worked on, who decides, and how work actually gets done.AI amplifies the system already in place: If ownership, data, or processes are unclear, AI can make those weaknesses spread faster.Additional InsightsInformal decisions can override formal processes: Denise learned that hallway conversations and executive requests often mattered more than the documented workflow.Proof does not create authority: Better analysis can earn credibility, but changing a system still requires ownership, sponsorship, and permission.Incentives shape behavior: Product and sales can both act rationally while optimizing toward conflicting measures of success.AI can shift work downstream: Faster artifact creation still leaves someone responsible for checking the reasoning, evidence, and assumptions.Operations may become more connected: Denise sees product ops, design ops, sales ops, and other functions moving toward a more unified “Omni Ops” model.Episode Highlights00:00 - Episode RecapDenise explains why the starting point for operating-model and AI work should be the pain a company is actually experiencing, from PRD structure to data quality, rather than adopting AI simply because the technology is available.02:01 - Guest Introduction: Denise TillesI introduce Denise Tilles and her work in product operations and operating models, setting up our discussion about data, decision-making, incentives, and how product organizations can operate more effectively.03:13 - From Editor to Product ManagerDenise traces her move from media and content strategy at Condé Nast into product management, a role she initially had to define for herself because the discipline was still relatively young.04:50 - Learning the Economics of ProductMoving to Cision gave Denise access to commercial data she had never had before, pushing her to learn from the CFO and understand product through revenue, P&L, ACV, and business outcomes.08:41 - The Analyst Who Changed the TeamDenise explains how hiring a product analyst gave her team more objective insight into customer and product data, including an overlooked opportunity that generated roughly $1 million in its first year.12:55 - Finding Revenue Hidden in BehaviorI share how an analyst at Lastminute.com identified a collapse in same-day booking conversion after 7 p.m., giving the team a specific customer behavior to investigate and improve through experiments.15:14 - The Three Pillars of Product OpsDenise defines product operations through business and data insights, customer and market insights, and the operating model, all designed to help product managers make faster and better-quality decisions.17:01 - The Process You Don't SeeDenise describes discovering that documented processes were often competing with informal conversations and executive requests, revealing why operating models need to account for how decisions really get made.19:59 - Who Actually Gets to Decide?At its core, Denise says an operating model defines what a company works on, who has the right to decide, and how the work gets done within the organization's real constraints.24:41 - Operating Models Need OwnersDenise warns against treating an operating model as something you publish once and forget, because without clear ownership, maintenance, onboarding, and reinforcement, the system quickly falls out of use.25:48 - Incentives Beat Better ProcessA mismatch between how product and sales were measured taught Denise that people naturally optimize around their incentives, even when that produces conflicting outcomes for the wider business.29:09 - AI Makes Drive-By Requests Harder to RejectDenise explains how a senior leader's opinion can now arrive with an AI-generated specification, data, and outcomes attached, making an untested idea look more rigorous without necessarily improving the underlying thinking.33:22 - Define What Good Looks LikeAs AI increases the volume of work teams can produce, Denise argues that operating models need clearer standards for what should be created, what evidence belongs in it, and how colleagues are expected to consume it.35:33 - Your Output Is Someone Else's InputWe explore the value of looking at work end to end, because one team's output often becomes another team's input and localized optimization can create problems elsewhere in the system.38:56 - Use AI Where the Pain Justifies ItDenise is increasingly advising companies to use less AI than they initially expect, starting instead with the problem, the value AI might add, and the human judgment and context that still need to remain in the loop.41:10 - From Product Ops to Omni OpsDenise looks ahead to a more connected model where operational disciplines work across functional boundaries, allowing companies to design the engine of operations as one system rather than a collection of independent silos.42:09 - Closing ReflectionsI close by encouraging listeners to explore Denise and Melissa's Product Ops and to think of their own organizations as systems that can be deliberately redesigned and experimented on.FAQsWhat is product operations?Denise describes product operations as helping product managers make faster and better-quality decisions. Her model has three pillars: business and data insights, customer and market insights, and the operating model or ways of working that support product teams.What is a product operating model?At its simplest, Denise says an operating model determines what a company decides to work on, who gets to decide, and how the work gets done. Every organization has one in practice, but many have accumulated theirs informally rather than designing and communicating it intentionally.How does AI affect product operations?AI can accelerate activities across product operations, but Denise argues that judgment and context remain essential. When organizations apply AI to an unclear operating model, poor data, or unresolved decision rights, the technology can amplify those existing weaknesses rather than solve them.Why do incentives matter when designing an operating model?People tend to optimize around what they are measured on. Denise experienced this when product was focused on recognized revenue while sales celebrated closed contracts, creating different definitions of success even though both teams were acting rationally according to their incentives.How should a company decide where to use AI in its operating model?Denise starts with the pain points rather than the technology. She looks at issues such as PRD structure, data analysis, source quality, ownership, and decision-making first, then asks whether AI genuinely improves that part of the system and where human judgment still needs to remain.Useful ResourcesProduct Operations — the book Denise co-authored with Melissa on building the systems and capabilities that help product managers make faster and better decisions.

