Podcasts about economists

Canada just lost 84,000 jobs. Goeasy blew up 57% in a day. And a former Prime Minister compared Bitcoin to Pokémon cards. Normal week.This episode covers the biggest Bitcoin hardware launches in years (COLDCARD Mk5 AND Jade Lightning — same week), the IRS form that forces crypto users to confess their entire history under oath, 20 million Bitcoin mined and what happens next, and more Canadian institutional collapse than we can comfortably fit in one show.

Today, President Trump has reiterated his requests for support from Nato allies in securing the Strait of Hormuz - days after saying we don't need” UK aircraft carriers in the Middle East.For now, the PM and other European allies are holding off - with Sir Keir Starmer saying the UK doesn't want to get drawn into the wider US-Israeli war with Iran. James and Chris are joined by Panorama film maker Jane Corbin to discuss the ongoing disagreement between the two sides of the Atlantic.Plus, The Economist's defence editor Shashank Joshi joins James to explain why Trump has requested European support in the Gulf, and whether it would actually make a difference.You can now listen to Newscast on a smart speaker. If you want to listen, just say "Ask BBC Sounds to play Newscast”. It works on most smart speakers. You can join our Newscast online community here: https://bbc.in/newscastdiscordGet in touch with Newscast by emailing newscast@bbc.co.uk or send us a WhatsApp on +44 0330 123 9480.New episodes released every day. If you're in the UK, for more News and Current Affairs podcasts from the BBC, listen on BBC Sounds: https://bbc.in/4guXgXd Newscast brings you daily analysis of the latest political news stories from the BBC. The presenters was James Cook. It was made by Anna Harris with Shiler Mahmoudi and Harry Craig. The social producer was Gabriel Purcell Davis. The technical producers were Philip Bull and Rohan Madison. The assistant editor is Chris Gray. The senior news editor is Sam Bonham.

SPONSORS: - Sign up for Claude today at http://Claude.ai/theoriesofeverything and checkout Claude Pro — which includes access to all of the features mentioned in today's episode. - Let AI do the note-taking. Visit https://plaud.ai/toe and use code TOE for 10% off at checkout. - Go to https://shortform.com/toe for a free trial and an exclusive $50 OFF on your annual subscription. - Accelerate your efficiency. Sign up for your one-dollar-per-month trial today at http://shopify.com/theories. - As a listener of TOE you can get a special 35% off discount to The Economist and all it has to offer! Visit https://www.economist.com/toe What if you gathered every possible piece of evidence about the universe — every observation, past, present, and future — and it still wasn't enough? That's not a philosophical parlor trick. It's a theorem. J.B. Manchak proves it using the very tools of general relativity, and then connects it to Zen Buddhism's teaching on the self. This one is a quiet storm. TIMESTAMPS: - 00:00:00 - Unknowability of the Universe - 00:05:14 - Space-Time Maximality Metaphysics - 00:11:02 - Time Travel in GR - 00:16:53 - Causal Structure and Topology - 00:24:01 - Cauchy Surfaces and Determinism - 00:32:13 - Solving the Halting Problem - 00:47:38 - Cosmic Censorship Hypothesis - 00:56:58 - The God Point Theorem - 01:02:16 - Global Structure Underdetermination - 01:11:21 - Heraclitus Space-Times Defined - 01:24:22 - Hierarchy of Classical Space-Times - 01:33:08 - The Universe Puzzle Analogy - 01:40:51 - Underdetermination of the Self - 01:51:39 - Zen Buddhism and Non-Self - 02:00:57 - Repeatability and Heraclitus - 02:06:41 - The Power of Slow Thinking Learn more about your ad choices. Visit megaphone.fm/adchoices

Think Like an Economist’s Justin Wolfers stops by to talk about Trump’s terrible instincts and how they’re damaging the U.S. economy.Texas gubernatorial candidate Gina Hinojosa joins us to discuss her run to defeat Governor Greg Abbott.See omnystudio.com/listener for privacy information.

Two weeks into the US-Iran war, CENTCOM has struck 6,000 targets, but Hormuz is closed, oil is at $100 a barrel, the regime hasn't fallen, and 400 kilograms of highly enriched uranium sit somewhere under rubble. Shashank Joshi of The Economist, Justin Mc, and Tony Stark drop in to Second Breakfast for week two of the Iran war. We discuss… Why CENTCOM's 6,000-target tally sounds like a Vietnam body count The staggering failure to prepare for mine and drone countermeasures for the one strait CENTCOM exists to keep open The prospect of a special forces raid to seize Iran's HEU How AI targeting machines like Maven can generate industrial-scale target banks without a theory of victory Learn more about your ad choices. Visit megaphone.fm/adchoices

This Women in History Mini-Series episode with Dr. Victoria Bateman explores the groundbreaking work of Anna Schwartz, a pioneering economist who transformed macroeconomics through data-driven research. Discover how her meticulous analysis of monetary history shaped economic policy and the legacy she left for future generations.Chapters00:00 Introduction to Anna Schwartz and Her Impact01:45 The Historical Context of Economic Data04:10 Challenges Faced by Women in Economics06:03 A Monetary History of the United States09:04 The Methodology of Anna Schwartz11:46 Legacy and Personal Insights on Anna SchwartzFollow Breaking Math on Substack (https://breakingmath.substack.com/) Twitter (https://x.com/breakingmathpod) Instagram (https://www.instagram.com/breakingmathmedia/) Bluesky (https://bsky.app/profile/breakingmath.bsky.social) Website (https://www.breakingmath.io/) YouTube (https://www.youtube.com/@BreakingMathPod) Follow Victoria on Website (http://www.vnbateman.com/)Instagram (https://www.instagram.com/women.wealth.power/) Twitter (https://x.com/vnbateman) Bluesky (https://bsky.app/profile/vnbateman.bsky.social) Follow Autumn on Twitter (https://x.com/1autumn_leaf) Bluesky (https://bsky.app/profile/1autumnleaf.bsky.social) Instagram (https://www.instagram.com/1autumnleaf/) Substack (https://substack.com/@1autumnleaf) TikTok (https://www.tiktok.com/@1autumn_leaf_)

In this fascinating interview with nuclear expert Ankit Panda we discuss the escalating conflict following U.S. and Israeli strikes on Iran and its implications for global nuclear deterrence. He argues that Iran's strategy appears aimed at regionalizing the conflict across the Gulf to generate diplomatic pressure, while questioning the credibility of claims about Iran's imminent nuclear weapons capability. We discussed:How the succession to Ayatollah Khamenei's more hardline son could alter Iran's longstanding restraint on both missile ranges and nuclear weaponization.The troubling lessons other nations (particularly U.S. adversaries like North Korea) may draw from Iran's fate (nuclear weapons provide the ultimate deterrent against regime change). How both adversarial and allied proliferation dynamics are re-surging in ways unseen since the Cold War, with countries from Seoul to Stockholm reconsidering their nuclear postures. Panda critiques last year's bombing campaign as ultimately counterproductive to nonproliferation goals, leaving 400 kilograms of highly enriched uranium unaccounted for and eliminating IAEA verification continuity. Despite the current trajectory, Panda maintains that any sustainable resolution to Iran's nuclear program will require diplomatic engagement—though achieving that will prove extraordinarily difficult given how recent events have validated North Korea's narrative about the risks of cooperation with the West.Bio: Ankit Panda is the Stanton Senior Fellow in the Nuclear Policy Program at the Carnegie Endowment for International Peace, where he focuses on nuclear strategy, escalation, missiles and missile defense, space security, and US alliances. He is the author of Kim Jong Un and the Bomb: Survival and Deterrence in North Korea and Indo-Pacific Missile Arsenals: Avoiding Spirals and Mitigating Risks, and his forthcoming book is The New Nuclear Age: At the Precipice of Armageddon. His work has appeared in outlets including the New York Times, the Economist, the Washington Post, Foreign Affairs, and the Bulletin of the Atomic Scientists, and he serves as editor-at-large at The Diplomat, where he hosts the Asia Geopolitics podcast.

