Podcasts about Fiscal policy

The Japanese government is considering appointing Masazumi Wakatabe, who served as Bank of Japan deputy governor when then Prime Minister Shinzo Abe promoted his "Abenomics" reflationary policy mix, as a private member of the Council on Economic and Fiscal Policy, informed sources have said.

若田部昌澄前日銀副総裁、１０月８日、東京都新宿区政府は６日、経済財政諮問会議の民間議員に安倍政権が経済政策「アベノミクス」を推進していた際に、日銀副総裁を務めた若田部昌澄早大教授を起用する方向で調整に入った。 The Japanese government is considering appointing Masazumi Wakatabe, who served as Bank of Japan deputy governor when then Prime Minister Shinzo Abe promoted his "Abenomics" reflationary policy mix, as a private member of the Council on Economic and Fiscal Policy, informed sources have said.

Guest Kurt Couchman, Senior Fellow of Fiscal Policy with Americans for Prosperity, joins to discuss ongoing government shutdown. When could we see the government open again? Discussion of the Democrat push for universal healthcare, the CR and budget process, government spending, and more.  New York is weeks away from potentially electing a socialist...really? Discussion of latest NYC mayor debate, the growing movement of socialism around the nation, and focus on educating the next generation. 

This week, Kevin Gordon fills in for Kathy Jones. Liz Ann Sonders and Kevin discuss the recent NABE conference and the current state of the markets in light of the government shutdown and recent tariff announcements. They explore the implications for earnings season, the potential impact of AI on productivity, and the challenges facing the labor market. They also cover the importance of upcoming economic data releases and how relying on alternative data could have potential effects on market trends and monetary policy.Then, Liz Ann is joined by Patrick Harker, former president and CEO of the Federal Reserve Bank of Philadelphia. Harker discusses several economic challenges facing the U.S., including the impact of the government shutdown on economic data, the independence of the Federal Reserve, and the complexities of fiscal policy. He shares his thoughts on the need for better data collection and the role of private-sector data sources, while also addressing the labor market dynamics influenced by immigration policy. Harker reflects on his tenure at the Philadelphia Fed and shares insights on the importance of pragmatic policymaking.Finally, Liz Ann and Kevin take a look ahead at upcoming economic indicators and how the government shutdown could affect future data releases.On Investing is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThis material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.Past performance is no guarantee of future results.Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.(1025-WE69) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Federal Reserve Governor Christopher Waller speaks with Bloomberg's Tom Keene at the Council on Foreign Relations about Fed communication and dissents, the central bank's rate path, the state of the US labor market and unemployment, US fiscal policy, and more.See omnystudio.com/listener for privacy information.

Are markets completely disconnected from economic reality? In this exclusive conversation, Lance Roberts of RIA Advisors sits down with Daniel LaCalle, Chief Economist at Tressis and author of Freedom or Equality, to examine the illusion of wealth, sovereign-debt bubbles, and why the next global crisis may already be forming beneath the surface.

Gold prices are soaring, private equity is unraveling, and data centers have become the next speculative frontier. Beneath all of it lies a simple question: what happens when faith in liquidity, stability, and infinite growth begins to fray? From central banks hoarding bullion to insurers gambling on AI infrastructure, the same story unfolds—risk disguised as resilience. And somewhere between coffee tariffs and capital flows, you can glimpse the new shape of a global economy learning to live without certainty.--Timestamps:(00:00) - Introduction(01:03) - Catch-Up and Current Events(02:09) - Gold Market Analysis(08:40) - Global Currency Dynamics(17:42) - US Gold Reserves and Fiscal Policy(25:24) - Podcast Wrap-Up and Listener Engagement(26:25) - Urgent Financial News: Private Equity and Insurance Capital(27:57) - Private Equity's Desperation for Retail Investors(28:33) - The Volatility Spiral and Liquidity Crisis(31:43) - Private Equity's Leverage on Captive Insurance(32:48) - The Data Center Investment Bubble(41:23) - AI Demand and Data Center Overcapacity(48:52) - The Future of Energy Prices and AI(50:45) - Rising Coffee Prices and Tariff Impacts(57:19) - The Global Trade System and Commodity Markets(01:00:05) - Conclusion: The State of Global Markets--Referenced in the Show:--Jacob Shapiro Site: jacobshapiro.comJacob Shapiro LinkedIn: linkedin.com/in/jacob-l-s-a9337416Jacob Twitter: x.com/JacobShapJacob Shapiro Substack: jashap.substack.com/subscribe --The Jacob Shapiro Show is produced and edited by Audiographies LLC. More information at audiographies.com --Jacob Shapiro is a speaker, consultant, author, and researcher covering global politics and affairs, economics, markets, technology, history, and culture. He speaks to audiences of all sizes around the world, helps global multinationals make strategic decisions about political risks and opportunities, and works directly with investors to grow and protect their assets in today's volatile global environment. His insights help audiences across industries like finance, agriculture, and energy make sense of the world.--This podcast uses the following third-party services for analysis: Podtrac - https://analytics.podtrac.com/privacy-policy-gdrp

