Podcasts about Global

Gen 18:16-19:38, Matt 6:25-7:14, Ps 8:1-9, Pr 2:6-15

International collaboration expert Qahir Dhanani makes the case for rebuilding public trust in broken institutions by embracing small, focused coalitions that can move faster and act bolder — offering a hopeful, practical vision for updating diplomacy to meet the world's toughest challenges. Hosted on Acast. See acast.com/privacy for more information.

Lara and Carey discuss Lara's surprise diagnosis, the hell of urgent care, and a shocking development in the Mickey Rourke eviction saga. Back on VPR, Chris and Jason's OnlyFans career becomes a topic of conversation at SUR, as Lisa plans to hostess Guillermo's big movie premiere party. Marcus debuts his burgeoning DJ career, as Venus and Kim try to bury the hatchet in the hallowed alleyway. Jason convinces Angelica to go on a Jiu Jitsu date; there, Jason accidentally injures Angelica's back and lies to her, officially giving her the ick. Shayne engages in a shocking multi-lady date night and Chris and Jason make a ghoulish Mother's Day OnlyFans. Then the crew assembles at The Abbey, where a newfound vibe between Angelica and Shayne sends the incest cousins into a bro code tailspin. Hosted on Acast. See acast.com/privacy for more information.

Donate (no account necessary) | Subscribe (account required) Join Bryan Dean Wright, former CIA Operations Officer, as he dives into today's top stories shaping America and the world. In this episode of The Wright Report, Bryan explains why Minnesota's governor is openly escalating toward a constitutional crisis, how a deadly ICE confrontation is being weaponized politically, and why Democrats may be preparing nationwide unrest to distract from a massive fraud reckoning. He then covers major White House moves on housing, defense contractors, Venezuela, China, Russia, and Greenland, showing how Trump's strategy is reshaping global power. Tim Walz Declares a De Facto War on the Federal Government: Minnesota Governor Tim Walz announced that his state is "in a state of war" with the federal government after an ICE officer shot and killed protester Renee Good during an immigration raid in Minneapolis. Video shows Good used her vehicle as a weapon against the officer, who fired in self-defense after being struck. Walz ordered the National Guard to prepare for deployment and called on activists nationwide to rise up, prompting warnings that his rhetoric may meet the legal definition of insurrection. A Manufactured Crisis and the Somali Fraud Reckoning: Bryan explains why the timing of Walz's escalation matters. Attorney General Pam Bondi just surged federal investigators into Minnesota to probe billion-dollar Somali fraud rings tied to Medicaid, daycare centers, and migrant nonprofits, many of which donated to Democratic campaigns. Federal funds to Minnesota and other blue states have been frozen or cut, and the White House is preparing a nationwide fraud announcement. Bryan warns that the death of an activist is being exploited to distract from what could become one of the largest corruption scandals in U.S. history. White House Targets Defense Contractors and Housing Costs: President Trump issued an executive order blocking major defense contractors from paying dividends or buying back stock until weapons production accelerates. CEO compensation is capped at five million dollars annually. Trump also moved to ban large institutional investors from buying additional single-family homes, arguing corporate buyers are pricing Americans out of the housing market. Senate Republicans are already drafting legislation to codify the policy. Trump Confronts Socialist Housing Policy in New York City: The Justice Department is reviewing whether New York City's new socialist mayor and his housing director violated anti-discrimination laws. The housing director has publicly called homeownership a tool of white supremacy and advocated seizing private property, with the mayor openly endorsing her views. DOJ officials say racial targeting in housing policy is unlawful and will be challenged. Global Shockwaves from Venezuela and the Ghost Fleet: Secretary of State Marco Rubio confirmed a three-phase U.S. plan for Venezuela, beginning with stability under remnants of the Maduro regime, followed by economic recovery and eventual democratic transition. The United States will act as Venezuela's sole oil dealer while seizing ghost-fleet tankers moving Iranian and Russian oil. Trump authorized U.S. forces to seize ships even after they reflagged as Russian, directly squeezing Moscow's war finances and Beijing's energy supply. Greenland and Europe's Energy Reality Check: Denmark warned it would use lethal force if U.S. troops attempt to seize Greenland, even as Chinese submarines map Arctic waters near U.S. defenses. Bryan contrasts Europe's military posturing with its fragile energy reality, as winter cold, snow-covered solar panels, and weak wind output drive electricity shortages and price spikes across Germany and Northern Europe "And you shall know the truth, and the truth shall make you free." - John 8:32     Keywords: January 8 2026 Wright Report, Tim Walz ICE shooting Minneapolis, Renee Good protest death, Minnesota National Guard insurrection rhetoric, Somali fraud Medicaid daycare nonprofits, Pam Bondi investigation surge, defense contractor dividend ban Trump, institutional investors single family homes, Zohran Mamdani housing discrimination DOJ, Venezuela stability first strategy Rubio, ghost fleet tanker seizures Russia Iran, Greenland Denmark threat U.S. troops, China Arctic submarine mapping, Europe winter energy crisis

