Podcasts about Eurozone

Area in which the euro is the official currency

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Best podcasts about Eurozone

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Latest podcast episodes about Eurozone

bto - beyond the obvious 2.0 - der neue Ökonomie-Podcast von Dr. Daniel Stelter

Die geplatzte Blase an Japans Immobilien- und Aktienmärkten dämpft noch heute – mehr als 30 Jahre später – die Entwicklung des Landes. Was lernen wir daraus für Europa? In der 167. Folge von „bto 2.0 – der Ökonomie-Podcast mit Dr. Daniel Stelter“ werfen wir einen Blick auf das Fortkommen der japanischen Wirtschaft nach der Blase, erklären die Ursachen für die schleppende Wirtschaftsentwicklung und beleuchten die Parallelen zur Eurozone und China. Im Gespräch erläutert Richard Koo, Chefvolkswirt beim japanischen Finanzmarktdienstleister Nomura und Gastprofessor an der Waseda-Universität Tokio, was eine „Bilanzrezession“ ist, wie man sie bekämpft und weshalb die Notenbanken mit Quantitative Easing den falschen Weg beschritten haben. Dass dieser Weg falsch war, ist bereits seit 2012 bekannt, wie eine Rede des Generaldirektors der Bank für Internationalen Zahlungsausgleich, Jaime Caruana, belegt. Die Frage, die verbleibt: Wie geht es nun weiter? Täglich neue Analysen, Kommentare und Einschätzungen zur Wirtschafts- und Finanzlage finden Sie unter www.think-bto.com. Sie erreichen die Redaktion unter podcast@think-bto.com. Wir freuen uns über Ihre Meinungen, Anregungen und Kritik. Shownotes Handelsblatt Ein exklusives Angebot für alle „bto – beyond the obvious 2.0 – featured by Handelsblatt“-Hörer*innen: Testen Sie Handelsblatt Premium 4 Wochen lang für 1 € und bleiben Sie zur aktuellen Wirtschafts- und Finanzlage informiert. Mehr erfahren Sie unter: https://handelsblatt.com/mehrperspektiven Zeedin von Hauck Aufhäuser Lampe Privatbank Mit Zeedin, dem digitalen Zuhause für Vermögen, können Sie ab 25.000 Euro von der langjährigen Expertise von Hauck Aufhäuser Lampe, einer der ältesten Privatbanken Deutschlands, profitieren. Gleich loslegen oder mehr Informationen: www.zeed.in workday workday ist die Finanz-, HR- und Planungslösung für eine Welt im Wandel. Lassen Sie herkömmliche ERP-Anwendungen hinter sich und werden Sie anpassungsfähiger mit der workday Enterprise Management Cloud. Mehr zu workday unter www.workday.com

RTÉ - The Business
Financial Forecasting

RTÉ - The Business

Play Episode Listen Later Dec 3, 2022 8:41


There was news of a fall in Eurozone inflation rates for the first time in 17 months on Wednesday. While that might sound optimistic, the high cost of living suggests that consumers aren't likely to feel the positive effects of those trends in the immediate future. I'm joined by economist Austin Hughes to discuss these latest trends.

The Investing Podcast
November 30, 2022 - Daily Market Briefing

The Investing Podcast

Play Episode Listen Later Dec 2, 2022 17:27


Ben, Andrew, and Tom discuss the easing (but still elevated) Eurozone inflation data, the upcoming meeting for OPEC+ and the expectation that they keep production steady, Jay Powell's upcoming speech regarding the economic outlook and labor markets, the increase in government backed mortgage loan limits, strong holiday spending data, and tough earnings reports out of a number of SAAS companies as corporations look to reduce expenses. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhalcapital.com/disclosure

Global Market Insights - Forex, Futures, Stocks
Dollar tumbles as Powell appears less hawkish than expected

Global Market Insights - Forex, Futures, Stocks

Play Episode Listen Later Dec 1, 2022 5:33


Powell appears less hawkish than he did at the latest Fed meeting. Dollar records its worst month in 14 years. Wall Street rallies, Nasdaq gains the most. Eurozone inflation slows by more than forecast.Risk Warning: 77.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.Please consider our Risk Disclosure: https://www.xm.com/goto/risk/enRisk warning is correct at the time of publication and may change. Please check our Risk Disclosure for an up to date risk warningReceive your daily market and forex news analysis directly from experienced forex and market news analysts! Tune in here to stay updated on a daily basis: https://www.xm.com/weekly-forex-review-and-outlook In-depth forex news analysis on all major currencies, such as EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD.

FT News Briefing
Fed hints at less aggressive rate increase

FT News Briefing

Play Episode Listen Later Dec 1, 2022 9:15


Federal Reserve chair Jay Powell signalled the central bank will start to slow the pace of interest rate increases, French president Emanuel Emmanuel Macron is meeting with US president Joe Biden today, and Eurozone inflation finally slowed down. Plus, we get the latest on the fallout from the FTX crypto collapse. Mentioned in this podcast:Jay Powell signals Fed will slow pace of rate rises next monthEmmanuel Macron to use US visit to highlight Ukraine war's economic toll on EUEurozone inflation falls more than expected to 10%Crypto lender BlockFi files for Chapter 11 bankruptcyThe FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show's editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. 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.

Market Talk: What’s up today? | Swissquote
A deluge of US data & Powell speech to shape Fed expectations!

Market Talk: What’s up today? | Swissquote

Play Episode Listen Later Nov 30, 2022 11:28


Appetite in Asian equities improved on hints that China could ease the excessive Covid curbs as a response to angry anti-Covid protests, but appetite for rest of the market was limited before a deluge of US economic data and Federal Reserve (Fed) President Jerome Powell's speech due between today and the end of the week. Investors will be watching the latest US GDP update, the JOLTS job openings, ADP report today, the US PCE, personal income and spending on Thursday, and US NFP and unemployment rate on Friday. Soft inflation and not too strong data is what the market needs to keep positive. But in all cases, it's possible that we won't see US equities extend gains by much, and we can see the S&P500 headed lower from the 200-DMA, which also coincides with the year-to-date descending channel top. Good news is that both a softer Fed due to a potentially softening inflation, or soft economic data in the US, should be negative for the US dollar, and could finally help the dollar ease against major currencies, hence ease the strong-dollar-led-high-inflation in the rest of the world. Due today, investors will have their eyes set on the Eurozone's preliminary inflation data for November. Who knows, maybe we will see a figure below 10%, in which case, the EURUSD could make another attempt above the 200-DMA which stands near 1.0370. But as I always say, the US data, and Jerome Powell will say the last word on the overall direction in currency markets. Strong US data, and hawkish Fed comments could immediately turn the winds in favour of a stronger dollar yet again. Listen to find out more!

Becker Group Business Strategy 15 Minute Podcast
Fed Watching & Fed Speak 11-30-22

Becker Group Business Strategy 15 Minute Podcast

Play Episode Listen Later Nov 30, 2022 1:41


Here, Scott discusses some news coming out of the Fed. New jobs in private payrolls much slower in November than expected Eurozone inflation showed signs of easing. This is a key and welcome sign. It may help lead the US and ECB to slow their raising of rates.

Between the Bells
Morning Bell 1 December

Between the Bells

Play Episode Listen Later Nov 30, 2022 4:26


It was a strong session overnight after Federal Reserve chairman Jerome Powell signalled that the pace of rate rises will slow as soon as this month. The Dow Jones jumped 535 points or 1.6%. The S&P500 added 2.4% and the Nasdaq jumped 3.6%, while the 10-year Treasury yield slightly eased. The Fed also cautioned that they may still stay with restrictive policy, with a long way to go in restoring price stability. Wrapping up the month, the Dow and the S&P500 are up more than 4%, and the Nasdaq up around 3%. European markets closed higher, as regional investors reacted to the latest inflation data. Eurozone inflation dropped by more than expected in November, fuelling market hopes that record-high price growth has peaked, and the European Central Bank will begin slowing its interest rate hikes next month. The major benchmarks were all in the green, with the Stoxx 600 up 0.6%, Germany's DAX up 0.3%, France's CAC up 1.04% and the FTSE 100 up 0.8%. Asia-Pacific shares were mostly higher even after data for China's factory activity fell short of expectations, dropping to the lowest reading since April. What to watch today:Our local market is set to open higher, with the SPI futures suggesting a rise of 0.73% this morning. In economic data, the S&P Global Manufacturing final PMI for November will be released a 9am AEDT this morning. Remember a PMI above 50 represents an expansion from the month prior. The degree to which the reading is above 50 reflects how fast the manufacturing sector is expanding. Looking at commodities, Oil has rallied, trading 3.2% higher at US$80.70 per barrel, supported by larger-than-expected crude inventories. Gold has jumped 1.2% higher, closing in on its highest level in two weeks, on expectations of a smaller rate hike by the Fed in December. Markets are now expecting a 50-basis point hike, after the Fed delivered four straight 75 basis point increases. Iron ore is trading 2.5% higher at US$103 per tonne, the highest since mid-September, while seaborne iron ore is also trading just under 1% higher. Nickel is trading almost 5% higher. The London Metals Exchange stepped up market surveillance activity in response to a rally that saw Nickel surge by 40% to a six-month high of around US$30,000 in just two weeks. The sharp price swing raised concerns about a liquidity crisis. Nickel is currently trading at US$26,744 per tonne. Aluminium has also gained, up 4%. Watch BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) today, after the mining giants both posted gains on the New York Stock Exchange overnight. ASX-listed BHP and RIO may follow lead. Stocks set to go ex-dividend today are Pendal (ASX:PDL) and TechnologyOne (ASX:TNE). Remember this often sees shares fall as investors take their profits. Trading Ideas:Bell Potter maintains their Buy rating on Life360 (ASX:360) and their price target of $9, which is expected to return 49%. The next potential catalyst they see for 360, is the release of the 2022 results in March next year. Preliminary results will be released in February, where they expect the guidance to be met. And Trading Central have identified a bullish signal in DevEx Resources (ASX:DEV) indicating that the stock price may rise from the close of $0.33 to the range of $0.38 to $0.40 over 30 days, according to the standard principles of technical analysis. 