In this episode of Crazy Wisdom, host Stewart Alsop speaks with Paul Sztorc, CEO of Layer2 Labs, about Bitcoin's evolution, the limitations of the Lightning Network, and how his ideas for drivechains and merge-mined sidechains could transform scalability and privacy on the Bitcoin network. They cover everything from Zcash's zero-knowledge proofs and “moon math” to the block size wars, sound money, and the economic realities behind crypto hype cycles. Paul also explains his projects like Zside and Thunder, which aim to bring features like Zcash-style privacy and high-speed transactions to Bitcoin. Listeners can try Layer2 Labs' software or learn more at layer2labs.com/download.Check out this GPT we trained on the conversationTimestamps00:00 Stewart Alsop opens with Paul Sztorc from Layer2 Labs, discussing the connection between Bitcoin and Zcash and how privacy could be added through zero-knowledge proofs.05:00 Paul critiques early Layer 2s like Rootstock and Lightning, calling many “not real” or custodial, and compares the current scene to the .com bubble.10:00 They explore media hype, Silicon Valley culture, and crypto's cycles of optimism and collapse, mentioning Theranos, FTX, and fake-it-till-you-make-it culture.15:00 Conversation shifts to sound money, government spending, and how Bitcoin could improve fiscal responsibility, referencing Milton Friedman's ideas.20:00 Paul questions Bitcoin treasury companies like MicroStrategy, explaining flawed incentives and better direct ownership logic.25:00 They move into geopolitics and The Sovereign Individual, discussing borders, state control, and the future of digital sovereignty.30:00 Paul explains zero-knowledge proofs, Zcash's “moon math,” and the evolution from sapling to Halo 2 for better privacy.35:00 The topic turns to drivechains, BIP300, and Layer2 Labs' projects like Zside and Thunder, built for real Bitcoin scalability.40:00 Paul explains why Lightning fails, liquidity limits, and why true scaling requires optional L2s with large block capacity.45:00 They discuss the block size war, merge mining, and how miners and nodes interact in Bitcoin's structure.50:00 Paul breaks down the Merkle tree, block headers, and SHA-256 puzzles miners race to solve for proof-of-work.55:00 The episode closes with how L1–L2 coordination works, the mechanics of slow withdrawals, and secondary markets in drivechains.Key InsightsBitcoin's privacy gap and Zcash's influence: Paul Sztorc begins by explaining how Bitcoin lacks true privacy since senders, receivers, and amounts are visible on-chain. He describes Zcash as a model for achieving anonymity through zero-knowledge proofs and explains how Layer2 Labs aims to bring that same level of privacy to Bitcoin without introducing a new altcoin or token.The failure of current Layer 2 solutions: Paul argues that existing Bitcoin Layer 2s like Lightning and Rootstock are flawed—either custodial, inefficient, or deceptive. He compares today's crypto landscape to the dot-com bubble, full of overhyped projects and scams that will collapse before the genuine solutions survive.Sound money and political accountability: The discussion expands beyond technology to economics, as Paul highlights how unsustainable government debt and spending distort incentives. He believes Bitcoin could restore discipline to fiscal systems by forcing real accounting and limiting the political capacity to inflate or borrow endlessly.Corporate Bitcoin strategies are often misguided: Paul criticizes companies like MicroStrategy for treating Bitcoin as a speculative treasury asset instead of using it for real utility. He argues that investors should just buy Bitcoin directly rather than buy shares in companies that hold it, since intermediaries introduce unnecessary risk, fees, and opacity.Drivechains as Bitcoin's missing scalability link: Sztorc presents drivechains, outlined in his proposal BIP300, as the practical way to scale Bitcoin. Drivechains allow multiple Layer 2s to exist simultaneously, each optimized for specific features like privacy, larger blocks, or smart contracts, all while using the same 21 million BTC.Lightning Network's structural limitations: Paul dismantles Lightning's core assumptions, pointing out that it cannot scale globally because each channel requires on-chain transactions and constant liquidity maintenance. He calls Lightning a “Theranos of Bitcoin,” arguing that it distracts the community from genuine, scalable innovation.Merge mining and the path to Bitcoin's future: The episode concludes with Paul describing merge mining as the mechanism that unites L1 and L2 securely, letting miners earn more revenue without extra work. He envisions a Bitcoin ecosystem where optional, diverse L2s provide privacy, speed, and flexibility—anchored by a lean, reliable L1 base.

Despite uncertainty around the US government shutdown and signs of economic weakness, equities have rallied, though tech stocks paused as AI enthusiasm met valuation concerns. With non-farm payroll data delayed, investors are turning to private sector indicators for labour market insights. Meanwhile, in Japan, Sanae Takaichi's surprise win as Liberal Democratic Party (LDP) leader signals a potential return to expansionary “Sanaenomics”, a policy stance reminiscent of Abenomics, boosting equities and pressuring the yen. Tune in for a deep dive into the macro shifts shaping markets this week.This episode is presented by Magdalene Teo, Head of Fixed Income Research Asia, Julius Baer.

Investors might be witnessing the biggest industrial reshoring effort in more than a generation. The global race for technological superiority—particularly around AI and critical semiconductors—is pushing both private capital and government support into ramping up domestic production. Meanwhile, shifting trade policies and geopolitical risk have ignited a realignment in global supply chains impacting a wide array of industries, from furniture to automobiles. But moving factories and building out domestic manufacturing capacity will likely face some speedbumps amid mismatches in labor, materials and costs. New innovations like factory automation bring their own set of implementation challenges. Understanding how the manufacturing outlook is evolving will be crucial as investors sort out potential winning and losing regions and industries. As factories prepare for the future, institutional investors are well positioned to provide the long-term capital that manufacturers seek to modernize operations, create more resilient supply chains, and grow.  This episode of The Outthinking Investor takes a deep dive into trade imbalances and tariffs; how manufacturers are dealing with macro uncertainty; manufacturing's role in supporting labor markets and the broader economy; potential obstacles that could slow reshoring; and portfolio strategies for capturing opportunities amid a manufacturing renaissance.    Our guests are:  Robert Lawrence, Albert L. Williams Professor of International Trade and Investment at Harvard Kennedy School and former member of the Council of Economic Advisers  Julius Krein, editor of policy journal American Affairs and head of policy at the New American Industrial Alliance  Josh Shipley, executive managing director and head of Europe at PGIM, overseeing corporate finance offices in the region  Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor.  To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com. 