Over the summer, thousands of young Indians took to the streets to demand sweeping reforms of the higher education sector. This unexpected wave of Gen Z mobilization was catalyzed by the emergence of the Cockroach Janata Party, a satirical meme that blossomed into a national movement. Protests that began over the state of higher education soon tapped into something much larger: growing frustration among young Indians over jobs, economic opportunity, and their prospects for the future. India's jobs debate is often framed around a familiar set of concerns: too many people working in agriculture, too few manufacturing jobs, an economy that is too-services oriented, and stubbornly high unemployment among the young. Our guest on the show this week has views on these subjects that often cut against the conventional wisdom. Vidya Mahambare is the Union Bank Chair Professor of Economics and Director at the Great Lakes Institute of Management in Chennai. She studies central banking and monetary policy, structural transformation, labor market dynamics and gender economics. She is also a prolific commentator and writes regularly for outlets like Mint, Business Standard, and The Print. She joins Milan on the Season 16 premiere of Grand Tamasha to discuss the economic drivers of the Gen Z protests, the link between unemployment and education, and the futility of the manufacturing versus services debate. Plus, the two discuss the exodus of young people from the agricultural sector, the misleading headlines on female labor force participation, and India's acute urban housing shortage. Episode notes: Vidya Mahambare and Vivek Yadav, “Indian farms have been losing their workers—at a time they need the youth to improve farming,” Mint, July 20, 2026. Vidya Mahambare and Vivek Yadav, “Employed women in Uttar Pradesh—what explains such a large increase within a decade?” Mint, July 1, 2026. Vidya Mahambare and Asrar Alam, “Elusive jobs: how AI will demand even greater patience of India's unemployed youth,” Mint May 11, 2026. Vidya Mahambare and Poonam Munjal, “Are young Indians under or overworked? Both are true but AI may change work hours as we go along,” Mint, April 14, 2026. Vidya Mahambare, “Urbanization pressure: India's housing policy needs a rethink,” Mint, April 22, 2024. Vidya Mahambare et al., “The employment profile of India's young adults,” Hindu Business Line, May 5, 2026. At 11:29 in the recording, the guest misspoke when she said: “By 2025, we want to have a 50% of higher education rate in India." She later clarified that she meant to say 2035, not 2025.

Analysis of Financial Statements Business Finance, FIL 240-001, Autumn 2026, Lecture 6 Your browser does not support the audio element. Type: mp3 audio file ©2026