Global Market Insights - Forex, Futures, Stocks
Dollar pulls back as markets prepare for Powell's speech

Global Market Insights - Forex, Futures, Stocks

Play Episode Listen Later Nov 30, 2022 5:11


Dollar pulls back as investors await Fed Chair Powell. Powell likely to push back on policy pivot. Eurozone inflation data also under the limelight.Risk Warning: 77.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.Please consider our Risk Disclosure: https://www.xm.com/goto/risk/enRisk warning is correct at the time of publication and may change. Please check our Risk Disclosure for an up to date risk warningReceive your daily market and forex news analysis directly from experienced forex and market news analysts! Tune in here to stay updated on a daily basis: https://www.xm.com/weekly-forex-review-and-outlook In-depth forex news analysis on all major currencies, such as EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD.

Börsenradio to go Marktbericht
Marktbericht Mi.30.11.22 - Inflation auch in der Eurozone geht zurück

Börsenradio to go Marktbericht

Play Episode Listen Later Nov 30, 2022 12:17


Auch am Mittwoch waren es Signale von der Inflationsseite, die für gute Laune gesorgt haben. Auch in der Eurozone geht die Inflationsrate zurück auf 10 %. Das kommt gut an, der DAX klettert leichte 0,3 % und geht mit 14.397 Punkten in den Mittwochabend. Beim MDAX das Plus knapp 1 %. Fast nur Gewinner in der ersten Börsenreihe: Mercedes Benz, Puma und Deutsche Börse legen jeweils über 2 % zu. Merck sind einziger Verlierer und geben homöopathische 5 Cent ab. Der Euro nahezu unverändert, Ölpreise ziehen leicht an, bleiben aber unter Vorkriegsniveau. DAX Spitzenreiter Mercedes Benz mit einer Erfindung, die wirklich hilft: Als erster Autobauer weltweit geht Mercedes in den Serienbetrieb mit dem Einparken und Ausparken komplett ohne Fahrer. Einfach mit dem Smartphone. Ausprobieren kann man das im Parkhaus am Flughafen Stuttgart. Ein anderer Flughafen macht mit starken Steigerungen auf sich aufmerksam. Am Drehkreuz Rhein Main hat sich die Zahl der Passagiere im Sommer mehr als verdoppelt.

Becker Group C-Suite Reports Business of Accounting Podcast

Here, Scott discusses some news coming out of the Fed. New jobs in private payrolls much slower in November than expected Eurozone inflation showed signs of easing. This is a key and welcome sign. It may help lead the US and ECB to slow their raising of rates.

Wirtschaft kompakt
Inflations-Kurve wird flacher

Wirtschaft kompakt

Play Episode Listen Later Nov 30, 2022 5:02


Inflation in Euro-Zone geht leicht zurück/ Uniper will gegen Gazprom klagen / Moderation: Stephan Lina

Becker Group C-Suite Reports Business of Law Podcast
Fed Watching & Fed Speak 11-30-22

Becker Group C-Suite Reports Business of Law Podcast

Play Episode Listen Later Nov 30, 2022 1:41


Here, Scott discusses some news coming out of the Fed. New jobs in private payrolls much slower in November than expected Eurozone inflation showed signs of easing. This is a key and welcome sign. It may help lead the US and ECB to slow their raising of rates.

Becker Group Business Strategy Podcast Series
Fed Watching & Fed Speak 11-30-22

Becker Group Business Strategy Podcast Series

Play Episode Listen Later Nov 30, 2022 1:41


Here, Scott discusses some news coming out of the Fed. New jobs in private payrolls much slower in November than expected Eurozone inflation showed signs of easing. This is a key and welcome sign. It may help lead the US and ECB to slow their raising of rates.

The Financial Exchange Show
Will the economy get derailed by the looming rail strike?

The Financial Exchange Show

Play Episode Listen Later Nov 30, 2022 41:43


Chuck Zodda and Marc Fandetti look at how the Eurozone is trying to tame inflation, and how the region has started to turn things around heading into a possible brutal winter.Congress is trying to solve the riddle that is the looming rail strike, will they bridge the gap in time for the holidays?Sarah Foster, Bankrate.com, checks in on how expensive this holiday season could get with rising prices across most holiday related sectors.

RTÉ - News at One Podcast
Eurozone inflation falls for first time in 17 months

RTÉ - News at One Podcast

Play Episode Listen Later Nov 30, 2022 5:18


Robert Shortt, Economics Correspondent has the latest

Becker Group Business of Pot 15 Minute Podcast
Fed Watching & Fed Speak 11-30-22

Becker Group Business of Pot 15 Minute Podcast

Play Episode Listen Later Nov 30, 2022 1:41


Here, Scott discusses some news coming out of the Fed. New jobs in private payrolls much slower in November than expected Eurozone inflation showed signs of easing. This is a key and welcome sign. It may help lead the US and ECB to slow their raising of rates.

Becker Group Business Strategy Women’s Leadership 15 Minute Podcast

Here, Scott discusses some news coming out of the Fed. New jobs in private payrolls much slower in November than expected Eurozone inflation showed signs of easing. This is a key and welcome sign. It may help lead the US and ECB to slow their raising of rates.

Becker Group C-Suite Reports Business of Media and Marketing

Here, Scott discusses some news coming out of the Fed. New jobs in private payrolls much slower in November than expected Eurozone inflation showed signs of easing. This is a key and welcome sign. It may help lead the US and ECB to slow their raising of rates.

Becker Group C-Suite Reports Business of Wealth Management

Here, Scott discusses some news coming out of the Fed. New jobs in private payrolls much slower in November than expected Eurozone inflation showed signs of easing. This is a key and welcome sign. It may help lead the US and ECB to slow their raising of rates.

Becker Group C-Suite Reports Business of Real Estate
Fed Watching & Fed Speak 11-30-22

Becker Group C-Suite Reports Business of Real Estate

Play Episode Listen Later Nov 30, 2022 1:41


Here, Scott discusses some news coming out of the Fed. New jobs in private payrolls much slower in November than expected Eurozone inflation showed signs of easing. This is a key and welcome sign. It may help lead the US and ECB to slow their raising of rates.

Becker Group C-Suite Reports Business of Private Equity
Fed Watching & Fed Speak 11-30-22

Becker Group C-Suite Reports Business of Private Equity

Play Episode Listen Later Nov 30, 2022 1:41


Here, Scott discusses some news coming out of the Fed. New jobs in private payrolls much slower in November than expected Eurozone inflation showed signs of easing. This is a key and welcome sign. It may help lead the US and ECB to slow their raising of rates.

Was jetzt?
Update: Der Bundestag behandelt das ukrainische Trauma des 20. Jahrhunderts

Was jetzt?

Play Episode Listen Later Nov 30, 2022 9:21


Der Bundestag entscheidet heute, ob der Holodomor als Genozid eingestuft werden soll. Alleine in der Ukraine sind bis zu vier Millionen Menschen dem "Mord durch Hunger" zum Opfer gefallen. Welche Bedeutung hat der Holodomor für die Ukraine? Und wieso streiten Historikerinnen und Historiker weiter darüber, ob das Verbrechen als Völkermord einzustufen ist? Diese Fragen klärt Moses Fendel mit Franziska Davies, Osteuropa-Historikerin an der Universität München. Außerdem im "Was Jetzt?"-Update: Im Prozess zum Polizistenmord bei Kusel hat das Landgericht Kaiserslautern den Hauptangeklagten zu lebenslanger Haft verurteilt. Die Tat habe "Hinrichtungscharakter" gehabt, sagte Oberstaatsanwalt Stefan Orthen. Die Bundesregierung hat sich auf Eckpunkte für ein neues Fachkräftezuwanderungsgesetz geeinigt. Bundeswirtschaftsminister Robert Habeck (Grüne) kündigte auf einer Pressekonferenz an, die "Schwellen für Zuwanderung senken" zu wollen. Das Bundeskabinett hat außerdem die erste "Nationale Strategie gegen Antisemitismus und für jüdisches Leben" beschlossen. Angesichts der zunehmenden Zahl antisemitischer Straftaten sei das Programm "dringlicher denn je", erklärte Felix Klein, Antisemitismusbeauftragter der Bundesregierung. Die Inflationsrate in der Eurozone ist leicht auf 10,0 Prozent zurückgegangen. Im Oktober lag die Teuerung noch bei 10,6 Prozent, teilte das Statistikamt Eurostat mit. Was noch? In Somalia wurden zwei neue Mineralien entdeckt. (https://www.bbc.com/news/world-africa-63800879.amp) Moderation und Produktion: Moses Fendel Redaktion: Pia Rauschenberger Mitarbeit: Marc Fehrmann Fragen, Kritik, Anregungen? Sie erreichen uns unter wasjetzt@zeit.de Weitere Links zur Folge: Holodomor: Bundestag plant Resolution zu Hungersnot in Ukraine vor 90 Jahren (https://www.zeit.de/politik/deutschland/2022-11/ukraine-hungersnot-holodomor-stalin) Holodomor: Eine menschengemachte Katastrophe – und ein Genozid? (https://www.zeit.de/politik/2022-11/bundestag-abstimmung-holodomor-genozid-faq) Gerichtsurteil: Lebenslange Haft für Polizistenmörder von Kusel (https://www.zeit.de/gesellschaft/2022-11/lebenslange-haft-fuer-polizistenmoerder-von-kusel) Kriminalität: Vom Jäger zum Mörder (https://www.zeit.de/2022/25/kriminalitaet-mord-wilderei-polizisten) Fachkräfte: Bundesregierung einigt sich auf Neuregelung von Fachkräfteeinwanderung (https://www.zeit.de/arbeit/2022-11/fachkraefte-zuwanderung-bundesregierung-neuregelung-punktesystem) Bundesregierung: Nationale Strategie gegen Antisemitismus und für jüdisches Leben (https://www.antisemitismusbeauftragter.de/SharedDocs/downloads/Webs/BAS/DE/nasas.pdf;jsessionid=16A9D9360170C4EF5D88D004FBD756D6.2_cid350?__blob=publicationFile&v=5) Wirtschaftskrise: Inflationsrate in der Eurozone sinkt erstmals wieder (https://www.zeit.de/wirtschaft/2022-11/wirtschaftskrise-inflation-euro-zone)

Macro Musings with David Beckworth
Hugh Rockoff on Optimal Currency Areas, “Yellowbacks,” and Free Banking

