Podcasts about European Central Bank

Tom Bodrovics welcomes back gold market and finance expert Alasdair Macleod. Together they explore the escalating systemic risks in global gold and silver markets, driven by surging demand for physical delivery. Macleod highlighted the European Central Bank's (ECB) warning about skyrocketing counterparty risks in gold derivatives, emphasizing that COMEX delivery demands have reached unprecedented levels, with an annualized rate of 1,500 tons—far exceeding post-pandemic trends. This surge reflects a growing scramble for physical metal which is exacerbated by delays in delivery fulfillment. Bullion banks, fearing tariffs and supply shortages, inflated futures prices to create arbitrage opportunities, further straining markets. Macleod underscored a critical shift: central banks, once willing to lease gold to stabilize markets, now hesitate to renew leases, fearing irreversible loss of reserves. This trend, compounded by COMEX silver shortages, signals deepening liquidity crises. Demand is driven by sovereign wealth funds, Asian families, and Middle Eastern entities diversifying from the dollar amid geopolitical tensions and long-term currency devaluation fears. The discussion pivoted to the U.S. debt trap, with deficits exceeding 6% of GDP and tepid demand for long-term Treasuries. Macleod compared today's credit bubble and protectionist tariffs to the 1929 crash, warning of a potential debt deflation spiral. He noted China's strategic accumulation of gold and silver, possibly prepping the yuan for gold backing, while avoiding abrupt moves to destabilize Western economies. Amid these risks, Macleod stressed wealth preservation over accumulation, advocating physical gold as a hedge. He cautioned that markets underestimate the looming convergence of fiscal instability, currency crises, and geopolitical shifts, urging vigilance as structural economic fractures deepen. The episode closed with a stark reminder: today's calm belies a gathering storm, mirroring historical precedents where credit excesses and policy missteps fueled systemic collapse. Guest Links:Twitter: https://twitter.com/MacleodFinanceSubstack: https://substack.com/@macleodfinanceWebsite: https://goldmoney.comResearch: https://www.goldmoney.com/research/ Alasdair Macleod is Head of Research for GoldMoney. He is an educator and advocates for sound money thru demystifying finance and economics. His background includes being a stockbroker, banker, and economist. Alasdair started his career as a stockbroker in 1970 on the London Stock Exchange. Within nine years, he had risen to become senior partner of his firm. Subsequently, he held positions at the director level in investment management and worked as a mutual fund manager. Mr. Macleod also worked at a bank in Guernsey as an executive director. For most of his 40 years in the finance industry, he has been demystifying macro-economic events for his investing clients. The accumulation of this experience has convinced him that unsound monetary policies are the most destructive weapon governments use against the common man. Accordingly, his mission is to educate and inform the public in layman's terms what governments do with money and how to protect themselves from the consequences.

Join Trevor Garvin for this week's market and economic wrap, titled: "Markets ignore Trump and Musk feud while Rand continues to rally." In this episode, Trevor discusses the European Central Bank's interest rate cut, US President Donald Trump's call for a significant interest rate cut, the ongoing US-China trade discussions, and the heated feud between Elon Musk and Donald Trump. He also provides insights into key market movements, bond and commodity market updates, and the Rand's performance. Don't miss out on this comprehensive analysis of the latest market trends and economic developments. LinkedIn · YouTube

Welcome to this week's Titan International market review for the week ending 8th June 2025. Global equities posted modest gains last week, led by a strong performance in US markets, which rallied to their highest levels in three months. In the US, non-farm payrolls rose by 139,000 in May, with April's figure revised down to 147,000. Corporate earnings continued to provide a tailwind. In Europe, the European Central Bank cut its deposit rate by 25 basis points to 2%, its lowest level since 2022. Equity markets responded positively to the macro economic developments. Elsewhere, oil markets rallied despite higher expected output. That's all for this week's Titan International Weekly Podcast. Thank you for listening and for further investment insights head over to titanwealthinternational.com. 

On today's show we are looking at the economy and trying to figure out if the global economy is growing or shrinking, and by extension how the economy will be affected in North America.Thursday this week the ECB announced  another 0.25% rate cut while at the same time signalling that they are nearing the end of their rate cutting. --------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

US President Donald Trump and China's leader Xi Jinping agreed to launch a new round of high-level trade talks, the European Central Bank cut interest rates by a quarter point and Europe is being flooded with steel diverted from the US because of high tariffs. Plus, the FT's Aanu Adeoye explains how a Russia-backed junta leader in Burkina Faso became an icon across Africa. Mentioned in this podcast:Donald Trump and Xi Jinping agree to launch new round of trade talksChristine Lagarde signals ECB rate-cutting ‘nearly concluded'‘The cult of Saint Traoré': how a Russia-backed junta leader became an iconEU hit by surge in steel imports as US tariffs divert shipmentsToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Henry Larson, Fiona Symon, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello and David da Silva. Our intern is Michaela Seah. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

THIS IS NOT INVESTMENT ADVICE. INVESTING IS RISKY AND OFTEN PAINFUL. DO YOUR OWN RESEARCH.This week, we learned a few things.First, we learned the big round of central bank easing is probably over. For assets in general (stocks and bonds) to go up, the total amount of printing (easing) needs to increase. While the Fed wasn't easing, most other central banks were. This week, the Bank of Canada and the European Central Bank said they don't see the need to ease further (though the ECB cut rates). There is no pressure on the Bank of Japan to ease. Moreover, a report today on US unemployment was fine, which means there is no urgency for the Fed to cut rates. We went from central bank easing (COVID), to tightening (2022), to easing (2024–now), to today's no expected easing. There had been a broad belief that erratic White House policy would deal a blow to the US and global economy, forcing the Fed to ease. So far, policy seems to have dealt a significant blow to all of our attention spans but not the economy. This is miraculous, but the data suggests it is true. There is a lot of second-tier data showing slowing hiring, but not enough to move the Fed, which means we must now wait for another month. Perhaps the deportations are shrinking the available pool of labor and keeping unemployment down?Second, we learned a fiscal bill is almost certain to be passed soon in the US, with the deficit clocking in at somewhere between 6% and 7%. The only entity that can borrow at scale at these interest rates is the US government. To increase private sector borrowing, interest rates must come down. To get interest rates down, government borrowing must decrease, and that doesn't look like it will happen. This bill is going to be passed despite many thoughtful people saying the same thing Musk is, which is that the deficit is too big. The conversation I share here with Pennsylvania Senator David McCormick (and my former boss) sheds light not only on his new book, Who Believed in You? (co-written with his wife, Dina), but also on what the budget debate looks like from the perspective of a US Senator. As he makes clear, President Trump believes he has a clear mandate to cut taxes, so cut taxes he will. This package, combined with the healthy jobs data, suggests that interest rates could move higher. At some point, this hurts the stock market because why take a flier on AI stocks when a 30-year bond pays you 5.5%? And as we figure this out, listen to Dave and Dina's advice and both seek out great mentors and try to provide the same for others. Third, we learned that trade uncertainty is going to last a long time. Remember that US trade partners were supposed to submit their offers on Wednesday? Nothing doing. Many other deadlines have come and gone. The US has less leverage than it appears. The global trading system is complex and has evolved over decades. So, the US can get justifiably upset about fentanyl, but then China finds a lever to hurt the US (rare earths), and the conflict goes slow. Xi made ample time to meet with Belarus's Lukashenko last week and scarce time to talk to Trump. Why rush? China, like Russia, believes it is winning. This trade uncertainty is one more reason why the Fed will do nothing unless unemployment rises sharply. The tariffs are high, well over 10%, so at some point, this should whack spending, as should higher interest rates.Fourth, we learned that billions of dollars in conventional military spending are not effective against drones. If Ukraine can take out Russia's bombers with drones, then the same can happen to any other major power. This means in a dangerous world, where conflict in Asia can erupt at any moment, the fundamental techniques of modern warfare are in flux and it is less clear who has the upper hand.Where does this leave me?The AI boom is real and ongoing.The Fed (and other central banks) are on hold until unemployment goes up, which means bond yields will probably go to the upper end of their range.Institutional investors are wary of a pro-risk stance (long stocks, short bonds) because of what happened in April (stocks down 20%) and the ongoing haze of tariffs. This probably makes it more likely for stocks to crawl higher. The value of assets that have little to do with the above, like stable cash flow stocks or idiosyncratic bonds, is high, as are assets that can hedge geopolitical conflict. NOTE TO READERS: I'm at a conference next week, so unlikely I'll have time to post. This document is strictly confidential and is intended for authorized recipients of “A Letter from Paul” (the “Letter”) only. It includes personal opinions that are current as of the date of this Letter and does not represent the official positions of Kate Capital LLC (“Kate Capital”). This letter is presented for discussion purposes only and is not intended as investment advice, an offer, or solicitation with respect to the purchase or sale of any security. Any unauthorized copying, disclosure, or distribution of the material in this presentation is strictly forbidden without the express written consent of Paul Podolsky or Kate Capital LLC.If an investment idea is discussed in the Letter, there is no guarantee that the investment objective will be achieved. Past performance is not indicative of future results, which may vary. Actual results may differ materially from those expressed or implied. Unless otherwise noted, the valuation of the specific investment opportunity contained within this presentation is based upon information and data available as of the date these materials were prepared.An investment with Kate Capital is speculative and involves significant risks, including the potential loss of all or a substantial portion of invested capital, the potential use of leverage, and the lack of liquidity of an investment. Recipients should not assume that securities or any companies identified in this presentation, or otherwise related to the information in this presentation, are, have been or will be, investments held by accounts managed by Kate Capital or that investments in any such securities have been or will be profitable. Please refer to the Private Placement Memorandum, and Kate Capital's Form ADV, available at www.advisorinfo.sec.gov, for important information about an investment with Kate Capital.Any companies identified herein in which Kate Capital is invested do not represent all of the investments made or recommended for any account managed by Kate Capital. Certain information presented herein has been supplied by third parties, including management or agents of the underlying portfolio company. While Kate Capital believes such information to be accurate, it has relied upon such third parties to provide accurate information and has not independently verified such information.The graphs, charts, and other visual aids are provided for informational purposes only. None of these graphs, charts, or visual aids can of themselves be used to make investment decisions. No representation is made that these will assist any person in making investment decisions and no graph, chart or other visual aid can capture all factors and variables required in making such decisions. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit paulpodolsky.substack.com

The European Central Bank has announced a cut in interest rates to its lowest point in two years.

US equities closed lower after choppy trading on Thursday, although they ended off worst levels. This followed three straight daily gains for the S&P 500, and major indices remain on track for modest weekly gains. Yesterday, big tech was mixed but Tesla notably lagged as Musk and Trump's public war of words escalated. Meanwhile, the European Central Bank cut rates as expected, but surprised markets with a more hawkish tone, casting doubt on the likelihood of another rate cut in July. Tim Gagie, Head of FX/PM Private Banking in Geneva, discusses what this means for the euro and how to position for today's US payrolls.(00:00) - Introduction by Helen Freer (Investment Writing) (00:25) - Markets wrap-up by Jan Bopp (Investment Writing) (05:34) - FX and metals markets by Tim Gagie (Head of FX/PM PB Geneva) (10:02) - Closing remarks by Helen Freer (Investment Writing) Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

In a widely anticipated move, the European Central Bank cut interest rates by 25 basis points to 2% on Thursday, but also suggested that it’s closing to the endpoint for an easing cycle. How should investors be reading the latest decision and is that too early of a call amid the tariff trade war? Find out with Dan Koh as he is joined by Abhilash Narayan, Investment Strategist, HSBC Global Private Banking and Premier Wealth to discuss all you need to know about the latest ECB meeting. They also find out the possible implications of Trump’s steel tariff hike and the sectors that could benefit greatly from a rate cut by the Reserve Bank of India.See omnystudio.com/listener for privacy information.