About the Guest(s):Renée Bryan is a seasoned professional in the fields of finance and education, with a career spanning nearly 30 years. Beginning her career in insurance, Renée evolved into a respected educator, teaching financial planners and insurance professionals through insurance continuing education. Her expertise extends across insurance products, retirement planning, economics, government programs, and the ways public policy can affect individual financial futures.Renée is also the author of The Morality of Money, a book that blends her personal financial journey with economic insight, practical financial wisdom, and a broader exploration of ethics, faith, and purpose. Through her Fearless Finances platform, Renée encourages people to build a strong financial foundation by understanding the facts, developing straightforward strategies, and creating a plan that supports the life they want to live.Currently residing in Mazatlán, Mexico, Renée continues to educate and inspire through her writing, website, social media, and online video content.Episode Summary:In this enlightening episode of the Money Roots podcast, Amy Irvine welcomes Renée Bryan, accomplished author, educator, and creator of Fearless Finances, to discuss her book, The Morality of Money. Renée shares her unique journey from aspiring psychologist to becoming a leading voice in financial education. Her own experiences navigating financial hardship helped shape her understanding of the psychology of money and continue to influence the way she teaches, writes, and talks about financial decision-making.Throughout their engaging conversation, Amy and Renée explore the complicated relationship between fear, security, and money. Renée explains that behind many financial goals is a deeper desire for security—and that fear itself is not always a bad thing if it can be harnessed in a productive direction. They discuss how major economic events, including the 2008 financial crisis, can reshape the way people think about risk and influence financial decisions for years afterward.The conversation also reinforces an important idea: a financial plan is not something that should remain fixed forever. Life changes, markets change, priorities evolve, and a useful financial plan should have the flexibility to evolve along with them. Understanding how different financial tools work—and when they are appropriate—can help individuals make decisions that fit their unique circumstances rather than relying on one-size-fits-all solutions.Amy and Renée also broaden the discussion beyond personal financial decisions to examine the role economics, government programs, and public policy can play in shaping people's financial lives. Renée shares her perspective on how greater financial education and thoughtful systemic reform could help people build stronger, more secure financial futures, including a thought-provoking discussion surrounding health care in the United States.Ultimately, the conversation highlights the value of combining financial knowledge with self-awareness: understanding not only the numbers, but also the fears, values, goals, and beliefs that influence the decisions we make with money.Key Takeaways:Financial planning is dynamic and should adapt as personal circumstances, goals, and economic conditions change.Understanding the psychology behind money decisions can be just as important as understanding the numbers.Many financial goals are ultimately connected to a desire for security and stability.Fear can influence financial decisions at every level of wealth, but it can also become a productive motivator when understood and managed thoughtfully.Understanding how financial tools work allows them to be applied more appropriately to an individual's circumstances.Economics, government programs, and public policy can have a significant impact on personal financial outcomes.Broad-based financial education can help people make more informed decisions and build a stronger foundation for their future.Notable Quotes:"[It's] about knowing how all these tools work so that they can be applied correctly.""What they're really searching for is security. That is the real thing that people are after.""I think fear can be a motivator if we harness it in a direction that's helpful for us.""The financial plan is very squishy. It's like play dough.""You could be a multimillionaire and still be afraid of something financial."Resources:The Morality of Money: https://www.amazon.com/dp/B0DFHBT1TYRenée E. Bryan – Author, Educator & Creator: https://reneelizbryan.infoFearless Finances on YouTube: https://www.youtube.com/@Fearless_FinancesFearless Finances on Facebook: https://www.facebook.com/people/Fearless-Finances/61583303744794/Fearless Finances on Instagram: https://www.instagram.com/fearlessfinances4ever/Fearless Finances on TikTok: https://www.tiktok.com/@fearlessfinances4everFearless Finances shares straightforward financial strategies, economic and government-program insights, and mindful education designed to help people create a sound financial future. Renée encourages her audience to envision the life they want, build a secure foundation, and develop a strategy for reaching their goals.Dream your dream, do your thing, achieve your goals—and be fearless.We hope you find this episode as insightful and thought-provoking as we did. For anyone interested in exploring personal finance beyond the numbers—and better understanding how psychology, economics, values, and policy can influence our financial lives—this is a conversation you won't want to miss.