Brian Nowak: Welcome to Thoughts on the Market. I'm Brian Nowak, Morgan Stanley's Head of U.S. Internet Research. Andrew Percoco: And I'm Andrew Percoco, Head of North America Autos and Shared Mobility Research. Brian Nowak: Today we're going to talk about why we think 2026 could be a game changer and a point of inflection for autonomous vehicles and autonomous driving. It's Thursday, January 8th at 10am in New York. So, Andrew, let's get started. Have you ridden an autonomous car before? Andrew Percoco: Yeah, absolutely. Took a few in L.A., took one in San Francisco not too long ago. Pretty seamless and interesting experience to say the least. Brian Nowak: Any accidents or awkward left turns? Or did you feel pretty comfortable the whole time? Andrew Percoco: No, I felt pretty comfortable the whole time. No edge cases, no issues. So, all five star reviews for me. Brian Nowak: Andrew, we think your answer is going to be a lot more common as we go throughout 2026. As autonomous availability scales throughout more and more cities. Things are changing quickly. And we kind of look at our model on a city-by-city basis. We think that overall availability for autonomous driving in the U.S. is going to go from about 15 percent of the urban population at the end of 2025 to over 30 percent of the urban population by year end 2026. Andrew Percoco: Yeah, totally agree. Brian, I'm just curious. Like maybe layout for us, you know, what you're expecting for 2026 in more detail in terms of city rollouts, players involved and what we should be watching for throughout the next, you know, nine to 12 months. Brian Nowak: We have multiple new cities across the United States where we expect Waymo, Tesla, Zoox, and others to expand their fleet, expand autonomous driving availability, and ultimately make the product a lot more available and commonplace for people. There are also new potential edge cases that we think we're going to see. We're going to have our first snow cities with Waymo expected to launch in Washington, D.C.; potentially in Colorado, potentially in Michigan. So, we could have proof of concept that autonomous driving can also work in snow throughout [20]26 and into 2027 as well. So, in all, we think as we sit here at the start of [20]26, one year from now, there's going to be a lot more people who are going to say: I'm using an autonomous car to drive me around in my everyday practice. Andrew Percoco: Yeah, that makes a lot of sense. And I guess, what do you think the drivers are to get us there, right? There's also some concerns about safety, adoption, you know, cost structure. What are the main drivers that really make this growth algorithm work and really scales the robotaxi business for some of the key players? Brian Nowak: Part of it is regulatory. You know, we are still in a situation where we are dealing with state-by-state regulatory approvals needed for these autonomous vehicles and autonomous fleets to be built. We'll see if that changes, but for now, it's state by state regulation. After that, it comes down to technology, and each of the platforms needs to prove that their autonomous offerings are significantly safer than human driving. That is also linked to regulatory approval. And so, when we think about fleets becoming safer, proving that they can drive people more miles without having an accident than even a human can – we think about the autonomous players then scaling up their fleets. To make the cars and fleets available to more people. That is sort of the flywheel that we think is going to play out throughout 2026. The other part that we're very focused on across all the players from Waymo to Tesla to Zoox and others is the cost of the cars. And there is a big difference between the cost of a Waymo per mile versus the cost of a Tesla per mile. And we think one of the tension points, Andrew, that you can, you can talk about a little bit here, is the difference in the safety data and what we see on Tesla as of now versus Waymo – versus the cost advantage that Tesla has. So, talk about the cost advantage that Tesla has through all this as of right now. Andrew Percoco: Yeah, definitely. So, you know, as you mentioned, Tesla today has a very clear cost advantage over many of the robotaxi peers that they're competing with. A lot of that's driven by their vertical integration, and their sensor suite, right? So, their vehicle, the cost of their vehicle is – call it $35,000. You've got the camera only sensor approach. So, you don't have lidar, expensive lidar, and radar in the vehicle. And that's just really driven a meaningful cost improvement and cost advantage. On our math about a 40 percent cost advantage relative to Waymo today. Now going forward, you know, as you mentioned, I think the key hurdle here or bottleneck, that Tesla still needs to prove is their safety. And can they reach the same safety standards as a human driver? And, you know, the improvement that you've seen from Waymo. You know, to put some numbers around this. Based on publicly available data in Austin, Tesla's getting in a crash, you know, every about, call it every 50,000 miles; Waymo is closer to every 400,000 miles per crash. So today, Waymo is the leader on safety.I think the one important caveat that I want to mention here is that's on a relatively small number of miles driven for Tesla. They've only driven about 250,000 miles in Austin, whereas Waymo's driven close to, I think, a hundred million miles cumulatively. So, when you look back, I think this is going to be the kind of key catalyst and key data point for investors to watch is – how that data improves over the course of 2026. If you track Waymo – Waymo's data improved substantially as their miles driven improved, and as they launched into new cities.We'd expect Tesla to follow a similar trend. But that's going to be a huge catalyst in validating this camera only approach. If that happens, Tesla's not limited in scale, they're not limited in manufacturing capacity. You can meaningfully see them expand… Or you can see them expand quite quickly once they prove out that safety requirement. Brian Nowak: I think it's a great point because, you know, one of the other big debates that we are all going to have to monitor in the AV space throughout 2026 is: How quickly does Tesla completely pull the safety drivers, and how quickly do they scale up production of the vehicles? Because one of the bank shots around autonomous driving is actually the rideshare industry. You know, we have partnerships; some partnerships between Waymo and Uber and Waymo and Lyft. But Tesla is not partnering with anyone. And so, I think the extent to which we see a faster than expected ramp up in deployment from Tesla can have a lot of impact. Not only on autonomous adoption, competition with Waymo, but also the rideshare industry.So how do you think about the puts and takes on Tesla and sort of removing the drivers and scaling up the fleet this year? What should we be watching? Andrew Percoco: Yeah, so they've already made some strides there in Austin. They've pulled the safety monitor. They haven't opened that up to the public yet without the safety monitor. They're still testing, presumably in that geography. They need to be extremely careful in terms of, you know, the regulatory compliance and making sure they're doing this in a safe way. Ultimately that's what matters most to them. We do expect them to roll it out to the public without the safety monitor in 2026. Whether or not, that's the first quarter or the third quarter – is a little bit tougher to predict. But I think it's reasonable to assume whatever the timeline is, they're going to make sure it's the safest way possible to ensure that there's, you know, no unintended consequences as it relates to regulation, et cetera. I think one, also; one important data point or interesting data point here. You know, we model, I think, a 100 percent CAGR in miles driven, autonomous miles driven through 2032. You can talk a little bit about, you know, what the implications for rideshare, but I think important. It's important to contextualize that would still only represent less than 1 percent of total U.S. miles driven in the U.S. So substantial growth over the next, call it six or seven years. But still a massive TAM to be tapped into beyond 2032. And I think the key there is – what's the cost reduction roadmap look like? And can we get robotaxis to a point where they are cheaper than personal car ownership? And could robotaxis at some point disrupt the car ownership process? Brian Nowak: Yeah. And the other more important point around rideshare will be how much do these autonomous offerings expand the addressable market for rideshare and prove to be incremental? As opposed to being cannibalistic on existing ride share rides. Because you're right that, you know, even our out year autonomous projections still have it less than 1 percent of the total trips. But the question is how much does that add to ride share? Because in some scenarios, those autonomous trips could end up being 20 to 30 percent of the rideshare industry. This matters for Uber and Lyft because while they are partnering Waymo and other autonomous players across a handful of markets, they're not partnered in all the markets. And in some markets, Waymo is going alone. Tesla is going at it alone. And so when we look at our model and we say as of 2024, Uber and Lyft make up 100 percent of the ride share industry based on the current partnerships, which includes Waymo and Tesla and all; and Zoox and all the players, we think that Uber and Lyft will only make up 30 percent of the autonomous driving market. And so it's really important for the rideshare industry that when, number one, we see AV's being incremental to the TAM; and two, that Uber and Lyft are able to continue to add more partnerships over time to drive more of that overall long-term AV opportunity and participate in all this rideshare industry over the next five years. Andrew Percoco: I think it's really clear that the future of autonomous vehicles is here and we've reached an inflection point; and there's a lot of interesting catalysts and data points for us and for investors to watch for throughout 2026.So Brian, thanks again for taking the time to talk. Brian Nowak: Andrew, great speaking with you. And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

On December 9, 1987, a squirrel chewed through a power line in Connecticut, and the NASDAQ’s vast financial machinery blinked, sighed, and went dark. Some of the world's largest corporations stood limp and listless. Global economies watched, sweating bullets for nearly an hour and a half. All because of one tenacious, furry rodent. Scripture tells many stories of something or someone small making a big impact. But God can turn meagerness into something mighty. John recounts how Jesus fed a hungry crowd (five thousand men, probably fifteen thousand with women and children included) when “a boy with five small barley loaves and two small fish” handed over his small lunch (John 6:9). In the Old Testament we remember that a young shepherd boy named David trusted God and slayed a giant (1 Samuel 17). And Christ repeatedly insisted that the kingdom of God is something like a mustard seed, “the smallest of all seeds” (Matthew 13:32). When we ponder the many complex global crises in addition to the bewildering concerns in our own neighborhoods and families, we’re tempted to believe that our seemingly small efforts lack power. But Scripture tells us to act in obedience and trust as God helps us—assured that with Him, small things can become mighty (John 6:10-12).