This week Joann Spadigam, Paul Robson and Stuart Sparks discuss the recent European Central Bank meeting, interest rate projections, and the implications of quantitative tightening in the UK. They also analyse the current economic landscape in the US, highlighting the challenges for the budget deficit in the months and years ahead. Remember to hit like and subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events moving markets and shaping the economy.This episode was recorded on 5 June 2025.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html

Plus: The U.S. deficit collapsed in April. The European Central Bank reduces its key interest rate. Circle makes its stock market debut. And Procter & Gamble plans to cut 7,000 jobs. Alex Ossola hosts.  Sign up for the WSJ's free What's News newsletter.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Send us a textToday on Market Outsiders, Namaan and Jenny Rae unpack Kimberly-Clark's surprising move to sell its international tissue business - and what it signals about strategy, cash flow, and global growth.Plus, a rare rate cut from the European Central Bank raises deeper questions about inflation, energy, and the future of innovation in Europe.Join Market Outsiders live every weekday at 9:15AM ET on LinkedIn and YouTube - and now, episodes are also available on Strategy Simplified every Monday, Tuesday, and Thursday.Want the full daily experience? Follow the new Market Outsiders podcast to get every episode, Monday through Friday.Follow Management Consulted on LinkedIn and subscribe on YouTubeConnect with Namaan and Jenny Rae on LinkedInJoin Management Consulted for the NYC Case Camp from June 27-29Intensive, hands-on experience that will give you skills, confidence, and insider insights to break into consultingSeats are limited; confirm your spot

RTÉ Economics editor David Murphy discusses the announcement of how the European Central Bank has cut interest rates by a quarter of a percentage point.

The MSCI All-Country World Index is back at a new all-time high. The German government announcement of a EUR 46 billion tax relief package boosted European investor confidence, propelling the German DAX to a new high. US private-sector labour market data revealed weak job growth, triggering a sharp decline in US Treasury yields. In Asian markets, China's services sector showed signs of growth, while Japan's economy was affected by declining inflation-adjusted earnings for the fourth consecutive month. Today, attention turns to the European Central Bank. Norbert Rücker, Head of Economics & Next Generation Research, talks about the tectonic shifts in the oil and gas markets and Nicolas Jordan, CIO Office, discusses what the US equity market recovery and the USD weakness mean for investors.(00:00) - Introduction: Helen Freer, Investment Writing (00:30) - Markets wrap-up: Mike Rauber, Investment Writing (05:39) - Oil update: Norbert Rücker, Head of Economics & Next Generation Research (10:14) - Update from the CIO Office: Nicolas Jordan, CIO Strategy & Investment Analysis (14:28) - Closing remarks: Helen Freer, Investment Writing Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

US stocks ended lower despite a wave of early optimism, sparked by news that U.S. President Donald Trump and China’s Xi Jinping have agreed to resume trade talks. In corporate news, Brown-Forman — the maker of Jack Daniel’s — suffered its steepest share price drop since 2008 following weaker-than-expected earnings. Meanwhile, consumer goods giant Procter & Gamble announced plans to cut 7,000 jobs as part of a restructuring effort. Across the Atlantic, the European Central Bank cut interest rates once again but signaled a possible pause in future easing. Oil prices climbed on renewed hopes surrounding U.S.-China trade negotiations. Back home, Australian shares are set to finish the week in the red ahead of the long weekend. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.See omnystudio.com/listener for privacy information.

The European Central Bank cuts but signals the cycle is near an end. US markets were buoyed by a trade call between Presidents Trump and Xi - all eyes are now on payrolls data to gauge the Fed's next move. Australian households remained cautious in April. New Zealand's construction sector may have found a floor. In our deep dive interview, ANZ Economist Vicky Xiao Zhou explains how ANZ Research developed a model to provide a more timely estimate of China's export performance. Before accessing this podcast, please read the disclaimer at https://www.anz.com/institutional/five-in-five-podcast/

Dutch Prime Minister Dick Schoof resigned after far-right leader Geert Wilders walked out of his coalition government, Mexico's new supreme court is set to solely contain judges nominated by the ruling coalition, and Eurozone inflation fell below the European Central Bank's 2 per cent target. Plus, the FT's Akila Quinio explains how the Royal Bank of Scotland was nationalised in the wake of the 2008 financial crisis and then reborn. Mentioned in this podcast:Far-right Dutch leader Geert Wilders quits governmentTiny slice of Mexicans elect supreme court closely tied to ruling partyEurozone inflation falls below target to 1.9%The RBS story: how the world's biggest bank was nationalised and then rebornSouth Korean leftwinger Lee Jae-myung wins presidential electionToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Fiona Symon, Mischa Frankl-Duval, and Marc Filippino. Additional help from Blake Maples, Michael Lello, and Gavin Kallmann. Our intern is Michaela Seah. Topher Forhecz is the FT's acting co-head of audio. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

While U.S. markets appear to shake off tariff headlines the longer they last, Charles Schwab's Michelle Gibley says the impact continues on the inflation front. She weighs global pricing pressure and its correlation with the U.S. Dollar. Sticking with the global front, Michelle talks about what led Canada to hold interest rates as the European Central Bank makes its decision Thursday.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

In this week's episode Joseph Capurso and Kristina Clifton discuss the likely drivers of currencies this week including tariffs, US economic data and the European Central Bank and Bank of Canada interest rate announcements.    Disclaimer:    Important Information   This podcast is approved and distributed by Global Economic & Markets Research (“GEMR”), a business division of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (“the Bank”).  Before listening to this podcast, you are advised to read the full GEMR disclaimers, which can be found at www.commbankresearch.com.au.   No Reliance  This podcast is not investment research and nor does it purport to make any recommendations. Rather, this podcast is for informational purposes only and is not to be relied upon for any investment purposes.  This podcast does not take into account your objectives, financial situation or needs. It is not to be construed as a solicitation or an offer to buy or sell any securities or other financial products, or as a recommendation, and/or investment advice. You should not act on the information in this podcast.   The Bank believes that the information in this podcast is correct and any opinions, conclusions or recommendations made are reasonably held at the time given, and are based on the information available at the time of its compilation. No representation or warranty, either expressed or implied, is made or provided as to accuracy, reliability or completeness of any statement made.  Liability Disclaimer  The Bank does not accept any liability for any loss or damage arising out of any error or omission in or from the information provided or arising out of the use of all or part of the podcast.    

May 31, 2025 Hello and Happy Day! This is Dr. MaryAnn Diorio, Novelist and Life Coach, welcoming you to another episode of Winning with the Word. Today is Saturday, May 31, 2025, and this is episode #6 in Series 2025. This episode is titled, “It's All about Control!"What's all about control? The events we see going on in the world today.Our world is fast moving toward the rise of the AntiChrist and his global dictatorship. Everything is being set up for the establishment of the Beast system and, sad to say, most of the world is clueless.What about you? Are you clueless, too? If so, listen to this podcast to the very end so that you can be prepared for what lies ahead in the very near future. You've very likely heard of the accelerated move toward the digitalization of our world, including the financial, medical, and social segments of society. Digital currency is making major head-roads in Europe, with the soon establishment of the digital Euro by 2026, if not before. The European Central Bank has stated that it "hopes to have a political deal on the digital Euro by early 2026." I've posted the article containing this quote under "Sources Cited" in the show notes.In another article, posted by Accenture and titled "The Digital Euro: A strategic step toward Europe's monetary sovereignty?," the author explains that "cash is rapidly losing ground" and being replaced by a digital system that will purportedly make monetary transactions safer and more convenient.Pay attention to the words "safer" and "more convenient." You will be hearing and seeing those words more and more as the world becomes completely digitalized. Under the guise of safety and convenience, the New World Order is setting up a system of control over the entire world population. Eventually, as they proclaim, "You will have nothing and be happy."Why will you have nothing?Because your freedom is being gradually stolen from you, under your very nose. And you are very likely unaware that it's happening. What looks like a "safer and more convenient" way of living is actually leading to tyranny. Lest you think I am being far-fetched and alarmist, consider this:__Surveillance cameras are everywhere, watching our every move. One writer noted that the United States has more surveillance cameras per person than any other country in the world. (https://theconversation.com/surveillance-is-pervasive-yes-you-are-being-watched-even-if-no-one-is-looking-for-you-187139)__More and more countries are requiring more and more identification processes—like iris scanning, facial scanning, palm scanning, and on and on—in order to travel, purchase, and do things we used to do without such scanning.__When you're online, websites use ad-trackers and third-party cookies to gather information about you. These ad-trackers and third-party cookies are stored in your browser and follow you around from site to site, enabling advertisers to follow you around as well.__These days, surveillance is the name of the game in healthcare as well. A recent article, titled "AI may be listening in on your doctor's appointment," raises a red flag on another aspect of stolen freedom. (https://endtimeheadlines.org/2025/05/ai-may-be-listening-in-on-your-doctors-appointment/)__If you wear a device to monitor your health, such as a FitBit or SmartWatch, you are being surveilled. It has been noted that there is an eerie resemblance between a FitBit and the ankle bracelets people wear when being monitored by a court of law. The analogy reminds me of the heavy chain prisoners used to have to wear around their ankles.__Perhaps the biggest tracking culprit of all is your cell phone. GPS gives your location to maps and weather apps. WiFi and Bluetooth can pinpoint your phone's location. Do you use gaming apps? Then your information is being tracked. Do you own a late-model car? Then very likely your car employs telematics, such as OnStar or Bluelink to track your location.

The Slovak central bank governor, Peter Kažimír and member of the European Central Bank's Governing Council, you know the body that decides monetary policy for 20 eurozone countries, has just been convicted of bribery. Yes, he has been convicted and fined €200,000 and with a warning that if he doesn't pay, he's looking at a year behind bars. But how did we get here and what does this mean for the ECB?Join us on our journey through the events that shape the European continent and the European Union.Production: By Europod, in co production with Sphera Network.Follow us on:LinkedInInstagram Hosted on Acast. See acast.com/privacy for more information.

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Central banks stockpile bullion as Western investors risk being caught off guard. The European Central Bank just issued a stark warning about a potential gold bullion short squeeze—confirming what seasoned investors have suspected for years. Central banks are piling into gold while Western investors remain dangerously underexposed. With gold prices surging and paper markets showing cracks, the window for acquiring physical bullion at suppressed prices may be closing fast.   ECB Acknowledges Gold Market Distortion: The European Central Bank (ECB) has formally recognized the mounting risk of a global gold bullion short squeeze, citing decades of systemic price suppression via leveraged derivatives. This marks a pivotal shift in official sentiment.   Gold Bullion Demand Surges Globally: Central banks, particularly in emerging markets, are aggressively increasing gold reserves. Poland recently surpassed 509 metric tons, positioning gold as over 20% of its national reserves—a benchmark now echoed by institutions like Goldman Sachs.   Western Bullion Reserves Alarmingly Low: While emerging economies ramp up bullion exposure, Western investors remain dangerously underexposed. UBS data reveals family offices hold a mere 2% allocation to precious metals, leaving portfolios vulnerable in a currency devaluation scenario.  