April 2025: Liberation Day. President Trump announces sweeping new tariffs. And then, the dollar did something a safe haven currency is not supposed to do: it fell.Tarek Hassan (Boston University, CEPR), working with Thomas Mertens, Jingye Wang and Tony Zhang, has been investigating what makes a currency the global anchor. Being the world's biggest economy helps, but what really matters is how far an economy's shocks affect world prices. Tariffs reduce this effect. But are we near a tipping point, when the euro takes over as the global reserve currency? We might be closer than you think and, if a change happens, it might happen more quickly than you think too.This is the third of four episodes drawn from papers commissioned for the second Economic Policy: Papers on European and Global Issues conference, held in Venice on 19 and 20 June 2026 and organised by CEPR, CESifo and Sciences Po.The research behind this episode:Hassan, Tarek A., Thomas M. Mertens, Jingye Wang, and Tony Zhang. 2026. "Openness, Integration, and the International Monetary Order." Conference draft, presented at the 2nd Economic Policy: Papers on European and Global Issues Conference, Venice, 19 to 20 June 2026. Forthcoming in Economic Policy.To cite this episode:Phillips, Tim, and Tarek A. Hassan. 2026. "The Dollar Anchor Is Slipping." VoxTalks Economics (podcast).About the guestTarek A. Hassan is Professor of Economics at Boston University, a Research Fellow of the National Bureau of Economic Research, and a Research Fellow of the Centre for Economic Policy Research. His research spans international finance, macro-finance, and the political economy of growth, from measuring firm-level political risk with large language models to, in this paper, the size and openness that decide which currency the world treats as safe.Research cited in this episodeLiberation Day and the April 2025 tariffs. On 2 April 2025, the White House announced a sweeping set of import tariffs. Hassan and his co-authors treat the market reaction to that announcement, in which the dollar fell even as US interest rates rose and US stocks underperformed, as the anomaly their model is built to explain; a currency behaving that way in a crisis usually counts as risky, not safe. CEPR has gathered further commentary on the announcement and its aftermath on its Trump and Tariffs page.Exorbitant privilege. A term coined in the 1960s for the advantage the United States gets from issuing the world's reserve currency, since foreign investors will hold dollar assets at a lower return than they would demand elsewhere. Hassan uses it to explain why Americans can borrow more cheaply than almost anyone else, and why losing anchor status would raise the US government's own borrowing costs.Effective size. The paper's central idea. It is not simply how big an economy is, but how much weight its shocks carry in setting world prices, which depends on both actual size and openness to trade and capital flows. Tariffs and capital controls both reduce a country's effective size without touching its GDP, which is how they can knock a currency out of contention as a global anchor.The Budget Lab at Yale's tariff tracker. The paper draws its estimate that the current average tariff on US imports and exports, once retaliation is included, runs at around 12% from The Budget Lab at Yale (2025), Where We Stand: The Fiscal, Economic, and Distributional Effects of All US Tariffs Enacted in 2025 Through April 2, a running assessment of US trade policy maintained by the nonpartisan Budget Lab at Yale.Ilzetzki, Reinhart, and Rogoff's exchange rate classification. Ilzetzki, Reinhart, and Rogoff. 2019. "Exchange Arrangements Entering the Twenty-First Century: Which Anchor Will Hold?" Quarterly Journal of Economics 134 (2). This dataset classifies the de facto exchange rate regime of 141 economies. Hassan and his co-authors use it to calibrate their model and to show that the share of countries pegging tightly to the dollar falls with country size almost exactly as their theory predicts.The Chinn-Ito index of capital account openness. Chinn, Menzie D., and Hiro Ito. 2006. "What Matters for Financial Development? Capital Controls, Institutions, and Interactions." Journal of Development Economics 81 (1): 163 to 192. This widely used index scores how open a country's capital account is to cross-border investment. China scores close to the bottom, in the same range as India, Russia, Brazil and Pakistan, while the United States and the eurozone score close to the maximum, which is central to why Hassan treats the renminbi as a non-contender for anchor status while capital controls remain in place.More VoxTalks Economics episodesTariffs, Uncertainty, and the Exchange Rate, the first episode in this series, in which Alfonso Merendino and Tommaso Monacelli offer another explanation of why the dollar fell rather than rose after the 2025 tariffs.How Exchange Rates Responded to Tariffs, in which Giancarlo Corsetti also tells Tim Phillips what happened to the dollar after Liberation Day, and why the textbook response did not show up.Related reading on VoxEU.orgTariffs and US Dollar Depreciations: Not So Surprising After All, a VoxEU column in which Giancarlo Corsetti, Simon Lloyd and Daniel Ostry argue that the dollar's fall after Liberation Day looks less puzzling once expected retaliation and long run risk are taken into account.Tariffs, Global Imbalances, and the Dollar, in which Oleg Itskhoki and Dmitry Mukhin examine whether tariffs aimed at shrinking the US trade deficit can actually work, and what trying would mean for the dollar.