Macro Musings with David Beckworth

Play Episode Listen Later Nov 28, 2022 43:29


Hugh Rockoff is a professor of economics at Rutgers University and has done extensive work in U.S. monetary history. He joins the show to discuss the criteria for an ideal monetary union and argues that the U.S. didn't really become an optimal currency area until the 1930s. David and Hugh then discuss whether a present-day example, the Eurozone, fits these criteria. They also talk about interesting chapters in U.S. monetary history, including the Civil War, the Free Banking Era, and the bimetallism debate of the late 1800s.   Transcript for the episode can be found here.   Check out our new Macro Musings merch here, and use the promo code NGDP for 10% off!   Hugh's Rutgers profile   David's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Click here for the latest Macro Musings episodes sent straight to your inbox!   Related Links:    *History of the American Economy* by Hugh Rockoff and Gary Walton   *How Long Did It Take the United States to Become an Optimal Currency Area?* by Hugh Rockoff   *"The Wizard of Oz" as a Monetary Allegory* by Hugh Rockoff   *The Free Banking Era: A Re-Examination* by Hugh Rockoff

De 7
28/11 | ING Hoofdeconoom Carsten Brzeski kijkt vooruit | 'Piek inflatie eurozone is voor deze maand' | 'Stijging rente op spaarboekjes komt eraan'

De 7

Play Episode Listen Later Nov 28, 2022 18:33


Het is maandag en dan blikken we in De 7 altijd vooruit naar de week die komt.Met een gast.Vandaag is dat de hoofdeconoom van ING Duitsland, Carsten Brzeski.Groeicijfers, inflatie-overzichten, jobrapporten, vertrouwensindexen, ... Het komt er allemaal aan deze week. Zowel vanuit de eurozone als uit de VS.Met de hoofdeconoom van een bank in Duitsland moeten we 't uiteraard ook hebben over de grootste economie van de EU, die nog altijd onze belangrijkste handelspartner is.Niet alleen de Duitse economie trouwnens, maar ook Duits-Chinese relaties bekijken we met Carsten.En er is voetbal natuurlijk. De Rode Duivels en de Mannschaft. (Twee verschillende verhalen...) Host: Bert RymenProductie: Joris Vanderpoorten Wie zijn geld eens goed aan het werk wil zetten in deze tijden van hoge inflatie, moet zich inschrijven voor Finance Avenue. Dat is grootste geldbeurs van België, volgende week zaterdag 3 december in Tour & Taxis in Brussel.Inschrijven is gratis!  Heb je altijd al graag willen beleggen, maar niet met echt geld? Gewoon virtueel, zonder risico? Doe dan mee met de beursrally van De Tijd. Dan kan je er nog een prijs mee winnen ook. Inschrijven op beursrally.be.  Geboeid door wat je hoort in De 7? Overweeg een abonnement op De Tijd, nu in een uitzonderlijk ontdekkingsaanbod.See omnystudio.com/listener for privacy information.

FactSet U.S. Daily Market Preview
Financial Market Preview - Friday 25-Nov

FactSet U.S. Daily Market Preview

Play Episode Listen Later Nov 25, 2022 4:03


US futures are indicating a higher open as of 4:05 ET. European equity markets have opened mixed to higher, following lower levels in Asia. Central bank speak from ECB and BoE backs the expectations for further rate tightening. Markets are still anticipating a move towards a more moderate pace as the economic contraction gains momentum but positive signs in Eurozone that the economic downturn may be milder than feared have dampened those expectations.Companies Mentioned: Apple, Foxconn (Hon Hai), Microsoft, Salesforce

Global Market Insights - Forex, Futures, Stocks
Week Ahead: Decisive week for the dollar as PCE inflation and NFP reports coming up

Global Market Insights - Forex, Futures, Stocks

Play Episode Listen Later Nov 25, 2022 6:54


After the Thanksgiving downtime that generated some further weakness for the greenback, investors will be looking for fresh direction from the barrage of US economic data that will be dominating the agenda in the coming week. The latest payrolls report will be the main attraction along with PCE inflation readings. CPI data out of the Eurozone and Switzerland as well as Canadian GDP numbers will be important too, while OPEC's monthly decision will be another one to watch amid speculation of an output increase.Risk Warning: 77.74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.Please consider our Risk Disclosure: https://www.xm.com/goto/risk/enRisk warning is correct at the time of publication and may change. Please check our Risk Disclosure for an up to date risk warningReceive your daily market and forex news analysis directly from experienced forex and market news analysts! Tune in here to stay updated on a daily basis: https://www.xm.com/weekly-forex-review-and-outlook In-depth forex news analysis on all major currencies, such as EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD.

Bloomberg Surveillance
Surveillance: Fed History with Blinder

Bloomberg Surveillance

Play Episode Listen Later Nov 23, 2022 27:08


 Alan Blinder, Princeton University Professor of Economics & "A Monetary & Fiscal History of the United States, 1961-2021" author, expects to see more separation between the Fed and the Treasury in time. Jeff Currie, Goldman Sachs Global Head of Commodities Research, says he will be bullish on oil come next spring. Troy Gayeski, FS Investment Solutions Chief Market Strategist & Managing Director, thinks Bitcoin will be around for the long haul, but says it will remain very volatile. Jennifer McKeown, Capital Economics Chief Global Economist, expects recessions in the UK and the Eurozone. See omnystudio.com/listener for privacy information.

World Alternative Media
NEW ECONOMIC ORDER IMMINENT! - The COLLAPSE Of The Dollar & The Old World Order!

World Alternative Media

Play Episode Listen Later Nov 22, 2022 31:17


Get Your Gold IRA FREE Investor Guide Today! Click Below! https://www.patriotgoldgroup.com/i/youtube-alternative Call (888-565-1505) Today! GET HEIRLOOM SEEDS & NON GMO SURVIVAL FOOD HERE: https://heavensharvest.com/ USE Code WAM to get FREE shipping in the United States! GET VITAMINS AND SUPPLEMENTS FROM DR. ZELENKO HERE: https://zstacklife.com/?ref=WAM BUY A TOWER GARDEN AND SAVE MONEY HERE: https://shareasale.com/r.cfm?b=580941&u=3368756&m=52284&urllink=&afftrack= LION ENERGY: Never Run Out Of Power! PREPARE NOW! https://rdm.go2cloud.org/aff_c?offer_id=223&aff_id=1682 Josh Sigurdson reports on the death of countless currencies worldwide as historic inflation takes over, forcing millions into poverty. All by design of course. The Eurozone has hit record level inflation. The UK has hit record level inflation. The dollar is tumbling. Jobs are being wiped out. The supply chain is collapsing. The real estate market is collapsing. The energy crisis persists all as governments do everything they can to literally exacerbate the crisis in as many ways as possible. If it wasn't already obvious, it has to be obvious today that the governments of the world are purposely attempting to destroy their own empire and force us into a new technocratic system of governance. It just happens that in the face of this crisis that they're perpetuating, countless governments teamed with banks and corporations are developing CBDCs as well as carbon credit trackers. Not to mention the cashless BRICS world reserve currency system. If we don't prepare now, we risk never having the chance down the road. Stay tuned for more from WAM! GET TICKETS To Mariposa Freedom Fest and USE CODE WAM to save money HERE: https://www.mariposafreedomfest.com/ GET TIM'S FREE Portfolio Review HERE: https://bit.ly/redpilladvisor And become a client of Tim's at https://www.TheLibertyAdvisor.com STOCK UP ON STOREABLE FOODS HERE: http://wamsurvival.com/ OUR GOGETFUNDING CAMPAIGN: https://gogetfunding.com/help-keep-wam-alive/ GET YOUR APRICOT SEEDS at the life-saving Richardson Nutritional Center HERE: https://rncstore.com/r?id=bg8qc1 OUR PODBEAN CHANNEL: https://worldaltmedia.podbean.com/ Or SPOTIFY: https://open.spotify.com/show/5JWtlXypfL8iR8gGMg9MME Find us on Vigilante TV HERE: https://vigilante.tv/c/world_alternative_media/videos?s=1 FIND US on Rokfin HERE: https://rokfin.com/worldalternativemedia FIND US on Gettr HERE: https://www.gettr.com/user/worldaltmedia Follow us on Parler HERE: https://parler.com/Joshfsigurdson See our EPICFUNDME HERE: https://epicfundme.com/251-world-alternative-media JOIN OUR NEWSLETTER HERE: https://www.iambanned.com/ JOIN our Telegram Group HERE: https://t.me/worldalternativemedia JOIN US On BitChute: https://www.bitchute.com/channel/gzFCj8AuSWgp/ JOIN US On Flote: https://flote.app/JoshSigurdson JOIN US on Rumble Here: https://rumble.com/c/c-312314 FIND WAM MERCHANDISE HERE: https://teespring.com/stores/world-alternative-media FIND OUR CoinTree page here: https://cointr.ee/joshsigurdson JOIN US on SubscribeStar here: https://www.subscribestar.com/world-alternative-media We will soon be doing subscriber only content! Follow us on Twitter here: https://twitter.com/WorldAltMedia Help keep independent media alive! Pledge here! Just a dollar a month can help us alive! https://www.patreon.com/user?u=2652072&ty=h&u=2652072 BITCOIN ADDRESS: 18d1WEnYYhBRgZVbeyLr6UfiJhrQygcgNU World Alternative Media 2022

Forecasting Impact
Dr Ataman Ozyildirim on the business cycle and leading economic indicators

Forecasting Impact

Play Episode Listen Later Nov 16, 2022 40:28


In this episode, we spoke with Dr. Ataman Ozyildrim from The Conference Board.  We discussed leading economic indicators and its importance in tracking the economy's business cycle. He provided his insights on the current situation of the economy. He continued by pointing to the changes in supply chain trends. We also talked about the digital economy and measuring innovation in organisations.  This is only a glimpse into the many excellent insights from Ataman and The Conference Board.  Recommended book: Business Cycles: Theory, History, Indicators, and Forecasting by Victor Zarnowitz Recommended paper:  On the aggregation of probability assessments: Regularized mixtures of predictive densities for Eurozone inflation and real interest rates by FX Diebold, M Shin, B Zhang 