In this episode of The Narrative, Aaron and Mike celebrate the success of the most recent Prayer at the Statehouse, which saw its largest turnout ever as hundreds gathered to fill the Ohio Statehouse with worship and prayer. The guys also discuss the importance of Christian engagement in all areas of life, from protecting the family to advocating for fair property tax policies that ensure the elderly are not forced out of their homes. After the news, Aaron and Mike are joined by Dr. Fenggang Yang, a professor of sociology and director of the Center on Religion and the Global East at Purdue University. Yang provides a fascinating look at the "Triple Market" of religion in China. In a world dominated by a Communist regime that enforces "scientific atheism" and bans baptism for minors, Yang reveals how the underground "Grey Market" of Christianity is exploding. Discover how the Holy Spirit is outmaneuvering the Deep State of Beijing and why China is on a trajectory to become the largest Christian nation on the planet in our lifetime. More about Dr. Fenggang Yang Dr. Fenggang Yang is a Professor of Sociology and the Director of the Center on Religion and the Global East at Purdue University. He also holds the appointments of Courtesy Professor of Political Science and faculty affiliate with the Purdue Policy Research Institute, Asian Studies, and Religious Studies. Dr. Yang has served as President of the Society for the Scientific Study of Religion. As a renowned expert in the sociology of religion, immigration, Asian Americans, and East Asian societies, Dr. Yang has delivered numerous invited lectures at prestigious universities and keynote speeches at professional associations across the US, Asia, and Europe. His insights have been featured in major media outlets, including The New York Times, The Washington Post, Los Angeles Times, USA Today, The Economist, NPR, CNN, BBC, and ABC. Dr. Yang earned his B.A. in politics and education in 1982 and his M.A. in philosophy in 1987 in China before moving to the United States in 1989. He completed his Ph.D. in sociology at The Catholic University of America in 1997. He is the author of several influential books, including Chinese Christians in America: Conversion, Assimilation, and Adhesive Identities(Penn State 1999), Religion in China: Survival and Revival under Communist Rule (Oxford 2012), and Atlas of Religion in China: Social and Geographical Contexts (Brill 2018). Additionally, he has co-edited over a dozen scholarly books. Two of his numerous articles have received distinguished article awards from professional associations. Want to Go Deeper? On Saturday, April 11, Center for Christian Virtue will host our 2026 Columbus Celebration Gala. We're excited to welcome our keynote speaker, Scott Jennings, who is CNN's senior conservative voice and one of the sharpest commentators in the national spotlight. He's known for his clarity, conviction, and humor, and Scott brings decades of experience at the crossroads of politics and media, including serving in the George W. Bush White House and key roles in multiple presidential and Senate campaigns. It's going to be an elegant evening where you'll enjoy an incredible dinner followed by visionary keynotes exploring the path forward for the future of Ohio and America. Get your tickets or secure your table today at CCV.org/ColumbusGala.

Interview recorded - 13th of March, 2026On this episode of the WTFinance podcast I had the pleasure of welcoming back Michael Every. Michael is Global Strategist at RaboResearch.During our conversation we spoke about the "Grand Macro Strategy", how this should be interpreted with Venezuela and Iran interventions, potential resolutions, reshaping of the world order, Europe and more. I hope you enjoy!0:00 - Introduction2:30 - Iran & Venezuela signals7:52 - Trump global shift10:57 - China's reaction13:44 - Cold war15:10 - US losing control?18:22 - The new potential system?20:59 - China reducing manufacturing?23:46 - Europe to struggle26:26 - Impact on markets?30:09 - One message to takeaway?Michael Every is a Global Strategist at Rabobank. He analyses major financial developments and contributes to the bank's various economic research publications for internal and external customers and to the media.Michael has over two decades of experience working as an Economist and Strategist. Before Rabobank, he was a Director at Silk Road Associates in Bangkok, Senior Economist and Fixed Income Strategist at the Royal Bank of Canada in both London and Sydney, and an Economist for Dun & Bradstreet in London.Michael holds a Masters degree in Economics (with distinction) from University College London and speaks a smattering of languages, including Thai.Michael Every - Website - https://www.rabobank.com/knowledge/our-experts/011085368/michael-everyLinkedIn - https://sg.linkedin.com/in/michael-every-38983214WTFinance -Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Linkedin - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas

Two weeks into the US-Iran war, CENTCOM has struck 6,000 targets, but Hormuz is closed, oil is at $100 a barrel, the regime hasn't fallen, and 400 kilograms of highly enriched uranium sit somewhere under rubble. Shashank Joshi of The Economist, Justin Mc, and Tony Stark drop in to Second Breakfast for week two of the Iran war. We discuss… Why CENTCOM's 6,000-target tally sounds like a Vietnam body count The staggering failure to prepare for mine and drone countermeasures for the one strait CENTCOM exists to keep open The prospect of a special forces raid to seize Iran's HEU How AI targeting machines like Maven can generate industrial-scale target banks without a theory of victory Learn more about your ad choices. Visit megaphone.fm/adchoices

Oil prices have surged past $100 a barrel, three ships were struck near the Strait of Hormuz just yesterday, and the word "recession" is creeping back into the conversation. And we're all feeling more than just a little bit anxious about what that means for our money. On this special bonus episode, Jean Chatzky sits down with Claudia Sahm, former Fed section chief, senior economist under President Obama, and creator of the Sahm Rule, a recession indicator that has been 100% accurate going back to 1959. Claudia breaks down exactly what's happening with oil prices and why it affects everything from your gas tank to your grocery bill to your retirement account.  She explains what the Sahm Rule actually is, why she's cautioning people not to over-rely on it right now, and what she means when she says she just doesn't have "a good feeling" about this economy. Links mentioned: Claudia's Substack: Stay-At-Home Macro (SAHM) Claudia's writing at Bloomberg Opinion Join InvestingFixx — your first two classes are free! Learn more about your ad choices. Visit megaphone.fm/adchoices

Raucous, alcohol-fueled parties have been around since the beginning of recorded history – and their end may be nigh. Natasha Loder, health editor for The Economist, joins host Krys Boyd to discuss why consumption of alcohol worldwide is starting to wane, to take stock of the pros and cons of partaking in drink and to talk about the newest products on the market that promise an alcohol-like buzz with fewer side effects. Her article is “How humankind's 10m-year love affair with booze might end.“ Learn about your ad choices: dovetail.prx.org/ad-choices

Why do some world-changing ideas get ignored, attacked, or buried for years before anyone takes them seriously? Michael Shermer sits down with The Economist science correspondent Matt Kaplan to discuss the scientists who got there first and paid the price. They talk about why institutions resist new ideas, why careers can depend on defending the status quo, and why being right is often not enough. They discuss figures like Katalin Karikó, whose work on mRNA was dismissed long before it helped transform modern medicine, and Oliver Wendell Holmes, who faced fierce backlash for arguing that doctors themselves were spreading deadly infections. This is a fascinating look at what happens when evidence collides with ego, reputation, and scientific orthodoxy. It's also a conversation about truth, status, intellectual courage, and the deeply human side of science. Matt Kaplan is a science correspondent at The Economist. He has written about everything from paleontology and parasites to virology and viticulture over the course of two decades. His new book is I Told You So! Scientists Who Were Ridiculed, Exiled, and Imprisoned for Being Right.

Gas prices have risen even as U.S. oil production is strong, because oil is a global commodity. California has a high gas tax that adds to the price of gas. Why does the government have to run the airports? Getting rid of state income tax could benefit many states. See omnystudio.com/listener for privacy information.

Gas prices have risen even as U.S. oil production is strong, because oil is a global commodity. California has a high gas tax that adds to the price of gas. Why does the government have to run the airports? Getting rid of state income tax could benefit many states. 

In this special edition of Coffee House Shots, Tim Shipman is joined by defence editor at the Economist, Shashank Joshi. Two weeks in to the conflict in Iran, they give the definitive take on where we are at, the range of scenarios that the UK government are preparing for, and – crucially – how it could all end.Produced by Megan McElroy and Oscar Edmondson.Become a Spectator subscriber today to access this podcast without adverts. Go to spectator.co.uk/adfree to find out more.For more Spectator podcasts, go to spectator.co.uk/podcasts.Contact us: podcast@spectator.co.uk Hosted on Acast. See acast.com/privacy for more information.