THE TIM JONES AND CHRIS ARPS SHOW 0:00 SEG 1 2nd anniversary of the October 7th attacks SEG 2 Elias Tsapelas, Director of State Budget and Fiscal Policy at the Show-Me Institute | TOPIC: Medicaid in Trouble?: Missouri’s Medicaid program may be facing a big problem. The number of permanently disabled people on Medicaid has dropped by more than 30,000, or about 20 percent, since 2019. That’s the lowest level in twenty years. Elias says this drop might not just be because of the state’s recent eligibility checks. Some people who should be covered as disabled may be signing up under the easier “expansion” category instead. If that’s true, Missouri could owe the federal government a lot of money. | More SNAP Changes: Restoring Thrift: The One Big Beautiful Bill is changing how food stamps, or SNAP, work. It reverses a big 2021 increase in benefits and ties future changes to inflation. It also makes states pay more of the costs and hold them accountable for mistakes when people get too much in benefits. Missouri’s current error rate is over 8 percent. Elias can explain what these changes mean for Missouri and taxpayers. showmeinstitute.org/author/elias-tsapelas SEG 3 Chris’ Corner is about whether Democrats will receive back pay after the shutdown ends https://newstalkstl.com/ FOLLOW TIM - https://twitter.com/SpeakerTimJones FOLLOW CHRIS - https://twitter.com/chris_arps 24/7 LIVESTREAM - http://bit.ly/NEWSTALKSTLSTREAMS RUMBLE - https://rumble.com/NewsTalkSTL See omnystudio.com/listener for privacy information.

In hour 1 of The Mark Reardon Show, Mark shares the latest on one of his puppies that he was afraid was going to be put to sleep on Friday. He is then joined by Batya Ungar Sargon, a Columnist for The Free Press and an Author. She discusses her new show, "Batya!" on News Nation as well as some of the latest trending political news. Mark is later joined by Richard Stern, a Heritage Scholar and Expert on Fiscal Policy. He discusses the latest on the government shutdown as well as his thoughts on Rand Paul's "Six Penny Plan to Balance the Federal Budget in Five Years". They wrap up the hour discussing Chicago taking their pushback against ICE to a new level this past weekend.

In hour 1 of The Mark Reardon Show, Mark shares the latest on one of his puppies that he was afraid was going to be put to sleep on Friday. He is then joined by Batya Ungar Sargon, a Columnist for The Free Press and an Author. She discusses her new show, "Batya!" on News Nation as well as some of the latest trending political news. Mark is later joined by Richard Stern, a Heritage Scholar and Expert on Fiscal Policy. He discusses the latest on the government shutdown as well as his thoughts on Rand Paul's "Six Penny Plan to Balance the Federal Budget in Five Years". They wrap up the hour discussing Chicago taking their pushback against ICE to a new level this past weekend. In hour 2, Dave Murray joins to preview the upcoming fall weather. Sue then hosts, "Sue's News" where she discusses the latest trending entertainment news, this day in history, the random fact of the day, and much more. Mark later discusses Virginia Attorney General candidate Jay Jones' violent threats against Republicans. He is later joined by KSDK Sports Director Frank Cusumano who discusses the crazy weekend of football that occurred and then previews the St Louis Blues ahead of their season opener on Thursday. In hour 3, Mark is joined by Curtis Houck, the Managing Editor of News Busters at the Media Research Center. He discusses Bari Weiss being named the editor in chief of CBS News. Mark then previews 97.1 FM Talk's 25th Birthday party. Listen for information! He's later joined by J Peder Zane, an Editor at Real Clear Investigations and a Columnist for Real Clear Politics. He discusses his latest article titled, "The Progressive Fight From Reality". They wrap up the show with the Audio Cut of the Day.

In this segment, Mark is joined by Richard Stern, a Heritage Scholar and Expert on Fiscal Policy. He discusses the latest on the government shutdown as well as his thoughts on Rand Paul's "Six Penny Plan to Balance the Federal Budget in Five Years".