The Jim Rutt Show
EP 169 Roar Bjonnes on Growing a New Economy

The Jim Rutt Show

Play Episode Listen Later Nov 14, 2022 82:20


Jim talks with Roar Bjonnes about the ideas in his new book co-authored with Caroline Hargreaves, Growing a New Economy: Beyond Crisis Capitalism and Environmental Destruction. They talk about a quote from Naomi Klein, interlocking crises, COP27, the collective cognition problem, replacing the real economy with a financial economy, the idea of inherent selfishness, 4 integrated circles, the carbon pulse, nature as a machine, the misnomer of de-growth, why the U.S. is a debtor economy, dividend money, how the Eurozone made the rich richer, Greece's high military spending, private corporate ownership as a driver of inequality, Doughnut economics, reforming co-op laws, where government ownership comes in, what would happen if finance collapsed, a global jubilee, an approach to eliminating public debt, increasing alternative energy responsibly, resacrilizing economics, rehypothecating collateral, how nation-states should manage their economies, a refutation of comparative advantage, caps on wealth & income, the coming storm, and much more. Episode Transcript Growing a New Economy: Beyond Crisis Capitalism and Environmental Destruction, by Roar Bjonnes & Caroline Hargreaves Systems Change Alliance JRS EP150 - Jeremy Lent on the Web of Meaning The Web of Meaning: Integrating Science and Traditional Wisdom to Find Our Place in the Universe, by Jeremy Lent JRS EP100 - Sam Bowles on Our Cooperative Nature JRS EP168 - Nate Hagens on Collective Futures "Dividend Money: An Alternative to Central Banker Managed Fractional Reserve Banking Money" - Jim Rutt @ Santa Fe Institute (YouTube) The Great Transformation: The Political and Economic Origins of Our Time, by Karl Polanyi  Roar Bjonnes is the co-founder of Systems Change Alliance, a long-time environmental activist, and a writer on ecology and alternative economics, which he terms eco-economics. He was the editor of the American Common Future magazine in the mid-90s, a magazine that featured some of the first articles taking a critical look at green capitalism and the sustainable development model. He is the co-author of the book Growing a New Economy, which critiques the multiple crises caused by growth-capitalism and outlines the macro-economic framework for a new eco-economy. World-renowned environmentalist Bill McKibben called the book “a hopeful account of the possibilities contained in our current crisis.”

ETDPODCAST
Nr. 3720 Vieles günstiger – Schweizer Franken trotzt dem Inflationstrend

ETDPODCAST

Play Episode Listen Later Nov 14, 2022 5:18


Egal ob im Supermarkt, in der Gastronomie oder beim Tanken: Die Preise steigen seit Monaten an. In der Eurozone hat die Inflation im Oktober einen neuen Höchstwert erreicht. In der Schweiz hingegen freut man sich seit August über teilweise sinkende Preise. Web: https://www.epochtimes.de Probeabo der Epoch Times Wochenzeitung: https://bit.ly/EpochProbeabo Twitter: https://twitter.com/EpochTimesDE YouTube: https://www.youtube.com/channel/UC81ACRSbWNgmnVSK6M1p_Ug Telegram: https://t.me/epochtimesde Gettr: https://gettr.com/user/epochtimesde Facebook: https://www.facebook.com/EpochTimesWelt/ Unseren Podcast finden Sie unter anderem auch hier: iTunes: https://podcasts.apple.com/at/podcast/etdpodcast/id1496589910 Spotify: https://open.spotify.com/show/277zmVduHgYooQyFIxPH97 Unterstützen Sie unabhängigen Journalismus: Per Paypal: http://bit.ly/SpendenEpochTimesDeutsch Per Banküberweisung (Epoch Times Europe GmbH, IBAN: DE 2110 0700 2405 2550 5400, BIC/SWIFT: DEUTDEDBBER, Verwendungszweck: Spenden) Vielen Dank! (c) 2022 Epoch Times

World Today
Can the Xi-Biden meeting alter the course of China-US relations?

World Today

Play Episode Listen Later Nov 14, 2022 50:24


①In a face-to-face meeting with Joe Biden, Xi Jinping called for charting the right course for the China-US relations. What signals can we read from the meeting? (00:53) ②In a China-ASEAN summit, Chinese Premier Li Keqiang called for enhancing cooperation with ASEAN countries to jointly maintain regional peace and stability. What can other countries learn from the relations between China and ASEAN? (12:58) ③The Chinese government has announced a total of 20 measures to further optimize the COVID-19 response. Why does China adjust its Covid control measures right now? (23:46) ④An explosion in central Istanbul has killed at least 6 people, leaving more than 80 injured. We look at this attack's possible political ramifications. (33:23) ⑤The European Commission has slashed its forecast for economic growth next year, saying the Eurozone will slide into recession over the winter. (40:40)

Wall Street Weekly – Podcast mit Sophie Schimansky
FTX-Pleite sorgt für Beben am Kryptomarkt (Express)

Wall Street Weekly – Podcast mit Sophie Schimansky

Play Episode Listen Later Nov 14, 2022 2:25


Zunächst die wichtigsten Informationen zum Untergang von FTX, der Handelsplattform für Kryptowährungen. Das vor dreieinhalb Jahren gegründete, rasant aufgestiegene Unternehmen hatte voriges Jahr noch ein durchschnittliches tägliches Handelsvolumen von zehn Milliarden US-Dollar und hat rund eine Million Nutzer. Sie hören, was die Insolvenz für Anleger, Investoren und den Markt generell bedeutet.Anschließend rückt die Konjunktur in Deutschland in den Mittelpunkt. Dazu ifo-Präsident Prof. Dr. Clemens Fuest mit einer Einschätzung zur Wirtschaftsentwicklung und zur EZB-Politik. Er befürchtet, dass aufgrund der Gegebenheiten in der Eurozone die Zinsen nicht so erhöht werden, wie es die Inflation eigentlich verlangt.Danach die Übersicht zu den wichtigsten Terminen dieser Woche in Deutschland, Europa, Asien und den USA. Nachfolgend das “Investment des Tages” mit zwei exemplarischen Vertretern chinesischer Immobilienaktien. Der Staat verspricht mehr Unterstützung für den ins Wanken gekommenen Sektor. Hosted on Acast. See acast.com/privacy for more information.

The Left is Dead
Jim on The Critical Hour 11-10-2022

The Left is Dead

Play Episode Listen Later Nov 11, 2022 13:34


Jim joins Critical Hour hosts Dr. Wilmer Leon and Garland Nixon to discuss the Inflation Reduction Act's (IRA, but not the cool one) effects on the Eurozone. With Biden following in the tradition of every American President, Biden and the IRA set out to protect American business but this time while Europe is already reeling from US actions.

The Cable
Eurozone Economy, FTX Latest, Biden and Xi Set to Meet (Radio)

The Cable

Play Episode Listen Later Nov 11, 2022 45:06


Hosts Guy Johnson and Alix Steel speak with Bloomberg's Sonali Basak, Cameron Crise, and Iain Marlow. Plus, an exclusive conversation with European Economy Commissioner Paolo Gentiloni.

Geldbildung.de - Finanzielle Bildung über Börse und Wirtschaft
Schweizer Staatsanleihen kaufen: Geld krisensicher und inflationsgeschützt parken? Lohnt sich das?

Geldbildung.de - Finanzielle Bildung über Börse und Wirtschaft

Play Episode Listen Later Nov 10, 2022 18:26


Der Schweizer Franken wird von vielen Investoren als sicherer Hafen angesehen. In der Schweiz wurde im Juni 2022 die Zinswende eingeleitet. Negativzinsen gehören mittlerweile der Vergangenheit an. Gleichzeitig ist die Inflation in der Schweiz wesentlich niedriger als in der Euro-Zone oder in den USA.  Schweizer Staatsanleihen kaufen: lohnt sich das? Viel Spaß bei der heutigen Podcast Folge.  Sichere Dir wöchentlich (seit 2014) meine besten Anlagetipps in Dein Postfach: Kostenfreie wöchentliche Anlagetipps (jeden Sonntag) Lerne Dein Geld erfolgreich in Eigenregie zu verwalten bei einem Seminar von Geldbildung: Seminar Geldbildung

TreasuryCast
ECB's Targeted TLTRO Tweaks Set to Drain Excess Market Liquidity

TreasuryCast

Play Episode Listen Later Nov 8, 2022 5:43


Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world's largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th November 2022.

The Rebel Capitalist Show
news: Breaking: Eurozone Inflation Explodes Higher

The Rebel Capitalist Show

Play Episode Listen Later Nov 2, 2022 13:28


Check out my private, online investment community (Rebel Capitalist Pro) with Chris MacIntosh, Lyn Alden and many more for $1!! click here https://georgegammon.com/pro

World Today
China's space station takes shape. How will scientists use it?

World Today

Play Episode Listen Later Nov 1, 2022 51:54


①Pakistan Prime Minister Shahbaz Sharif is visiting China. What is on the top of his agenda? (00:41) ②Foreign Minister Wang Yi asks the US to refrain from containing China's development. We discuss more regarding his phone call with US Secretary of State Antony Blinken. (12:23) ③Mengtian lab module docks with core module of China's space station. (24:24) ④China's ODI surge in the first nine months. (34:57) ⑤Eurozone inflation hits record high of 10.7%. (45:05)

Steingarts Morning Briefing – Der Podcast
„Betäubung und Ablenkung liegen nah beieinander“

Steingarts Morning Briefing – Der Podcast

Play Episode Listen Later Nov 1, 2022 32:46


Im Interview: Peter Sloterdijk - Philosoph, Schriftsteller, Intellektueller- spricht mit Gabor Steingart über das Experiment der Moderne und dessen ungewissen Ausgang und über seine Gedanken zur Schuldenpolitik der Bundesregierung, deren Wesen durch Begriffe wie “Sondervermögen” camoufliert wird. Die Inflation in der Euro-Zone stellt einen neuen Negativrekord auf. Unsere Börsen Reporterinnen Anne Schwedt und Annette Weisbach berichten rückblickend von einem starken Oktober an der Wall Street und haben die Aktie von Fresenius Medical Care. Vor 65 Jahren wurde die Prostituierte Rosemarie Nitribitt in ihrer Frankfurter Wohnung tot aufgefunden. Bis heute einer der mysteriösesten Kriminalfälle Deutschlands. Eine schlaue neue App soll die Nachbarschaft fördern, Energie sparen und das Klima schonen.