The first World Tour edition of 2026 on the Global DJ Broadcast takes us to one of the most important cities in Markus Schulz's career: Los Angeles. Recorded live on New Year's Eve from Avalon Hollywood, this special episode captures highlights from Markus' open to close solo set - a tradition he has returned to time and again to mark the turn of the year.   Los Angeles has long been a second home for Markus, a city where extended solo journeys, trust from the dancefloor, and musical risk-taking helped shape his identity as a storyteller behind the decks. From late-night introspection to peak-time energy and afterhours depth, this World Tour reflects the full arc of an open to close experience on a night where history, emotion, and momentum collide.   A powerful way to begin 2026 - live from a venue and city that remain central to the Global DJ Broadcast story.   Tracklist:   01. Tiësto - Adagio for Strings (Markus Schulz Remix) 02. Fish56Octagon x Plastic Boy -  Silver Bath 03. Markus Schulz featuring Delacey - Destiny (ID Remix) 04. HI-LO vs. Kx5 & Hayla - Escape Reese (Oliver Heldens Mashup) 05. Mark Sixma, Orjan Nilsen, Push & nilsix vs. Layton Giordani, Sarah de Warren & Linney - Act of Urban Shakedown (Markus Schulz Down the Rabbit Hole Mashup) 06. Giuseppe Ottaviani & Ultra Shock - The Sound of E 07. Thomas Schumacher & ADHD vs. KAAZE & Alina Pozi vs. HI-LO & Danny Avila - When I Rock Papi Paradise (Markus Schulz Mashup) 08. Markus Schulz - Ram Attack 09. ID - High All the Time 10. Eric Prydz - Pjanoo (Markus Schulz Private Remix) 11. JOA - Everyday 12. Joyhauser - Free Your Mind (Markus Schulz Private Remix) 13. Markus Schulz - Remember This (ID Remix) 14. Gabry Ponte & Jerome Isma-Ae vs. Stylo, Space Motion & Amethyst - Walk Alone, Sucker (Markus Schulz Down the Rabbit Hole Mashup) 15. Massano - The Lights 16. Nemke - Stampedo 17. Daxson - While We Wait 18. Daxson featuring Andy Ruiz - Insomnia 19. Robert Nickson - Nine Lives 20. Wippenberg - Pong (NOMADsignal Remix) 21. Paul Oakenfold & Goom Gum - The House of House 22. Yves Deruyter - Back to Earth (Daxson Rave Mix) 23. Stoneface & Terminal vs. Anyma, Argy, Son of Son & Amelie Lens - Voices in My Pulsetracker (Markus Schulz Down the Rabbit Hole Mashup) 24. Kay D. Smith & Marc Tall - Hoipolloi (Ben Gold Remix) 25. Markus Schulz - Simulated 26. KASIA & Charles D featuring Sarah de Warren - Psycho 27. CIRCA96 x Ton TB - Electronic Malfunction 28. Sander van Doorn - Joyenergizer (Sander van Doorn 2025 Remix) 29. Luvstruck - Walking with Elephants 30. Monoline - Relapse 31. Space Frog - X-Ray (Follow Me) (Charles D Remix) 32. System F - Out of the Blue (Markus Schulz Private Remix) 33. Marco V - Teaser 34. Markus Schulz x Pavlo Vicci vs. Age of Love - The Age of Love Will Get You Higher (Markus Schulz Mashup)  

Originally published August 31, 2025. Danny and Derek speak with historian Stuart Schrader about the global history of American policing and how US police power has been shaped by struggles both at home and abroad. They discuss police opposition to oversight in the 1960s, the development of the Border Patrol and ICE, Joe Biden's “tough on crime” record, Trump's plan to outsource detention, the ways counterterrorism blurred into immigration enforcement, and the resistance on display in Los Angeles this summer. Read Stuart's book Badges without Borders: How Global Counterinsurgency Transformed American Policing. Learn more about your ad choices. Visit megaphone.fm/adchoices

I break down why anxiety is so prevalent today and why much of it is being intentionally manufactured. I explore the existential and psychological forces driving anxiety - from social media comparison to nervous system overload. I also share three practical tools you can start using immediately to reduce anxiety and regain a sense of internal stability. If you struggle with chronic worry or overwhelm, this episode will give you a new framework for understanding and working with anxiety.SHOW HIGHLIGHTS00:00 Why anxiety is increasing by design00:46 Anxiety as a future-based distortion03:19 Global instability and manufactured fear04:31 Comparison addiction and social media06:12 The breakdown of objective truth08:51 Disagreement as relational death11:13 Nervous system sensitivity and stress17:15 Three tools to reduce anxiety***Tired of feeling like you're never enough? Build your self-worth with help from this free guide: https://training.mantalks.com/self-worthPick up my book, Men's Work: A Practical Guide To Face Your Darkness, End Self-Sabotage, And Find Freedom: https://mantalks.com/mens-work-book/Heard about attachment but don't know where to start? Try the FREE Ultimate Guide To AttachmentCheck out some other free resources: How To Quit Porn | Anger Meditation | How To Lead In Your RelationshipBuild brotherhood with a powerful group of like-minded men from around the world. Check out The Alliance. Enjoy the podcast? Leave a review on Apple Podcasts, Stitcher, or Podchaser. It helps us get into the ears of new listeners, expand the ManTalks Community, and help others find the tools and training they're looking for. And don't forget to subscribe on Apple Podcasts | Google Podcasts | SpotifyFor more, visit us at ManTalks.com | Facebook | Instagram

On this week's Bonus Ep: Amber's first week on DWTS, her new alter-ego Pedro, and Vogue's shoop-shooping. Plus a Christmas listener, family drama and an eating AITA. Remember, if you want to get involved you can:Watch us on Youtube! CLICK HERE! or search Vogue & AmberEmail us at vogueandamberpod@gmail.com OR find us on socials @voguewilliams @ambrerosolero and @vogueandamberListen and subscribe to Vogue & Amber on Global Player or wherever you get your podcasts.Please review Global's Privacy Policy: https://global.com/legal/privacy-policy/