We live in an increasingly uncertain world. But what are the economic and financial implications of such turbulent times? What does it mean for Europe's banking and non-bank sectors, companies, households, and government finances? And how can Europe navigate such volatility? Our host Paul Gordon discusses these questions and more with expert John Fell in the latest episode of The ECB Podcast. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 22 May 2025 and recorded on 16 May 2025. In this episode: 01:50 Geopolitical developments and global financial imbalances How did markets react to the high level of uncertainty? 05:10 Safe havens What are safe havens? What happened to US government bonds? 09:08 Europe's reaction Can Europe afford the increased spending in security and defense? What happens to other structural challenges? 13:18 Potential unexpected consequences What positive benefits can defence spending bring? Can it boost growth? What are the solutions to instabilities that might bring? 16:33 Our guest's hot tip John shares his hot tip with our listeners. Further readings: Financial Stability Review, May 2025 https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html Our guest's hot tip: When Genius Failed: The Rise and Fall of Long-Term Capital Management by Roger Lowenstein https://www.amazon.de/-/en/When-Genius-Failed-Long-Term-Management/dp/0375758259 European Central Bank www.ecb.europa.eu

Our analysts Seth Carpenter and Serena Tang discuss why they believe the global economy is set to slow meaningfully in the second half of 2025.Read more insights from Morgan Stanley.----- Transcript -----Serena: Welcome to Thoughts on the Market. I'm Serena Tang, Morgan Stanley's, Chief Global Cross-Asset Strategist.Seth: And I'm Seth Carpenter, Morgan Stanley's Global Chief Economist.Serena: Today we'll discuss Morgan Stanley's midyear outlook for the global economy and markets.It's Wednesday, May 21st at 10am in New York.Seth, you published a year ahead outlook last November. Since President Trump took office back in January, there's been pretty significant policy and economic uncertainty and quite a few surprises. With this in mind, what is your current outlook for the global economy for the second half of this year and into 2026.Seth: So, we titled the outlook Skewed to the Downside because we really do think the U.S. economy, the global economy, is set to slow meaningfully from where we were coming into this year. Let's start with the U.S.As you said, policy changes came in a lot this year since the new administration took over. I would say the two key ones from a macro perspective so far have been trade policy and immigration policy.Tariffs have gone up, tariffs have gone down, tariffs have been suspended. Right now, what we think is going to ultimately take place is that we will see persistent, notable tariffs on China, lower tariffs on the rest of the world, and then we'll have to see how things evolve. What does that mean? Well, it means for the U.S. higher inflation and lower growth. In addition, immigration reform means that growth is going to slow because the growth rate of the labor force is going to slow.Now around the rest of the world, the tariff shock matters as well. When the U.S. puts in tariffs on its imports from other countries, that's negative demand for those other countries. So, we're looking for pretty weak growth in the euro area. Now, I will note, lots of people were excited about possible expansionary fiscal policy in Germany, and we think that's still there. We just don't think it's enough to give the euro area robust growth.In Asia, China's a main driver of the economy. China is a big recipient of these tariffs. We think the deflation cycle that we expected in China keeps going on. This reduction in demand from the U.S. is not going to help, but there'll probably be a little bit at the margin offsetting fiscal policy.So, what does that mean put together? Lackluster growth in China. Call it 4 percent slow growth for yet another year. Overall, the global economy should step down. Will it be a recession? That's one of the key questions that we hear from clients, but we don't think so. Not quite. Just a meaningful step downSerena: Interesting. Any particular regions that seem to be bright spots or surprises -- or perhaps have seen the biggest shift in your outlook?Seth: I guess I'd flag two potential bright spots around the world. The first is India. India has been, for us, a favorite. It will have the highest growth rate of any economy that we have in our coverage area. And because it's such a big economy, that's part of why the global economy can't lose that much steam. India has lots going for it. There are cyclical factors boosting growth in the near term. But there are also longer-term structural policy driven reasons to think that Indian growth will stay solid for the foreseeable future.I guess I'd also throw in Japan. Now its growth rate isn't going to be anywhere near the kind of growth in number terms that we're going to see from India. But this has to be taken in the context of 25 years of essentially zero growth of nominal GDP. The reflationary cycle that we think started a couple years ago remains intact, even with the tariff shock. And so, we're pretty optimistic still that Japanese reflation will continue.Serena: And to what extent are U.S. tariffs contributing to global inflationary pressures? I mean, how do you expect the Fed and other central banks to respond?Seth: The tariffs are imposed by the United States on most of the imports coming into the country, whereas other countries, maybe they have some retaliatory tariffs just against the U.S., but definitely not as broad as the U.S. That means for the U.S. tariffs are going to drive up inflation domestically and drive down growth, whereas for the rest of the world, it's mostly just a negative demand shock. So, they will be disinflationary for the rest of the world and pushing down growth.What does that mean for central banks? Well, outside of the U.S., central banks are going to see this as slowing aggregate demand, and so it's pretty clear what it is that they want to do. If they were hiking, they can stop hiking. If they were going to hold steady, they can lower rates a little bit. And if they were already lowering interest rates like the European Central Bank, well they can probably keep going with that without having to worry. And that's why we think the ECB is going to lower its policy rate to probably 1.5 percent and maybe even lower, which is below where the market is expecting things.Now for the Fed, things are much more tricky. The Fed cares about inflation, the Fed cares about U.S. growth, and both of those variables are going in the opposite direction of what they want over the rest of this forecast. Right now, inflation's too high for the Fed, and history shows that inflation goes up first with tariffs before the growth rate hits. So, the Fed's probably going to wait until the hard data show a bigger slowdown in the economy, a worsening. And the labor market. That is a bigger concern for them than the already too high inflation that is set to rise further over the rest of the year.Serena: And in your view, how does trade policy uncertainty influence business investment, particularly in export-oriented industries or in economies tightly linked to U.S. demand?Seth: Yeah. I think it has to be negative and therein lies one of the biggest challenges is just how negative. And I can't say for sure. But what we do know is that an uncertainty tends to be very negative for business investment spending decisions. If you're trying to make a decision, should I build a new factory?This is something that's going to have a long life to it, and you're going to get benefits hopefully for several years. How big are those benefits relative to the cost? Well, right now it's not at all clear, and so there's an option value to waiting.And we think that uncertainty is depressing investment decisions right now. I think it has to affect export-oriented industries. There's a lot of questions about what sort of retaliatory tariffs, other countries might impose.But it also affects domestic driven businesses because, well, they're going to have to see what their demand is. And some of the ones that are just focused on the U.S. economy are selling imported goods. So, it affects businesses across the board. Serena: Right. And how do U.S. tariff hikes spill over into emerging markets, and how might these countries buffer against these shocks?Seth: Yeah, I think there's a range of outcomes and the range is as wide as there are different countries. If you stay close to home. Take Mexico. Mexico is a big trading partner with the U.S. and early on in this whole tariff discussion, they were actually the targets of lots of tariff threats. That could have hurt them directly because there'd be less demand for their exports to the United States.Now we've got some resolution. We have the trade agreement with Canada and Mexico, and most of Mexico's exports to the U.S. are exempt under those conditions. However, the indirect effect is important as well. Mexico is very attached to the U.S. economy, and so as the U.S. economy slows because of these tariffs, the Mexican economy will slow as well.But there's also an indirect effect through currency markets, and I think this is a channel that's more broadly applicable across EM. If the Fed is going to be on hold, like we think holding interest rates higher for longer than the market might currently think, that means that EM central banks who might want to lower their policy rate to support their economy are going to be caught in a bit of a bind.They can't afford to take the risks that their currency will misbehave if they ease too much too far ahead of the Fed. And so, I think there is a little bit of a constraint for EM central banks, thinking about how much can I attend to domestic matters and how much do I have to pay attention to external matters?Serena: Now, I know forecasting economic growth is difficult in even the best of times, and this has been a period of exceptional volatility. How are you and your economic colleagues factoring all of this uncertainty?Seth: It's a great question and luminary minds like Neils Bohr, the Nobel Laureate in physics, and Yogi Berra, everyone's favorite prophet, have both said, ‘Forecasting is hard, especially about the future.' And this time, as you note, is even more so. So, what can we do? We try to come up with as many different scenarios as we can. We ask ourselves not just what's the most likely outcome, because there's uncertainty. The policy changes could come fast and furious. We also try to ask ourselves, if tariffs were to go back up from where they are now, how would that outcome turn out. If tariffs were to go away entirely, how would that turn out?You have to start thinking more and more, I think, in terms of scenarios.Serena:  And does this, in your view, change how much or how little investors should focus on the macro economy?Seth: Well, I think it means that investors have to focus every bit as much on the macro economy as they have in the past. I think it's undeniable that if we're right – and the U.S. economy slows down materially, and the global economy slows down with it – longer-term interest rates are probably going to come down along the lines of what our colleagues in interest rate strategy think. That makes a lot of sense to me. I think the trickier part though is knowing where the macro economy is going.We've got our forecast, but we are ready to make a revision if the facts change. And I think that's the trickier part for investors. The macro economy still matters but having a lot of conviction about where it's going, and as a result, what it means for asset prices? Well, that's the trickier part.Serena, you've been asking me lots of questions and they've been great questions, but I'm going to turn the table. I'm going to start asking questions right back to you.But we probably have to save that for another episode. So, let's pause it there.Serena: That sounds great Seth.Seth: And to the people listening, I want to say thanks for listening. And if you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or a colleague today.

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He launched the first open ended Bitcoin fund in the world, and now, Yves Choueifaty isn't holding back. In this episode of Blockchain Byliens, the TOBAM CEO breaks down why Bitcoin is “the simplest asset in the world,” why he thinks Ethereum will go to 0, and what most people misunderstand about BTC.From the history of the European Central Bank to nation states acquiring Bitcoin and the future of regulation in Europe, Yves brings the sharp perspective of a traditional asset manager and early crypto pioneer.Whether you're a Bitcoin maxi or just starting to question the financial system, this one will make you think twice.

What if a single mistake by the European Central Bank could send Europe into a recession? Ricardo Reis, one of the most awarded Portuguese economists of his generation, dismantles the myths around inflation and shows why keeping it under control is a delicate art - with inevitable costs.In this episode of It's Not That Simple, the professor of Economics at the London School of Economics, dismantles the idea that this variable can be easily controlled - especially when political decisions, public expectations, and global shocks intersect.In this conversation, Ricardo Reis reminds that the pandemic and the war in Ukraine were two major tests for monetary policy. In 2020, central banks feared deflation and lowered interest rates. In 2021, people spent more than expected - and inflation surged. When the second shock hit - the war - expectations were already unanchored. «It was this accumulated error that made 2022 inflation more persistent».The response - raising rates - worked. «Inflation fell without unemployment rising, but it would have dropped faster if there had been a recession». That's the dilemma that Reis knows well, because he is also an academic consultant to the Bank of England, the Riksbank and the Federal Reserve Bank of Richmond.And now? The worst is behind us, but expectations have changed. The trust  in the ECB is no longer what it once was.Beyond that, the tariffs imposed by the US on imported goods are the next test, according to the professor. «They'll generate domestic inflation and a recession», but the risk is global, as they trigger trade wars and could force Europe to retaliate. Could the result be a recession in Europe, as well?

In this episode, Gurps Kharaud, head of Equities Digital Markets and Vida Portfolio Solutions, chats with Olivier Cajfinger, head of Investment-Grade Credit, Public Finance, Short-Term Credit, and Alternative Sales, and Peter Grant, co-head of Credit Systematic Trading. They delve into the evolution of credit portfolio trading, examining the impact of recent market volatility on trading volumes, the strategic role of portfolio trading as a liquidity tool, and how J.P. Morgan is differentiating itself through innovative risk management and systematic trading approaches. The discussion also highlights the increasing importance of technology investments in adapting to changing client needs, as well as the trends shaping the future of credit portfolio trading.   This episode was recorded on April 23, 2025. © 2025 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank N.A. (member of FDIC), J.P. Morgan Securities LLC (member of FINRA, NYSE and SIPC), J.P. Morgan Securities plc (authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA) and J.P. Morgan SE (authorised by the BaFin and regulated by the BaFin, the German Central Bank and the European Central Bank) are principal subsidiaries of JPMorgan Chase & Co. The products and/or services mentioned herein may not be suitable for your particular circumstances and may not be available in all jurisdictions or to all clients. Important disclosures at: www.jpmorgan.com/disclosures.

In the week to date, the major themes remain around tariffs, policy and uncertainty, and what central banks will make of it all. Weaker growth but higher inflation could leave central banks in a tricky spot. In the week ahead, our focus in the US will be on April retail sales and CPI, and the latest tariff developments. In Europe, we recap the central bank meetings over the past week and look ahead to UK labour market and GDP data. Then we turn to Japan to consider Q1 growth, as well as tariff and trade negotiations. Chapters: US (01:47), Europe (09:54), Japan (13:19), Asia (16:12).

