Podcast appearances and mentions of Lawrence Summers

This week on Sinica, I chat with veteran Wall Street Journal reporter Bob Davis, who has covered the U.S.-China relationship for decades. He recently published a new book called Broken Engagement, which consists of interviews with U.S. policymakers who were instrumental in shaping American policy toward China from the George H.W. Bush administration through the Biden administration. It's an eye-opening look at the individuals who fought for — and against — engagement with China.2:58 – Bob's thoughts on engagement: whether it was doomed from the start, when and why there was a shift, people's different aspirations for it and retrospective positioning, and whether it could have a transformative effect 13:28 – The Nancy Pelosi interview: her approach, her Taiwan visit, and her critique of capitulation to business interests17:18 – Bob's interviews with Charlene Barshefsky, Lawrence Summers, and Bob Zoellick: the WTO accession, the China shock, Zoellick's “responsible stakeholder” concept, and diplomacy as an ongoing process 27:24 – The Robert Gates interview: security-focused engagement, and his shift to realism 31:14 – Misreading Xi Jinping34:42 – Bob's interviews with Stephen Hadley and Ash Carter regarding the South China Sea 39:19 – The Matt Pottinger interview: his view on China and how COVID changed everything 46:14 – Michael Rogers' interview: cyber espionage and cyber policy 51:25 – Robert O'Brien's interview: the “reverse Kissinger” and Taiwan 54:14 – Bob's interview with Kurt Campbell: his famous Foreign Affairs essay, differentiating between decoupling and de-risking, and technology export restrictions and trade deals 59:28 – The Rahm Emanuel interview: his response to wolf warrior diplomacy1:01:57 – Bob's takeaways: the long-term vision of engagement, introspective interviewees, and his own increased pessimism Paying It Forward: Lingling Wei at The Wall Street Journal; Eva Dou at The Washington Post and her book House of Huawei: The Secret History of China's Most Powerful Company; and Katrina Northrop at The Washington Post Recommendations: Bob: The TV series Derry Girls (2018-2022) and Curb Your Enthusiasm (2000-2024); and Margaret O'Farrell's novels, including Hamnet and The Marriage Portrait Kaiser: The BBC and Masterpiece series Wolf Hall: The Mirror and the Light See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Hosted by Jane Pauley. In our cover story, Robert Costa talks with former Harvard president Lawrence Summers about President Trump's actions against universities. Also: On the 100th birthday of Malcolm X, Mark Whitaker looks at the charismatic Black leader's influence six decades after his assassination; Mo Rocca sits down with Cole Escola, star and playwright of the Broadway hit “Oh, Mary!”; Martha Teichner reports on the upcoming Vatican conclave to choose a successor to Pope Francis; Jon Wertheim meets some of the “Nonnas” who cook family recipes at a Staten Island, N.Y. restaurant; Lee Cowan visits a North Carolina pottery run by the great-grandson of Henri Matisse; and David Pogue finds out why the grocery store chain Wegmans has such devoted fans. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Former US Treasury Secretary Lawrence Summers says there is a substantial need for Harvard University to reform in respect to antisemitism, discipline of students and widening of perspectives. Speaking to Wall Street Week Anchor David Westin, Summers says he believes there's a risk on both sides as he wants the institution to make changes but does not want the government to "order universities around."See omnystudio.com/listener for privacy information.

The Wall Street Journal has released a three part series detailing what a day in the life of Jeffrey Epstein was like, according to his calendar and to say that the names on the schedule are jaw dropping is an understatement. In this episode we dive back into the Wall Street Journal's piece on Epstein and continue the discussion about the so called elite that were breaking bread with him, even after he was a convicted sex offender.(commercial at 16:16)to contact me:bobbycapucci@protonmail.comsource:Jeffrey Epstein Documents, Part 2: Dinners with Lawrence Summers and Movie Screenings With Woody Allen (msn.com)Become a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Thomas Drechsel is an assistant professor of economics at the University of Maryland. He joins David on Macro Musings to talk about the political pressure on the Fed and the new ways to measure monetary policy shocks. Thomas and David also discuss fiscal and monetary dominance, the impact of political pressure on inflation, why we should care about central bank independence, and more.   Transcript for this week's episode.   Thomas's website Thomas's Twitter: @td_econ   David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   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!   Related Links:   *Estimating the Effects of Political Pressure on the Fed: A Narrative Approach with New Data* by Thomas Drechsel   *Identifying Monetary Policy Shocks: A Natural Language Approach* by S. Boragan Aruoba and Thomas Drechsel   *Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence* by Alberto Alesina and Lawrence Summers   *Narrative Sign Restrictions for SVARs* by Juan Antolin-Diaz and Juan Rubio-Ramirez   *Threats to Central Bank Independence: High-Frequency Indentifcation with Twitter* by Francesco Bianchi, Thilo Kind, and Howard Kung   *A New Measure of Monetary Shocks: Derivation and Implications* by Christina Romer and David Romer   Timestamps:   (00:00:00) – Intro   (00:04:47) – Why Should We Care About Central Bank Independence?   (00:08:01) – Fiscal and Monetary Dominance   (00:12:41) – Estimating the Effects of Political Pressure on the Fed   (00:27:14) – Breaking Down the Research Results   (00:36:46) – The Impact of Political Pressure on Inflation   (00:43:07) – Identifying Monetary Policy Shocks: Background, Methodology, and Results   (00:59:45) – Outro