Job 17-20

Today we're honoring the life, leadership, and lasting influence of Betty Horton, PhD, CRNA, FAAN, a woman whose impact on nurse anesthesia education spans generations. With her passing on December 27, 2025, we wanted to revisit the conversation we had with her five years prior about the evolution of education and accreditation in nurse anesthesia, something that she cared about tremendously. This conversation captures Betty's wisdom, humility, and unwavering commitment to lifting others rather than highlighting herself. The show originally aired July 2, 2020, and we've asked Jackie Rowles, DNP, MBA, MA, CRNA, ANP-BC, NSPM-C, FNAP, FAANA, FAAN, the founder and president of Our Hearts Your Hands Inc, and Sandy Ouellette, CRNA, DS (hon), Med, FAAN, vice president of Our Hearts Your Hands Inc., to share a few of their thoughts on her lasting legacy before we begin. Listening ​now, ​her ​words ​carry ​even ​greater ​meaning. ​They ​reflect ​the ​wisdom, ​humility ​and ​steady ​leadership ​that ​defined ​her ​life's ​work. ​We ​invite ​you ​today ​to ​listen ​not ​only ​with ​your ​ears, ​​but ​with ​your ​heart. It's an honor to share her voice once more. Here's some of what you'll hear in this episode:

ABOUT POLAR WARPOLAR WAR: Submarines, Spies, and the Struggle for Power in a Melting Arctic by Kenneth R. Rosen (January 6, 2026/$29.00 hardcover) offers a blend of travelogue and frontline reporting that reveals how climate change, military ambition, and economic opportunity are transforming the Arctic into the epicenter of a new cold war in which the planet's great powers are struggling for dominance.Russian spies. Nuclear submarines. Sabotaged pipelines. Undersea communications severed in the dark of night. The fastest-warming place on earth-where apartment buildings, hospitals, and homes crumble daily as permafrost melts and villages get washed away by rising seas-the Arctic stands at the crossroads of geopolitical ambition and environmental catastrophe. As climate change thaws the northern latitudes, opening once ice-bound shipping lanes and access to natural resources, the world's military powers are rushing to stake their claims in this increasingly strategic region. We've entered a new cold war-and every day it grows hotter.In POLAR WAR, Rosen takes readers on an extraordinary journey across the changing face of the far north. Through intimate portraits of scientists, soldiers, and Indigenous community leaders representing the interests of twenty-one countries across four continents, he witnesses firsthand how rising temperatures and growing tensions are reshaping life above and below the Arctic Circle. He finds himself on the trail of Navy SEALs training for arctic warfare, embarks on Coast Guard patrols monitoring Russian incursions, participates in close-quarter-combat training aboard foreign icebreakers in the Arctic sea ice, and visits remote research stations where international cooperation is giving way to espionage and the search for long-frozen biological weapons.POLAR WAR concludes with a prescriptive Appendix, "Reigning in the Arctic," in which Rosen elucidates "several definite and immediate steps American lawmakers and the current presidential administration must take to not only advance our national security in the arctic but also preserve the region for generations to come."Drawing on hundreds of interviews and three years of reporting from the frontlines of climate change and great power competition, Rosen's deeply researched and personal accounts capture the diverse landscapes, people, and conflicted interests that define this complex northern region. The result is both an elegy for a vanishing landscape and an urgent warning about how the race for Arctic dominance could spark the next global conflict.ABOUT KENNETH R. ROSENKenneth R. Rosen is the recipient of a Kurt Schork Award in International Journalism and the Bayeux-Calvados Award for War Correspondents, a two-time finalist for the Livingston Award for his work in Syria and Iraq, and an Ira A. Lipman Fellow at Columbia University. He is the author of Troubled and Bulletproof Vest, and his writing has appeared in The New Yorker, The New York Times, The Atlantic & WIRED. He divides his time between Western Massachusetts and Northern Italy with his wife and their three children.https://kennethrrosen.com/Become a supporter of this podcast: https://www.spreaker.com/podcast/i-am-refocused-radio--2671113/support.Subscribe now at YouTube.com/@RefocusedNetworkThank you for your time. 

* El petróleo de Venezuela causa tensión global* La 4T impide discusión de Tren Interoceánico* Fiscalía de Sinaloa maquilla cifras de homicidios

Psalms 8:1-9

Psalms 8:1-9

Steve sits down with Colonel Rob Maness, 32-year Air Force veteran, founder of Gator PAC, and host of The Rob Maness Show, for a no-nonsense national-security round-up. They break down what the capture of Nicolás Maduro means strategically, react to the Minnesota ICE shooting controversy, and look at growing talk around Greenland's strategic importance amid rising global tensions. Maness brings seasoned insight on how these moments connect to America's security, sovereignty, and the road ahead in 2026.

Washington just toppled Maduro, and that shockwave may be racing straight toward Tehran. In this episode of "Israel Undiplomatic", the hosts unpack how President Trump's renewed willingness to use American power is reshaping the global chessboard: from Venezuela to Iran, from Hezbollah to Hamas and from uneasy Syria “peace talks” to the very real possibility of regime collapse in Tehran. With Iran shaken by protests, its terror proxies weakened and Israel quietly preparing for what comes next, the conversation exposes why this moment feels different, and why a single misstep could trigger war, regime change, or both. Nothing is settled, everything is volatile and the stakes for Israel have never been higher. CHAPTERS 00:00 – Maduro Falls: Why This Changes Everything 03:12 – Trump's Message to the World: Strength Over Talk 06:05 – Iran Protests Explode: Fear Is Cracking 09:48 – Hezbollah and Hamas: Weaker, But More Dangerous 14:02 – Syria Talks: Security Deal or Strategic Trap? 18:36 – Turkey, Gaza, and a New Regional Risk 23:15 – Why Iran's Regime Is More Vulnerable Than Ever 28:40 – Missiles, Shelters, and Israel's Red Lines 33:55 – The West's Silence on Iran Exposed 38:20 – Regime Change: Inevitable or Accelerated?