The Japanese economy was once the envy of the world. By the 1980s, it looked set to surpass the United States in size. Real estate prices were high, the stock market was booming—the entire world was asking if Japan had found a superior model of economic growth and recovery after World War II, one grounded in industrial policy.However, the bubble burst in the early 1990s, and what followed was not a quick recession and rebound as we have often seen in the U.S., but decades of stagnation. Near-zero deflation became entrenched, and the banking system turned into a drug of cheap borrowing rather than an engine for recovery, with the Bank of Japan pioneering quantitative easing by pushing interest rates to zero long before the U.S. Federal Reserve considered such steps in the wake of the 2007 financial crisis. Japan has never since returned to sustainable growth, and this matters for the world at large. A significant creditor to other countries, shifts in Japan's economic policy and fluctuations in its currency ripple across global interest rates, tightening or loosening financial conditions worldwide. Japan also remains a critical node in global supply chains (including for semiconductor chips and electronics), a major importer of energy, and not for nothing, its cultural exports continue to conquer the world.What lessons can Japan's lost decades of economic stagnation and missed opportunities offer the U.S. and other developed economies? Bethany and Luigi are joined by Takeo Hoshi, professor of economics at the University of Tokyo and a leading expert on Japan's financial system and economic stagnation. Together, they discuss Japan's idiosyncrasies—from demographic decline to economic policy mismanagement—and the interplay of global factors such as populism, nativism, and dissatisfaction with capitalism. If the U.S. is indeed on the cusp of its own economic bubble driven by oversized capital investments in artificial intelligence and technology rather than consumer spending and wage growth, does it have the institutions and flexibility to avoid Japan's fate? Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Welcome back to the show! In this week's episode, I sit down with Doug Elmendorf, former director of the Congressional Budget Office, to talk about the impact of government shutdowns, the challenges of fiscal sustainability, and the importance of independent statistical agencies. We discuss how shutdowns ripple through the economy and people's lives, the tough choices facing policymakers on entitlements and deficits, and why compromise is vital to our democracy. Doug also shares his perspective on the independence of federal statistical agencies, the role of private sector data, and the optimism he sees in today's policy students. It's a wide-ranging conversation about economics, governance, and the future of public service.Subscribe to the PolicyViz Podcast wherever you get your podcasts.Become a patron of the PolicyViz Podcast for as little as a buck a monthFollow me on Instagram, LinkedIn, Substack, Twitter, Website, YouTubeEmail: jon@policyviz.com

4:20 pm: Kurt Couchman, Senior Fellow in Fiscal Policy for Americans for Prosperity, joins the show for a conversation about a potential government shutdown if Congress is unable to reach a deal on how to fund the government.4:38 pm: On the heels of yesterday's shooting and arson at an LDS church in Michigan, Carl Chinn, President of the Faith Based Security Network, joins the show for a discussion about protecting America's churches.6:05 pm: Nicole Russell, a Columnist with USA Today, joins Rod and Greg for a conversation about her piece on the results of a poll that shows Americans don't trust Democrats when it comes to the economy and crime prevention.6:38 pm: Erika Sanzi, Director of Outreach for Parents Defending Education, joins the show to discuss her piece for Outkick in which she writes that teachers who show joy on social media over murder and assassinations should not be in America's classrooms.

What are the tax solutions to Reeves's budget crisis? What tax changes would encourage growth? Can she afford to scrap the two-child benefit cap? Steph and Robert speak to former Director of Fiscal Policy at the Treasury and current Chief Executive of the Resolution Foundation Ruth Curtice. For investing, savings, and pensions, the smart money's with Wealthify. Open your account today at https://www.wealthify.com Wealthify is authorised and regulated by the Financial Conduct Authority. With investing, your capital is at risk. Tax treatments depend on individual circumstances and may change in future. Email: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠restismoney@gmail.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TheRestIsMoney⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TheRestIsMoney⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@RestIsMoney⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://⁠⁠⁠goalhanger.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Assistant Producer: India Dunkley, Alice Horrell Producer: Ross Buchanan Head of Content: Tom Whiter Exec Producers: Tony Pastor + Jack Davenport Learn more about your ad choices. Visit podcastchoices.com/adchoices

Kathy Jones and Liz Ann Sonders look at the state of the markets a week after the quarter-point Fed rate cut. They also discuss the implications of the lower rate for the broader market, the particular dynamics of the Federal Reserve's economic projections, and the current state of the labor market. Next, Kathy speaks with Robin Brooks, senior fellow in the Global Economy and Development Program at the Brookings Institution. They discuss the current state of central bank policies, focusing on the recent Fed meeting and its implications for the dollar and global markets. They explore the complexities of market reactions to Fed easing, the long-term outlook for the dollar, and the importance of institutional integrity in maintaining the dollar's status as a reserve currency. Finally, Kathy and Liz Ann discuss which key economic data to watch in the coming weeks.On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThis material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.Past performance is no guarantee of future results.Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.Currency trading is speculative, very volatile and not suitable for all investors.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.(0925-KKW0) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today's guest is David Ditch, Senior Analyst in Fiscal Policy at the Economic Policy Innovation Center (EPIC). With over a decade of experience examining the federal budget, David has worked at the Senate Budget Committee and at The Heritage Foundation, where he helped launch the Grover M. Hermann Center for the Federal Budget. His work has been published in outlets like FoxNews.com, the Los Angeles Times, and the Chicago Tribune.David's reputation is clear: he cuts through Washington spin with data-driven analysis, showing how Congress, bureaucrats, and special interests have fueled a debt crisis that threatens the future. In our conversation, we dive into the national debt as a failure of elites, the false fights over discretionary vs. mandatory spending, and what Washington could learn from low-tax, low-spend states. We also cover the gimmicks that dominate appropriations and the challenge of making fiscal responsibility popular again.For more insights, visit vanceginn.com. You can also get even greater value by subscribing to my Substack newsletter at vanceginn.substack.com. Please share with your friends, family, and broader social media network. 

Guest Kurt Couchman, Senior Fellow of Fiscal Policy for Americans for Prosperity, joins to discuss latest budget battle in DC. Discussion of Continuing Resolution, upcoming reconciliation bills, and balancing the federal budget.  US House passes a "clean" CR bill to fund the government for 7more weeks, while Democrats in the Senate look to threaten to shut down the government unless we spend more money. Are we surprised?