Many people think physics / reality is either guided by a probabilistic distribution or is “determined.” Actually, there's a third, far‐more unsettling option. Curt Jaimungal explains why Einstein's general relativity isn't actually deterministic. He discusses how Cauchy horizons and closed time-like curves break predictability, showing that math and physics don't always guarantee a set future for our universe. This is a solo deep‑dive. One that he's been meaning to make for a while. As a listener of TOE you can get a special 20% off discount to The Economist and all it has to offer! Visit https://www.economist.com/toe FOLLOW: - Substack: https://curtjaimungal.substack.com/subscribe - Twitter: https://twitter.com/TOEwithCurt - Discord Invite: https://discord.com/invite/kBcnfNVwqs - Crypto: https://commerce.coinbase.com/checkout/de803625-87d3-4300-ab6d-85d4258834a9 - PayPal: https://www.paypal.com/donate?hosted_button_id=XUBHNMFXUX5S4 LINKS MENTIONED: - This Cosmologist Discovered Something Strange: https://youtu.be/73IdQGgfxas - The Most Abused Theorem in Math (Gödel's Incompleteness): https://youtu.be/OH-ybecvuEo - Harvard Scientist: "There Is No Quantum Multiverse" | Jacob Barandes [Part 3]: https://youtu.be/wrUvtqr4wOs - The Quantum Mechanics of Time Travel: https://youtu.be/yCQ_3qE6SmQ - The Dangerous Lie About Understanding: https://youtu.be/eASBzSNB8ts - Discovery That Changed Physics! Gravity Is Not a Force!: https://youtu.be/3pZNzF6LBII - Einstein's Amazing Theory of Gravity: Black Holes and Novel Ideas in Cosmology, Roger Penrose | LMS: https://youtu.be/xAcvNnSrkcM - The Geodesic Equation: Introduction and Derivation: https://youtu.be/5_79m-kHxts - Interpretation of the Wavefunction: https://youtu.be/R-5hjmV-bdY - Is the Future Already Set in Stone?: https://youtu.be/JBkB2D-_ZH0 - What Is Astrophysics Actually Explained: https://youtu.be/TCrRs_OBN0E - What Triggered the Big Bang? | How the Universe Works: https://youtu.be/gup4Cc0Ube0 - Visualization of the Gödel Universe: https://youtu.be/078jOiaevAQ - Iceberg of String Theory: https://youtu.be/X4PdPnQuwjY - The 300-Year-Old Physics Mistake No One Noticed: https://youtu.be/Tghl6aS5A3M - JB Manchak: Spacetime Asymmetry: https://youtu.be/lFbfhISreFY - Carlo Rovelli [TOE]: https://youtu.be/hF4SAketEHY - General Relativity Is Not (Technically) Deterministic: https://curtjaimungal.substack.com/p/general-relativity-is-not-deterministic - The Strong Cosmic Censorship Conjecture by Maxime Van de Moortel [Paper]: https://arxiv.org/pdf/2501.13180 - Some Black Holes Erase Your Past: https://www.sciencedaily.com/releases/2018/02/180221091334.htm - Determinism and General Relativity [Paper]: https://arxiv.org/pdf/2009.07555 - A Family of Local Deterministic Models for Singlet Quantum State Correlations [Paper]: https://arxiv.org/html/2408.09579v1 - Examples of Cosmological Spacetimes Without CMC Cauchy Surfaces: https://link.springer.com/article/10.1007/s11005-024-01843-7 - Asymptotic Dynamics on the Worldlines for Spinning Particles [Paper]: https://arxiv.org/abs/2009.07863 - World Line: https://en.wikipedia.org/wiki/World_line - Counterexamples in Topology [Book]: https://link.springer.com/book/10.1007/978-1-4612-6290-9 - Quantum Charged Black Holes [Paper]: https://arxiv.org/pdf/2404.07192 - Charged Hayward Black Hole with a Cosmological Constant and Surrounded by Quintessence and a Cloud of Strings [Paper]: https://arxiv.org/pdf/2511.02191 - Strong Cosmic Censorship in Charged Black-Hole Spacetimes: Still Subtle [Paper]: https://arxiv.org/pdf/1808.03631 - Chaos and Deterministic Versus Stochastic Non-Linear Modelling: https://academic.oup.com/jrsssb/article/54/2/303/7035838 - Reopening the Hole Argument by Klaas Landsman [Paper]: https://arxiv.org/pdf/2206.04943 - Is Time Travel Too Strange to Be Possible? [Paper]: https://arxiv.org/pdf/1704.02295 - Counterexamples in Topology [Book]: https://link.springer.com/book/10.1007/978-1-4612-6290-9 Learn more about your ad choices. Visit megaphone.fm/adchoices

0:30 - Tiffany Henyard 32:58 - Islamist terrorist attack outside Gracie Mansion 48:06 - Animal Stories 51:31 - Noah Rothman of National Review looks at What’s Gone Right in the Iran War? Pre-order Noah’s next book! Blood and Progress: A Century of Left-Wing Violence in America 01:12:23 - Why Dan Proft is Single 01:31:24 - Former CPS CEO and mayoral candidate Paul Vallas explains why Chicago continues to lead the nation in murders, youth killings, mass shootings, and domestic violence deaths. Keep up with Paul on X @PaulVallas 01:48:57 - Cliff May, president of the Foundation for Defense of Democracies, believes the U.S. has the capability to control the Strait of Hormuz. Stay on top of Iran with Cliff on X @CliffordDMay 02:06:58 - Economist and professor at George Mason University, Don Boudreaux, shares his Reflections on Four Decades of Teaching ECON 101. Check out Don’s blog at cafehayek.comSee omnystudio.com/listener for privacy information.

Willy sat down with Dr. Peter Linneman for The Most Insightful Hour in CRE, recorded live from the University of Miami's Real Estate Impact Conference. In this wide-ranging conversation, they explored the forces shaping the commercial real estate and macroeconomic outlook today, including whether the U.S. economy is stronger than recent job data suggests, the real impact AI may have on productivity and employment, where interest rates should be and why the Fed may still have cuts ahead, how America's massive net wealth changes the conversation around national debt, and what investors should watch across property sectors from multifamily to office and data centers. Learn more about your ad choices. Visit megaphone.fm/adchoices

It could be that the US-Israel war with Iran ends soon. That was the message from Donald Trump this week. But it may not. The longer the war continues the more collateral damage to the world economy. Mostly because of the impact of energy prices. But why are we all so vulnerable still to events in one small part of the world and one tiny channel, the infamous Strait of Hormuz? David Aaronovitch asks what it tells us about the problems of global energy and oil dependency and what could be done to alleviate them.Guests: Ben Chu, Policy and Analysis Correspondent, BBC Verify Duncan Weldon, Economist and author Bill Farren-Price, Senior Research Fellow and Head of Gas Research at the Oxford Institute for Energy Studies Rosemary Kelanic, Director of the Middle East Program at Defense PrioritiesPresenter: David Aaronovitch Producers: Caroline Bayley, Nathan Gower and Kirsteen Knight Production Co-ordinator: Maria Ogundele Sound engineer: Neil Churchill Editor: Richard Vadon

In the latest episode of Actuary Voices, Selma Hepp, Chief Economist at Cotality, joins host Preeti Vasishtha for a conversation about the economy, housing trends, and AI investments.

The conflict with Iran continues to affect U.S. inflation. Jim Rounds, CEO of Rounds Consulting and a Valley economist, breaks down the economic impact of the Iran War.