Invstr Crunch
Interesting Effect

Invstr Crunch

Play Episode Listen Later Nov 1, 2022 3:58


Today, Rehan talks about Eurozone and the Federal Reserve. Topics discussed: The record inflation in the Eurozone The losses at the Federal Reserve Links mentioned in this episode: https://invstr.com/record-inflation-for-europe/ https://invstr.com/fed-owes-money-central-bank/ https://invstr.com/market-recap-november-01-4/

Marketplace Minute
What will The Fed do in December? - Midday - Marketplace Minute - October 31, 2022

Marketplace Minute

Play Episode Listen Later Oct 31, 2022 1:50


Economists are looking for signals that interest rate hikes are poised to slow; China's manufacturing sector contracts in October; Twitter planning layoffs, reports say; Eurozone inflation hits 10.7 percent To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

FactSet Evening Market Recap
Evening Market Recap - Monday, 31-Oct

FactSet Evening Market Recap

Play Episode Listen Later Oct 31, 2022 5:23


US equities finished mostly lower in uneventful Monday trading, with the price action following stocks notching a second straight week of gains on Friday despite disappointing big tech earnings. Eurozone consumer prices was the latest inflation data to come in hotter, and there continues to be some pushback against the monetary policy pivot narrative driving a backup in rates and stronger dollar.

Wintrust Business Lunch
Wintrust Business Lunch 10/31/22: Home prices decline, October's stock market rally, and Moor's Brewing

Wintrust Business Lunch

Play Episode Listen Later Oct 31, 2022


Segment 1: Ilyce Glink, owner of Think Glink Media and Best Money Moves, joins John to talk about the real estate market and how 98 of the 100 largest U.S. markets saw home prices decline in September from their 2022 peaks, the October stock market rally, Eurozone inflation hitting 10.7%, and the likelihood the Federal Reserve will raise its […]

Spaßbremse
36 - Declining in Style (Eurotrash w/ Anton Jäger and Dominik Leusder, Pt. 1)

Spaßbremse

Play Episode Listen Later Oct 30, 2022 62:00


Ted chats with the hosts of the Eurotrash podcast: Anton Jäger, Postdoctoral Researcher at KU Leuven and Dominik Leusder, Research Director of the LSE Global Economic Governance Commission. The three discuss all things EU, from the union's economic and political crises, the way these crises get talked about in the media, and how things could have gone differently. You can find Eurotrash on Twitter @eurotrashpod and listen to them wherever you find podcasts. You can find Anton on Twitter @AntonJaegermm and Dominik on Twitter @NewLeftEViews. Dominik is also Spaßbremse's first three-time guest, you can listen to him on Episode 15 where he discusses German economic policy and on Episode 24 where we he discusses German foreign policy. You can also catch Anton and Dominik on a recent episode of The Dig: Europe w/ Anton Jäger and Dominik Leusder We will be posting Part 2 of Ted's conversation with Anton and Dominik, where they dive into greater detail about the Eurozone, on our Patreon shortly. Co-hosted by Ted (@ted_knudsen) and Michelle (@shhellgames). Produced by Isaac Würmann (@wuermann). -- Thank so much to everyone who has already started supporting us on Patreon! We'll still be publishing full-length episodes twice monthly available on our main podcast feed, but Patreon supporters will also get access to some bonus episodes per month. It's a tough time out there so we totally understand if you don't have the capacity to support right now, but if you're able we'd really appreciate you becoming a subscriber. All the details here: www.patreon.com/spassbremse Follow Spaßbremse on Twitter (@spassbremse_pod). Music by Lee Rosevere. Art by Franziska Schneider.