What does the Federal Reserve actually do—and why should local communities care? In this episode of Develop This!, Dennis Fraise speaks with Seema Sheth, Senior Vice President of the Louisville Branch of the Federal Reserve Bank of St. Louis, to demystify the Federal Reserve and explore its role in shaping the U.S. economy. Seema explains how the Federal Reserve System operates, the unique role regional Reserve Banks play in monetary policy, and why local economic insights are essential to national decision-making. She also addresses some of the most common misconceptions about the Fed and its independence from politics. A major focus of the conversation is the Beige Book, a key report that gathers real-world input from businesses and communities across the country to help inform economic policy. Seema discusses how these local perspectives influence the Fed's understanding of economic conditions beyond traditional data. The discussion also highlights the importance of financial literacy. From understanding debt to making informed financial decisions, Seema shares why economic education is valuable for everyone—not just economists or financial professionals. Throughout the episode, Seema reflects on her own career journey and emphasizes the importance of curiosity, communication, and making economics more accessible to the public. A key takeaway? Understanding how the economy works empowers individuals, businesses, and communities to make better decisions for the future. Key Takeaways Regional Federal Reserve Banks provide critical local economic insights The Beige Book helps shape national monetary policy through community feedback Financial literacy is an essential life skill for people of all ages The Federal Reserve operates independently to support long-term economic stability Understanding economics helps individuals and communities make informed decisions Local perspectives play a vital role in national economic policy Key Topics Covered Structure of the Federal Reserve System Common misconceptions about the Fed Regional economic representation and the Beige Book Financial literacy and economic education Fed independence and monetary policy Seema Seth's career journey and leadership Sound Bites "We're on your side—that's what I wish people knew." "The Fed likes to take the punch bowl away as soon as the party gets good." "Economics is for everyone, not just economists."

The ongoing trade war between the U.S. and Canada could have lasting economic and political implications for both countries, particularly for businesses in Northeast Ohio. Starting next week, Canada will begin charging retaliatory tariffs on American goods being shipped into their country. The U.S. was the first to kick off this battle with the same move on Canadian products coming into the United States, effective as of Aug. 22. The Trump administration imposed the tariffs after Canadian Prime Minister Mark Carney walked away from trade talks, citing U.S. demands that he said would "destroy" big Canadian industries including the auto, steel and aluminum sectors. We unravel that complicated concept on Wednesday's edition of the "Sound of Ideas" hosted by Stephanie Haney, in light of the fact that many Canadian companies are deeply integrated with American business operations within the U.S. In the absence of a deal, both countries have opted to tax around $20 billion worth of annual exports from the other, at a rate of 50%. With Canada being largely considered the United States' closest political ally as well as Ohio's largest international trading partner, we discuss the potential fallout of this disagreement. Guests: - Dan Ujczo, Associate General Counsel, Cenovus Energy - Katie Nicholson, Washington, DC Correspondent, Canadian Broadcasting Corporation News - Bill Kosteas, Ph.D., Professor of Economics, Cleveland State University

The global bond rout deepens as fears over fiscal deficits and rising inflation fuel a multi-decade high in government borrowing costs. US Treasury Secretary Scott Bessent, however, is not concerned. Oil prices continue to climb as the U.S. ramps up strikes on Iran, while Tehran retaliates with attacks on Gulf States. Volkswagen's leadership will propose ending production at four German factories from 2031 at a meeting later this week. Speaking to CNBC, chief negotiator of the IG Metall workers union accuses the carmaker of going back on past agreements. In his first appearance at the House of Commons as the U.K. Prime Minister, Andy Burnham names Margaret Thatcher and Brexit as key reasons for the country's stagnant growth.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Gareth Hutchens, ABC Business and Economics reporter joined Philip Clark on Nightlife to discuss the latest in economic, business and finance news and his views on new trends. 

Volkswagen embodies the profound challenges facing Germany's automotive industry: high costs, changing markets and increasingly fierce international competition are putting the iconic carmaker under pressure. Economics professor John De New explains why the crisis extends far beyond Volkswagen, what mistakes he believes have been made in recent years, and why innovation and long-term strategies are crucial to the future of the industry. - Volkswagen steht für die tiefgreifenden Herausforderungen der deutschen Autoindustrie: hohe Kosten, veränderte Märkte und ein zunehmend harter internationaler Wettbewerb setzen den Traditionskonzern unter Druck. Wirtschaftsprofessor John De New erklärt, warum die Krise weit über Volkswagen hinausgeht, welche Fehler aus seiner Sicht in den vergangenen Jahren gemacht wurden und warum Innovation und langfristige Strategien für die Zukunft der Branche entscheidend sind.