Professor John Donoghue explains why quantum physics and gravity actually work perfectly together. He tackles quadratic gravity, effective field theory, and random dynamics, arguing that grand unification and naturalness aren't required for a theory of everything. As a listener of TOE you can get a special 20% off discount to The Economist and all it has to offer! Visit https://www.economist.com/toe SUPPORT: - Support me on Substack: https://curtjaimungal.substack.com/subscribe - Support me on Crypto: https://commerce.coinbase.com/checkout/de803625-87d3-4300-ab6d-85d4258834a9 - Support me on PayPal: https://www.paypal.com/donate?hosted_button_id=XUBHNMFXUX5S4 JOIN MY SUBSTACK (Personal Writings): https://curtjaimungal.substack.com LISTEN ON SPOTIFY: https://open.spotify.com/show/4gL14b92xAErofYQA7bU4e TIMESTAMPS: - 00:00:00 - Limits of Quantum Mechanics - 00:06:35 - Effective Field Theory - 00:12:24 - Gravity: Geometry or Force? - 00:18:46 - QFT and Gravity Tension - 00:24:59 - Quadratic Gravity Theory - 00:34:16 - Dueling Arrows of Causality - 00:41:57 - Random Dynamics and Anti-Unification - 00:48:13 - The Naturalness Problem - 00:53:40 - Questioning Hidden Assumptions LINKS MENTIONED: - John's lectures: https://www.youtube.com/@johndonoghue469/featured - John's papers: https://arxiv.org/a/donoghue_j_1.html - The Renormalization Group and Critical Phenomena [Paper]: https://www.nobelprize.org/uploads/2018/06/wilson-lecture-2.pdf - Anthropic Considerations in Multiple-Domain Theories [Paper]: https://journals.aps.org/prl/abstract/10.1103/PhysRevLett.80.1822 - Old "Ghost" Theory of Quantum Gravity Makes a Comeback [Article]: https://www.quantamagazine.org/old-ghost-theory-of-quantum-gravity-makes-a-comeback-20251117/ - Unitarity, Stability and Loops of Unstable Ghosts [Paper]: https://arxiv.org/pdf/1908.02416 - An Effective Field Theory of Gravity for Extended Objects [Paper]: https://arxiv.org/abs/hep-th/0409156 - Not Quite a Black Hole [Paper]: https://arxiv.org/pdf/1612.04889 - On Quadratic Gravity [Paper]: https://arxiv.org/pdf/2112.01974 - Quadratic Gravity [Paper]: https://arxiv.org/pdf/1804.09944 - Renormalization of Higher Derivative Quantum Gravity [Paper]: http://www.weylmann.com/stelle.pdf - Quantum Theory in a Nutshell [Book]: https://www.amazon.com/Quantum-Field-Theory-Nutshell-nutshell/dp/0691140340 - Field Theory: A Modern Primer [Book]: https://www.amazon.com/Field-Theory-Modern-Frontiers-Physics/dp/0201546116 - Origin of Symmetries [Book]: https://amzn.to/4qxnLzj - String Theory Iceberg [TOE]: https://youtu.be/X4PdPnQuwjY - Neil Turok [TOE]: https://youtu.be/zNZCa1pVE20 - Avshalom Elitzur [TOE]: https://youtu.be/pWRAaimQT1E - Sir Roger Penrose [TOE]: https://youtu.be/iO03t21xhdk - Ted Jacobson [TOE]: https://youtu.be/3mhctWlXyV8 - Leonard Susskind [TOE]: https://youtu.be/2p_Hlm6aCok - Jonathan Oppenheim [TOE]: https://youtu.be/NKOd8imBa2s - Peter Woit [TOE]: https://youtu.be/TTSeqsCgxj8 - Joseph Conlon & Peter Woit [TOE]: https://youtu.be/fAaXk_WoQqQ - Michael Levin [TOE]: https://youtu.be/c8iFtaltX-s Learn more about your ad choices. Visit megaphone.fm/adchoices

Bull markets don't last forever. When you're in the throes of one, it can feel like they do. But they don't, and at a certain point you have to sell.Gold bull markets can feel even more eternal. Not just because the metal itself is eternal, but because the story comes along that we are going back to a gold standard, or that the Great Purge, which many economists of the Austrian school say is inevitable after fifty years of fiat decadence, is finally upon us.I get that argument. But it is too neat, too deterministic. Real life is much more mucky.So today I want to consider a very important question, and I want to try and answer it honestly:Where are we in this bull market?Has gold already peaked? It's possible. The spike to $5,600/oz at the end of January had many of the hallmarks of a blow-off top.Or perhaps $5,600 was just a mid-cycle peak, such as we saw in 2006 or 1975-76 during previous bull markets.Or is this bull market still in its infancy?I'm going to study this bull market through every lens I can think of: price, time, valuation, participation, market structure, macro context and sentiment.My bias going in is that we are mid-cycle, as I argued in my Great Forecast last week. Let's see where I end up. 1. DurationThere have been two great gold bull markets since the end of the gold standard: 1971-1980 and 2001-2011. Both lasted nine to ten years.When did this one begin?It depends how you define it.You could take the bear-market low of $1,045 in late 2015. You could take the $1,160 retest in 2018. You could take 2019, when gold broke out of its multi-year base.Technical analysis is often in the eye of the beholder. Just like bull markets.You could even argue late 2022, when the current acceleration began.If you start in 2015, this bull market has already lasted ten years. That would put it right in line with the duration of previous cycles, and you could argue it is close to exhaustion.If you start in 2018 or 2019, there may be several years left to run.I favour 2018. Just as gold hit $250 in 1999, rallied, and then returned to roughly the same level in 2001 before the real bull market began, the 2018 low feels like the equivalent retest. Of course this is debatable.And there is always the possibility that this bull market lasts longer than previous ones.Verdict: mid- to late-cycle.2. Relative valuation vs other assetsOilWith gold at $5,200 and WTI crude around $87, it takes roughly 60 barrels of oil to buy one ounce of gold.Historically this ratio ranges between 6 and 30.The only time oil has been this cheap relative to gold was in the 2020 pandemic collapse, when oil went negative.My view: it's not so much that gold is expensive as that oil is cheap. Plus commodities inevitably get cheaper as we get better at producing them. (As long as you don't measure the price in fiat).Gold vs the S&P 500With the S&P around 6,765, it takes about 1.3 ounces of gold to buy one unit of the index.This ratio has been as high as 5 - at the peak of Dotcom in 2000, and the nadir of gold - and as low as 0.2 (during the depths of the 1930s and at the 1980 gold peak).Gold is therefore on the expensive side relative to equities, but not at historic extremes.This ratio could fall further if equities fall or gold rises.Gold vs US housingThe US housing market varies enormously by region - Beverely Hills is not Detroit, Miami Beach is not McDowell County - so national averages should be treated cautiously. But they still give a rough guide.We are now below the 2011 level and approaching 1980 territory in terms of how many ounces of gold buy a typical home.Pretty extreme.Overall verdict: late-cycle. Warning signal3. Institutional ownershipGold is still under-owned in institutional portfolios.Even after the recent rally, gold represents only a tiny fraction of global portfolio allocation compared with equities and bonds.Gold mining equities are even more neglected.Verdict: mid-cycle4. Central banksCentral bank buying slowed to 863 tonnes in 2025, down from record levels in 2024, but still well above the 2010-2021 average.However, the World Gold Council reported that central banks purchased only 5 tonnes in January, below the monthly average of 27 tonnes. I would not read too much into that. Much buying is reported with delays, and China in particular reveals little about its activity. The usual assumption is that central bank buying is an early or mid-cycle phenomenon. I am not entirely convinced. If the real driver of this bull market is de-dollarisation and reserve diversification amidst a wider geopolitical shift, then official buying could persist for years.Gold currently represents just under 30% of central bank reserves. The US dollar still accounts for roughly 56%.I don't think this bull market ends until gold sits north of 50% having overtaken the dollar itself.Question: is the war in Iran going to arrest of accelerate de-dollarisation? You know the answer. Verdict: mid-cycle5. Retail participationRetail demand is growing. 2025 saw record bar and coin demand. ETF inflows are rising, but they are not exploding. Mining companies are finally attracting interest again.Silver went briefly manic last month, which is not a healthy sign, but the episode is already unwinding.Verdict: mid-cycleBy the way, due to its senior currency status, the US dollar is going to preserve its purchasing power better than the pound, which is a car crash waiting to happen. I keep getting asked, “is it too late to buy gold?”. If you are in the UK, . We are turning into South Africa and the currency will go the same way. The 40% loss of purchasing power that the pound has seen since 2020 is not going to reverse. If anything it accelerates. Thus …If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.6. LeverageLeverage is difficult to measure precisely.You can look at: futures positioning on Comex, options activity, speculative flows into junior miners, retail spread betting and more. The short answer is this: gold is a crowded trade, but it is not a mania.If it were a mania, the geopolitical shock in Iran last week would have triggered violent liquidations. Instead gold held up remarkably well.Verdict: mid-cycle7. Mining equitiesMining stocks had an excellent 2025. Word is that PDAC last week (the world's largest mining conference), was the like of which had not been felt since 2011 and the last top. That is a warning sign.This chart shows the ratio of the XAU (large mining companies) to gold since 1988. On a relative basis the miners are still phenomenally under-owned, and we now have a text-book base, formed over 9-years, in place. If this ratio goes back to levels of the early 0 0s , miners will multiply many times over.But these declines began with the emergence of the ETFs and the many alternative ways to own gold without taking on individual company risk. The ratio does not have to go back 00s levels.Maybe. But that base is a thing of beauty.Typically the end of a gold bull market would coincide with massive rallies in junior miners, an exploration IPO boom and a merger-and-acquisition frenzy.We are seeing healthy signs of activity, but nothing like that yet.Verdict: mid-cycleI'm delighted to report that The Secret History of Gold - Myth, Money, Politics and Power, published by Penguin Life, comes out in the US next month. (The US version is published by Pegasus). Order yours now - via Barnes and Noble or Amazon8. The narrative - gold to $150,000?Gold got some coverage in publications like The Economist and the Financial Times last month, but the story is far from mainstream.Ask most people about de-dollarisation, Triffin's dilemma or central bank reserve diversification and you will get blank looks.However, some familiar late-cycle narratives are beginning to appear.One is that silver is being remonetised.It isn't.Silver may well be an important strategic metal, but its monetary role was as medium of exchange. That role is not coming back because we no longer use physical money. That function has been digitised.Gold, by contrast, retains its role as as store of value - a function that silver never had to anything like the same extent. Silver may have use as a speculative asset. It may well rise in price. It may even overshoot spectacularly. But it is not being remonetised. That will not happen, unless Eastenders turns into Mad Max.Another narrative that sometimes appears near major peaks is the US national debt relative to gold reserves. In 1980, headlines declared the US was “solvent again” because it could have used its gold to fully settled its debt.Today US debt is roughly $39 trillion. To settle that debt using America's 262 million ounces of gold, the gold price would need to be roughly $150,000 per ounce.When arguments like that start circulating, it means the narrative can't go much further and the cycle is close to exhaustion.We are not there yet.Verdict: mid-cycle9. Real yieldsLast but not least: real interest rates.This would be the 10-year Treasury yield minus inflation, or the 10-year TIPS yield.Gold bull markets tend to end when real yields rise sharply.In 1980, Paul Volcker pushed interest rates toward 20% and real yields surged. Gold then entered a twenty-year bear market. At the 2011 peak, real yields rose from deeply negative to positive and gold topped within months. From 2020–2022 real yields went negative again and gold surged, until they rose in 2022 and gold stalled.Today nominal yields are relatively high, but inflation remains elevated, the Fed is under pressure to ease (as are most central banks) and fiscal deficits are enormous.Real yields therefore sit around zero or slightly positive, depending on how they are measured. That is not restrictive enough to kill the gold bull market.The danger signal would be inflation falling sharply while nominal yields stay high, pushing real yields well above +2%. We are some distance from that.Verdict: mid-cycleIf you are interested in following the real yield argument, Charlie Morris is the man. He gets it better than anyone, and I heartily recommend you follow his work via his Atlas Pulse. Get your copy here - it's free.ConclusionIf gold continues rising it will pull silver and mining equities higher with it.The spike in silver last month to around $125 looked very much like a mid-cycle blow-off, and a period of consolidation is now both likely and healthy. Looking across all the indicators, most point toward a mid-cycle environment rather than a late-cycle one.What superb content. You really should upgrade.Duration and relative valuation raise some concerns, but these are just one or two of nine indicators. Everything else suggests the bull market has not yet reached its final, most speculative phase.In other words: this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.$8 to $10,000 by the end of the decade is a very real possibility.Thanks very much for being a subscriber to Flying Frisby.Until next time,DominicPS I have discussed gold largely in dollar terms, because the market is quoted in dollars. But if you are in the UK the case for owning gold has less to do with the dollar and far more to do with the pound. Sterling has already lost roughly 40% of its purchasing power since 2020, and that trend is not going to reverse. If anything it will accelerate. It's not just the ineptitude of successive governments, but unelected permablob (in this case the Treasury, the OBR, the Bank of England, the FCA et al) that actually runs the show. The system- if you can call it that - is the problem and it's not going to change. The incentives are to spend more, borrow more and debase the currency slowly over time. You cannot fix that system. But you can protect yourself from it. And that means owning some gold.DisclaimerI am not regulated by the Financial Conduct Authority (FCA) or any other regulatory body as a financial advisor. Therefore, any information provided in this newsletter does not constitute regulated financial advice. It is solely an expression of opinion. Small-cap stocks are inherently risky. Please conduct your own due diligence and consult with a financial advisor, if you have any doubts. Remember, markets can both rise and fall, especially in the case of small and mid-cap stocks. I am not aware of your individual financial circumstances, so only invest money that you can afford to lose. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