CFR On the Record
Academic Webinar: Global Economics

CFR On the Record

Play Episode Listen Later Oct 26, 2022


Zongyuan Zoe Liu, fellow for international political economy at CFR, leads the conversation on global economics. FASKIANOS: Thank you. Welcome to today's session of the Fall 2022 CFR Academic Webinar Series. I'm Irina Faskianos, vice president of the National Program and Outreach at CFR. Today's discussion is on the record and the video and transcript will be available on our website, CFR.org/academic. As always, CFR takes no institutional positions on matters of policy. We're delighted to have Zongyuan Zoe Liu with us to talk about global economics. Dr. Liu is a fellow for international political economy at CFR. She previously served as an instructional assistant professor at Texas A&M's Bush School of Government and Public Service in Washington, D.C. And before that, she completed postdoctoral fellowships at the Columbia-Harvard China and the World program and the Center for International Environment and Research Policy at Tufts University. She served as a research fellow and research associate at many institutions—the Reischauer Center for East Asian Studies, NYU's Stern Center for Sustainable Business, and at the Institute for International Monetary Affairs in Tokyo. Dr. Liu is the author of Can BRICS De-dollarize the Global Financial System?, published by Cambridge University Press; and Sovereign Funds: How the Communist Party of China Finances its Global Ambitions, forthcoming in 2023 by Harvard University Press. So we will stay tuned for that. So, Dr. Liu, thank you very much for being with us. This is a very broad topic, but it would be great if you could give us your analysis of the state of the global economy today. LIU: Yeah, thank you very much, Irina, for inviting me to do this. I really, truly appreciate the opportunity to engage with our college and national universities, both the faculties and the students. This makes me feel I'm very much still part of the academia community. So thank you very much, Irina, and thank you, everybody, for tuning in today. So I wanted to begin by saying that as an economist one thing that I learned is that we are very bad at making forecasting. And, once that forecasting is already very bad, but—and forget about the long run. But that being said, I hope our conversation today can at least exchange some perspectives in terms of how we think about global economy and how we think about some policy-relevant natures. So the first—I will begin by saying two statement, and then I will delve into it. The first statement I would say that I'm afraid that geopolitics probably would make economic forecasting, which is already a very difficult business, but geopolitics would likely make this business even more difficult going forward. And this is because global economic prospect will be more influenced by geopolitics and geopolitical tensions, in addition to pure supply and demand. So that is to say, for our—all our college students and our graduate students, who are either pursuing a political science degree, international relations, or economics, or anybody who are vaguely interested in understanding global economics, now this is the time to realize, well, the models may not—the models had their limitations before, and their limitations are probably going to be even more pronounced going forward. The pure supply-demand dimensions—price is set in certain ways—probably are not necessarily going to go that way. One such example would be the European Union and the United States are considering putting a price cap on Russian oil. And what does that mean? That probably means, well, it almost feel like for a long period of time there was this global cartel called the OPEC or OPEC+. These are the so-called sellers' cartel. And they have the power, the monopolistic power almost, in terms of setting the price of oil in the global market. But now we are probably going to see the other part of the story, which is what about a global buyers' cartel? And that is essentially what a price cap means. So long story short, I think geopolitics would play a lot into our analysis of global economics forecasting going forward. And then my second sort of quick statement would be in terms of global economic status today. I would say the key—like, let me take a step back. When we think about economic development, we tend to think about factors of production. Like, for our—again, for our students who probably learned this at the beginning of the semester, this is the time to refresh your concept. But key factors of production—one is resource, the other is technology, and then the other is labor. In terms of resources, you can think about natural resources as well as capital. So these three fundamental factors of production, I would say, they are all going through a period of changes. And these changes are not necessarily in a good way. So that, long story short, a lot of the changes now in global economic conditions may not necessarily be good. And I'm happy to go into a detailed analysis of why resources are not necessarily changing in a good way, or technology, or in terms of labor and demographics. But I'm also happy to stop here and then sort of answer questions or explain further going forward as well. FASKIANOS: Great. We will go to all of you to ask your questions. (Gives queuing instructions.) So we already have a question. It's from Fordham University. Raised hand. So you're going to tell us—have to tell us who you are and unmute yourself, or accept the unmute prompt. There you go. Q: Can you hear me? FASKIANOS: Yes. Q: OK, great. Yes, so I'm a third-year student at Fordham University. My name is Valerie Bejjani. And my question for you, Dr. Liu, pertains to your paper—your Cambridge-published paper—about non-dollar alternatives, which I find very fascinating. And it made me think about something I read for an international political economy class about how Keynes first introduced a non-dollar alternative called the bancor during the Bretton Woods Conference, but the U.S. shot it down. So I was curious about your opinion on this, whether you think it was a mistake for the U.S. not to accept it, and what you think the implications—the historical implications are for BRICS countries today that are trying to devise their own non-dollar alternatives? LIU: Thank you very much, Valerie, for your great question. And I have to—since we're on the record—I just have to say, this is not a planted question. (Laughs.) And I very much appreciate that you've given me the opportunity to talk about the research that I did before. So just a quick background about that research that I did, I finished the research last year—yeah, last year in the summer, in July. So when I submitted my manuscript, there was a review process, right? And then that was the moment when not everybody were interested in SWIFT, in SPFS, in China's cross-border banking—Cross-Border Payment System, or CIPS. So a lot of these alphabetic soups that everybody here are familiar with now, last year before Russia's invasion of Ukraine nobody was even interested. And one of the reviewers was even telling—had a comment there saying that, well, you know, don't necessarily think that these are good examples that deserve to—so many real estate. (Laughs.) But and then my publisher somehow engineered it such that my—that Cambridge publication came out right on the day of Russia's invasion of Ukraine, which was—that was—as a researcher, you probably can never hope the timing in that way. So going back to your question, Valerie, I would say I highly appreciate that you raised the question. And I respect that—highly respect that you are already getting yourself familiarized with Keynesian and all the other historically speaking alternative monetary system or monetary concept as well. So that's all good. So keep doing what you are doing now and I look forward to continuing our conversation going forward. So your question, if I understand it correctly, so is it a good idea for the United States to shut it down, right? So I mean, if I were—I was obviously not in the policymaking room in those days, but I can certainly understand why the United States would want to maintain the dollar's dominant currency status in the global financial system. That's because if you are able to—if the dollar were the dominant currency, in the existing dollar—in the existing global financial system, that basically means on the one hand we can issue debt cheaply. And that literally means the U.S. Treasury is the proxy for risk re-asset. That has huge implications not just for our government debt and our physical expenditure. It also has a tremendous amount of stabilizing factor for our domestic financial institutions and the expansion of our banks in the international market. So from both public perspective and the international perspective, those are good. And the United States has, from a policymaking perspective, all our financial policymakers had their right to shut it down. Now, but if you ask this question from an alternative perspective—say, if you ask the question for—to, let's say, Bank of England Governor Mark Carney—former governor. If you ask him, he would probably tell you, well, this is a terrible idea that the United States would shut it off, because he specifically said in 2019 at the Jackson Hole symposium, when all the major central bankers were gathered in the big hall and talking about monetary policies, he was the one standing in front of everybody saying that, well, it's a terrible idea to have one single currency, which is the U.S. dollar, to dominate the global financial and monetary system. That is the reason why the system is not stable, hence we need to have an alternative system. Like a basket currency or something like that. So, if you ask people like him, he would be—like, be in favor of the diversity—of a more diversified global monetary system. And again, if you ask the countries like China or, for that matter, Russia or Iran, they would be way much more in favor of a much more diversified monetary system as well. And that may not necessarily, from, exchange rate perspective, exchange rate risk is an important aspect, but the more important aspect probably is from the geopolitical hegemonic power of the U.S. dollar. Which means, the U.S. sanctioning power really resides in the dollar being the dominant currency. So right now, we hear about U.S. can sanction Russia, sanction other countries. How that is being executed, it is literally being executed by our banks no longer processing the bank transactions of all the Russian banks. Hence, when people talk about kicking Russia off the SWIFT system, it's not just that the transaction cannot go out. It literally means in practice nobody can send a message with Russian banks. Like, there was no communication. So the entire dollar system is based upon the SWIFT system, which 90 percent of the messaging to process the transactions are using dollar. And then, because the expansive power of our U.S. banks, it literally means all international trade literally has to be settled—the settlement has to be done by U.S. bank, who has U.S. dollars. And in order to access that transaction mechanism, only SWIFT can get the job done. You also have to literally tap into either the Fedwire System or the CHIPS system, which is the clearinghouse system based here in New York. So in order for this whole system—in order to have this whole system to make your dollar payment work, you literally have to maintain on the one hand a connection, on the other hand have connections with the dollar settlement system. And that's why when Russia was kicked out of SWIFT, a lot of other countries who are not necessarily on the good side of the United States started to get worried because people used to think, well, kicking somebody—kicking some banks off the SWIFT system is almost the financial version of a nuclear bomb. It's the nuclear option of cutting somebody from the international financial system, of which the U.S. dollar is the dominant currency, the primary invoicing currency as well. And then on the other hand, lesson learned from this sanction experience, especially from the perspective of China, is that, well, previously we've already laid out a lot of this planning system—meaning the infrastructure used to internationalize the renminbi, such as the China—the China's CIPS system. Policymakers inside China started to wonder, well, since the planning is already there, it's not too much to ask just to add additional function. So the previously, from a functional-wise, China's renminbi payment infrastructure is really not about bypassing sanctions, because in my research I realized when—I interviewed people who actually participated in the designing of the system. And I remember talking to three people on three different occasions, and they all mentioned one point, which is without the CIPS system, the international using of renminbi, really—the user experience was really, really terrible. And the reason it was terrible was simply because there are more than two thousand of small and medium-size banks in China. You are familiar with the big four—ICBC, Bank of China and all that—but those are the major banks. More Chinese bank—more than two thousand of the smaller Chinese banks, they don't have a direct connection with the SWIFT system. Which basically means in order to make transactions across border, it really takes time and the cost of transactions are extremely high. Therefore, in order to improve user experience, they literally had to design a system that can facilitate this cross-border transaction. But when geopolitics plays into it, especially since 2018 when U.S.-China trade war started to get really escalated to a higher level, a lot of those conversations started domestically. And then Russia's invasion of Ukraine really accelerated this whole process. So I hope that sort of give you a broader—it's a long answer, but I hope that gives you a deeper understanding of what has been going on, and what are the—what are the instrument—the functions of the instrument. FASKIANOS: Fantastic. I'm going to take a written question from Abraham—he goes by Abe—Borum. Dr. Liu, you mentioned OPEC within the context of NATO and the U.S. efforts to limit Russia energy policy. What are the second- to third-order effects on other sectors of global markets? And Abe is a graduate student at the National Intelligence University. LIU: Abe, that's a great question, I have to say. And I would strongly encourage everybody here, especially our undergrad and graduate students—to think not just the first-order or direct impact, but also the second-order effect. So I appreciate this question, because then you give me a little bit opportunity to elaborate on why I think on the natural resource aspect our global economy is not necessarily heading towards the right direction. So just tie back into Abe's question to begin with, right now since Russia's invasion of Ukraine, the hydrocarbon prices, and more specifically oil prices, oil prices have been increasing. Although in recent—in recent weeks, it has relatively been stabilized a little bit, but it's still way much higher than pre-pandemic, that would be 2019, right, Irina? 