Gen 16:1-18:15, Matt 6:1-24, Ps 7:1-17, Pr 2:1-5

The latest with Venezuela as President Trump's plan for Venezuelan oil takes shape. Plus, The White House tries to rewrite the events of Jan. 6. And, RFK slashes the  number of vaccines recommended for children. Jeff Mason, Leigh Ann Caldwell, Michael McFaul, Dan Nathan, Stacey Vanek Smith, Jon Meacham, and Dr. Vin Gupta join The 11th Hour this Tuesday night. To listen to this show and other MS podcasts without ads, sign up for MS NOW Premium on Apple Podcasts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

PREVIEW FOR LATER TODAY: Alan Tonelson forecasts a difficult year for the PRC's economy in 2026, citing deflation and a property collapse. He predicts a strong global backlash against the surge of Chinese exports, which threaten foreign manufacturing sectors, as trading partners begin to prioritize their own national economic interests.1939 SHANGHAI

Guest: Joseph Sternberg. Sternberg analyzes the recent U.S. invasion of Venezuela, noting that while the event disrupted predictions, its global significance ultimately depends on the subsequent U.S. decisions regarding regime support and governance in Caracas. Turning to domestic politics, Sternberg predicts the 2026 midterms will be unusually significant as both parties face internal identity crises, with Democrats torn between centrist and socialist wings and Republicans struggling to define their future path as the Trump era eventually concludes.1900 Venezuela

Guest: Bob Zimmerman. The global launch industry achieved record numbers led by SpaceX, which Zimmerman argues has effectively become the true American space program by launching 90% of all payload mass and funding its own Mars ambitions through Starlink revenue. While China utilizes state-supervised pseudo-capitalism to keep pace, the commercial sector is booming with competitors like Rocket Lab and multiple companies developing private space stations, creating a new market for orbital debris cleanup services.1941

Episode 752: Neal and Toby dive into the firestorm that Elon Musk's X is in as it draws scrutiny from global regulators over its chatbot reportedly generating inappropriate bikini images on the platform. Then, reports from the Trump administration about a renewed interest in merging Greenland with the United States. Also, American Airlines plans to launch free Wifi for its premium service customers. Meanwhile, Lego unveils its hi-tech Smart Bricks that impresses but also disappoints.  Check out https://www.rubrik.com for more  Join us for MBD's Trivia Night! https://mbdtrivianight-jan2026.splashthat.com/  Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠  Watch Morning Brew Daily Here:⁠ ⁠⁠https://www.youtube.com/@MorningBrewDailyShow⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Donate (no account necessary) | Subscribe (account required) Join Bryan Dean Wright, former CIA Operations Officer, as he dives into today's top stories shaping America and the world. In this episode of The Wright Report, Bryan delivers a sweeping analysis of the national and global fallout from President Trump's decision to capture Nicolás Maduro. From Minneapolis to Caracas, and from Mexico to Greenland, Bryan explains how one operation is reshaping immigration policy, energy markets, global power dynamics, and America's definition of strength. ICE Launches Largest Immigration Operation in U.S. History: DHS Secretary Kristi Noem confirmed a massive surge of ICE officers into Minneapolis, with Venezuelans, Somalis, and other migrant groups now prioritized for removal. With Maduro no longer in power, the administration says it is safe for Venezuelans to return home. Minnesota Governor Tim Walz condemned the operation, calling it unprecedented, as Temporary Protected Status, asylum cases, and green card applications are frozen or revoked. Trump Strikes a Massive Oil Deal with Venezuela: Negotiations with Venezuela's new Marxist leadership produced a deal transferring thirty to fifty million barrels of oil to U.S. control, valued at up to two point eight billion dollars. The oil will help refill the Strategic Petroleum Reserve and stabilize global markets. U.S. oil companies are now being pushed to rehabilitate Venezuela's collapsed energy sector, potentially with taxpayer support, despite concerns about security and long term stability. Stability Over Democracy in Caracas: The White House decided it cannot yet work with opposition leaders like María Corina Machado or Edmundo González. Instead, Trump is temporarily backing remnants of the Maduro regime to maintain order and secure oil and mineral flows. Power struggles inside Venezuela have already turned violent, with armed gangs, checkpoints, and internal purges spreading fear among civilians. Global Strategy Tied to Oil and Power: Trump's plan aims to flood global markets with Venezuelan oil to pressure Canada, undercut Russia's finances, and entice India away from Russian energy. Bryan explains how this strategy could weaken Vladimir Putin's war funding and force movement toward a Ukraine peace deal. Shockwaves Across Mexico, Cuba, and Greenland: Mexican leaders fear they could be next as Trump escalates cartel strikes and pressures Mexico to cut oil shipments to Cuba. Cuban leaders face collapse without Venezuelan and Mexican energy. Meanwhile, Trump renewed warnings that military force remains an option to secure Greenland, citing the threat posed by China and Russia. European leaders are furious but largely powerless to stop him. A Message to China and the World: Trump warned Venezuela's remaining leaders to sever ties with China, Russia, Cuba, and Iran or face removal. Reuters reports Interior Minister Diosdado Cabello is now under direct U.S. threat. Bryan argues the broader message is clear. Trump is no longer bluffing, and assumptions that he is all bark and no bite are collapsing worldwide. Analysis and Warning: Bryan cautions that while Trump may manage Venezuela in the short term, the strategy carries serious risks. China, Brazil, or Colombia could destabilize the country through proxies or sabotage. He suggests Trump may seek a grand bargain with Beijing, trading U.S. restraint in Asia for Chinese withdrawal from the Western Hemisphere. The Political Lesson: Senator Chris Murphy admitted this week that Trump must now be taken seriously. Bryan closes by arguing that Trump is reordering global power at age seventy-nine because he believes the country is nearing collapse and this is America's last chance to reset its trajectory.   "And you shall know the truth, and the truth shall make you free." - John 8:32     Keywords: January 7 2026 Wright Report, ICE Minneapolis surge Venezuelans, Kristi Noem Todd Lyons deportations, Trump Venezuela oil deal Strategic Petroleum Reserve, Maduro regime remnants power struggle, global oil strategy Canada Russia India, Mexico cartel pressure Cuba collapse, Greenland military option Trump, China warning Venezuela Cabello, Trump global power reset