Michael Shaoul thinks the next two months will be more difficult for the Fed to decide the path forward. He discusses the highly-expected rate cut yesterday and the market's reaction to Powell's comments. He doesn't feel we have any “new information” and thinks the market will probably end higher even if there's a “wobble” in the last quarter. He adds that under current conditions, it's “really, really hard to engineer recession” despite labor market fears.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

The Inside Economics team gets together in person at All Hands Day. It is a short podcast, with more than the typical amount of chit-chat (as we are in person). But it is an action-packed conversation on the Fed's rate decision (see if we got it right), our proposal to unlock the housing market, and, of course, the statistics game!Explore the risks and realities shaping the economy in our new webinar, now streaming for free: U.S. Economic Outlook: Under Unprecedented UncertaintyWatch here: https://events.moodys.com/mc68453-wbn-2025-mau25777-us-macro-outlook-precipice-recession?mkt_tok=OT…Hosts: Mark Zandi – Chief Economist, Moody's Analytics, Cris deRitis – Deputy Chief Economist, Moody's Analytics, and Marisa DiNatale – Senior Director - Head of Global Forecasting, Moody's AnalyticsFollow Mark Zandi on 'X' and BlueSky @MarkZandi, Cris deRitis on LinkedIn, and Marisa DiNatale on LinkedInQuestions or Comments, please email us at helpeconomy@moodys.com. We would love to hear from you.  Questions or Comments, please email us at helpeconomy@moodys.com. We would love to hear from you. To stay informed and follow the insights of Moody's Analytics economists, visit Economic View. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Chinese finance minister says the country's fiscal policy will continue to balance risk prevention and growth promotion, retaining ample room for future measures.

Today's guest is Kurt Couchman, Senior Fellow in Fiscal Policy at Americans for Prosperity—and a trusted fiscal ally since our days in Washington, back when he was at the Committee for a Responsible Federal Budget. Kurt's cutting-edge thinking on balanced-budget amendments, statutory fiscal targets, and bipartisan reform has made him one of the most respected voices in the fight against runaway spending.His new book, Fiscal Democracy in America: How a Balanced Budget Amendment Can Restore Sound Governance, is out now—and it's essential reading if you care about fiscal responsibility, government accountability, and long-term economic growth.For more insights, visit vanceginn.com. You can also get even greater value by subscribing to my Substack newsletter at vanceginn.substack.com. Please share with your friends, family, and broader social media network. 

Norbert Michel and Dominic Lett square off over whether fiscal or monetary policy is the bigger mess. Lett highlights how entitlement programs like Social Security and Medicare are driving unsustainable debt levels, while Michel explains how post-2008 Federal Reserve changes have created risks of “fiscal dominance,” where monetary policy is increasingly shaped by government borrowing needs. Both stress that without structural reforms and political restraint, the U.S. faces uncertain and potentially catastrophic economic consequences.Show Notes:https://www.cato.org/policy-analysis/comprehensive-evaluation-policy-rate-feedback-rules#https://www.cato.org/books/crushing-capitalismhttps://www.cato.org/blog/medicaid-driving-deficits-republicans-are-scarcely-tapping-brakeshttps://www.cato.org/news-releases/senate-bill-could-increase-debt-6-trillion-cato-analysis# Hosted on Acast. See acast.com/privacy for more information.

Fiscal policy shifts, from taxes to tariffs, are steering global capital and trade flows. The US, for instance, is attracting investments despite the tariff headlines—illustrating how the impact of these policies continues to evolve. In a dynamic policy environment, taxes and tariffs could create new implications for asset classes, sectors, and market structures.  This episode of The Outthinking Investor explores macro implications from taxes and tariffs, how policy changes are shaping the way investors allocate capital, and why economic growth could be more resilient against higher tariffs than in the past.  Our guests are: Douglas Holtz-Eakin, President of the American Action Forum and former Director of the Congressional Budget Office Kimberly Clausing, professor of tax law and policy at UCLA School of Law and former lead economist in the US Treasury's Office of Tax Policy Jeffrey Young, Head of Investment Strategy for PGIM's quant team Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor. To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

9:05 – 9:22 (15mins) Elias Tsapelas (Cha-pel-us), Director of State Budget and Fiscal Policy at the Show-Me Institute, to discuss reforms to Medicaid in the One Big Beautiful Bill and how they could impact Missouri. He can touch on changes like tighter eligibility checks, shorter retroactive coverage, and rolling back costly regulations, meant to reduce waste and keep the program focused on those who truly need it. 9:25 – 9:37 (12mins) Larry Conners Weekly: "Mr. Conner's Neighborhood @LarryConnersUSASee omnystudio.com/listener for privacy information.

Sir Isaac Newton was a legendary physicist and mathematician. But even the man known for developing the theory of gravity failed to time the market. It is said that after cashing in his shares of Britain's South Sea Company, Newton bought back into the stock right before it crashed. Avoiding the most common mistakes that harm portfolio returns is essential to success in today's markets, where volatility is testing even the most seasoned investors. While there's no single recipe for success, accomplished long-term investors tend to remain disciplined, shut out the noise from a constant whirlwind of headlines, and avoid emotionally charged decisions. This episode of The Outthinking Investor brings lessons from Wall Street and the evolution of financial markets to help investors look beyond uncertainty and identify long-term opportunities. The discussion covers economic resilience and its portfolio implications; growth in ETFs; how alternatives can be well-suited for long-term capital; tax-loss harvesting through direct indexing; steering portfolios through unexpected crises; and more. Our guests are: Barry Ritholtz, Chief Investment Officer of Ritholtz Wealth Management and author of “How Not to Invest: The Ideas, Numbers, and Behaviors that Destroy Wealth—And How to Avoid Them” Scott Bok, former chairman and CEO of investment banking firm Greenhill & Company and author of “Surviving Wall Street: A Tale of Triumph, Tragedy, and Timing” Jim Devaney, PGIM's Head of US Distribution for the retail market Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor. To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