After oil prices climbed to nearly $120 a barrel yesterday, Donald Trump signalled a possible abrupt end to the conflict in Iran. Markets calmed, but the course of the war remains unclear. Why China's government has said little about Iran. And how a hippy grocery store became America's swankiest supermarket.Guests and host:Edward Carr, deputy editor of “The Economist”Simon Rabinovitch, Beijing bureau chiefAvantika Chilkoti, global business correspondent Rosie Blau, host of “The Intelligence”Topics covered: Iran, Donald Trump, Brent Crude, financial markets, Asia, oil shockChinese foreign policy, Wang YiErewhon, food prices, supermarketsListen to what matters most, from global politics and business to science and technology—Subscribe to Economist Podcasts+For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.  Hosted on Acast. See acast.com/privacy for more information.

After oil prices climbed to nearly $120 a barrel yesterday, Donald Trump signalled a possible abrupt end to the conflict in Iran. Markets calmed, but the course of the war remains unclear. Why China's government has said little about Iran. And how a hippy grocery store became America's swankiest supermarket.Guests and host:Edward Carr, deputy editor of “The Economist”Simon Rabinovitch, Beijing bureau chiefAvantika Chilkoti, global business correspondent Rosie Blau, host of “The Intelligence”Topics covered: Iran, Donald Trump, Brent Crude, financial markets, Asia, oil shockChinese foreign policy, Wang YiErewhon, food prices, supermarketsListen to what matters most, from global politics and business to science and technology—Subscribe to Economist Podcasts+For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.  Hosted on Acast. See acast.com/privacy for more information.

Leaders love blaming HR for bureaucracy, red tape, and generally slowing things down. But these same leaders have no idea how to use HR properly. If you get this wrong in the age of AI, you'll risk destroying one of the most valuable sources of insight in your company.As we sit here in early 2026, AI is about to wipe out around half of what HR does. The leaders who figure how to manage the transition, and continue to benefit from the expertise and value that HR offers, will have a massive advantage!The Economist article:How HR Took Over the WorldLBT link:Leadership Beyond the Theory————————Have you taken our free Leadership Blindspot test?✨ In just 5 minutes you'll uncover the hidden leadership habits holding you back.Get your Blindspot Score and know exactly what to fix before it costs your career!TAKE THE FREE TEST HERE————————You can connect with me at:Website: https://www.yourceomentor.comFacebook: https://www.facebook.com/yourceomentorInstagram: https://www.instagram.com/yourceomentorLinkedin: https://www.linkedin.com/in/martin-moore-075b001/Youtube: https://www.youtube.com/@YourCEOMentor————————Our mission here at Your CEO Mentor is to improve the quality of leaders, globally.

Economists are still digesting last Friday's jobs report, which showed a loss of 92,000 jobs in February. The labor force participation rate — the percentage of working-age people who are either working or looking for work — fell to 62%. That's the lowest since December 2021 and means some people are giving up even looking for a job. We'll dig into the importance of that figure. Also on the show: oil prices and existential threats.

Economists are still digesting last Friday's jobs report, which showed a loss of 92,000 jobs in February. The labor force participation rate — the percentage of working-age people who are either working or looking for work — fell to 62%. That's the lowest since December 2021 and means some people are giving up even looking for a job. We'll dig into the importance of that figure. Also on the show: oil prices and existential threats.