Our Chief Fixed Income Strategist Vishy Tirupattur is joined by Dan Toscano, the firm's Chairman of Markets in Private Equity, unpack how credit markets are changing—and what the AI buildup means for the road ahead.Read more insights from Morgan Stanley.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Today is a special edition of our podcast. We are joined by Dan Toscano, Chairman of Markets in Private Equity at Morgan Stanley, and a seasoned practitioner of credit markets over many, many credit cycles. We will get his thoughts on the ongoing evolution and revolution in credit marketsIt's Wednesday, January 7th at 10am in New York. Dan, welcome.Dan Toscano: Glad to be here.Vishy Tirupattur: So, to get our – the listeners familiar with your journey, can you talk a little bit about your experience in the credit markets, and how you got to where we are today?Dan Toscano: Yeah, sure. So, I've been doing this a long time. You used the nice word seasoned. My kids would refer to it as old. But I started in this journey in 1988. And to make a long story short, my first job on Wall Street was buying junk bonds in the infancy of the junk bond market, when most of what we were financing were LBOs. So, if you're familiar with Barbarians at the Gate, one of the first bonds we bought were RJR Nabisco reset notes. And I've been doing this ever since, so over almost four decades now.Vishy Tirupattur: So, the junk bond market evolved into high yield market, syndicated loan market, CLO market, financial crisis. So, talk to us about your experiences during this transition.Dan Toscano: Yeah. I mean, one of the things these markets do is they finance evolution in industries. So, when I think back to the early days of financing leveraged buyouts, they were called bootstrap deals. The first deal I did as an intermediary on Wall Street as opposed to as an investor, was a buyout with Bain Capital in 1993. At the time, Bain Capital had a $600 million AUM private equity platform. Think about that in the scale of what Bain Capital does in private equity today. You know, back then it was corporate carve outs, and trying to make the global economy more efficient. And you remember the rise of the conglomerate. And so, one of the early things we financed a lot of was the de-conglomeration of big corporates. So, they would spin off assets that were not central to the business or the strengths that they had as an organization.So, that was the early days of private equity. There was obviously the telecom build out in the late 90's and the resulting bust. And then into the GFC. And we sit here today with the distinctions of private capital, private credit, public credit, syndicated credit, and all the amazing things that are being financed in, you know, what I think of as the next industrial revolution.Vishy Tirupattur: In terms of things that have changed a lot – a lot also changed following the financial crisis. So, if you dig deep into that one thing that happened was the introduction of leveraged lending guidelines. Can you talk about what leveraged lending guidelines did to the credit markets?Dan Toscano: Yeah, I mean, it was a big change for underwriters because it dictated what you could and couldn't participate in as an underwriter or a lender, and so it really cut off one end of the market that was determined by – and I think the thing most famously attributed to the leveraged lending guidelines was this maximum leverage notion of six times leverage is the cap. Nothing beyond that. And so that really limited the ability for Wall Street firms to underwrite and distribute capital to support those deals.And inadvertently, or maybe by plan, really gave rise to the growth in the private credit market. So, when you think about everything that's going on in the world today, including, which I'm sure we'll talk about, the relaxation of the leveraged lending guidelines, it was really fuel for private credit.Vishy Tirupattur: So private credit, this relaxation that you mentioned, you know, a few weeks ago, the FDIC and the OCC withdrew the leveraged lending guidelines in total. What do you expect that will do to the private credit markets? Will that make private credit market share decrease and bank market share increase?Dan Toscano: I think many people think of these as being mutually exclusive. We've never thought of it that way. It exists more on a continuum. And so, what I think the relaxation of those guidelines or the elimination of those guidelines really frees the banks to participate in the entire continuum, either as lenders or as underwriters.And so, in addition to the opportunity that gives the banks to really find the best solutions for their clients, I think this will also continue the blurring of distinctions between public market credit and private market credit. Because now the banks can participate in all of it. And when you think about what defines in people's minds – public credit versus private credit, in many cases it's driven by what terms look like. Customary terms for a syndicated bond or loan versus a private credit loan.Also, who's participating in it. You know, these things have been blurring, right? There's a cost differential or a perceived cost differential that has been blurring for some time now. That will continue to happen, in my opinion anyway.Vishy Tirupattur: I totally agree with you, Dan, on that. I think not only the distinction between public credit and private credit, but also within the various credit channels – secured, unsecured, securitized, structured – all these distinctions are also blurring. So, in that context, let's talk a little bit more about what private credit's focus has been and where private credit focus will be going forward. So, what we'll call private credit 1.0. Focused predominantly on lending to small and medium-sized enterprises. And we now see that potentially changing. What is driving private credit 2.0 in your mind?Dan Toscano: Well, the elephant in the room is digital infrastructure. Absolutely. When you think about the scale of what is happening, the type of capital that's required for the build out, the structure you need around it, the ability to use elements of structure. You mentioned several of them earlier. To come up with an appropriate risk structure for lending is really where the market is heading. When you think about the trillions of dollars that we anticipate is needed for the technology industry to complete this transformation – not just around digital infrastructure, but around everything associated with it.And the big one I think of most often is power, right? So, you need capital to build out sources of power, and you need capital to build out the data centers to be able to handle the compute demand that is expected to be there. This is a scale unlike anything we have ever seen. It is the backbone of what will be the next industrial revolution.We've never seen anything like this in terms of the scale of the capital needed for the transformation that is already underway.Vishy Tirupattur: We are very much on board with this idea as well, Dan, in terms of the scale of the investment, the capital investment that is needed. So, when you look ahead for 2026, what worries you about the ind ustrial revolution financing that is underway?Dan Toscano: Given all that's going on in the world, this massive capital investment that's going on globally around digital infrastructure, we've never seen this before. And so, when I look at the capital raising that has been done in 2025 versus what will be done in 2026, I think one of the differences that we have to be mindful of is – nothing's gone wrong while we were raising capital in 2025 because we were very much in the infancy of these buildouts. Once you get further into these buildouts and the capital raises in 2025 that are funding the development of data centers start to season, problems will emerge. The essence of credit risk is there will be problems and it's really trying to predict and foresee where the problems will be and make sure you can manage your way through them.That is the essence of successful credit investing. And so there will definitely be issues when you think about the scale of the build out that is happening. Even if you look just in the U.S., where you need access to all sorts of commodities to build out. And you know, people focus on chips, but you also need steel and roofing, and importantly labor.And as we talk to people about the build outs, one of the concerns is supply of labor supply and cost of labor. So, when you run into situations where maybe a project is delayed a bit, or the costs are a bit more than what was expected, there will be a reaction. And we haven't had that yet. We will start to see that in 2026 and how investors and the markets react to that, I think will be very important. And I'm a little bit worried that there could be some overreaction because people have trained themselves in 2025 to think of like, ‘I'm operating in a perfect environment,' because we haven't really done anything yet. And now that we've done something, something can and will go wrong. So, you know, we'll see how that plays out.I am very fixated in 2026 on the laws of supply and demand. When I think about what's going on right now, we usually have visibility on demand. And we usually have some level of visibility on supply. Right now, we have neither – and I say that in a positive way. We don't know how big the demand is in the capital world to fund these projects. We don't know how big that can be. And almost with every passing day, the supply – and what we're hearing from our clients about what they need to execute their plans – continues to grow in a way that we don't know where it ends. And the scale, we're talking trillions of dollars, right? Not billions, not millions, but trillions.And so, I look at that – not so much as something I worry about, but something I'm really curious about. Will we run out of money to fund all of the ambitions of the Industrial Revolution? I don't think so. I think money will find great projects, but when you think about the scale of what we're looking at, we've never seen anything like it before. And it will be fascinating to watch as the year goes on.Vishy Tirupattur: Thanks Dan. That's very useful. And thanks for taking the time to speak to us and share your wisdom and insights. Dan Toscano: Well, it's great to be here.Vishy Tirupattur: And to our audience, thanks for listening. If you enjoyed the show, please leave us a review wherever you listen and share thoughts on the market with a friend or colleague today