The House of Medici, which ruled over Florence for much of the Renaissance period, established a political dynasty with influence built on successful ventures in commerce and banking. The Medicis predated the concept of geoeconomic power, or governments' ability to wield economic might to achieve geopolitical and economic goals. Today, soft power might be giving way to intensifying competition between great powers. Government leaders are increasingly focused on solidifying economic security through trade leverage, tariffs, sanctions and other measures. As a result, potential new investment risks and opportunities are emerging. This episode of The Outthinking Investor discusses how investors can measure their portfolio's exposure to geoeconomic shifts, which economies and sectors could benefit amid a realignment in supply chains, whether the US dollar can maintain its global dominance, and investment strategies that could potentially mitigate risk and capitalize on new opportunities. Our guests are: Matteo Maggiori, finance professor at the Stanford Graduate School of Business Joseph Nye, political scientist and former Dean of Harvard University's Kennedy School of Government Mehill Marku, Lead Geopolitical Analyst at PGIM Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor. To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

Kurt Couchman is the Senior Fellow in Fiscal Policy for Americans for Prosperity. Myths on One Big Beautiful Bill.

In this BONUS hour of The Sean Hannity Show, Sean sits down with Kurt Couchman, Senior Fellow in Fiscal Policy at Americans for Prosperity, to dismantle three persistent myths about the “One Big Beautiful Bill.” With facts and fiscal clarity, Couchman sets the record straight: Myth #1: “Only the wealthy benefited from the Trump tax cuts.”FACT: The 2017 Tax Cuts and Jobs Act delivered across-the-board tax relief—from doubling the standard deduction to lowering rates at every income level. Myth #2: “The bill cuts Medicaid for those who depend on it.”FACT: Reforms focus on efficiency and restoring Medicaid’s intended mission—not slashing support for vulnerable populations. Myth #3: “This bill explodes the deficit.”FACT: The real culprit is out-of-control spending—not tax cuts. Federal spending has tripled since 2001, while the 2017 cuts spurred growth, boosted incomes, and actually helped revenue. Growth, Couchman argues, is the antidote to deficits. A must-listen for anyone debating tax policy, entitlement reform, and fiscal responsibility. Please follow The Sean Hannity Show wherever you get your podcasts. Follow Sean and Our Guests on Social Media: Sean Hannity: Facebook: facebook.com/SeanHannity X (Twitter): x.com/seanhannity Truth Social: truthsocial.com/@SeanHannity Kurt Couchman: X (Twitter): https://x.com/KurtCouchman YouTube: https://www.youtube.com/@VerdictwithTedCruzSee omnystudio.com/listener for privacy information.

The UK saw another round of combined sterling and gilt weakness, a pattern which is becoming worryingly familiar. Politics elsewhere seemed to have run a bit more smoothly with the US budget bill passing through the Senate and House, teeing up some degree of fiscal expansion for the year ahead. Tariffs remain on the agenda for the week ahead, as we approach the 9 July deadline. In Asia, we focus on the Bank of Korea's likely hawkishness relative to potential rate cuts by the Reserve Bank of Australia and the Reserve Bank of New Zealand. Chapters: (US: 02:14, Asia: 08:53, Australia & New Zealand: 13:53, EMEA: 16:33).

Guest Kurt Couchman, Senior Fellow of Fiscal Policy with Americans for Prosperity, joins to discuss ongoing vote and discussion in the House for the Big Beautiful Bill. Discussion of differences from House and Senate versions of the bill, GOP holdouts, reforming Medicaid, and more.  Guest Jared Knott, author "Tiny Blunders/Big Disasters", joins to discuss how President Trump may be changing the coarse of history. Discussion of the decision to drop bombs on Iran, bring peace to the middle east, change tariffs and trade deals, and more. 

The Rod and Greg Show Daily Rundown – Tuesday, July 1, 20254:20 pm: From tax cuts for the wealthy to Medicaid cuts for people who need it the most, Kurt Couchman, Senior Fellow in Fiscal Policy at Americans for Prosperity, joins Rod and Greg to discuss the myths created by the Democrats about the Big Beautiful Bill.6:05 pm: Utah Attorney General Derek Brown joins the program for a conversation about the lawsuit filed against Snapchat for being addictive to children, sexual exploitation and facilitating drug sales.6:38 pm: Former Utah Congressman Jason Chaffetz, now an analyst at Fox News, joins the show for a conversation about his new book “They're Coming for You: How Deep State Spies, NGOs, and Woke Corporations Plan to Push You Out of the Economy.”