Collin Martin and Jeffrey Kleintop provide the Big Picture takeaways from today's Fed decision to keep rates unchanged. Collin says right now the Fed is in "wait-and-see mode" and believes the U.S. central bank may cut twice in 2025, with the first cut more likely in September. Overseas, Jeffrey is looking for expected cuts from the Bank of England and European Central Bank.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Keith discusses strategies for building wealth in real estate, emphasizing efficient property operations and leveraging. He suggests setting tenant occupancy limits, sub-metering utilities, and increasing rentable space. He explains the leverage ratio, which measures the relationship between debt and equity, and advises maintaining a high ratio for better returns.  Hear his take on the Florida's real estate market, including falling property values, oversupply, and rising insurance premiums. Despite these issues, Keith remains optimistic about Florida's long-term potential due to its population growth and low taxes. Free Resources: Connect with a free GRE Investment Coach at GREinvestmentcoach.com Show Notes: GetRichEducation.com/551 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Automatically Transcribed With Otter.ai    Keith Weinhold  0:00   Welcome to GRE I'm your host. Keith Weinhold, today, the two things you've got to focus on if you're ever going to build wealth as a real estate investor, why Trump wants to fire Fed Chair Jerome Powell, then, is Florida real estate doomed with falling property values, a housing oversupply, spiking insurance premiums and slowing population growth. It's episode 551, of get rich education.    Since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being the flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors, who delivers a new show every week since 2014 there's been millions of listener downloads of 188 world nations. He has a list show guests and key top selling personal finance author Robert Kiyosaki, get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast or visit get rich education.com   Speaker 1  1:16   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  1:32   Welcome to GRE from Manhattan, Kansas to the finance capital of Manhattan in New York City, and across 188 nations worldwide, you are back inside get rich Education. I'm your host, and my name is Keith Weinhold. I think you know that by now, because we deliver weekly shows more steadily and predictably than a new tariff policy. I've got more on tariffs in a funny clip on Trump wanting to fire Jerome Powell in stories on that level soon. But first, you know one thing that I've made you mindful of lately is that a successful real estate investor needs to pay attention to two big things if you want to build wealth First, keep your property operations efficient. This is your cash flow function. And second look at your net worth statement, and be mindful that you are leveraging as many dollars as you responsibly can. Let me break down both of these for you so that you can see what I really mean here the first one, keeping your property operations efficient. That means that right up front, with a new tenant in the application, find out how many tenants are going to live there, and firmly let them know that they cannot exceed this or that they're in violation of the lease. Can you get 20% more rent, or even 50% more rent by furnishing your unit and marketing it not as a long term rental, but as a midterm rental, and targets, say health professionals that are traveling if you're in a hot rental market. Can you simply keep the rent the same, but have new incoming tenants pay a utility bill for you that you had previously been paying by sub metering your utilities. Other examples of taking the rental property you already have and making it more efficient, you know, there are more classic items, like increasing your rentable space, renting out separate on site, storage space, adding a carport, charging pet rent or just boosting the curb appeal. Can you build an adu on your property? How about appealing your property taxes or automating your rent collection. Why don't you take a look at your insurance policies? You know, a lot of them have $1,000 deductibles. Well, if you're an economically resilient investor, consider raising your deductibles to 5k that way you lower your insurance premium and increase your cash flow that way. I mean really, putting in insurance claims can be somewhat of a pain anyway. Okay, well, right. There were maybe, I don't know, 10 or 15 quick ideas for streamlining your property's operations and increasing your cash flow. Now, don't try to do every one of them, but if there's at least one or two that you can think of as low hanging fruit to go ahead and harvest with the nature of what you've got going in your portfolio. And you know, ideas like I just shared there, you can hear about that on some other real estate investing platforms. But you know what the bigger gain. Is that you can actually make they take less work and fewer people talk about these things all right, and that's the second thing I'm talking about. Yes, it is typically more profitable for you and less work for you. If, instead of all those things, you increase your leverage ratio. Now, doing this does not help your cash flow, it helps your net worth. And net worth is something that you can later convert to cash flow. And this second one increasing your leverage that's a strategy that you just don't hear about on very many real estate investing platforms. So I haven't discussed leverage ratio in a long time. So let's talk about what it is, how you can improve yours, and then what it does for building your wealth. Okay, it's the relationship between your debt and your equity, and here's how to determine yours, and then I'll tell you how you're performing. Once you've determined yours, you might even be able to do it roughly in your head. All you do is take the total value of all the real estate that you own and divide it by your loan balances. That's it. Say you own a million dollars worth of real estate and you've got 500k of total debt on all that real estate. Well, it's really simple. Just divide your value a million bucks, buy your debt, 500k and your leverage ratio is two to one. Let's just call that two. If you're looking to build wealth, that number of two is kind of low. It should be higher. It means that you've got 50% equity in your property. Now say that instead, on the day that you bought that million dollars in real estate, you only made a 200k down payment. That's awesome. A million bucks divided by 200k your leverage ratio is five. All right. Well, what are these numbers really mean? Like this two and this five? All right, it's important because it is what you use to multiply your real estate's rate of appreciation by in order to find your rate of return. So just say that your real estate appreciates 4% this year. If your leverage ratio is just two, that's only an 8% return on your skin in the game. But if you've got more debt and your leverage ratio is five, then a 4% return means you've got a 20% return on your skin in the game. Do that keep your leverage ratio high? Now, what if your leverage ratio falls all the way down to a one. What does that mean? Oh, dear, you're not really doing much to build wealth because all of your properties are paid off. You don't have any mortgages on them. So if you're down to a one, all you've got working for you, from an appreciation standpoint, is compound interest. That's the point at which you've fallen from a compound leverage instrument down to a compound interest instrument. And as we know here at GRE which is counter to the mainstream world. And yeah, the mainstream world is where you have to work all of your life at a job you hate. And that's what you'll do if all you have is unlevered compound interest, all right, and if all you have is unlevered compound interest, well, don't book your Blue Origin flight quite yet. You're not going to go on one you can count on sitting behind a desk for decades instead.   All right. Well, how do you determine your leverage ratio? Again, it's your total real estate value divided by your equity. All right. Now, how do you keep your number high? By making new purchases with 20 to 25% down payments, and by not making new purchases is another way, and instead performing cash out refinances or doing both, you know another way to increase your leverage ratio, and you might not have thought about this, it's when real estate values fall. Now, that's surely not a desirable way to do it, and it doesn't happen often, but when real estate values fall, that drops both your real estate's value and your equity value by the same amount. And interestingly, with some of the ways that I described that you can add value to a property earlier, like a carport, that makes your cash flow better, but it does make your leverage ratio worse at the same time, a way to decrease your leverage ratio fast and lower your wealth building potential fast is to make an extra principal payment of a few 1000 bucks. I mean that one act alone might drop it from, say, a 3.14 to a three point. One Two over night. But look, I don't know what real estate markets you're invested in, and if you tell me what your number is, I'm gonna know how much your future wealth building power is, because you're keeping dollars not merely compounding, but leveraged. And if your number falls below about two and a half, which means 40% equity, that's typically when I begin looking to refinance or sell an equity heavy property, to do a 1031 into a bigger one. So two and a half, that's the number where you often want to take action. And really this is all just a fresh way of approaching an enduring mantra here at GRE Oh yeah, financially free beats debt free, and this sure can make you a mutineer among the masses. And I've been talking about these mutineers sort of things a lot lately, even with a tinge of irreverence. Perhaps you might remember that three weeks ago here on the show, I discussed how, depending on your circumstance, you can even make a car loan good debt, and how a seven figure income is the new six figures and then, yes, perhaps more irreverence. Last week in your free audio course, it was pretty iconoclastic to break down in detail how a 38% rate of return from just everyday buy and hold real estate is not risky at all. And last week's episode 550 the free course, that's probably the most important episode we've done in a long time. For a beginning real estate investor, if you've got any relative or friend in your life that you know, do you have someone around you that just doesn't get it about real estate investing, that really doesn't understand why you do this, please go ahead and share last week's episode with him. Episode 550 now on to the actual person of one, Donald John Trump. And why do I always say his name that way? I don't know. I'm not sure how that ever got started, but I don't say that as often as I call myself a remorseless slack jaw. In any case, the President wants to fire the Fed Chair Jerome Powell. This is nothing new. It just flared up again. I mean, here's the latest flare up. Listen to how Trump says he's never been fond of Powell. Okay, key in on that. This is Tom llamas on NBC, nightly news. You'll also hear the voices of Trump, Powell and Elizabeth Warren in Washington.    Unknown Speaker  8:38   There's a mounting standoff between President Trump and the Chairman of the Federal Reserve. The President blasting Jerome Powell for not lowering interest rates, accusing him of playing politics. Gabe Gutierrez is at the White House with markets on edge and his trade war escalating. President Trump is lashing out at the Federal Reserve Chairman he once appointed, writing on social media that Jerome Powell's termination cannot come fast enough. I don't think he's doing the job. He's too late, always too late. Slow. And I'm not happy with him. I let him know it, and if I want him out, he'll be out of there real fast, believe me, the rebuke coming after this warning from Powell Wednesday, tariffs are highly likely to generate at least a temporary rise in inflation, the President now slamming him for not cutting interest rates to help the economy. We have a Federal Reserve Chairman that is playing politics, somebody that I've never been very fond of, actually, but he's playing politics. Powell says the Fed needs more clarity before making a move. We're never going to be influenced by any political pressure. People can say whatever they want. That's fine. Trump had previously said he would not try to replace Powell, and earlier this week, the Treasury Secretary stressed the importance of an independent federal reserve. I believe that monetary policy is a jewel box that's got to be preserved. Democrats warning of chaos if Powell is ousted, if Chairman Powell can be fired by the President of the United States, it will crash the markets in the United States. Powell, whose term as Fed Chair ends next year, has said the President does not have the legal authority to fire him. If he asked you to leave, would you go? No.   Keith Weinhold  14:38    In that clip, Trump said he's never been very fond of pow dude. You appointed him, you You appointed him as Fed Chair in your first term, where you must have liked him more than any of the other candidates. Geez. Now you may or may not like Powell, but I don't see how. He's playing politics before lowering interest rates, it's completely sensible for him to see how the tariffs play out first. The Fed has long been independent of the executive branch, so they're supposed to be Trump wants Powell to lower interest rates. And remember, Powell already cut rates a full 1% late last year, and I really don't even agree with that cut when inflation was still elevated. Trump says Powell is always too late. Well, everyone agrees that Powell was too late to raise rates back in 2022 I mean, that had to do with the whole gaff where he said that inflation is just transitory, and no one will let Powell forget that. But do you give pal credit for a soft landing? I mean, he since brought down inflation while keeping us out of a recession, that's the definition of a soft landing. You know, I don't fully give pal credit there, just a little but remember, by that point, the inflation damage has already been done. It's already hurt a lot of people, and that's not changing. Now, of course, the inflation enriched you and it enriched me, because we're the real estate investors, and inflation is always going to do that for us. What happened is that Trump is frustrated because he saw the European Central Bank just lower their rates. So that's why he wants to see that happen here too. Because of course, lower rates can help the economy, at least in the short term. So I wondered about what you think. So what I did is I asked you in our latest Instagram poll, the question I asked was simply, should Jerome Powell be retained or fired? I was a little surprised at the result. 38% of GRE Instagram poll respondents said pal should be retained, and 62% said fired. I didn't think as many as 62% would say fire Powell. My best guess is that it's because you want lower interest rates on mortgages, and my next best guess is that you want to fire Powell, not because you dislike him, but more because you want to abolish the Fed completely, which I guess means that Powell would be fired that way. Did you hear about what happened when Donald Trump called tech support? Yeah. He told them, my tariffs aren't working. Tech Support responded with, did you try turning them off and back on again.    