World government and a false world religion are taking shape as the groundwork for the Mark of the Beast is laid. As war threatens to engulf the nations, Israel stands at the center of peace talks and Islam's influence surges worldwide. We'll analyze the prophetic signs to watch for in 2026 on this edition of The Endtime Show. ⭐️: True Gold Republic: Get The Endtime Show special on precious metals at https://www.endtimegold.com📱: It's never been easier to understand. Stream Only Source Network and access exclusive content: https://watch.osn.tv/browse📚: Check out Jerusalem Prophecy College Online for less than $60 per course: https://jerusalemprophecycollege.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to this special episode of The Edge of Show, recorded live at the Future of Money, Governance & the Law Summit in Washington, D.C. In this episode, we dive deep into the transformative world of tokenization, exploring its impact on real estate, commodities, and beyond. Join our distinguished panel, moderated by Gerard Dache, featuring industry leaders like Benjamin Diggles, Jack Ding, Chris Smithmyer and Nadia Mihova.Key topics include:The difference between coins and tokensInfrastructure requirements for successful tokenizationReal estate tokenization and its potential to revolutionize transactionsThe importance of trust and governance in blockchain technologyInsights into the Blockchain Maturity Model and its role in selecting the right blockchainTogether, they discuss the essential technology infrastructure for tokenization, real-world use cases, and the future of blockchain in various industries.Don't forget to subscribe, rate, and share this episode with friends who are eager to learn more about the cutting edge of Web3!Support us through our Sponsors! ☕

In this timely episode of the Global Fresh Series, we sit down with Ron Lemaire, President of the Canadian Fresh Produce Association, for a candid conversation on one of the most challenging years the global fresh produce industry has faced in recent memory.Ron reflects on the realities of 2025—marked by shifting tariffs, trade uncertainty, and geopolitical pressures—and how these forces reshaped supply chains and business strategies across borders. He also shares how new partnerships were forged, existing relationships strengthened, and innovative approaches adopted to keep fresh produce moving despite the headwinds.

Job 14-16

Job 14-16

Trump will not be waiting around to collect the Venezuelan oil to which he feels entitled. Effective immediately, Trump is directing the energy secretary to execute a plan for Venezuela to surrender as much as 50-million barrels of oil. Trump posted on social media the spoils of his takeover "will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!" We welcome Mr. Global aka Matt Randolph to explain. He is the principal partner of Sentinel Energy and an oil and gas expert. John Rothmann, our presidential historian and political analyst will join to talk politics. On Sunday evening the New York Federal Reserve made another gigantic infusion of cash into one or more Wall Street banks. Our friends at DCreport.org, co-founded by David Cay Johnston, have been reporting on cash infusions into big Wall Street Banks. First it was 17 billion the day after Christmas and this week, DCReport found that after “more than five years with little to no cash infusions from the New York Fed, one or more of the big Wall Street banks has been requiring gigantic infusions of cash since Halloween.” We will get all the details on what could possibly be happening in the banking industry and how it could affect you. Economic expert, legal scholar and whistleblower on the Keating Five, Professor, Bill Black will join us. Then, we will save the planet with Eco-journalist, Belinda Waymouth. She has new details on ways to reduce microplastic ingestion and a heartwarming story of humans going to great lengths to help bears survive. “It's The Planet, Stupid!” Is back.

In this episode, Fred Burton sits down with Rich Davis, former Chief Security Officer of United Airlines, to explore the evolution of aviation security and what it takes to manage risk at a truly global scale. Drawing on decades of leadership experience, Rich shares how collaboration, intelligence sharing, and a strong duty of care mindset have reshaped airline security—and why relationships across the private sector and government remain critical to preventing the next crisis.You'll Learn:How aviation security has evolved in response to global threats and regulatory changeWhy collaboration and trusted relationships are foundational to effective risk managementWhat “duty of care” looks like in practice for organizations with globally mobile workforcesSign up for our newsletter here.If you're enjoying this episode, please take a moment to rate and review the show.

Psalms 7:1-17

Psalms 7:1-17

After a volatile first half and another year of strong headline returns, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist at Carson Group, step back to assess what actually shaped markets in 2025 and what that foundation means heading into 2026.They revisit why early-year turbulence caught so many investors off guard, how companies navigated tariffs and margin pressure more effectively than expected, and why earnings growth remained the quiet backbone of the rally. The conversation then turns forward, covering their 2026 outlook for stocks and bonds, the role of AI-driven capital spending, global market leadership, and why sentiment continues to lag reality even as breadth improves. Along the way, they discuss inflation stickiness, labor market crosscurrents, policy tailwinds, and where diversification still matters most as the cycle matures.Key Takeaways: • Earnings did the heavy lifting: Profit growth and margin resilience, not valuation expansion, powered market gains • Volatility followed the script: Early-year drawdowns fit historical patterns despite widespread surprise • Global leadership expanded: International markets and cyclicals outpaced expectations as breadth improved • AI spending surged: Capital expenditures accelerated across major tech platforms, reinforcing long-term growth trends • 2026 outlook remains constructive: Above-average equity returns and modest bond gains hinge on steady growth without recessionJump to:0:00 — Setting The Stage For 20251:48 — Tariffs, Liberation Day, And Market Bottom4:30 — Sentiment, Concentration Myths, And Breadth9:45 — Speculation Falls, AI Leaders Repriced14:45 — Small Caps, Transports, And Rate Cuts22:30 — IPO Drought, Private Markets, And Valuations27:20 — Media Moments, Gold, And Diversifiers32:20 — Fed Cuts, Dots, And Labor Revisions40:10 — 2026 Playbook: Mid Caps, Financials, Healthcare46:30 — Global Vs. U.S., EM Tilt, And PolicyConnect with Ryan:• LinkedIn: https://www.linkedin.com/in/ryandetrick/• X: https://x.com/RyanDetrickConnect with Sonu:• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/• X: https://x.com/sonusvarghese?lang=enQuestions about the show? We'd love to hear from you! factsvsfeelings@carsongroup.com

In this January 7 episode of RattlerGator Report, JB White focuses on Venezuela and President Trump's actions involving Nicolás Maduro, framing the situation as a key example of American leverage on the global stage. JB explains why Venezuela matters strategically and how economic, military, and technological dominance shape outcomes when applied deliberately. He discusses regions of responsibility, cooperation versus consequence, and how events in Venezuela send broader signals to other global powers. The episode also touches on the pardon of former Honduran president Juan Orlando Hernández and what JB views as its strategic significance. Throughout the broadcast, JB incorporates audience interaction and historical references while reflecting on power, decision-making, and the pace of unfolding global events.