Far-right and anti-immigration parties are a diverse bunch when it comes to the economy. Host Carmel Crimmins talks to Catherine De Vries, head of political science at the IE School of Politics, Economics and Global Affairs, about the economic policies of right-wing populists as they lead opinion polls in Germany and France. Sign up for the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Reuters Econ World ⁠⁠⁠newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Catch Reuters Morning Bid ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ For information on our privacy and data protection practices visit the Thomson Reuters Privacy Statement. Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

In 1978, a farmer in rural China could not sell a sack of grain above the state quota, choose an employer, or move to the nearest city without a permit.In this week's VoxDev Talk, Kaiji Chen and Tao Zha (both Emory University and Atlanta Fed) explain how China dismantled barriers like this one at a time. Gradualist reform first gave farmers the right to sell surplus grain at market prices. Small state firms were privatised 19 years later, while the largest kept state backing. This style of reform powered two distinct growth engines: first, labour moving off the land, then a wave of capital into infrastructure and property. The result: half a century of unprecedented growth -- but it also produced the debt, inequality and trade tension now working against China's growth model.The research behind this episode:Chen, Kaiji, and Tao Zha. 2025. "China's Macroeconomic Development: The Role of Gradualist Reforms." Journal of Economic Literature 63 (4): 1331-62.To cite this episode:Phillips, Tim, Kaiji Chen, and Tao Zha. 2026. "Fifty years of Chinese growth: The gradualist reform strategy explained." VoxDev Talk (podcast).About the guestsKaiji Chen is Professor of Economics at Emory University and a research fellow at the Federal Reserve Bank of Atlanta's Center for Quantitative Economic Research. His research spans financial contracts, business cycles and China's macroeconomy, with recent work on housing policy, credit allocation and household consumption in China.Tao Zha is the Samuel Candler Dobbs Professor of Economics at Emory University and executive director of the Center for Quantitative Economic Research at the Federal Reserve Bank of Atlanta. He is a research associate at the National Bureau of Economic Research and was elected a Fellow of the Econometric Society in 2017. His research spans macroeconomics, financial economics and econometrics, with a long standing focus on China's economy.Research cited in this episodeThe household responsibility system. Piloted in Sichuan and Anhui from 1978 and adopted nationwide by 1980, this reform kept land collectively owned but contracted it to individual households, who could sell output above a fixed state quota at market prices. It replaced work point pay with a direct link between effort and income, and the productivity gains it released freed the rural labour surplus behind China's first wave of industrialisation.Township and village enterprises (TVEs). Rural, collectively owned firms that absorbed workers leaving agriculture through the 1980s and 1990s, often with local governments acting as guarantors for bank credit the firms could not secure alone. TVE employment grew from 28 million in 1978 to 135 million by 1997, and TVE output rose from under 6% of GDP to 26% over roughly the same period.The hukou system. China's household registration system, introduced in 1958, ties access to housing, healthcare, education and grain rations to a person's registered location, rural or urban. It made moving to a city without an urban permit practically impossible. Restrictions eased in stages from the late 1990s, and the formal rural urban distinction was removed nationwide only in 2014."Grasp the large, let go of the small." The policy, initiated in 1997, under which China privatised or allowed the bankruptcy of small and medium state owned enterprises while retaining state control of the largest, most capital intensive firms in sectors such as infrastructure, energy and real estate.WTO accession and permanent Most Favoured Nation status. China joined the World Trade Organization in 2001. From 2002, permanent MFN status with the United States removed the annual threat of tariff spikes on Chinese exports, a stability that Chen and Zha's paper credits with accelerating China's shift from labour intensive exports toward electronics and other capital intensive goods.The 2009 stimulus and local government financing vehicles. In response to the global financial crisis, China launched a four trillion RMB fiscal package alongside a sharp expansion of bank lending. Much of the resulting infrastructure spending ran through local government financing vehicles, off budget entities set up to borrow for public projects; the debt they built up is now central to China's financial stability risks.Total social financing. International Monetary Fund. 2026. "People's Republic of China: 2025 Article IV Consultation." IMF Country Report No. 26/044. The IMF's broadest measure of credit in the Chinese economy, the figure Kaiji Chen cites as roughly 315% of GDP in 2025.More VoxDev Talks episodesThe Four Pests campaign and China's Great Famine, in which Shaoda Wang traces a darker chapter of Chinese economic history, the mass eradication of sparrows during the Great Leap Forward and the millions of deaths that followed.The rise and fall of China's overseas lending, in which Sebastian Horn explains how China became the developing world's largest bilateral creditor, and why that lending boom has now gone into reverse.Related reading on VoxDev.orgThe Mandarin model of growth, on how China's system of promoting local officials for delivering growth shaped decades of investment led expansion.How China became the world's factory: Trade, industrial policy, and growth, on the trade liberalisation and industrial policy that took China from export processing to global manufacturing leader.The bubble dynamics of China's housing boom, Edward Glaeser on the construction surge behind the price rises Chen and Zha describe in this episode.