Hey, coming up shortly is Florida real estate doomed. If you'd like to reach out to us here at the show, you can do so at get rich education.com/contact, that's whether you have a comment or a question or a concern or a content suggestion you can communicate either through voice or email on our contact page, there one thing that we don't need, respectfully, are booking agents for shows reaching out to us. You know, I used to say that we have 50 times as many guest requests to be on the show with me here as we do available spots, but now it is more than 50x and I'm really grateful to host a platform where I guess a lot of people want to join in and contribute here, but the reality is that we only have one show a week, and a lot of weeks like this one I don't have any guests at all on the Show. That page is monitored by my terrific executive assistant, Brenda, just like most everyone here at GRE She's an active real estate investor too, and again, comments, questions or concerns about the show, please contact us at the contact page and get rich education.com/contact. More. Next you're listening to get rich education.    You know what's crazy? Your bank is getting rich off of you. The average savings account pays less than 1% it's like laughable. Meanwhile, if your money isn't making at least 4% you're losing to inflation. That's why I started putting my own money into the FFI liquidity fund. It's super simple. Your cash can pull in up to 8% returns, and it compounds. It's not some high risk gamble like digital or AI stock trading. It's pretty low risk because they've got a 10 plus year track record of paying investors on time in full every time. I mean, I wouldn't be talking about it if I wasn't invested myself. You can invest as little as 25k and you keep earning until you decide you want your money back. No weird lockups or anything like that. So if you're like me and tired of your liquid funds just sitting there doing nothing. Check it out. Text family to 66866, to learn about freedom family investments, liquidity fund again. Text family to 66866    Hey, you can get your mortgage loans at the same place where I get mine, at Ridge lending group NMLS, 42056, they provided our listeners with more loans than any provider in the entire nation because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. You can start your pre qualification and chat with President Caeli Ridge personally. Start Now while it's on your mind at Ridge lendinggroup.com, that's ridgelendinggroup.com.   T. Harv Ecker  20:45   This is the millionaire minds. T. Harv Ecker, you're listening to the powerful Get rich education with Keith Weinhold. Don't quit your day dream.   Keith Weinhold  21:10   Welcome back to get rich Education. I'm your host. Keith Weinhold is Florida real estate doomed. Most anyone that pays attention has probably noticed that the Sunshine State has some areas, well, really, a number of them where property values have actually fallen. This is tied to the fact that there's an inventory over supply. There have been spiking insurance premiums tied to hurricanes. And what about the slowing population growth, and since the pandemic, Florida has had some of the fastest growing, highest appreciating markets in the entire nation. But today, in fact, there's a giant home builder there KB Homes that finds Florida's housing market. In their words, it's weak enough that they are cutting prices this spring. And KB Homes is ranked number 545 on the fortune 1000 so they're pretty sizable. And then an even larger home builder, Lennar, they basically said the same thing. The CEO of KB Homes said, quote, demand at the start of this spring selling season was more muted than what we have seen historically, despite a healthy level of traffic in our communities. So we took steps to reposition our communities to offer the most compelling value, and buyers responded favorably to those adjustments. End of the quote, yes, that is a genteel way of saying that we had to cut prices to get buyers like I mentioned to you, starting, gosh, probably a year ago or more, that other home builders have, instead of cutting prices, offered mortgage rate buy downs to buyers, be mindful though of how much your home builder is paying for those buy downs and how much you are at the closing table. Now, as we know, nationally, there's still a housing supply shortage, but KB, who does business in other states, says that Florida is the weakest, and that's due to over supply. Now let's forget about in migration for a second. Okay, that weakness is because a lot of communities are overbuilt to the point that the in migration rate cannot keep up with the over building. And of course, it's hard to generalize. Florida is a big, populous state of 23 million people. Southwest Florida has been hit the hardest that's pretty well documented. Punta Gorda, home values are down 9% year over year. Cape Coral down 7% let's go to the opposite end of the state, and Jacksonville, up in Northeast Florida that has about seven months of housing supply. It's actually pretty close to a balanced market between buyers and sellers, and then in the center of the state, Orlando, there's six months of supply that is a balanced market where there is normalcy in negotiation between buyers and sellers and a smattering of offers on one property And no one rushing and doing things like waving their inspection and then Miami Fort Lauderdale, you know, I really don't talk about them much on the show, because their prices are too high to work well as long term cash flowing rentals, both KB and Lennar say that they're keeping an eye on tariffs and that the changes to immigration have not changed their operations very much yet, because, remember, a lot of construction laborers are immigrants, and if they get deported, and then you need to hire native born US labor. Well, home prices go up, all right. Well, what about the Florida insure? Crisis. You know, over the past few years in Florida, a bunch of carriers have just withdrawn. They have pulled out of the state, farmers, insurance, bankers, insurance, Lexington insurance, all pulled out. Farmers told The New York Times that this business decision was necessary to effectively manage risk exposure. Similarly, AAA is another carrier, and they said that they're not going to renew some policies. They said the markets become challenging. 2022 catastrophic hurricane season that really contributed to an unprecedented rise in reinsurance rates, and that made it more costly for insurance companies to operate there at all. And prior to that, the market was already strained and had increased claims costs due to inflation and excessive litigation. That's what triple A said. All right, so where does this leave homeowners? Well, some are already relying on state and federal insurance programs, like the National Flood Insurance Program. There's a state carrier called citizens now, flood insurance is not required outside of a special hazard flood area, but that doesn't mean that a home is going to escape flooding if a hurricane passes through, but having insurance it does help along and accelerate the recovery process. Florida has some of the best Building Code adoption and enforcement in the country, and that fact alone has saved 1000s of homes and billions of dollars. But modern building codes are not necessarily applied retroactively to older homes. So it's those homes and properties that really have more exposure to hurricanes, those older properties, and a lot of Floridians are just skipping insurance coverage altogether so that they don't have to pay the premiums. They don't have any coverage. If you don't have a lien holder, you can do that. You can skip it, right? Well, like, How bad is it? Exactly? Just, how much have Florida insurance premiums been jacked up at this point. They've increased 60% on average between 2019, and 2023, and while homeowners and investors are primarily bearing that rising cost burden, I mean, insurers are feeling that squeeze as well. It's not just that the incidence of hurricane events is up, but premiums rise, of course, when the cost of labor in materials that it takes to replace and rebuild a damaged home have gone up as well things like concrete and structural steel and now, of course, as real estate investors, we can eventually pass on the cost of our higher insurance premiums to the tenant in the form of a rent increase, But when it goes up 60% in just four years. It's really hard to keep up with that. Florida's infrastructure is under some strain, too, and I see this when I drive the Tampa area. Every few years, I see more and more traffic. It takes me longer to get places like it takes me two or three cycles to go through a traffic light, where it only took me one cycle a few years ago. So roads and schools and utilities are under some duress to keep up with the population growth over the past decade, statewide commute times are up 11% you know, really that shouldn't be a surprise. I mean, that is common in any high growth area. Now, when it comes to insurance rate increases, there is a good chance that the worst is now over. Yes, Florida, insurance rate increases have been slowing down. The average rate increases have dropped quite a bit from 21% back in 2023 to a projected just two tenths of 1% for 2025 okay. I mean, that's basically no change expected for this year. Citizens, property insurance, that state option that I mentioned earlier, their rates are also shrinking, with some policyholders experiencing rate decreases of 5% or more. Now, I told you on a previous show that if you're looking to add rental property in Florida, go with new build properties for low insurance rates. But now I actually got a hold of some real policies between some of my properties and some of my friends properties. I've got them right in front of me here on a 1970s build single family home. I mean, the premiums can be high. We're basically paying 1% or more of the property's value in insurance premiums each year. So a 250k A valued single family rental that was built 50 years ago has a premium of $3,000 in some cases. I mean, that's a lot, but a close friend of mine recently went to GRE marketplace, got connected with one of our Florida providers. There, he bought a new construction duplex for I forget it was either 400k or 420k it's in Ocala, Florida, which is the central part of the state, and his 12 month insurance premium is $694. Wow. What a low premium for a duplex. That's why you go new build in Florida. Newer properties were built to today's construction and wind mitigation codes, and they have low insurance rates. And his duplex also appraised for 10k more than the purchase price. He has both sides already rented. And in fact, he closes on the property today, and yeah, I recommended that he go to GRE marketplace and get into Florida property, because that is indeed what he was interested in, and I sure wasn't going to stop him. So suffice to say, I clearly do not believe that Florida real estate is doomed. Florida has long been the antidote to high tax, high cost states, it has attracted snowbirds and retirees and hourly workers and increasingly younger professionals unable to crack housing markets elsewhere. Since the pandemic, millions of people have flocked to the state. I mean, when you look at a list of the fastest growing metro areas of the United States. I mean, Florida domination continues. You've still got big ones up there, like Lakeland of Florida is actually at the top of the population growth leaderboard nationally for metros with 500,000 or more people, Port St Lucie is also up there. It's third nationally, and Orlando is fourth. Three of the top four population growth metros are still in Florida, but this promise of sunshine and opportunity that has been replaced by something just a little less Sunny. I mean, you've got the rising home prices like Florida's not that cheap anymore, this diminishing affordability and this growing pressure on infrastructure, but Florida has definitely not completely lost its shine. People across the country are still moving to Florida, but not at the same rate that they did a few years ago, and the state is still seeing more people arrive then depart, besides the weather and the beaches that people love, of course, there's zero state income tax, and Governor Ron DeSantis has even proposed eliminating the property tax, like I mentioned to you on the show a while ago, although we can't count on eliminating the property tax anytime soon, if it ever happens. But wow, what a real estate boom that property tax elimination would create. So for the long term, which is what real estate investing is, I still like Florida. One thing that I don't like is trying to catch a falling knife, and that is analogous to say, investing in an area that is going down and has no future. Florida's got a future. It's got some challenges, just like anywhere in the US, but the reason it has a future is because more population growth is almost a guarantee. You don't get many guarantees in investing. Just look at the decennial census figures. Okay, this is the population of Florida every 10 years, starting in the year 1900 that's when they had 528,000 people, yeah, only about a half million people in the entire state, and I'll do some rounding here every 10 years after that. So in 1910 it was up to 750,000 people, then a million, 1,000,005 1,000,009 now we're up to 1950 where it grew to 2.8 million people, and then 5,000,006 point 8,000,009.7, 1316, 18.8 and then 21 and a half million in 2020, and it's 23 and a half million today. Now I only went as far back as 1900 there, but their census data goes back to at least 1830 and the growth has always been torrid, just uninterrupted. Every 10 years. There has been substantial to massive growth for at least 200 years, and Florida has still. Grown more than 2% per year each of the past couple years. In fact, it is still first place of all 50 states for population growth. So areas that are over supplied with housing in Florida are going to be absorbed. So Florida real estate is definitely not doomed. And in fact, adding more Florida real estate at this time, you know, that could very well be the type of thing where 10 years from now, or even five years from now, when their population is substantially bigger and there's less housing available. I mean, it could potentially look like a wise buy that you're able to get property at this time with less competition and maybe even a small discount here in the mid 2020s, and today, you can find three Florida markets listed at GRE marketplace. What else is happening at GRE marketplace? We've added two new markets, and they are also in the South. They are Jackson, Mississippi and Montgomery, Alabama. Yes, these areas are investor advantaged, and they have prices lower than most Florida markets. Though, I don't know that you'll see the net migration inflows into Jackson and Montgomery that you will in a lot of Florida markets. Jackson has a metro population of 600,000 and Montgomery 400,000 they both have really low property taxes. And there's something else that these two new GRE marketplace cities have in common. Any guess both Jackson and Montgomery are state capitals, yes, so they do have a base of government jobs. So check out gremarketplace.com read more about those cities. And of course, we even connect you with free investment coaching there to help you get matched up with some good property. Thanks for listening. Until next week, I'm your host. Keith Weinhold, don't quit your Daydream.   Speaker 2  37:10    Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC exclusively.   Keith Weinhold  37:34   You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access and it's got paywalls and pop ups and push notifications and cookies disclaimers, it's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters. And I write every word of ours myself. It's got a dash of humor, and it's to the point because even the word abbreviation is too long, my letter usually takes less than three minutes to read, and when you start the letter. You also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text GRE to 66866, while it's on your mind, take a moment to do it right now. Text, GRE to 66866.   The preceding program was brought to you by your home for wealth, building, getricheducation.com.   