2019, right? (Laughs.) My timeline is all blurred. So I checked this morning, price might have changed slightly. But when I checked it this morning Brent today, this morning when I checked, it was trading about $88 per barrel. And remember in 2019 what the price was? That was something around—the average price in 2019, that was $64. So we are literally talking about more than $20 per barrel more expensive. And then WTI, that is, what, U.S. benchmark, right? WTI was trading at $96 per barrel – close to 96 (dollars). Like 95.99, something like that. And in 2019, Brent was trading on average $57 per barrel. So close to double. So higher energy prices, that basically would directly translate into higher production costs across the board for energy—because every sector need energy, whether it is electricity, whether it is other types of energy. So it directly translate into higher electricity prices. This is important for the United States. This is very relevant for the European Union as well. So higher production costs would literally raise the price of the output. And that is going to further exacerbate the inflationary pressure. And that is going to make the Federal Reserve, and the ECB, and the Bank of England measures to curb inflation even more difficult. And then on the other hand, I also wanted to mention that right now the added layer of geopolitics making this even more difficult. We already see this happening, which is, Biden made his trip to Saudi Arabia, but it did not get the intended consequence or intended result, which is trying to get Saudi Arabia and OPEC in general to stabilize the global oil market. And OPEC+, about a week ago, decided that they are going to cut their production by about two million barrels per day. That is about the daily consumption of, I believe it's China, or something like that. So from that perspective, by limiting production, that is going to further—that is from a pure supply/demand perspective, right? If we hold supply—we hold demand constant and if you reduce the supply, that is going to further raise the upward pressure for the prices. So geopolitics is probably going to further put upward pressure for the prices as well. And then finally, the final point I would want to make there is that right now OPEC countries—OPEC+ countries in particular—they might be—have this existential threat, which is the net zero transition. Right now, what is most valuable for Russia, or for Iran, for UAE, for Saudi Arabia—their most valuable export comes from hydrocarbon. It could be oil. It could be natural gas. So in the long run, when the entire global economy moved to zero dependence on hydrocarbon, that basically means for Russia—that's probably more close to 70 percent of their GDP and government revenue. That is going to be gone. Think about how the Russian economy can make up that much amount of revenue in the short run? That's very difficult to think about, especially these days. And this can be applied for countries like Saudi Arabia as well. Therefore, these countries—these hydrocarbon-exporting countries—they have this existential threat. Which is their most valuable export might become no longer valuable in the long run. So that's why they are—they are inherently very interested in carving a closer relationship and, more importantly, a relatively stable relationship with their stable buyers. And the buyers these days are going to not necessarily be the United States because, you've heard all these stories about the U.S. are energy independent and so on and so forth. But, you know, we can—that's a different story. And when people say U.S. is very largely energy independent, there are so many reasons that argument can be rebutted. But let me just say, U.S. does not necessarily consume a lot of energy from—exported by Saudi Arabia. But who does? China and India. So right now, China's largest energy—in terms of volume—largest energy supplier is Russia. But in terms of pure monetary value that China actually pays, and the largest receiver of Chinese money for energy, that is Saudi Arabia. Therefore, earlier this year you probably read the news about Saudi Arabia might consider allowing renminbi to pay for Saudi oil. There might be more opportunity in there, because they might be very interested, especially MBS, because of all his behaviors, might expose a lot of the Saudis individuals under U.S. sanctions. And on the other hand, China already established a renminbi denominated oil futures market. And that—although, the volume today is relatively—the volume today is relatively low, but the growth is very rapidly. So if all these major oil-exporting countries hypothetically—if they decided to suddenly switch their—the pricing of their oil overnight into renminbi instead of the dollar, we could potentially see the dollar's pricing power and invoicing power in global trade would be diminished. And that is because the infrastructure, the facility is already there. Although the volume of renminbi-denominated oil futures is still relatively low, the plumbing is there. And once you have the plumbing there, there is no way to go back. So now what the United States should do is to make sure that everybody is still very much interested in maintaining the existing dollar-based system and maintaining the pricing of commodity using U.S. dollar. And that brings in the discussion about putting an oil price to Russian oil instead of just a wholesale sanction of Russian oil. As long as we are putting a price cap to it, that basically means we are—yes, we are hurting Russian export, but still we are allowing Russian oil flowing into the international market. That still makes the dollar's pricing power in global commodities relevant. So from that perspective, I think it's the right move to preserve the dollar system. But on the other hand, those countries that are not—again, not necessarily on the geopolitical good side of the United States, they do have the intention to hedge against the risk of being sanctioned. And they need the—they need buyers to buy whatever that they have are valuable today. I hope that makes sense to you. FASKIANOS: Great. Thank you. I'm going to take the next question, a spoken question, from Dr. Seebal Aboudounya, an associate lecturer at the University of College London. You can correct me on the pronunciation of your name. Q: Yes. Hi. The pronunciation is perfect. Thank you very much. So I have two students here from the international public policy program. And they would like to ask questions. So I will just hand over to them. Thank you. Q: Hi, professor. I'm Cici and I'm a graduate student from UCL. I'm really glad you can give me a speech and answer my questions. And I want to ask questions about Belt and Road Initiative (BRI). As we all know, that Belt and Road Initiative has employment more than ten years, since 2013. And it seems as the most important foreign policy for China and their President Xi. And it has already achieved many success. So I want to ask, what's the core purpose of Belt and Road Initiative, and how can we evaluate it? And do the countries in BRI view it in a positive or a negative way? Thank you. Q: Thank you very much. And the second student will now ask a question. Q: Hi, Doctor. My question is, what's the future of global economy under the impact of Ukraine war, China-U.S. competition, and COVID-19? Thank you. Q: Thank you very much. LIU: All right. Thank you very much, Professor Aboudounya. And let me just being with the first question from Cici, right? Thank you very much, Cici, for asking this important question. And I'm so glad that you are asking something about BRI, because I do think it's important for people to understand this whole Chinese initiative. You are absolutely right that the BRI is a very important Chinese foreign policy initiative. And I would even say that the BRI is—or, the Belt and Road Initiative—is Chinese President Xi Jinping, his signature foreign policy initiative during his first two terms. Now he just recently got his—as the general secretary of the party—he just got this third term. So we'll see how BRI being played out going forward. But at least during his first term as the president of China and as the party general of the Chinese Communist Party, that was his signature foreign policy initiative, or grand strategy, if you will. So in terms of what it is and how we think about it, those are great questions. So there are very simple answer to say—to describe what BRI is. You can think about it as a global-spanning infrastructure project. So that's what it looks like. If you just put—if you just—if we have an Excel spreadsheet and we just look at, at least all the—every single project that BRI has been doing, it's really about infrastructure. And more specifically, more than 70 percent of BRI infrastructure projects are related to energy, are energy-related infrastructure projects. Therefore, you can also think about BRI as infrastructure orientated and combined with the idea of establishing China's access to global energy resources. And then, if you think about it from China's domestic perspective, why Xi Jinping decided to start this BRI initiative and what are the connections of the BRI with previous Chinese policies? I would say the reason—fundamental reason why Xi Jinping started this BRI was because of the fundamental domestic problem which is the overcapacity in China's production sector, especially steel, concrete, and a lot of these infrastructure-related sectors. And that takes place after global financial crisis, and then China's spending four trillion—four trillion yuan to stimulate its economy, and it created the major overcapacity issue at home. And the international economy—or international demand or demand from outside of China was not enough—or especially the Western market like United States or European market, they were not growing as fast to be able to absorb China's overcapacity. Therefore China really have to think about how to distribute in a broader global market to solve its overcapacity issue. So Xi Jinping, in one of his meetings, he had this saying—and I think it's very revealing, so I quote him. So he did say this, and I translate it, obviously, into English. So he said: Our overcapacity problem might be other countries—might be beneficial to other countries. In other word, we are producing a lot of this stuff that we do not use, and we are losing money. But if we are able to sell it to other countries, that might be good for them and good for us, as well. So that was—could we—if we give him the benefit of the doubt, is that a good way—is that a good intent? Sure. If we give him the benefit of the doubt, if everything he implemented perfectly, that could be mutually beneficial. And indeed, if you look at all these BRI forums or BRI summit, a lot of these are related to improve their connectedness, solve overcapacity issue, and even BR specific government-to-government level industrial production coordination fund. In other word, if government are establishing lots of money to coordinate—so much you are going to produce, how much I am supposed to produce. The idea is really to tackle the problem of overcapacity. But again, reality when you are looking at how this is being implemented, nowadays it varies. There's a very good Rhodium Group report that you probably—if you just google Rhodium Group BRI, they have this report analyzing the BRI lending. And that's where BRI really come into—really encountered a lot of problem. So you are probably familiar with the whole narrative of the data trap, so depending upon who you are talking to—so if you talk with—if you talk to Chinese project managers, or if you talk to Professor Deborah Bräutigam at SAIS/Johns Hopkins who runs the China Africa Research Initiative—if you talk to folks like them, they might tell you, well, you know, it's really not about the data trap but really speaks to the fact that China is really, really inexperienced in terms of the development finance and in terms of lending, and that the reason is that they really have a limited capacity to do, on the one hand, the environmental impact assessment. Many of these—you will be shocked. Many of these projects they do not even have a real environmental impact assessment. And on the other hand, because a lot of these lendings are directly being lent out by Chinese policy banks—and more specifically, if you look at Africa, that would be China import and export bank, they have a limited capacity to evaluate all these business plans. And I remember talking to a project manager in Mali, so I asked him, have you interacted with all those folks on how you do your—how you do your bidding in order to get the money. So this person, he was very frank with me, and he said, well, I understand how the—I understand how they want the number to look like in order to give me the loan, so I just cook the numbers so that I can get the loan. In other word, there is not necessarily an internally robust risk management process in getting out of these loans. Therefore, am I surprised to see that so much of Chinese—so much of China's BRI loan now are in trouble, like in countries like Zambia, Pakistan, Sri Lanka, and a couple of others.   So am I—am I surprised about that? I'm not surprised because if you followed this and if you realized that there is a lack of the internal risk management process, that's the result you are going to get. And it is also because of the debt, combined with the contract term, which is when you are signing a contract like—it's like, I go to the bank and I say, I am Zoe, and I bank with Charles Schwab or Bank of America. Hey, I'm going to buy a house, so how about you lend me the money. This is literally the way how contract negotiating works. And then, guess what? The banks are going to say, hey, Zoe, I do not know who you are, although you look like a good person. I do not want to lend you the money at this rate. I'm going to lend you the money, and you have to put down a collateral. So collateral is the idea that, in case I, Zoe, can no longer pay back my loan, I literally have to give up some sort of tangible asset to the bank. Now in the case of Sri Lanka, that was what happened to Hambantota. So long story short, is that combined with the collateralization of this BRI debt really feeds this debt trap narrative because, well, if it looks like you are setting the countries up to debt, and you are collateralizing their critical infrastructures, this looks like debt trap to many observers. So I can't—I have a lot of sympathy to this debt trap narrative, but really, when we think about BRI debt and how BRI is being implemented, we really need to think about two sides: on the one hand, the policy side; and the other side is really about implementation, because without implementation the policies are only a piece of paper, isn't it? So, I really encourage you to look more specifically into the details, and if you are interested in learning more about BRI, there are a lot of data set that are available. On the one hand, William & Mary—William & Mary have the aid data. If you just google William & Mary and google aid data, you will see their entire data related to BRI. And then the other website that—I would have to say, my colleague and I here at the Council, we have this BRI tracker. My colleague Benn Steil, he run—he had this BRI tracker. So you can take a look at that. And then the Council also published a BRI report last year—last year, right, Irina? We have a BRI Task Force report, so definitely check that out. And then finally there is also Boston University has the global policy institute. They have this China—they have a specific China-oriented research team, and they have—they also run seminars occasionally, and webinars—you can sign up for it and you can have access to their research. We also have this BRI data, so make sure that you check those out so that you can look at all the contract, you can look at what are the—where exactly—at what level project are being implemented. I hope that sort of covered the ground for that with BRI. And then go back to the other question—the other question about the future of global economy, especially the impact on Ukraine. I really appreciate this question as well because it's—it's really dear to my heart, too, and the research in itself is dear to my heart and to many of my colleagues here at the Council. And then, on the other hand, we also—everybody are surprised about how fast and how coherent the sanctions on Russia were able to take place. It used to be like—I myself included—like when the Europeans decided—the European Union decided, basically the next day after—following the U.S. sanctions, they basically decided that they are going to do the same. I was like, oh, gee, looking across the Atlantic, I don't think I understand you guys. It almost feel like you guys could never agree on anything anytime soon, but now, it's like overnight there is this agreement on sanction of Russia. I feel like, oh, this is unprecedented. So from that perspective, I do think the—Russia's war on Ukraine, it reunited the U.S. alliance system, and from economic perspective, I think it's very important in the sense that a lot of the economic differences that we used to have—for example, the Eurozone or, in particular, the ECB might have interest in letting the euro play a bigger role in the global system and all that. So a lot of these are—a lot of these disagreement are going to be surpassed by the priority, which is to address Russia's aggression in Ukraine. And then on the other hand, we are also seeing that, yes, European Union, despite of their heavy dependence on Russian oil and gas—and Russian gas in particular, they are willing to participate in setting a deadline to say by this—by the end of this year we are going to phase out Russia's—our