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave and Robbie "the Fire" Bernstein discuss the latest on the war, Steve Bannon claiming on Bill Maher that Trump will win a third term, the tariff situation with Canada, and more.Support Our Sponsors:Prize Picks - Visit https://prizepicks.onelink.me/LME0/POTP and use code POTP and get $150 if you win your first $5 lineup!BodyBrain - Go to BodyBrainCoffee.com, use code DAVE20 for 20% off your first order.Superpower - Head to Superpower.com and use code PROBLEM at checkout for $20 off your membership. Unlock your new health intelligence. 100+ biomarkers. Every year. Detect early signs of 1,000+ conditions. #superpowerpod Goldback - https://www.goldback.com/dave/ 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#libertarian See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

-- On the Show: -- Daron Acemoglu, Institute Professor of Economics at MIT and a co-winner of the 2024 Nobel Memorial Prize in Economic Sciences, joins us to discuss his new book "What Happened to Liberal Democracy?: Remaking a Politics of Shared Prosperity" -- A Postal Service whistleblower warns that Donald Trump's mail voting order could cause millions of Americans to not receive their mail-in ballots -- John Roberts warns that Donald Trump is likely acting unlawfully by demolishing the White House East Wing to construct a massive ballroom -- Clinical psychologist John Paul Garrison highlights distinct involuntary arm spasms that Donald Trump displays during recent appearances -- Donald Trump repeatedly appears to fall asleep and makes rambling statements during an event about his medical cost policies -- Donald Trump insults conservative residents who oppose local artificial intelligence data center developments by claiming they want to be poor -- Court documents reveal that Russian influence operations use sleeper groups and meme factories to shape American political opinion -- On the Bonus Show: Updates from David's trip, and much more... ⚠️ Ground News: Get 40% OFF their unlimited access Vantage plan at https://ground.news/pakman

As AI agents gain access to sensitive enterprise systems, companies need new ways to control what they can do. Meta Marshall breaks down the emerging market for agentic identity security.Read more insights from Morgan Stanley.----- Transcript -----Meta Marshall: Welcome to Thoughts on the Market. I'm Meta Marshall, Morgan Stanley's U.S. Cybersecurity and Telecom & Network Equipment analyst. Today: AI assistants are starting to act on our behalf at work, which brings up a critical question. What should these agents be allowed to do? And how should those permissions be granted? It's Tuesday, September 1st, at 10am in New York. More and more, AI is helping us get through the workday. We ask it to summarize documents, analyze data and take notes during meetings. Increasingly, though, these tools are moving beyond just answering questions to acting on our behalf. Suddenly, the security challenge shifts from managing a tool to governing a whole new digital workforce. In coming years, this problem should get bigger as we estimate seeing 79 AI agents and 109 machine identities for every human employee. Now, traditional identity security at work was built to answer two basic questions: Who are you, and what can you access? Think of it as your office badge. It identifies you and determines what doors you can open. AI agents, however, make that question much harder to answer. They can operate autonomously, move across applications and databases, collaborate with other agents. They take actions without direct human involvement.So, companies need to know not only what an agent can access, but why it needs access, for how long, and what it actually did. That's the core foundation of agentic identity solutions. The risk environment from this problem is already substantial. About 80 percent of breaches in the work environment today involve stolen or misused credentials. Nine out of 10 organizations experienced an identity-related breach in the past year, and 83 percent experienced at least two. Now add potentially hundreds of machine and AI identities for every human; each operating continuously and at machine speed – and the problem is much larger.One solution to managing AI agents is zero standing privilege. Instead of giving an agent permanent access, you give it permission for a specific task and revoke that permission when the job is done. Here's the issue though: Today, only 39 percent of privileged access is managed through this just-in-time or zero standing privilege architecture. And the reality is that humans can't approve every request. More of those decisions will need to happen automatically, in real time, through what's known as runtime governance. We estimate, as a result, that agentic identity alone could become roughly a $33 billion global opportunity in our base case, which brings the overall identity market opportunity to more than $60 billion in coming years. This need for agentic identity coming from AI could also push a historically fragmented industry towards a more unified platform. In one industry survey, 85 percent of organizations said fragmented identity systems delay their human response to identity threats, with respondents citing an average of 12 hours needed to respond per incident. We think that favors platforms that can manage human and machine identities together and make security decisions dynamically, overall making a more secure environment. This transition won't happen overnight. Agentic identity products are still early, and we don't expect an immediate financial impact. But as enterprises move from experimenting with AI agents to deploying them more broadly, spending to secure those agents could become a more meaningful growth tailwind in 2027. The longer-term growth opportunity comes down to a simple dynamic: more agents, with more autonomy, will require more control. And that could make identity security essential to scaling AI across the enterprise. 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.