Gen 16:1-18:15, Matt 6:1-24, Ps 7:1-17, Pr 2:1-5

Gen 16:1-18:15, Matt 6:1-24, Ps 7:1-17, Pr 2:1-5

Glenn lays out why he believes President Trump is working to reshape the global order to put America back in a position of dominance. As America faces multiple battles over energy, Glenn explains why it's critical for us to win them to stay independent. A regime change is coming but not the one you may think. Independent journalist Nick Shirley, the man responsible for exposing the alleged fraud at various day care centers in Minnesota, joins to expose further how deep he believes the scam goes. Glenn and Nick also discuss Nick's potential role in Democratic Minnesota Gov. Tim Walz's decision to drop out of his re-election race. Sen. Mike Lee (R-Utah) joins to discuss the constitutionality of President Trump's strike on Venezuela and the capture of Nicolás Maduro and his wife. Goldie Ghamari joins to discuss how Iran may be affected by Trump's strike on Venezuela. Mariana Atencio joins to give us an idea of how Venezuelans are truly feeling after Maduro and his wife were arrested. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to 2026! Brian & Jill share a little bit about how this all works and why.

Gen 13:5-15:21, Matt 5:27-48, Ps 6:1-10, Pr 1:29-33

Gen 13:5-15:21, Matt 5:27-48, Ps 6:1-10, Pr 1:29-33

Murph is joined once again by veteran DEA leader AJ Collazo for a deep dive into one of the most complex fronts in modern law enforcement—the international drug war. Their conversation centers on Operation Panama Express, a groundbreaking multi-agency effort that transformed how law enforcement tracks and dismantles maritime drug trafficking networks. AJ breaks down how intelligence-driven cases are built, the dangers of undercover work, and why cooperation between DEA, military, foreign governments, and federal agencies became essential after the Patriot Act reshaped global enforcement strategies.

Our Deputy Director of Global Research Michael Zezas and our U.S. Public Policy Strategist Ariana Salvatore discuss the implications of the U.S action in Venezuela for global markets, foreign and domestic policy.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Deputy Global Head of Research for Morgan Stanley. Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research. Michael Zezas: Today we're talking about the latest events in Venezuela and its implications for global markets.It's Tuesday, January 6th at 10am in New York. So, Ariana, before we get into it: Long time listeners might have noticed in our intro, a changeup in our titles. Ariana, you're stepping in to lead day-to-day public policy research. Ariana Salvatore: That's right. And Mike, you're taking on more of a leadership role across the research department globally. Michael Zezas: Right, which is great news for both of us. And because the interaction between public policy choices and financial markets is as critical as ever, and because collaboration is so important to how we do investment research at Morgan Stanley – tapping into expertise and insight wherever we can find it – you're still going to hear from one of – and sometimes both of us – here on Thoughts on the Market on a weekly basis. Ariana Salvatore: And this week is a great example of this dynamic as we start the New Year with investors trying to decide what, if anything, the recent U.S. intervention in Venezuela means for the outlook for markets. Michael Zezas: Right. So, to that point, the New Year's barely begun, but it's already brought a dramatic geopolitical situation: The U.S. capture and arrest of Venezuela's President Nicolas Maduro – an event that can have far reaching implications for oil markets, energy, equities, sovereign credit, and politics. Ariana, thinking from the perspective of the investor, what's catching your attention right now? Ariana Salvatore: I think clients have been trying to get their arms around what this means for the future of U.S. foreign policy, as well as domestic policy making here too. On the first point, I would say this isn't necessarily a surprise or out of step with the goals that the Trump administration has been at least rhetorically emphasizing all year. Which is to say we think this is really just another data point in a pre-existing longer term trend toward multipolarity. Remember that involves linkage of economic and national security interest. It comes with its own set of investment themes, many of which we've written about, but one in particular would be elevated levels of defense spending globally, as we're in an increasingly insecure geopolitical world. Another tangible takeaway I would say is on the USMCA review. I think the U.S. has likely even more leverage in the upcoming negotiations, and likely is going to push even harder for Mexico to put up trade barriers or take active steps to limit Chinese investment or influence in the country. Enforcement here obviously will be critical, as we've said. And ultimately, we do still think the review results in a slightly deeper trade integration than we have right now. But it's possible that you see tariffs on non-USMCA compliant goods higher, for example, throughout these talks. Michael Zezas: And does this affect at all your expectations for domestic policy choices from the U.S.? Ariana Salvatore: I think it's important to emphasize here that we're just seeing an increasingly diminished role for Congress to play. The past year has been punctuated by one-off US foreign policy actions and a usage of executive authority over a number of different policy areas like immigration, tariffs, and so on. So, I would say the clearest takeaway on the domestic front is we're seeing a policy making pattern that is faster and more unilateral, right? If you don't need time for consensus building on some of these issues, decisions are being made by a smaller and smaller group of people. That in itself just increases policy uncertainty and risk premia, I would say across the board. But Mike, let's turn it back specifically to Venezuela. One of the most important questions is on – what this all means for global oil markets. What are our strategists saying there? Michael Zezas: Yeah. So, oil markets are the natural first place to look when it comes to the impact of these geopolitical events. And the answer more often than not is that the oil market tends not to react too much. And that seems to be the case here following the weekend's Venezuela developments. That's because we don't expect there to be much short-term supply impact. Over the medium-term risks to Venezuela's production skew higher. But while Venezuela famously holds one of the largest oil reserves in the world – it's about 17 percent of the world's oil reserves – in terms of production, its contribution is relatively small. It's less than 1 percent of global output. So, among the top 10 reserve holders, Venezuela is by far the smallest producer. So, you wouldn't expect there to be any real meaningful supply impact in the markets, at least in the near term. So, one area where there has been price movement is in the market for Venezuela sovereign bonds. They have been priced for low recovery values and the potential restructuring that was far off. But now with the U.S. more involved and the prospect of greater foreign investment into the country's oil production, investors have been bidding up the bond price in anticipation of potentially a sooner restructuring and higher recovery value for the bonds. Ariana Salvatore: Right. And to that point, our EM sovereign credit strategists anticipate limited spillover to broader LatAm sovereign credit. Any differentiation is more likely to reflect degrees of alignment with the U.S. and exposure to oil prices and potential increases in Venezuelan production, which could leave Mexico and Columbia among relative under underperformers. Michael Zezas: Right. And this seems like it's going to be an important theme all year because the U.S. actions in Venezuela seem to be a demonstration of the government's willingness to intervene in the Western Hemisphere to protect its interests more broadly. Ariana Salvatore: That's right. So, it's a topic that we could be spending much more time talking about this year. Michael Zezas: Great. Well, Ariana, thanks for taking the time to talk. Ariana Salvatore: Great speaking with you, Mike. Michael Zezas: And as a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen; and share Thoughts on the Market with a friend or colleague today.