A nine-year fight to create a publicly funded election policy-costing unit has come to an end. Act and New Zealand First have shot down Finance Minister Nicola Willis's proposal to create one. Metiria Turei, then-Green Party co-leader, first proposed the idea in 2016. Former Finance Minister Steven Joyce told Mike Hosking Willis's proposal was different from those that have come before. He says to cost individual policies at the request of parties would have dealt with a problem that happens when you're in Opposition. Joyce says that's when you don't have access to the information. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Originally aired LIVE on Tuesday, June 24thBREAKING NEWS: Subscribe to Finance Unfiltered Newsletter: https://unfilteredinvestor.com/⸻Lyn Alden, founder of Lin Alden Strategies, discusses the dynamics of gold and Bitcoin as investment assets. She joins The Futures Edge with Jim Iuorio and Bob Iaccino to explore the implications of central bank policies, the future of digital currencies, and the potential risks and opportunities associated with Bitcoin. They dive into the correlation between Bitcoin and traditional equities, the impact of government spending on monetary policy, and the outlook for various asset classes in the coming years.Takeaways-Lyn Alden emphasizes the importance of gold as a hedge against inflation and counterparty risk.-Bitcoin's unique advantages include its decentralized nature and rapid settlement capabilities compared to gold.-The correlation between Bitcoin and the NASDAQ has increased due to institutional involvement.-Central banks are exploring digital currencies, raising concerns about surveillance and control.-Alden believes Bitcoin's future is tied to its acceptance as a currency and its ability to function in various jurisdictions.-The structural deficits in the U.S. are likely to persist, impacting monetary policy and asset prices.Investors should consider diversifying their portfolios with hard assets like gold and Bitcoin.-Alden suggests that equities may experience limited returns in the coming years due to economic headwinds.-The conversation highlights the need for cautious optimism regarding Bitcoin's long-term viability.-Alden advocates for a balanced approach to investing, incorporating both traditional and digital assets.CHAPTERS: 00:00 Introduction to the Future's Edge01:23 The Value of Gold and Bitcoin04:27 Bitcoin's Potential and Volatility05:07 Government's Stance on Bitcoin07:25 Bitcoin's Role in Modern Currency13:16 Bitcoin vs. NASDAQ Correlation16:10 Concerns Over Stablecoins and CBDCs20:49 The Future of Bitcoin: Risks and Rewards22:55 The Future of Bitcoin and Network Effects23:43 The Fed's Role in the Economy and Debt Management24:33 Historical Context of Debt and Treasury Holdings26:12 Potential Crises and the Role of Hard Assets27:22 Investment Strategies in a Changing Economic Landscape30:13 Fiscal Policy and Its Implications33:43 Equity Market Outlook and Long-Term Predictions37:54 Gold vs. Bitcoin: Investment Preferences and StrategiesFollow Futures Edge Show: Twitter: https://x.com/bob_iaccinoTwitter: https://x.com/jimiuorioLinkedIn: https://www.linkedin.com/in/bob-iaccino/LinkedIn: https://www.linkedin.com/in/james-iuorio/Newsletter: http://theunfilteredinvestor.com/

Louisiana State Representative Julie Emerson has lot of really interesting and very informative information on Louisiana fiscal matters.  There is no fancy way of saying something that might catch your interest more than if you listen to this interview you are going to hear a lot of really good information for Louisiana, many things will pertain to other States too, and even some things as they pertain to our Federal Government.  And did Louisiana gain or lose freedom?

Sen. Elizabeth Warren joins WBUR's Morning Edition to make the case for eliminating the debt ceiling — an issue on which she sees eye-to-eye with President Trump.

In this episode, Susan Pendergrass is joined by Brian Blase, President of Paragon Health Institute, and Elias Tsapelas, Director of State Budget and Fiscal Policy at the Show-Me Institute, to break down the health care provisions in the “One Big Beautiful Bill.” They focus specifically on the bill's Medicaid provisions, including efforts to enforce eligibility checks, freeze the growth of provider tax schemes, and reduce improper enrollment. Blase and Tsapelas also discuss the reality behind claims that millions will lose coverage, the true cost of Medicaid expansion, and the perverse incentives that allow states to game the federal reimbursement system. Produced by Show-Me Opportunity

Airlines represent one of the most challenging and complex industries in today's economy. With thousands of flights moving people and cargo around the world every day, airlines manage a “complicated logistical dance,” as Oscar Munoz, United Airlines' former Chairman and CEO, tells us in this episode of The Outthinking Investor. The airline industry has adapted and evolved through technological innovation, consolidation, regulatory changes, and an increasingly competitive transportation sector—providing universal lessons for businesses and investors. Amid a turbulent outlook, this episode explores how airlines are addressing a host of business challenges, from the threat of aircraft tariffs to volatile fuel costs and customer demand. Topics include business strategies that drive revenues and boost profits, the future of business and leisure travel, navigating antiquated air traffic control systems, the outlook for low-cost carriers, and reflections on United Airlines' turnaround. Our guests are: Oscar Munoz, former United Airlines Chairman and CEO Jack Fitzsimmons, credit analyst on PGIM Fixed Income's US Leveraged Finance Credit Research team Sean Goodier, credit analyst on PGIM Fixed Income's European Investment Grade Credit Research team Do you have any comments, suggestions, or topics you would like us to cover? Email us at thought.leadership@pgim.com, or fill out our survey at PGIM.com/podcast/outthinking-investor. To hear more from PGIM, tune into Speaking of Alternatives, available on Spotify, Apple, Amazon Music, and other podcast platforms. Explore our entire collection of podcasts at PGIM.com.