European Central Bank President Christine Lagarde speaks with The Post's David Ignatius about her stewardship of the European Central Bank at a pivotal moment for the global economy (2:04). Then, Hall of Fame Stanford women's basketball coach Tara VanDerveer joins Sally Jenkins to discuss her storied career and her lasting lessons on leadership (44:00). Conversations recorded on April 23, 2025. Event sponsored by The Executive Leadership Council.

As trade tensions show signs of softening and financial markets stabilise, we discuss the recent changes to our central bank views for both the European Central Bank and Bank of Japan, and outline our thinking on recent US-Japan trade negotiations. In this episode, we also preview the upcoming US labour market data and discuss what the election in Canada may mean for the economy and markets. Chapters: Europe (02:19), Japan (05:53), Asia (11:02), US (12:23).

The American Trucking Association released the For-Hire Truck Tonnage Index; Kevin has all the details and offers his insights. Wards Intelligence released the March Medium-Duty Truck Sales report; Kevin goes through the data. The European Central Bank offers their take on what should be done with interest rates and whether tariffs will be inflationary and The International Energy Agency takes a look at their energy policies; Kevin discusses these developments. Kevin has the news, world events and economic data affecting gas and oil prices.

Bundesbank President Joachim Nagel discusses Germany being in danger of suffering a recession this year due to the fallout from US tariffs. European Central Bank are lowering interest rates to help counter the drag on the euro-zone economy from President Donald Trump’s trade policies. Nagel expects a jump in public spending from Germany's incoming government to help revive its economy, and believes the economy will do better over the next years. Nagel spoke with Bloomberg's Lisa Abramowicz.See omnystudio.com/listener for privacy information.

Host Christine Lee breaks down the latest news in the crypto industry as new SEC Chair Paul Atkins is sworn in.New SEC Chair Paul Atkins is sworn in, inciting hope for crypto friendly policies in the U.S. Meanwhile, the European Central Bank has raised concerns over stablecoin legislation and Bitcoin miners are attempting to bypass Trump's tariffs. CoinDesk's Christine Lee hosts "CoinDesk Daily."-This episode was hosted by Christine Lee. “CoinDesk Daily” is produced by Christine Lee and edited by Victor Chen.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