dependence on Russian energy. And in that context, it is good for American energy industry in the sense that we can—here in the United States we can—in the context of making sure that our domestic energy security is secured, right, or we can't export our LNG to our—to meet the need of our European allies. So that is another good aspect of it, and then in terms of—and then finally, I would—along the line of energy I would also say this probably is also going to accelerate the transition to net zero in terms of technology and putting more resources into this technology related to energy transition. That might be related to hydrogen. Canada is already exporting its hydrogen energy to Germany and German trains are now—some German trains are now run on hydrogen power. It would be cool to check it out—how it looks, right? So that means, from energy perspective at least we are seeing the realignment of this energy supply, energy demand dynamic. And because energy is so important for production and for energy growth, that is sort of a stabilizing factor. But that being said, still we are not—I am not saying that the Europeans aren't going to—are no longer having problems. And the Europeans are still going to have problems and the IMF revised downward European growth prospect next year. They downgraded to—even further to a lower point. I believe it's point—it used to be—it used to be about 1.3 in the energy outlook earlier in July, but I think this time—a few days ago when I checked again, there are new economic outlook. They've revised it down for EU—European advanced economies that it was revised down to .06 percent growth. From that perspective combined with high inflation, literally we are seeing that Europe—the advanced European economies—or broadly speaking, Eurozone as a whole—probably are going to head towards, maybe recession is a very, very harsh word, but it definitely going to run into serious economic troubles. So in the long run, this is not a good—this is not good looking. And in the short run, at least, this is not good looking, right, and in the—if we broaden the horizon back, focusing on the economy. Another factor that constrained European growth are, in particular, let's say, the major powerhouses like Germany. A critical part of that is, they are suffering from two issues. One is their cost of electricity is simply too high, and I'm talking about this relative to—it's much higher than the United States for sure, but they are not—they are much higher than China, as well. So China energy per kilowatt is in the magnitude of 0.002 or 0.003 magnitude. And where is Germany? Germany is something like ten times of that. We are talking about .38 per kilowatt. So that basically means if your fundamental electricity cost is high, and when energy price goes up higher, electricity price is also going to go up high, and then your entire manufacture industry is going to face a higher cost. And that, combined with demographic challenges, refugee challenges, it simply means that the government are going to have a whole lot of difficult time to deal with their expenditures. So again, both from energy perspective, from cost-of-production perspective, from the demographic perspective—aging population, refugee problem—and on top of that you probably would also have to think of—take care of the aging population, meaning added social welfare costs and pension costs, so those are—those mean slowing economy, especially on advanced economies, are not necessarily looking nice. FASKIANOS: Thank you. I'm going to go next to Isaac Alston-Voyticky, who has written a question but also said, happy to ask it, so why don't you unmute yourself, please, and give us your affiliation. Q: Hello, my name is Isaac Alston-Voyticky. I am at CUNY School of Law and CCNY's Colin Powell School. I am actually graduating this semester, so—(laughs)—anyway, so my question is you posed the three classic core components of economics. Would you think in the modern day, given the immaterial nature of so much of our global market and marketplace, that knowledge as the foundation of neoclassical economics, plays an equal role as a component of modern economics? And I mean that obviously in the concept that knowledge is known, unknown, real, surreal, and unreal, of course. But also, to your first kind of opening point when you said that, you know, it's really hard for economists to model out and do predictions. When we talk about improving data sets and analysis across like IPE, international affairs, you know, implementation of international law, one of the issues we have is a lot of our economic models are still too variable-based, and that we haven't really gone past that. So if we think about it from the quantum computing, we have X, Y, Z, and T, and that's just your bare, you know, next level. And I would imagine we can do that if we find the right components so, hopefully—and, I mean, I don't know what kind of answer you have, but I'm very interested to hear. LIU: Yeah, Isaac, first of all, congratulations for getting—you are in CUNY, right? And so you are right here in the neighborhood, so you know—right? So feel free to—feel free to, on the one hand definitely check out our award-winning website, and then if me or our colleagues could be of help, just feel free to stop by. And so these are two great questions obviously, and you touch upon a lot of the complaints and the frustrations that I have with modeling—(laughs)—right? So the first question, knowledge, I fully agree with you that so far our economic models have not been able to fully appreciate, or fully absorb, or fully model the role of knowledge; for that matter, even finance. Finance, at least has this term called the intangible asset when you are evaluating a firm, and therefore your mergers and acquisitions, you pay the so-called goodwill based upon how much you value the intangible asset; meaning like knowledge, expertise, and so on, so forth—so patent and all that. So from that perspective, I think the knowledge is definitely going—knowledge is definitely going to be extremely more important going forward, and I say that both—from three aspects. The first is knowledge can improve the quality of your human resources, which touch upon basically the labor force which reverts back to one of our three factors of production. And then knowledge also is necessary for technology, and that is another factor of production. And then finally the other would be knowledge, technology, and other resources. So resources, there is capital and non-capital, meaning natural resource and all that. And there are—then the confounding factor of knowledge is being played more here because better financial expertise—well, obviously, depending upon how you use it, but sometimes, financial expertise tend to run itself in trouble. It outsmart itself; it's not necessarily good. But if we are able to—if we have better knowledge about financial market, about our debt—I go back to your second question—better data about financial market and better knowledge to improve our use of natural resources or the efficiency—improve the efficiency. Or the next day, if we all have a battery and move toward renewables—these are going to be extremely—go back to the Schumacher model—these are going to be extremely disruptive, but in a very good way. But the reason I am cautious about, you know, we may not necessarily going there overnight is because, on the one hand—technology R&D takes some time, it's expensive, but then on the other hand, it's just in the processing, the implementation part. It's really—a lot of geopolitical factors plays into it because when we think about knowledge, knowledge and the technology, those are the things that we tend to think they tend to diffuse themselves, like knowledge—you exchange knowledge, and that's the foundation of new knowledge being created. You stand on the giant's shoulders, right? Knowledge and technology tend to diffuse itself, and right now what we are observing is, on the one hand, there are a lot of—there are a lot of export controls towards certain countries, and then on the other hand, countries like China are also—are trying very hard to lower the cost of the relatively cheaper technology, right, or the less advanced technology. And that basically means if a country can or—especially a country like China can quickly achieve economies of the scale, are able to find an alternative that is cheaper but at a lesser technology, but will still get the job done, then probably that—in the short term, it can service China and also service a lot of developing economies. But for a country like China, that is not necessarily good in the long run. And then on top of that, because of export controls, because of a lot of geopolitical tensions between China and the rest of the world, but the long-run trajectory over China's indigenous development capacity is still there; China's people—there are still U.S.-trained Chinese scientists going back to China, but it is going to tremendously slow China down and making it very difficult and very costly. So if we think that, for the past forty years or so—or for the past twenty years since China joined WTO, if we believe that cheap Chinese goods tend to be—tend to benefited the rest of the world in many ways, then a slowed-down Chinese economy is bad news for the global economy, probably more true than not. China is the largest trading partner for more than 120 countries in the world, so if Chinese economy slow down, that have major ramifications for the rest. And then go back to your second question with regard to, you improve the database and in terms of modeling the limitations—that's a frustration that I have nowadays. Yes, the model themselves—oftentimes I go into a meeting, listen to a talk—especially in the econ papers, the econ paper would begin with—it's very sterilized. You begin with assumptions, and then you talk about your independent variables, your dependent variables. Right now we are really in a world where your independent variables can be—your independent variables might be suddenly changed because of geopolitics, or because of some disruptive technology, or simply because supply chain means you used to be able to get rare earth, but then if you are Japan in 2007, you were no longer able to get rare earth reliably from China. So those are going to significantly shift your calculation. Therefore I would say, I really don't have a good answer in terms of how to improve at researcher perspective, but hopefully, as you said, quantum computing, artificial intelligence might help us to get as much better information as possible. But that being said, quantum—a lot of these quantum computing and artificial intelligence is—it used to be the case that a lot of statistics are garbage in, garbage out. Hopefully, our AI and the quantum computing, as we train themselves, they can learn better than the human beings. I'm not exactly comfortable about saying that, but that's my hope. FASKIANOS: I have some—a written question from Todd Barry, adjunct professor at Hudson County Community College in New Jersey. Is it possible that China would turn inwards and switch an economy to import substitution industrialization, producing all goods domestically, without imports, like Latin America tried to in the 1970's? LIU: Right, that's a great question, and when you were asking that I was immediately thinking about the Chile and its car industry. And that was a disaster. The East Asian model, in terms of the import substitution—that's the East Asian miracle, especially applicable to, Singapore, Taiwan, Japan, South Korea to a certain extent, as well. In the case of China I would say I would be really hesitant to—in retrospect if we have this conversation twenty years down the road, I would be really, really—I would be really sad to realize that this year is the moment—or October is the—October 2022 is the moment when China started to turn inward because that is going to be disastrous for China's long-term growth. China's decade-long of double-digit growth benefitted from an open economy, benefitted from being able to trade with the rest of the world, and the United States actually welcomed China into the global system. Therefore I would be very, very sad to see this is the moment. Now is there a—is there the risk? I do see the risk, and I do see the narrative there, especially with President Xi Jinping's emphasis on domestic circulation. If you think—I would argue—in my latest publication with the CFR.org, I made this argument to say the important—the dual circulation, especially the domestic circulation, it is a departure from previous going-on strategy because going out is starting from Jiang Zemin to Hu Jintao. These are really the idea of prioritizing the international market. It's really about using international market to develop the Chinese economy. And dual circulation is a departure from that. It's not to totally abandon globally—the global market, but it really is—it prioritizes domestic market: domestic demand, domestic supply, domestic technology and—domestic technological innovation capacity, and making international market relatively supplementary. And if even—and Xi Jinping even—if Xi Jinping even intend to make the international market more dependent on China's domestic market, meaning making the rest dependent more on China. So there is the narrative there. However, in practice, I don't—I don't see how Chinese companies are able to do this because the Chinese company—a lot of Chinese companies, especially multinational Chinese companies, they still need to have access to global capital, global technology. And although it becomes—especially on the technology side has become increasingly difficult. But it is to the benefit of the Chinese company, Chinese people, and China's long-term growth potential to maintain an open economy. But there is the chance that might not happen, and if we think—if we do believe that Xi Jinping has a timeline with reference to Taiwan, then he—obviously, if there is a war breaking out, then obviously there will be consequences, and we can imagine Western sanctions, and that basically means the Chinese economy is going to be severely isolated from the global system. So from that perspective, right now a lot of these zero-COVID policies are very much—the way that I think about it is it could be interpreted as it's a drill, or it's a preparation to make sure that China is developing internal capacity to be able to absorb as much sanction shock as possible. But I don't think that—I do not think Xi Jinping is going to make up a decision and going to make a move to Taiwan, say, tomorrow. As long as we can kick the can down the road, I think that's good. FASKIANOS: Out of time, and I am sorry to say that we couldn't get to all the questions, but we appreciate it. Zoe did mention a few resources that our task force on the Belt and Road Initiative, as well as the Belt and Road tracker—we dropped the link in the chat, but we'll also send a follow-up note with links to some of those things. She also does a lot of writing on CFR.org In Briefs and articles, so you should go to CFR.org. And you can follow her on Twitter at @zongyuanzoeliu. So I encourage you all to do that. This has been a terrific hour, so thank you again, Zoe. We appreciate it. LIU: Thank you, Irina, for having me. And I really do appreciate this opportunity to engage with every participant here. If I did not get a chance to answer your questions, or if you have other questions, just feel free to reach out to Irina or feel free to reach out to me. We are here, and the Council really appreciate and the—really appreciate the colleges and student, and the Council actually—we do a lot of stuff related to education, you know—not just at a college level. We also do at high-school level— FASKIANOS: High school— LIU: —middle-school level, and even—we also even have games for kids. So if you haven't tried those out yet, just try it out. FASKIANOS: Thank you, Zoe. So our next academic webinar will be on Wednesday, November 9, at 1:00 p.m. (EST) with Lauren Kahn, who is here at the Council, on military innovation and U.S. defense strategy. And again, I just wanted to shout out. We have our CFR fellowships application deadline for educators is available. You can check it out at CFR.org/fellowships. The deadline is October 31 so it's right around the corner. Follow us at @CFR_Academic. And again, go to CFR.org, ForeignAffairs.com, and ThinkGlobalHealth.org. So thank you all for being with us. Have a great rest of your day. (END)