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Trump Stuns US Allies by Inviting Russia Back Into the G20. Say What!? What Happens When America's “Secretary of War” Starts Committing Crimes in Plain Sight? Republican Governor Turns on Trump's DOJ Over “Aggressive” Election Monitoring. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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In part two of Red Eye Radio with Gary McNamara and Eric Harley, VP JD Vance has shown he doesn't understand economics / Senator Ted Cruz priaised Trump this week calling him a fearless leader in comparison to other Republicans who don't have a backbone / Thank Obama for starting the radical transgender and defund the police movements. For more talk on the issues that matter to you, listen on radio stations across America Monday-Friday 12am-5am CT (1am-6am ET and 10pm-3am PT), download the RED EYE RADIO SHOW app, asking your smart speaker, or listening at RedEyeRadioShow.com. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Continuing the AI series, the Inside Economics team talks with ConstructConnect Chief Economist Michael Guckes about the data center boom. Michael's granular view of the buildout sheds light on both the opportunities and risks, including whether financing has outpaced construction and whether cheaper AI models could leave some premium data centers stranded. And as a bonus, he has some thoughts on construction in Area 51. Guest: Michael Buckes, Chief Economist, ConstructConnect View our latest articles and research on AI- https://www.economy.com/ai-insight-hub Hosts: Mark Zandi – Chief Economist, Moody's Analytics, Cris deRitis – Deputy Chief Economist, Moody's Analytics, and Marisa DiNatale – Senior Director - Head of Global Forecasting, Moody's Analytics Follow Mark Zandi on 'X' and BlueSky @MarkZandi, Cris deRitis on LinkedIn, and Marisa DiNatale on LinkedIn Questions or Comments, please email us at InsideEconomics@moodys.com. We would love to hear from you. To stay informed and follow the insights of Moody's Analytics economists, visit Economic View. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Finance PhD Dr. Boyce Watkins explains why the balloon-popping dating shows are so bad for Black love and also for Black economics.

He lost his childhood homes, dozens of family members, and most of his hearing in his left ear to Israeli bombs, yet Ahmed Fouad Alkhatib insists that Palestinians must also take responsibility for Gaza's destruction and for peace. Most Gazans, he insists, have turned against Hamas for oppressing them, enriching itself, and bringing catastrophe to Gaza in the aftermath of October 7th. Alkhatib calls for Palestinian introspection and agency while also faulting Israel's settlement expansion and its undermining of moderates. He envisions a demilitarized Gaza run by nonpartisan technocrats, a Palestinian identity defined by aspiration rather than opposition, and direct Israeli-Palestinian dialogue--starting with a "Great Reset" of 100 days without violence on either side. EconTalk host Russ Roberts, more skeptical that Hamas will ever truly disarm, shares Alkhatib's hope that the two peoples might one day live as peaceful neighbors.