Images coming out of Tehran over the weekend were apocalyptic, with oil refinery fires burning and massive clouds of black smoke turning day into night.Meanwhile, Iran continues to attack other countries in the region and has chosen its new supreme leader Mojtaba Khamenei, son of the slain former supreme leader Ayatollah Ali Khamenei.The Economist's Middle East correspondent Gregg Carlstrom joins us to talk about the latest developments, as well as how other countries are getting caught up in the war.For transcripts of Front Burner, please visit: https://www.cbc.ca/radio/frontburner/transcripts

What intelligence really is, and how AI's emergence is a natural consequence of evolution. It has come as a shock to some AI researchers that a large neural net that predicts next words seems to produce a system with general intelligence. Yet this is consistent with a long-held view among some neuroscientists that the brain evolved precisely to predict the future—the "predictive brain" hypothesis. In What Is Intelligence?, Blaise Agüera y Arcas takes up this idea—that prediction is fundamental not only to intelligence and the brain but to life itself—and explores the wide-ranging implications. These include radical new perspectives on the computational properties of living systems, the evolutionary and social origins of intelligence, the relationship between models and reality, entropy and the nature of time, the meaning of free will, the problem of consciousness, and the ethics of machine intelligence. The book offers a unified picture of intelligence from molecules to organisms, societies, and AI, drawing from a wide array of literature in many fields, including computer science and machine learning, biology, physics, and neuroscience. It also adds recent and novel findings from the author, his research team, and colleagues. Combining technical rigor and deep up-to-the-minute knowledge about AI development, the natural sciences (especially neuroscience), and philosophical literacy, What Is Intelligence? argues—quite against the grain—that certain modern AI systems do indeed have a claim to intelligence, consciousness, and free will.Blaise Agüera y Arcas is a researcher and author focused on artificial intelligence, sociality, evolution, and software development. He is a VP and Fellow at Google, where he is the CTO of Technology & Society and founder of Paradigms of Intelligence (Pi). He is a frequent speaker at TED and has been featured in the Economist and Noēma, and has previously published the books Who Are We Now? and Ubi Sunt. Buy the Book What Is Intelligence?: Lessons from AI About Evolution, Computing, and Minds Elliott Bay Book Company

Support us as we expand our challenge to our broken media here: https://www.patreon.com/owenjones84 or here: https://ko-fi.com/owenjonesSupport this show http://supporter.acast.com/the-owen-jones-podcast. Hosted on Acast. See acast.com/privacy for more information.

Gregg Carlstrom, Middle East Correspondent with The Economist.

Economists don't usually talk about “culture.” But Joel Mokyr argues that it's the engine of innovation — and the Nobel Prize committee agreed. Stephen Dubner sits down for a thousand-year conversation (including advice!) with the new Nobel laureate.   SOURCES: Joel Mokyr, economic historian at Northwestern University.   RESOURCES: Two Paths to Prosperity: Culture and Institutions in Europe and China, 1000–2000, by Avner Greif, Joel Mokyr, and, Guido Tabellini (2025). "The Outsize Role of Immigrants in US Innovation," by Shai Bernstein, Rebecca Diamond, Abhisit Jiranaphawiboon, Timothy McQuade, and Beatriz Pousada (NBER, 2023). A Culture of Growth: The Origins of the Modern Economy, by Joel Mokyr (2016). Why Nations Fail: The Origins of Power, Prosperity, and Poverty, by Daron Acemoglu and James Robinson (2012). "The Economics of Being Jewish," by Joel Mokyr (Critical Review, 2011). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week, we're sharing an episode from Odd Lots. An interview with The Economist's Mike Bird about how Chinese real estate became the biggest bubble in history. You can find more episodes from Odd Lots here. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

After a momentous week, our editors reflect on how uncertainty about the goals of the war in Iran will affect its course. Iran's retaliation has been fierce and wide ranging. How long can Gulf stocks of missile interceptors last? And our obituaries editor looks back at the life of Iran's supreme leader Ali Khamenei. Guests and host:Edward Carr, Economist deputy editor Josie Delap, Middle East editorShashank Joshi, defence editorAnn Wroe, obituaries editorRosie Blau, host of “The Intelligence”Topics covered: Iran, Donald Trump, third Gulf war, war goalsInterceptor missiles, military strategyAli Khamenei Listen to what matters most, from global politics and business to science and technology—Subscribe to Economist Podcasts+For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account. Hosted on Acast. See acast.com/privacy for more information.

After a momentous week, our editors reflect on how uncertainty about the goals of the war in Iran will affect its course. Iran's retaliation has been fierce and wide ranging. How long can Gulf stocks of missile interceptors last? And our obituaries editor looks back at the life of Iran's supreme leader Ali Khamenei. Guests and host:Edward Carr, Economist deputy editor Josie Delap, Middle East editorShashank Joshi, defence editorAnn Wroe, obituaries editorRosie Blau, host of “The Intelligence”Topics covered: Iran, Donald Trump, third Gulf war, war goalsInterceptor missiles, military strategyAli Khamenei Listen to what matters most, from global politics and business to science and technology—Subscribe to Economist Podcasts+For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account. Hosted on Acast. See acast.com/privacy for more information.

AI can write code, diagnose diseases, design buildings, and create art. Tools like ChatGPT, Claude and autonomous robots are transforming industries once seen as automation-proof, fueling fears of mass job loss. Some argue that machines will become so efficient that they will one day replace most human labor. Others say AI will augment work, not erase it, and historically, people have feared innovation killing jobs, which arguably hasn't come to pass. Now we debate: Will AI Make Work Obsolete?  Arguing Yes:  Andrew Yang, Founder of the Forward Party, Former Presidential Candidate  Simon Johnson, Nobel Prize-winning Economist; Professor of Entrepreneurship and Head of the Global Economics and Management Group at MIT  Arguing No:  Chris Hughes, Co-Founder of Facebook; Chair of the Economic Security Project; Author of "Marketcrafters"  Rumman Chowdhury, CEO of Humane Intelligence PBC; Former U.S. Science Envoy for Artificial Intelligence  Emmy award-winning journalist John Donvan moderates  Join the conversation on Substack—share your perspective on this episode and subscribe to our weekly newsletter for curated insights from our debaters, moderators, and staff.  Follow us on YouTube, Instagram, LinkedIn, X, Facebook, and TikTok to stay connected with our mission and ongoing debates.  The Hopkins Forum is a partnership between Open to Debate and Johns Hopkins University's SNF Agora Institute. This flagship series consists of live debates in Washington, D.C. and Baltimore, bringing together diverse perspectives to tackle today's most pressing issues. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Financial repression forces banks and citizens to hold government debt on terms the market would never accept. Economists have called it distortionary for fifty years. It never went away.Oleg Itskhoki and Dmitry Mukhin study what happens when a government runs out of options. Their paper traces how Russia deployed financial repression in 2022 to survive the largest sanctions package in postwar history. The ruble was in freefall; banning cash withdrawals and forcing exporters to hand over foreign currency revenues stopped the crisis. The measures worked because Russia kept earning export income, and the sanctions never closed that tap. But with government debt in advanced economies now at historic highs, financial repression is no longer confined to authoritarian regimes under siege. It is a path of least resistance for a government that would rather suppress the symptoms of unsustainable debt than carry out the fiscal reforms needed to fix it.The research behind this episode:Itskhoki, Oleg, and Dmitry Mukhin. 2026. "Sanctions, Capital Outflows, and Financial Repression." Economic Policy: Papers on European and Global Issues.To cite this episode:Phillips, Tim. 2026. "Sanctions, Capital Outflows, and Financial Repression." Economic Policy: Papers on European and Global Issues (podcast).Assign this as extra listening. The citation above is formatted and ready for a reading list or VLE.About the guestsOleg Itskhoki is a professor of economics at Harvard University. His research spanning international macroeconomics, exchange rates, capital flows, and financial frictions has reshaped how economists think about currency crises and the limits of open-economy models. He received the John Bates Clark Medal from the American Economic Association in 2022.Research cited in this episodeThe Washington Consensus was the post-Cold War policy framework, closely associated with the International Monetary Fund and the World Bank, that advocated free capital markets and discouraged government intervention in exchange rates or cross-border capital flows. Under this framework, financial repression was considered illegitimate; the goal was a more market-oriented, liberal macroeconomic order. As Itskhoki notes, the consensus has frayed considerably since the 2008 financial crisis, and the IMF now endorses certain forms of capital flow management under specific circumstances, though the broader norm against persistent financial repression remains.Financial repression is any government intervention that distorts the private financial decisions of domestic agents. In its traditional form, it meant forcing the banking sector to hold government debt at below-market returns, crowding out private investment and reducing the fiscal cost of high debt levels. The term covers a wide range of tools: restrictions on cash withdrawals, requirements that exporters convert foreign currency revenues to the central bank, interest rate ceilings, and policies designed to prevent citizens from holding savings in foreign currencies. Itskhoki distinguishes between its use in normal times (which he regards as distortionary and unjustified except as a last resort) and its deployment in emergencies such as financial crises, bank runs, or external sanctions, where it may be the only available stabilising instrument.Capital controls are government restrictions on cross-border capital flows. They are related to but distinct from financial repression: capital controls concern what money can cross borders; financial repression concerns what domestic agents can do with money at home. The two are often deployed together under external pressure.Dollarization describes the tendency of households and businesses in economies with weak or unstable currencies to save and transact in foreign currency, typically US dollars, rather than the domestic currency. Governments often use financial repression to discourage dollarization, restricting access to foreign currency holdings domestically. Itskhoki notes this is one of the many forms the policy takes beyond its traditional debt-management role.Russia's use of financial repression after the 2022 sanctions. Following the invasion of Ukraine in February 2022, Western governments imposed an unprecedented package of financial sanctions, trade restrictions, and asset freezes. The ruble depreciated sharply. Russia's response included a tax on foreign currency purchases, mandatory conversion of exporters' foreign currency revenues to the central bank, and direct restrictions on cash withdrawals from bank accounts. The ruble stabilised and recovered within weeks. Itskhoki argues the measures succeeded in the short term not because financial repression is inherently powerful against sanctions, but because the sanctions failed to close off Russian export income; Russia kept receiving substantial foreign currency from energy sales, reducing the pressure on the tools of repression. The structural gap in the sanctions regime was the failure to curtail Russian export revenues.The "What's Next for Ukraine?" seriesListen to our three-part series based on papers presented at the 1st Economic Policy: Papers on European and Global Issues Conference, Paris, December 2025.Giacomo Anastasia, Tito Boeri, and Oleksandr Zholud: what the data from Ukraine's wartime labour market reveal about employment, displacement, and the economic costs of the war. Also in the series: Maurice Obstfeld and Yuriy Gorodnichenko on financial inflows, integration, and the growth prospects of a westward-facing Ukraine. Also in the series: Edward Glaeser, Martina Kirchberger, and Andrii Parkhomenko on how to rebuild Ukraine's cities, and why the choice of what to reconstruct matters as much as the scale of investment. 