It's official. The American Dream is dead. And it's been resurrected in Europe where, according to the FT columnist Simon Kuper, disillusioned Americans should relocate. Compared with the United States, Kuper argues, Europe offers the three key metrics of a 21st century good life: “four years more longevity, higher self-reported happiness and less than half the carbon emissions per person”. So where exactly to move? The Paris based Kuper believes that his city is the most beautiful in Europe. He's also partial to Madrid, which offers Europe's sunniest lifestyle. And even London, in spite of all its post Brexit gloom, Kuper promises, offers American exiles the promise of a better life than the miserable existence which they now have to eek out in the United States. Five Takeaways* Quality of Life.:Kuper believes European quality of life surpasses America's for the average person, with Europeans living longer, having better physical health, and experiencing less extreme political polarization.* Democratic Europe vs Aristocratic America: While the wealthy can achieve greater fortunes in America, Kuper argues that Europeans in the "bottom 99%" live longer and healthier lives than their American counterparts.* Guns, Anxiety and the Threat of Violence: Political polarization in America creates more anxiety than in Europe, partly because Americans might be armed and because religion makes people hold their views more fervently.* MAGA Madness: Kuper sees Trump as more extreme than European right-wing leaders like Italy's Meloni, who governs as "relatively pro-European" and "pro-Ukrainian."* It's not just a Trump thing. Kuper believes America's declining international credibility will persist even after Trump leaves office, as Europeans will fear another "America First" president could follow any moderate administration.Full TranscriptAndrew Keen: Hello everybody. It's Monday, April the 21st, 2025. This conversation actually might go out tomorrow on the 22nd. Nonetheless, the headlines of the Financial Times, the world's most global economic newspaper, are miserable from an American point of view. US stocks and the dollar are sinking again as Donald Trump renews his attack on the Fed chair Jay Powell. Meanwhile Trump is also attacking the universities and many other bastions of civilization at least according to the FT's political columnist Gideon Rachman. For another FT journalist, my guest today Simon Kuper has been on the show many times before. All this bad news about America suggests that for Americans it's time to move to Europe. Simon is joining us from Paris, which Paris is that in Europe Simon?Simon Kuper: I was walking around today and thinking it has probably never in its history looked as good as it does now. It really is a fabulous city, especially when the sun shines.Andrew Keen: Nice of them where I am in San Francisco.Simon Kuper: I always used to like San Francisco, but I knew it before every house costs $15 million.Andrew Keen: Well, I'm not sure that's entirely true, but maybe there's some truth. Paris isn't exactly cheap either, is it? Certainly where you live.Simon Kuper: Cheaper than San Francisco, so I did for this article that you mentioned, I did some research on house prices and certainly central Paris is one of the most expensive areas in the European Union, but still considerably cheaper than cities like New York and San Francisco. A friend of mine who lives here told me that if she moved to New York, she would move from central Paris to for the same price living in some very, very distant suburb of New York City.Andrew Keen: Your column this week, Americans, it's time to move to Europe. You obviously wrote with a degree of relish. Is this Europe's revenge on America that it's now time to reverse the brain drain from Europe to America? Now it's from America to Europe.Simon Kuper: I mean, I don't see it as revenge. I'm a generally pro-American person by inclination and I even married an American and have children who are American as well as being French and British. So when I went to the US as firstly as a child, age 10, 11, I was in sixth grade in California. I thought it was the most advanced, wonderful place in the world and the sunshine and there was nowhere nice than California. And then I went as a student in my early 20s. And again, I thought this was the early 90s. This is the country of the future. It's so much more advanced than Europe. And they have this new kind of wise technocratic government that is going to make things even better. And it was the beginning of a big American boom of the 90s when I think American quality of life reached its peak, that life expectancy was reached, that was then declined a long time after the late 90s. So my impressions in the past were always extremely good, but no longer. The last 20 years visiting the US I've never really felt this is a society where ordinary people can have as good a life as in Europe.Andrew Keen: When you say ordinary people, I mean, you're not an ordinary person. And I'm guessing most of the people you and your wife certainly isn't ordinary. She's a well known writer. In fact, she's written on France and the United States and parenthood, very well known, you are well known. What do you mean by ordinary people?Simon Kuper: Yeah, I mean, it's not entirely about me. Amazingly, I am not so egomaniac as to draw conclusions on some matters just looking at my own situation. What I wrote about the US is that if you're in the 1% in the US and you are pursuing great wealth in finance or tech and you have a genuine shot at it, you will achieve wealth that you can't really achieve in Europe. You know, the top end of the US is much higher than in Europe. Still not necessarily true that your life will be better. So even rich Americans live shorter than rich Europeans. But OK, so the 1% America really offers greater expansion opportunities than Europe does. Anywhere below that, the Europeans in the bottom 99%, let's say, they live longer than their American equivalents. They are less fat, their bodies function better because they walk more, because they're not being bombarded by processed food in the same way. Although we have political polarization here, it's not as extreme as in the US. Where I quote a European friend of mine who lives in the American South. He says he sometimes doesn't go out of his house for days at a time because he says meeting Trump supporters makes him quite anxious.Andrew Keen: Where does he live? I saw that paragraph in the piece, you said he doesn't, and I'm quoting him, a European friend of mine who lives in the American South sometimes doesn't leave his house for days on end so as to avoid running into Trump supporters. Where does he live?Simon Kuper: He lives, let me say he lives in Georgia, he lives in the state of Georgia.Andrew Keen: Well, is that Atlanta? I mean, Atlanta is a large town, lots of anti-Trump sentiment there. Whereabouts in Georgia?Simon Kuper: He doesn't live in Atlanta, but I also don't want to specify exactly where he lives because he's entitled.Andrew Keen: In case you get started, but in all seriousness, Simon, isn't this a bit exaggerated? I mean, I'm sure there are some of your friends in Paris don't go outside the fancy center because they might run into fans of Marine Le Pen. What's the difference?Simon Kuper: I think that polarization creates more anxiety in the US and is more strongly felt for a couple of reasons. One is that because people might be armed in America, that gives an edge to any kind of disagreement that isn't here in Europe. And secondly, because religion is more of a factor in American life, people hold their views more strongly, more fervently, then. So I think there's a seriousness and edge to the American polarization that isn't quite the same as here. And the third reason I think polarization is worse is movement is more extreme even than European far-right movements. So my colleague John Byrne Murdoch at the Financial Times has mapped this, that Republican views from issues from climate to the role of the state are really off the charts. There's no European party coeval to them. So for example, the far-right party in France, the Rassemblement National, doesn't deny climate change in the way that Trump does.Andrew Keen: So, how does that contextualize Le Pen or Maloney or even the Hungarian neo-authoritarians for whom a lot of Trump supporters went to Budapest to learn what he did in order to implement Trump 2.0?Simon Kuper: Yeah, I think Orban, in terms of his creating an authoritarian society where the universities have been reined in, where the courts have been rained in, in that sense is a model for Trump. His friendliness with Putin is more of a model for Trump. Meloni and Le Pen, although I do not support them in any way, are not quite there. And so Meloni in Italy is in a coalition and is governing as somebody relatively pro-European. She's pro-Ukrainian, she's pro-NATO. So although, you know, she and Trump seem to have a good relationship, she is nowhere near as extreme as Trump. And you don't see anyone in Europe who's proposing these kinds of tariffs that Trump has. So I think that the, I would call it the craziness or the extremism of MAGA, doesn't really have comparisons. I mean, Orban, because he leads a small country, he has to be a bit more savvy and aware of what, for example, Brussels will wear. So he pushes Brussels, but he also needs money from Brussels. So, he reigns himself in, whereas with Trump, it's hard to see much restraint operating.Andrew Keen: I wonder if you're leading American liberals on a little bit, Simon. You suggested it's time to come to Europe, but Americans in particular aren't welcome, so to speak, with open arms, certainly from where you're talking from in Paris. And I know a lot of Americans who have come to Europe, London, Paris, elsewhere, and really struggled to make friends. Would, for Americans who are seriously thinking of leaving Trump's America, what kind of welcome are they gonna get in Europe?Simon Kuper: I mean, it's true that I haven't seen anti-Americanism as strong as this in my, probably in my lifetime. It might have been like this during the Vietnam War, but I was a child, I don't remember. So there is enormous antipathy to, let's say, to Trumpism. So two, I had two visiting Irish people, I had lunch with them on Friday, who both work in the US, and they said, somebody shouted at them on the street, Americans go home. Which I'd never heard, honestly, in Paris. And they shouted back, we're not American, which is a defense that doesn't work if you are American. So that is not nice. But my sense of Americans who live here is that the presumption of French people is always that if you're an American who lives here, you're not a Trumpist. Just like 20 years ago, if you are an American lives here you're not a supporter of George W. Bush. So there is a great amount of awareness that there are Americans and Americans that actually the most critical response I heard to my article was from Europeans. So I got a lot of Americans saying, yeah, yeah. I agree. I want to get out of here. I heard quite a lot of Europeans say, for God's sake, don't encourage them all to come here because they'll drive up prices and so on, which you can already see elements of, and particularly in Barcelona or in Venice, basically almost nobody lives in Venice except which Americans now, but in Barcelona where.Andrew Keen: Only rich Americans in Venice, no other rich people.Simon Kuper: It has a particular appeal to no Russians. No, no one from the gulf. There must be some there must be something. They're not many Venetians.Andrew Keen: What about the historical context, Simon? In all seriousness, you know, Americans have, of course, fled the United States in the past. One thinks of James Baldwin fleeing the Jim Crow South. Could the Americans now who were leaving the universities, Tim Schneider, for example, has already fled to Canada, as Jason Stanley has as well, another scholar of fascism. Is there stuff that American intellectuals, liberals, academics can bring to Europe that you guys currently don't have? Or are intellectuals coming to Europe from the US? Is it really like shipping coal, so to speak, to Newcastle?Simon Kuper: We need them desperately. I mean, as you know, since 1933, there has been a brain drain of the best European intellectuals in enormous numbers to the United States. So in 1933, the best university system in the world was Germany. If you measure by number of Nobel prizes, one that's demolished in a month, a lot of those people end up years later, especially in the US. And so you get the new school in New York is a center. And people like Adorno end up, I think, in Los Angeles, which must be very confusing. And American universities, you get the American combination. The USP, what's it called, the unique selling point, is you have size, you have wealth, you have freedom of inquiry, which China doesn't have, and you have immigration. So you bring in the best brains. And so Europe lost its intellectuals. You have very wealthy universities, partly because of the role of donors in America. So, you know, if you're a professor at Stanford or Columbia, I think the average salary is somewhere over $300,000 for professors at the top universities. In Europe, there's nothing like that. Those people would at least have to halve their salary. And so, yeah, for Europeans, this is a unique opportunity to get some of the world's leading brains back. At cut price because they would have to take a big salary cut, but many of them are desperate to do it. I mean, if your lab has been defunded by the government, or if the government doesn't believe in your research into climate or vaccines, or just if you're in the humanities and the government is very hostile to it, or, if you write on the history of race. And that is illegal now in some southern states where I think teaching they call it structural racism or there's this American phrase about racism that is now banned in some states that the government won't fund it, then you think, well, I'll take that pay cost and go back to Europe. Because I'm talking going back, I think the first people to take the offer are going to be the many, many top Europeans who work at American universities.Andrew Keen: You mentioned at the end of Europe essay, the end of the American dream. You're quoting Trump, of course, ironically. But the essay is also about the end of the America dream, perhaps the rebirth or initial birth of the European dream. To what extent is the American dream, in your view, and you touched on this earlier, Simon, dependent on the great minds of Europe coming to America, particularly during and after the, as a response to the rise of Nazism, Hannah Arendt, for example, even people like Aldous Huxley, who came to Hollywood in the 1930s. Do you think that the American dream itself is in part dependent on European intellectuals like Arendt and Huxley, even Ayn Rand, who not necessarily the most popular figure on the left, but certainly very influential in her ideas about capitalism and freedom, who came of course from Russia.Simon Kuper: I mean, I think the average American wouldn't care if Ayn Rand or Hannah Arendt had gone to Australia instead. That's not their dream. I think their American dream has always been about the idea of social mobility and building a wealthy life for yourself and your family from nothing. Now almost all studies of social ability say that it's now very low in the US. It's lower than in most of Europe. Especially Northern Europe and Scandinavia have great social mobility. So if you're born in the lower, say, 10% or 20% in Denmark, you have a much better chance of rising to the top of society than if you were born at the bottom 10%, 20% in the US. So America is not very good for social mobility anymore. I think that the brains that helped the American economy most were people working in different forms of tech research. And especially for the federal government. So the biggest funder of science in the last 80 years or so, I mean, the Manhattan Project and on has been the US federal government, biggest in the world. And the thing is you can't eat atom bombs, but what they also produce is research that becomes hugely transformative in civilian life and in civilian industries. So GPS or famously the internet come out of research that's done within the federal government with a kind of vague defense angle. And so I think those are the brains that have made America richer. And then of course, the number of immigrants who found companies, and you see this in tech, is much higher than the number percentage of native born Americans who do. And a famous example of that is Elon Musk.Andrew Keen: Yeah, and you were on the show just before Christmas in response to your piece about Musk, Thiel and the shadow of apartheid in South Africa. So I'm guessing you don't want the Musks and Thiels. They won't be welcome in Europe, will they?Simon Kuper: I don't think they want to go. I mean, if you want to create a tech company, you want very deep capital markets. You want venture capital firms that are happy to bet a few billion on you. And a very good place to do that, the best place in the world by far, is Silicon Valley. And so a French friend of mine said he was at a reception in San Francisco, surrounded by many, many top French engineers who all work for Silicon Valley firms, and he thought, what would it take them to come back? He didn't have an answer. Now the answer might be, maybe, well, Donald Trump could persuade them to leave. But they want to keep issuing visas for those kinds of people. I mean, the thing is that what we're seeing with Chinese AI breakthroughs in what was called DeepSeek. Also in overtaking Tesla on electric cars suggests that maybe, you know, the cutting edge of innovation is moving from Silicon Valley after nearly 100 years to China. This is not my field of expertise at all. But you know the French economist Thomas Filippon has written about how the American economy has become quite undynamic because it's been taken over by monopolies. So you can't start another Google, you can start another Amazon. And you can't build a rival to Facebook because these companies control of the market and as Facebook did with WhatsApp or Instagram, they'll just buy you up. And so you get quite a much more static tech scene than 30 years ago when really, you know, inventions, great inventions are being made in Silicon Valley all the time. Now you get a few big companies that are the same for a very long period.Andrew Keen: Well, of course, you also have OpenAI, which is a startup, but that's another conversation.Simon Kuper: Yeah, the arguments in AI is that maybe China can do it better.Andrew Keen: Can be. I don't know. Well, it has, so to speak, Simon, the light bulb gone off in Europe on all this on all these issues. Mario Draghi month or two ago came out. Was it a white paper or report suggesting that Europe needed to get its innovation act together that there wasn't enough investment or capital? Are senior people within the EU like Draghi waking up to the reality of this historical opportunity to seize back economic power, not just cultural and political.Simon Kuper: I mean, Draghi doesn't have a post anymore, as far as I'm aware. I mean of course he was the brilliant governor of the European Central Bank. But that report did have a big impact, didn't it? It had a big impact. I think a lot of people thought, yeah, this is all true. We should spend enormous fortunes and borrow enormous fortunes to create a massive tech scene and build our own defense industries and so on. But they're not going to do it. It's the kind of report that you write when you don't have a position of power and you say, this is what we should do. And the people in positions of power say, oh, but it's really complicated to do it. So they don't do it, so no, they're very, there's not really, we've been massively overtaken and left behind on tech by the US and China. And there doesn't seem to be any impetus, serious impetus to build anything on that scale to invest that kind of money government led or private sector led in European tech scene. So yeah, if you're in tech. Maybe you should be going to Shanghai, but you probably should not be going to Europe. So, and this is a problem because China and the US make our future and we use their cloud servers. You know, we could build a search engine, but we can't liberate ourselves from the cloud service. Defense is a different matter where, you know, Draghi said we should become independent. And because Trump is now European governments believe Trump is hostile to us on defense, hostile to Ukraine and more broadly to Europe, there I think will be a very quick move to build a much bigger European defense sector so we don't have to buy for example American planes which they where they can switch off the operating systems if they feel like it.Andrew Keen: You live in Paris. You work for the FT, or one of the papers you work for is the FT a British paper. Where does Britain stand here? So many influential Brits, of course, went to America, particularly in the 20th century. Everyone from Alfred Hitchcock to Christopher Hitchens, all adding enormous value like Arendt and Ayn Rand. Is Britain, when you talk of Europe, are you still in the back of your mind thinking of Britain, or is it? An island somehow floating or stuck between America, the end of the American dream and the beginning of the European dream. In a way, are you suggesting that Brits should come to Europe as well?Simon Kuper: I think Britain is floating quite rapidly towards Europe because in a world where you have three military superpowers that are quite predatory and are not interested in alliances, the US, China and Russia, the smaller countries, and Britain is a smaller country and has realized since Brexit that it is a small country, the small countries just need to ally. And, you know, are you going to trust an alliance with Trump? A man who is not interested in the fates of other countries and breaks his word, or would you rather have an alliance with the Europeans who share far more of your values? And I think the Labor government in the UK has quietly decided that, I know that it has decided that on economic issues, it's always going to prioritize aligning with Europe, for example, aligning food standards with Europe so that we can sell my food. They can sell us our food without any checks because we've accepted all their standards, not with the US. So in any choice between, you know, now there's talk of a potential US-UK trade deal, do we align our standards with the US. Or Europe? It's always going to be Europe first. And on defense, you have two European defense powers that are these middle powers, France and the UK. Without the UK, there isn't really a European defense alliance. And that is what is gonna be needed now because there's a big NATO summit in June, where I think it's going to become patently obvious to everyone, the US isn't really a member of NATO anymore. And so then you're gonna move towards a post US NATO. And if the UK is not in it, well, it looks very, very weak indeed. And if UK is alone, that's quite a scary position to be in in this world. So yeah, I see a UK that is not gonna rejoin the European Union anytime soon. But is more and more going to ally itself, is already aligning itself with Europe.Andrew Keen: As the worm turned, I mean, Trump has been in power 100 days, supposedly is limited to the next four years, although he's talking about running for a third term. Can America reverse itself in your view?Simon Kuper: I think it will be very hard whatever Trump does for other countries to trust him again. And I also think that after Trump goes, which as you say may not be in 2028, but after he goes and if you get say a Biden or Obama style president who flies to Europe and says it's all over, we're friends again. Now the Europeans are going to think. But you know, it's very, very likely that in four years time, you will be replaced by another America first of some kind. So we cannot build a long term alliance with the US. So for example, we cannot do long term deals to buy Americans weapons systems, because maybe there's a president that we like, but they'll be succeeded by a president who terrifies us quite likely. So, there is now, it seems to me, instability built in for the very long term into... America has a potential ally. It's you just can't rely on this anymore. Even should Trump go.Andrew Keen: You talk about Europe as one place, which, of course, geographically it is, but lots of observers have noted the existence, it goes without saying, of many Europe's, particularly the difference between Eastern and Western Europe.Simon Kuper: I've looked at that myself, yes.Andrew Keen: And you've probably written essays on this as well. Eastern Europe is Poland, perhaps, Czech Republic, even Hungary in an odd way. They're much more like the United States, much more interested perhaps in economic wealth than in the other metrics that you write about in your essay. Is there more than one Europe, Simon? And for Americans who are thinking of coming to Europe, should it be? Warsaw, Prague, Paris, Madrid.Simon Kuper: These are all great cities, so it depends what you like. I mean, I don't know if they're more individualistic societies. I would doubt that. All European countries, I think, could be described as social democracies. So there is a welfare state that provides people with health and education in a way that you don't quite have in the United States. And then the opposite, the taxes are higher. The opportunities to get extremely wealthy are lower here. I think the big difference is that there is a part of Europe for whom Russia is an existential threat. And that's especially Poland, the Baltics, Romania. And there's a part of Europe, France, Britain, Spain, for whom Russia is really quite a long way away. So they're not that bothered about it. They're not interested in spending a lot on defense or sending troops potentially to die there because they see Russia as not their problem. I would see that as a big divide. In terms of wealth, I mean, it's equalizing. So the average Pole outside London is now, I think, as well off or better than the average Britain. So the average Pole is now as well as the average person outside London. London, of course, is still.Andrew Keen: This is the Poles in the UK or the Poles.Simon Kuper: The Poles in Poland. So the Poles who came to the UK 20 years ago did so because the UK was then much richer. That's now gone. And so a lot of Poles and even Romanians are returning because economic opportunities in Poland, especially, are just as good as in the West. So there has been a little bit of a growing together of the two halves of the continent. Where would you live? I mean, my personal experience, having spent a year in Madrid, it's the nicest city in the world. Right, it's good. Yeah, nice cities to live in, I like living in big cities, so of big cities it's the best. Spanish quality of life. If you earn more than the average Spaniard, I think the average income, including everyone wage earners, pensioners, students, is only about $20,000. So Spaniards have a problem with not having enough income. So if you're over about $20000, and in Madrid probably quite a bit more than that, then it's a wonderful life. And I think, and Spaniards live about five years longer than Americans now. They live to about age 84. It's a lovely climate, lovely people. So that would be my personal top recommendation. But if you like a great city, Paris is the greatest city in the European Union. London's a great, you know, it's kind of bustling. These are the two bustling world cities of Europe, London and Paris. I think if you can earn an American salary, maybe through working remotely and live in the Mediterranean somewhere, you have the best deal in the world because Mediterranean prices are low, Mediterranean culture, life is unbeatable. So that would be my general recommendation.Andrew Keen: Finally, Simon, being very generous with your time, I'm sure you'd much rather be outside in Paris in what you call the greatest city in the EU. You talk in the piece about three metrics that show that it's time to move to Europe, housing, education, sorry, longevity, happiness and the environment. Are there any metrics at all now to stay in the United States?Simon Kuper: I mean, if you look at people's incomes in the US they're considerably higher, of course, your purchasing power for a lot of things is less. So I think the big purchasing power advantage Americans have until the tariffs was consumer goods. So if you want to buy a great television set, it's better to do that out of an American income than out of a Spanish income, but if you want the purchasing power to send your kids to university, to get healthcare. Than to be guaranteed a decent pension, then Europe is a better place. So even though you're earning more money in the US, you can't buy a lot of stuff. If you wanna go to a nice restaurant and have a good meal, the value for money will be better in Europe. So I suppose if you wanna be extremely wealthy and you have a good shot at that because a lot people overestimate their chance of great wealth. Then America is a better bet than Europe. Beyond that, I find it hard to right now adduce reasons. I mean, it's odd because like the Brexiteers in the UK, Trump is attacking some of the things that really did make America great, such as this trading system that you can get very, very cheap goods in the United States, but also the great universities. So. I would have been much more positive about the idea of America a year ago, but even then I would've said the average person lives better over here.Andrew Keen: Well, there you have it. Simon Cooper says to Americans, it's time to move to Europe. The American dream has ended, perhaps the beginning of the European dream. Very provocative. Simon, we'll get you back on the show. Your column is always a central reading in the Financial Times. Thanks so much and enjoy Paris.Simon Kuper: Thank you, Andrew. Enjoy San Francisco. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