In this episode of Good Morning Liberty, hosts Nate Thurston and Charles Thompson dive into the Dumb Bleep of the Month for April and May 2025. They cover a variety of absurd and controversial topics including Trump's Liberation Day tariff announcement, Douglas Murray vs. Dave Smith debate, Bill Burr's inaccurate economic takes, Misfit Patriot's genocidal comments, and much more. Join them as they humorously unpack the dumbest events of the past two months, featuring mariachis in the Texas House, shocking Biden revelations, and a showdown between Trump and Thomas Massie. Buckle up for a mix of laughter and facepalms!   (00:00) Intro (02:12) April's Dumb Bleep Nominees (09:57) Debate Highlights: Douglas Murray vs. Dave Smith (14:32) Bill Burr's Economic Rant (23:51) Misfit Patriot's Controversial Statements (29:36) May's Dumb Bleep Nominees (35:01) Redistribution and White Fragility (35:51) African Development Foundation Scandal (43:16) Biden's Mental Acuity Revelations (50:48) Texas House and Property Taxes (55:04) Trump vs. Massie and Fiscal Policy (01:05:29) Conclusion and Recap   Links:   https://gml.bio.link/   YOUTUBE:   https://bit.ly/3UwsRiv   RUMBLE:   https://rumble.com/c/GML   Check out Martens Minute!   https://martensminute.podbean.com/   Follow Josh Martens on X:   https://twitter.com/joshmartens13   Join the private discord & chat during the show!   joingml.com   Bank on Yourself bankonyourself.com/gml   Get FACTOR Today! FACTORMEALS.com/factorpodcast     Good Morning Liberty is sponsored by BetterHelp! Rediscover your curiosity today by visiting Betterhelp.com/GML (Get 10% off your first month)     Protect your privacy and unlock the full potential of your streaming services with ExpressVPN. Get 3 more months absolutely FREE by using our link EXPRESSVPN.com/GML  

There are many threats to the U.S. economy. How might investors prepare for uncertainty? We discuss fixed income opportunities. • Learn more at thriventfunds.com • Follow us on LinkedIn • Share feedback and questions with us at podcast@thriventfunds.com • Thrivent Distributors, LLC is a member of FINRA and a subsidiary of Thrivent, the marketing name for Thrivent Financial for Lutherans.

In this week's Libertarian Angle, Jacob and Richard discuss the out-of-control spending and debt under the Trump administration. Please subscribe to our email newsletter FFF Daily here.

Midweek Market Insights and Legislative Updates In this episode of Dividend Cafe on June 4th, Brian Szytel from The Bahnsen Group provides a market overview, discussing the uneventful day in equities, with minor movements in the Dow, S&P 500, and Nasdaq. He explains the rally in the bond market caused by private payroll numbers missing estimates significantly. Brian also reviews the mixed economic indicators from the May ISM services index and services PMI, noting one indicator in contraction and the other in expansion. He addresses the fiscal impact and revisions of a significant legislative bill, emphasizing the need for reduced spending, especially on entitlements. Additionally, he answers a question about section 899 of the proposed bill regarding tax rates for foreign investors in U.S. assets. He concludes by previewing upcoming data releases for the week, including initial jobless claims, productivity numbers, trade deficit, and employment figures. 00:00 Introduction and Market Overview 00:38 Economic Indicators and Employment Data 01:53 Fiscal Policy and Deficit Concerns 03:06 Foreign Investment Tax Proposal 04:19 Upcoming Economic Data and Conclusion Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

As President Donald J. Trump races to get the "One Big Beautiful Bill" across the finish line in Congress, our host with the most, Mike Slater, talks about a few final nooks and crannies of the legislation that haven't been covered by the lamestream media. You might be sick about hearing about this thing, but it's important and you'll want to know what Mike has to say!Following the opener, Breitbart's Economics Editor, John Carney, joins the program to give a fiscal expert's take on the bill and also gab about the "drama" surrounding America's state credit being downgraded by Moody's. It's an informative and educational discussion!

Luca Fornaro is a senior researcher at CREI and professor at both UPF and the Barcelona School of Economics. In Luca's first appearance on the show, he discusses his expansive work on, hysteresis, stagnation traps, endogenous growth, aggregate demand policies, the medium run, population growth and much more.  Check out the transcript for this week's episode, now with links. Recorded on April 23th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Follow Luca on X: @LucaFornaro3 Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:00:51) – Luca's Background (00:03:19) – Hysteresis (00:7:23) – Why Talk About Hysteresis Now? (00:10:55) – Stagnation Trap (00:16:07) – The Medium Run (00:22:25) – Managing Expectations with Automatic Stabilizers (00:28:48) – What About Population Growth? (00:31:47) – The Empirical Side (00:39:24) – Directing Capital Flows (00:42:30) – The Scars of Supply Shocks (00:48:57) – The Nominal GDP Targeting Solution (00:51:28) – Fiscal Stagnation (00:59:21) – Outro

In Episode 407 of Hidden Forces, Demetri Kofinas speaks with the Macro Tourist's Kevin Muir about the power of fiscal spending and why fiscal austerity and trade tariffs will lead to lower asset prices, U.S. equity market underperformance, and a falling U.S. dollar. Kevin and Demetri spend the first hour of this podcast discussing the importance of fiscal policy and why government spending has been one of the biggest sources of outperformance for investors in the last five years. They discuss why that's the case, why the effects of fiscal policy continue to be overlooked and discounted relative to monetary policy, and what this means going forward if we take the Trump team at his word about wanting to reduce the deficit and scale back on fiscal spending. In the second hour, Muir and Kofinas dig even deeper into the fiscal spending implications for U.S. equity and bond markets, concerns about rotation risk into global equities, the investment opportunities in Europe and Asia, downside risks to the US dollar, the China gold put, and much more. Subscribe to our premium content—including our premium feed, episode transcripts, and Intelligence Reports—by visiting HiddenForces.io/subscribe. If you'd like to join the conversation and become a member of the Hidden Forces Genius community—with benefits like Q&A calls with guests, exclusive research and analysis, in-person events, and dinners—you can also sign up on our subscriber page at HiddenForces.io/subscribe. If you enjoyed today's episode of Hidden Forces, please support the show by: Subscribing on Apple Podcasts, YouTube, Spotify, Stitcher, SoundCloud, CastBox, or via our RSS Feed Writing us a review on Apple Podcasts & Spotify Joining our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and support the podcast at https://hiddenforces.io. Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 03/24/2025