Send a textJoin Ben Kornell and guest host Matt Tower as they break down the biggest stories shaping K–12 policy, AI in education, edtech funding, and emerging school models.✨ Episode Highlights:[00:02:55] FBI raids LAUSD headquarters and Superintendent Alberto Carvalho's home, raising questions about federal investigations and possible ties to the AllHere scandal [00:06:07] The hosts unpack whether the LAUSD probe is about vendor fraud, immigration tensions, or broader political conflict [00:11:06] A provocative Economist headline fuels growing backlash against edtech and classroom screen time [00:16:44] A deeper debate on what education reformers are actually advocating for beyond simply reducing screens [00:19:49] Alpha School, small school models, and whether test scores have become the gateway to deeper learning innovation [00:24:51] Google commits to training 6 million educators in AI, signaling a major investment in teacher-focused AI literacy [00:29:23] Comparing Google, Microsoft, OpenAI, and Anthropic's evolving strategies in the education market [00:31:59] NationGraph raises funding in the procurement intelligence space as edtech infrastructure tools expand [00:34:13] Southern states like Louisiana and Mississippi post notable academic gains, prompting questions about policy and funding modelsPlus, special guest:[00:37:27] Ariella Racco, Founder of CoLab Education, on building dedicated collaboration infrastructure for teachers in the AI era

Steve credits President Trump's “drill baby drill” approach for strengthening America's energy independence and reducing reliance on countries like Saudi Arabia. Meanwhile, the U.S. and China are locked in a fierce competition to lead the global AI industry. Over $100 billion has been invested in AI by the United States in the last year alone. Will Governor Gavin Newsom's “cap-and-invest” energy initiatives ultimately harm California's economy? See omnystudio.com/listener for privacy information.

Steve credits President Trump's “drill baby drill” approach for strengthening America's energy independence and reducing reliance on countries like Saudi Arabia. Meanwhile, the U.S. and China are locked in a fierce competition to lead the global AI industry. Over $100 billion has been invested in AI by the United States in the last year alone. Will Governor Gavin Newsom's “cap-and-invest” energy initiatives ultimately harm California's economy?

SPONSORS: - Let AI do the note-taking. Visit https://plaud.ai/toe and use code TOE for 10% off at checkout. - Go to https://expressvpn.com/theoriesofeverythingyt to find out how you can get up to 4 extra months thanks to our sponsor, ExpressVPN - As a listener of TOE you can get a special 35% off discount to The Economist and all it has to offer! Visit https://www.economist.com/toe Physicist Nir Lahav joins me to argue that the hard problem isn't hard so much as confused—a consequence of treating consciousness as an absolute property rather than a relative one. Drawing on the principle of relativity, he proposes that subjective experience is a genuine physical property that manifests only from within a cognitive system's own internal simulation, where the felt sense of good and bad becomes as real as location in space. This conversation requires zero prior background in physics or philosophy. Every concept is built from scratch. SUPPORT: - Support me on Substack: https://curtjaimungal.substack.com/subscribe - Support me on Crypto: https://commerce.coinbase.com/checkout/de803625-87d3-4300-ab6d-85d4258834a9 - Support me on PayPal: https://www.paypal.com/donate?hosted_button_id=XUBHNMFXUX5S4 JOIN MY SUBSTACK (Personal Writings): https://curtjaimungal.substack.com LISTEN ON SPOTIFY: https://open.spotify.com/show/4gL14b92xAErofYQA7bU4e LINKS MENTIONED: - Nir's Website: https://www.lahavnir.com/about-me - Nir's Papers: https://scholar.google.com/citations?user=LFMD5RkAAAAJ - Nir's Facebook: https://www.facebook.com/Nir.Lahav - Nir's YouTube: https://www.youtube.com/@thewonderofscience9863/videos - A Relativistic Theory of Consciousness [Paper]: https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2021.704270/full - Church-Turing Thesis: https://plato.stanford.edu/entries/church-turing/ - What Is It Like to Be a Bat? [Paper]: https://www.sas.upenn.edu/~cavitch/pdf-library/Nagel_Bat.pdf - On the Electrodynamics of Moving Bodies [TOE]: https://users.physics.ox.ac.uk/~rtaylor/teaching/specrel.pdf - Dialogue Concerning the Two Chief World Systems [Book]: https://amazon.com/dp/037575766X?tag=toe08-20 - Discourse on Metaphysics [Book]: https://amazon.com/dp/1474457789?tag=toe08-20 - The Foundation of the General Theory of Relativity [Paper]: https://sites.pitt.edu/~jdnorton/teaching/cosmology_2025/pdf/Einstein_Extension_Relativity_1916.pdf - Some Functional Effects of Sectioning the Cerebral Commissures in Man [Paper]: https://www.pnas.org/doi/epdf/10.1073/pnas.48.10.1765 - Reasoning or Reciting? [Paper]: https://arxiv.org/abs/2307.02477 - The Conscious Mind [Book]: https://amazon.com/dp/0195117891?tag=toe08-20 - Consciousness Iceberg [TOE]: https://youtu.be/65yjqIDghEk - Michael Levin [TOE]: https://youtu.be/c8iFtaltX-s - Karl Friston [TOE]: https://youtu.be/2v7LBABwZKA - Daniel Dennett [TOE]: https://youtu.be/bH553zzjQlI - Bernardo Kastrup [TOE]: https://youtu.be/lAB21FAXCDE - Joscha Bach [TOE]: https://youtu.be/3MNBxfrmfmI - Matt Segall [TOE]: https://youtu.be/DeTm4fSXpbM - Leo Gura [TOE]: https://youtu.be/YspFR9JAq3w - What Is Energy, Actually? [TOE]: https://youtu.be/hQk9GLZ0Fms - Plato's Cave [TOE]: https://youtu.be/PurNlwnxwfY - Iain McGilchrist [TOE]: https://youtu.be/Q9sBKCd2HD0 - Andres Emilsson: https://youtu.be/BBP8WZpYp0Y - Ruth Kastner [TOE]: https://youtu.be/-BsHh3_vCMQ - Urs Schreiber [TOE]: https://youtu.be/1KUhLHlgG2Q - Ted Jacobson [TOE]: https://youtu.be/3mhctWlXyV8 - Stephen Wolfram [TOE]: https://youtu.be/0YRlQQw0d-4 - Emily Adlam and Jacob Barandes [TOE]: https://youtu.be/rw1ewLJUgOg - David Chalmers [TOE]: https://youtu.be/RH5qjdHhtBk - Donald Hoffman and Philip Goff [TOE]: https://youtu.be/MmaIBxkqcT4 - Donald Hoffman [TOE]: https://youtu.be/CmieNQH7Q4w - Michael Levin and Anil Seth [TOE]: https://youtu.be/_kuwwmFnxGY - Elan Barenholtz [TOE]: https://youtu.be/A36OumnSrWY - Geoffrey Hinton [TOE]: https://youtu.be/b_DUft-BdIE Learn more about your ad choices. Visit megaphone.fm/adchoices

Part 2 of interview with economist Michael Hudson about the global impacts of the U.S.-Israeli war on Iran. Hudson's latest article is “The US/Israeli Attack Was to Prevent Peace Not Advance It.”