China's imports of US liquefied natural gas have completely stopped for more than 10 weeks, and Japan's chief trade negotiator leaves Washington without an immediate agreement after meeting Donald Trump. The European Central Bank has cut its benchmark interest rate by a quarter-point to 2.25 per cent. Plus, astronomers have found signs of biological activity on a planet 124 light years from Earth.Mentioned in this podcast:Astronomers claim strongest evidence yet of extraterrestrial life Donald Trump weighs in on Japan trade talks but Tokyo team leaves without deal Donald Trump says Fed chair Jay Powell's ‘termination cannot come fast enough'ECB cuts rates to 2.25% amid Trump trade war China stops buying liquefied gas from the US Audio credit: C-SPAN Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

President Donald Trump has publicly called for immediate rate cuts by the U.S. Federal Reserve, criticizing Chair Jerome Powell's current stance, in response to the European Central Bank's actions. Powell emphasizes the Fed's independence against political influence.~This episode is sponsored by Uphold~Uphold Get $20 in Bitcoin - Signup & Verify and trade at least $100 of any crypto within your first 30 days ➜ https://bit.ly/pbnuphold00:00 Intro00:12 Sponsor: Uphold00:44 Jerome Powell on tariffs and state of the market02:45 Jerome Powell talks stablecoins04:26 Trump wants Powell terminated05:56 CNBC - The gloves came off07:00 US vs Europe07:51 CNBC - Do people like the Fed acting independently?09:05 Trump approval rating dropping09:35 Elon out?10:10 Elizabeth Warren - Trump cannot fire Powell12:50 Elizabeth Warren - Vote in 2 weeks to pass the Emergency Act13:56 Majority of Americans want congress to block Trump15:00 Gold Soaring16:17 Gold reserves to bring China to the table?16:50 What does BlackRock know?17:25 CNBC - Use rally to reduce risk?19:03 Jensen Huang arrives in ChinaBitcoin #Crypto #tariffs ~Trump Threatens To Fire Jerome Powell

First-time jobless claims have been pretty stable since the start of March — unlike many other parts of the economy. President Donald Trump's tariffs and immigration restrictions may not be ideal for businesses, but they could give companies a reason to hold on to workers. Also in this episode: The European Central Bank cuts its key interest rate, get that EV tax credit while you can, and a martial arts master stays in Altadena, California, after losing her studio in the wildfires. 

First-time jobless claims have been pretty stable since the start of March — unlike many other parts of the economy. President Donald Trump's tariffs and immigration restrictions may not be ideal for businesses, but they could give companies a reason to hold on to workers. Also in this episode: The European Central Bank cuts its key interest rate, get that EV tax credit while you can, and a martial arts master stays in Altadena, California, after losing her studio in the wildfires. 

The latest price moves and insights with Jennifer Sanasie and CoinDesk's managing editor for Markets Stephen Alpher.To get the show every day, follow the podcast here.In contrast to the European Central Bank's decision to cut its benchmark deposit rate by 25 basis points, the U.S. Federal Reserve has maintained its federal fund rates amid inflation concerns. How are the central banks responding to the global economic turmoil influenced by tariffs and what are the impacts on digital assets?This content should not be construed or relied upon as investment advice. It is for entertainment and general information purposes.-This episode was hosted by Jennifer Sanasie. “Markets Daily” is produced by Jennifer Sanasie and edited by Victor Chen.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Plus: UnitedHealth Group's share price sinks after it reported disappointing earnings. And the European Central Bank cuts interest rates to their lowest level since early 2023. Alex Ossola hosts.  Sign up for the WSJ's free What's News newsletter.  Learn more about your ad choices. Visit megaphone.fm/adchoices

As the ECB cuts interest rates again, it would take a “wait and see” approach on whether planned tariffs trigger inflation across the Eurozone.With gold prices hitting a new record high — how do you actually go about buying the precious metal?And in the age of AI, could the person you're interviewing for a job not be real? Roger Hearing explores the growing threat of deepfake job applicants.

The latest price moves and insights with Jennifer Sanasie and CoinDesk's managing editor for Markets Stephen Alpher.To get the show every day, follow the podcast here.In contrast to the European Central Bank's decision to cut its benchmark deposit rate by 25 basis points, the U.S. Federal Reserve has maintained its federal fund rates amid inflation concerns. How are the central banks responding to the global economic turmoil influenced by tariffs and what are the impacts on digital assets?This content should not be construed or relied upon as investment advice. It is for entertainment and general information purposes.-This episode was hosted by Jennifer Sanasie. “Markets Daily” is produced by Jennifer Sanasie and edited by Victor Chen.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Watch The X22 Report On Video No videos found Click On Picture To See Larger PictureThe climate scam is officially over, it has been defunded. The [CB] are struggling, Trump is setting the stage and is trapping the [DS] and China. Soon the dismantling will be complete. Trump and team are finally putting America first.  The [DS] is panicking, Trump and the patriots are releasing the puzzle pieces one piece at a time. Eventually the pieces will form a picture and the people will finally see who the true criminal. Tulsi sends a message to the [DS] and the people of this country. Trump replaces the portrait of Obama with fight, fight, fight portrait. All roads lead to Obama and HRC. Everything is being put into place to bring down the [DS].   (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); Economy https://twitter.com/TomFitton/status/1910890395304669444 USPS To Hike Stamp Prices By About 7.4% To 78 Cents Effective This Summer The U.S. Postal Service has proposed raising the price of a "forever" stamp from 73 cents to 78 cents as part of a broader rate hike set to take effect July 13, pending approval from the Postal Regulatory Commission, according to CBS News. The increase would raise mailing service prices by about 7.4%. The USPS says the hike is necessary for financial stability, continuing a trend of rate increases under former Postmaster General Louis DeJoy, who warned customers to expect “uncomfortable” pricing adjustments after a decade of flawed pricing models. Source: zerohedge.com https://twitter.com/RealAllinCrypto/status/1910415797052203317   https://twitter.com/RealJessica05/status/1910812769164603530 trade surpluses with the U.S., are now facing real consequences. Tariffs hurt them more than us. Trump holds the leverage. China, Europe, and Latin America all are feeling the pressure. This is not just a pause. It's a test: Who's ready to renegotiate the terms of global trade Xi calls on EU to join China in jointly resisting 'unilateral bullying' by U.S. There is no winner in a tariff war, and going against the world will only result in self-isolation, says Chinese President Xi Jinping amid the tariff war with U.S. As U.S. President Donald Trump targeted China with heavy tariffs while pausing levies on other countries, Chinese President Xi Jinping on Friday (April 10, 2025) appealed to the European Union (EU) to “jointly resist the unilateral bullying" by Washington.  Source: thehindu.com   https://twitter.com/DC_Draino/status/1910721712250855787   negotiate with China to remove tariffs and trade barriers, and put in place strong structural protections for IP. Trump Lobs Energy Bomb at EU EU leaders face a dire choice with no consensus. Germany and France advocate talks, aiming to lessen Trump's demands—perhaps by partly meeting his energy terms—to avert disaster. They dread export slumps, factory closures, and a downturn worse than past crises, clinging to a fragile hope of stability. The EU Commission's pleas for cohesion fall flat amid the clash. Ireland and Luxembourg brace for export losses, while Italy and Spain eye energy price hikes that could spark unrest. The European Central Bank, hampered by debt and limited options, stands by anxiously. Protests ripple across cities like Lisbon and Warsaw, split between anger at Trump and frustration with Brussels' long drift. If the EU buckles under Trump's grip, a new path could open: a alliance of sovereign states, free from Brussels' overreach and Washington's demands. The West might be tearing itself apart, but from the debris, a stronger,

Equities markets continued to adapt to the tariffs unleashed by US President Donald Trump, oil prices hit a four-year low on Monday, and investors are expecting the European Central Bank to make two rate cuts by July. Plus, the FT's Stephen Foley explains how consultants are advising their clients on limiting the damage from tariffs. Mentioned in this podcast:Oil drops further as fears of global recession riseCompanies get creative in finding ways to limit impact of Trump's tariffsECB expected to cut rates in April and June as tariffs threaten recessionThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The head of the European Central Bank says Donald Trump's sweeping new tariffs - to be announced later - will have a negative impact across the world. Christine Lagarde said the damage would depend on the extent of the tariffs. But what might President Trump's tariffs mean for the global economy? We hear from Roberto Azevedo, a former director general of the World Trade Organization.Also, the American actor, Val Kilmer, who appeared in Top Gun, The Doors and Batman Forever, has died at the age of sixty-five. We will look back at his life and career.And a new British exhibition reveals MI5 secrets and spy gadgets!(Photo credit: Getty Images)

David Eagleman explains why counterfeiting works, how our empathy fails, why mind reading remains elusive, and if we'll ever upload our minds to computers. What We Discuss with David Eagleman: Dr. David Eagleman worked with the European Central Bank on anti-counterfeiting measures, and his research revealed that most people don't notice security features on bills. His key recommendation was to use faces rather than buildings for watermarks since our brains have specialized neural real estate for recognizing faces, making counterfeit detection easier. Research shows our brains have less empathy for people we consider part of our "outgroup." FMRI studies demonstrated that even simple one-word labels (like religious affiliations) can trigger this differential response in the brain's pain matrix when witnessing someone experiencing pain. True mind reading via brain scanning is likely impossible in our lifetime. While we can decode basic sensory input (like visual or auditory cortex activity), actual thoughts involve complex personal experiences, memories, and creative combinations that would be impossible to capture without knowing someone's entire life history. Uploading a human brain to digital form presents enormous technical challenges and philosophical questions. The computational requirements exceed our current global capacity, and questions about identity (is the upload "you" if your physical body dies?) remain unresolved. Brain plasticity would also need to be captured for the upload to remain dynamic. Understanding our brain's natural tendency toward ingroup/outgroup thinking gives us the opportunity to consciously overcome these biases. By recognizing our shared humanity and finding common interests with those different from us, we can build bridges across divides and develop greater empathy for all people. This awareness can help us make more compassionate choices in our daily interactions. And much more... Full show notes and resources can be found here: jordanharbinger.com/1123 And if you're still game to support us, please leave a review here — even one sentence helps! Consider including your Twitter handle so we can thank you personally! This Episode Is Brought To You By Our Fine Sponsors: jordanharbinger.com/deals Sign up for Six-Minute Networking — our free networking and relationship development mini course — at jordanharbinger.com/course! Subscribe to our once-a-week Wee Bit Wiser newsletter today and start filling your Wednesdays with wisdom! Do you even Reddit, bro? Join us at r/JordanHarbinger!