Part 2 of interview with economist Michael Hudson about the global impacts of the U.S.-Israeli war on Iran. Hudson's latest article is “The US/Israeli Attack Was to Prevent Peace Not Advance It.”

Join The Economist's Mike Bird, Alice Fulwood and Ethan Wu for award-winning reporting and discussion on the stories that move markets. They speak to top bosses, investors and analysts around the world for unmatched insight into global finance, business and economics. Published every Thursday.Listen to what matters most, from global politics and business to science and technology—subscribe to Economist Podcasts+.For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account. Hosted on Acast. See acast.com/privacy for more information.

The Lincoln Project’s Rick Wilson joins us to discuss Trump’s attempt to distract from continued scrutiny of the Epstein files by escalating military action abroad, including recent bombing in Iran. The Economist’s Archie Hall about Trump’s disastrous tariff policies — including the fallout from a recent Supreme Court ruling that struck down key parts of his tariff agenda and the economic uncertainty that followedSee omnystudio.com/listener for privacy information.

Curt Jaimungal argues that astrophysicists like Neil deGrasse Tyson and spiritual gurus Deepak Chopra and Thomas Campbell can't logically claim they don't hold beliefs. This “Theories of Everything” with Curt Jaimungal episode uses analytic philosophy to show why belief's vital for understanding physics and consciousness, countering what Thomas Campbell and NASA scientist Nathalie Cabrol say. As a listener of TOE you can get a special 20% off discount to The Economist and all it has to offer! Visit https://www.economist.com/toe TIMESTAMPS: - 00:00 - The "No Belief" Fallacy - 03:00 - Faith vs. Propositional Belief - 04:57 - Implicit Belief in Hypotheses - 07:10 - van Fraassen's Constructive Empiricism - 11:51 - Fallibilism and Epistemic Virtue SUPPORT: - Support me on Substack: https://curtjaimungal.substack.com/subscribe - Support me on Crypto: https://commerce.coinbase.com/checkout/de803625-87d3-4300-ab6d-85d4258834a9 - Support me on PayPal: https://www.paypal.com/donate?hosted_button_id=XUBHNMFXUX5S4 JOIN MY SUBSTACK (Personal Writings): https://curtjaimungal.substack.com LISTEN ON SPOTIFY: https://open.spotify.com/show/4gL14b92xAErofYQA7bU4e LINKS MENTIONED: - Neil deGrasse Tyson [TOE]: https://youtu.be/HhWWlJFwTqs - Kierkegaard: The Most Terrifying Philosopher I've Encountered [TOE]: https://youtu.be/BWYxRM__TBU - Curt Interviews NASA Scientist on NPR: https://youtu.be/C8zrfZq1XEs - Bayesian Epistemology: https://plato.stanford.edu/entries/epistemology-bayesian/ - Belief: https://plato.stanford.edu/entries/belief/ - The Norm Of Assertion: https://pubmed.ncbi.nlm.nih.gov/29684696/ - Truth And Objectivity [Book]: https://amazon.com/dp/0674910877?tag=toe08-20 - Constructive Empiricism Now [Paper]: https://www.princeton.edu/~fraassen/articles/pdfs/CE_Now.pdf - Willard Quine: https://plato.stanford.edu/entries/quine/ SOCIALS: - Twitter: https://twitter.com/TOEwithCurt - Discord Invite: https://discord.com/invite/kBcnfNVwqs Guests do not pay to appear. Theories of Everything receives revenue solely from viewer donations, platform ads, and clearly labelled sponsors; no guest or associated entity has ever given compensation, directly or through intermediaries. #science Learn more about your ad choices. Visit megaphone.fm/adchoices

My conversation with Matt Kaplan starts at minutes 31 mins in to today's show after headlines and clips Subscribe and Watch Interviews LIVE : On YOUTUBE.com/StandUpWithPete ON SubstackStandUpWithPete Stand Up is a daily podcast. I book,host,edit, post and promote new episodes with brilliant guests every day. This show is Ad free and fully supported by listeners like you! Please subscribe now for as little as 5$ and gain access to a community of over 750 awesome, curious, kind, funny, brilliant, generous souls I Told You So!: Scientists Who Were Ridiculed, Exiled, and Imprisoned for Being Right Matt Kaplan is a science correspondent at The Economist where he has written about everything from paleontology and parasites to virology and viticulture over the course of two decades. His writing has also appeared in National Geographic, New Scientist, Nature, and The New York Times. He is the author of The Science of Monsters and Science of the Magical, and co-author of David Attenborough's First Life: A Journey Through Time. He completed a thesis in Paleontology at Berkeley, and one in science journalism at Imperial College, London. In 2014 he was awarded a Knight Fellowship to study at MIT and Harvard. Born in California, he lives in England. Pete on Blue Sky Pete on Threads Pete on Tik Tok Pete on YouTube  Pete on Twitter Pete On Instagram Pete Personal FB page Stand Up with Pete FB page  

We've been conditioned to believe that saying less is safer. But playing it safe costs trust, influence, stronger negotiations, and deeper relationships because the line between “too much” and meaningful connection is further out than we think. In the latest episode of Habits & Hustle, I'm joined by author Leslie John to break down the exact tipping point where leader vulnerability backfires, why holding your cards close in negotiation weakens your leverage, and how pushing slightly past your comfort zone builds real authority. Leslie John is the James E. Burke Professor of Business Administration at Harvard Business School and author of Revealing: The Underrated Power of Oversharing. Her award-winning research appears in top academic journals and media including The New York Times, The Wall Street Journal, and The Economist. What's Discussed (04:00) Why oversharing feels risky but builds stronger relationships and influence (06:31) The difference between emotional dumping and strategic vulnerability (18:23) Disclosure flexibility and knowing when to reveal versus hold back (20:55) Why long term relationships erode when partners stop sharing (27:15) How strategic transparency increases trust and customer retention (28:50) The most common negotiation mistake: leading with concealment (34:03) Leader vulnerability and the tipping point where credibility drops (41:01) Authenticity versus impulse and why emotional intelligence matters Thank you to our sponsors: Rho Nutrition: Try Rho Nutrition today and experience the difference of Liposomal Technology. Use code JEN20 for 20% OFF everything at https://rhonutrition.com/discount/jen20. Prolon: Get 30% off sitewide plus a $40 bonus gift when you subscribe to their 5-Day Program! Just visit https://prolonlife.com/JENNIFERCOHEN and use code JENNIFERCOHEN to claim your discount and your bonus gift. Therasage: Head over to therasage.com and use code Be Bold for 15% off  Air Doctor: Go to airdoctorpro.com and use promo code HUSTLE40 for up to $300 off and a 3-year warranty on air purifiers. Magic Mind: Head over to www.magicmind.com/jen and use code Jen at checkout. Momentous: Shop this link and use code Jen for 20% off  Manna Vitality: Visit mannavitality.com and use code JENNIFER20 for 20% off your order  Amp fit is the perfect balance of tech and training, designed for people who do it all and still want to feel strong doing it. Check it out at joinamp.com/jen  Find more from Jen:  Website: https://jennifercohen.com Instagram: @therealjencohen Books: https://jennifercohen.com/books Speaking: https://jennifercohen.com/speaking-engagement Find more from Leslie John: Website: https://lesliekjohn.com Instagram: @proflesliejohn Youtube: @ProfLeslieJohn X: @ProfLeslieJohn