We revisit an episode from 2016 that asks: Has our culture's obsession with innovation led us to neglect the fact that things also need to be taken care of?  SOURCES:Martin Casado, general partner at Andreessen Horowitz.Ruth Schwartz Cowan, professor emerita of history and sociology of science at University of Pennsylvania.Edward Glaeser, professor of economics at Harvard University.Chris Lacinak, founder and president of AVPreserve.Andrew Russell, provost of SUNY Polytechnic Institute.Lawrence Summers, professor and president emeritus of Harvard University; former Secretary of the Treasury and former director of the National Economic Council.Lee Vinsel, professor of science, technology, and society at Virginia Tech. RESOURCES:“Hail the Maintainers," by Andrew Russell and Lee Vinsel (Aeon, 2016).“A Lesson on Infrastructure From the Anderson Bridge Fiasco,” by Lawrence Summers and Rachel Lipson (The Boston Globe, 2016).Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier, by Edward Glaeser (2008).More Work for Mother: The Ironies of Household Technology from the Open Hearth to the Microwave, by Ruth Schwartz Cowan (1983). EXTRAS:"Freakonomics Radio Takes to the Skies," series by Freakonomics Radio (2023)."Edward Glaeser Explains Why Some Cities Thrive While Others Fade Away," by People I (Mostly) Admire (2021)."Why Larry Summers Is the Economist Everyone Hates to Love," by Freakonomics Radio (2017).

Former Treasury Secretary Lawrence Summers said that, while the Federal Reserve hit a “low point” in its monetary policy history by failing to act quickly against the 2021 inflation surge, in the end it did enough to right the economy. Summers spoke with Bloomberg's David Westin on 'Wall Street Week.'See omnystudio.com/listener for privacy information.

Want to get smarter about education? Listen to this specially curated episode of 3 Takeaways — with former Presidents of Harvard University, Larry Summers and Larry Bacow; former Secretary of Education, Arne Duncan; former head of Oxford University, Dame Louise Richardson; former Academic Dean of the Kennedy School, Iris Bohnet; Nobel Prize laureate, Joshua Angrist; and founder of online Khan Academy, Sal Khan.

From Cambridge to Los Angeles and at dozens of schools in between, campuses are roiled by protest against American financial and military support for Israel's war in Gaza—and by university actions, including mass arrests, to suppress the protesters. There hasn't been a college protest movement as widespread since the Vietnam War. Apart from the violence in the Middle East, the protests also engage crucial issues of speech and academic freedom in the context of America's culture war. David Remnick looks at the turmoil and its reverberations through the lens of one campus, Harvard University, where much of the furor began. He speaks with a protester whose statement justifying the October 7th Hamas attack became a political flashpoint; two student journalists who covered the resignation of the university's president Claudine Gay; the law-school professor Randall Kennedy; and the former Harvard president Lawrence Summers. 

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The world is facing a 'poly-crisis' of interconnected economic, environmental, geo-political, and governance challenges. Lawrence Summers is particularly well placed to discuss these issues, given his wide experience in government, and the impact his research has had on economics. In a wide-ranging discussion, Larry discusses the unprecedented fall in world poverty over the past half-century, the role of America in fostering a well-functioning rules-based global system, the current experience with inflation, policies to address inequality, and the role of economists in policy making. Larry is a University Professor at Harvard University. He has served as the Director of the National Economic Council, the Secretary of the Treasury, Chief Economist at the World Bank, President of Harvard University, and Managing Partner at D.E. Shaw.

The world is facing a 'poly-crisis' of interconnected economic, environmental, geo-political, and governance challenges. Lawrence Summers is particularly well placed to discuss these issues, given his wide experience in government, and the impact his research has had on economics. In a wide-ranging discussion, Larry discusses the unprecedented fall in world poverty over the past half-century, the role of America in fostering a well-functioning rules-based global system, the current experience with inflation, policies to address inequality, and the role of economists in policy making. Larry is a University Professor at Harvard University. He has served as the Director of the National Economic Council, the Secretary of the Treasury, Chief Economist at the World Bank, President of Harvard University, and Managing Partner at D.E. Shaw.

Mary Hirschfeld is Associate Professor of Theology at the University of Notre Dame. Before joining the faculty at Notre Dame, Mary Hirschfeld was Associate Professor of Economics and Theology in the Department of Humanities at Villanova University where she regularly taught the Humanities gateways Society and God, and honors ACS seminars (ancients and moderns). She completed a Ph.D. in economics (Harvard University) under the direction of Lawrence Summers and Jeffrey Williamson, and a Ph.D. in Moral Theology (University of Notre Dame) under the direction of Jean Porter. Her research is on the boundary between economics and theology, culminating in her book Aquinas and the Market: Toward a Humane Economy (Harvard University Press, 2018).

In yet another head-spinning twist at OpenAI, Sam Altman was reinstated as the company's chief executive on Tuesday night, a mere five days after the OpenAI board had fired him. The board will be overhauled and a new set of directors, including Bret Taylor and Lawrence Summers, will join.Today, we discuss how Altman returned to the top seat — and whether the OpenAI news will ever slow down.Additional Reading:Late Tuesday night, Sam Altman was reinstated as OpenAI's chief executive. 

The Wall Street Journal has released a three part series detailing what a day in the life of Jeffrey Epstein was like, according to his calendar and to say that the names on the schedule are jaw dropping is an understatement.In this episode we dive back into the Wall Street Journal's piece on Epstein and continue the discussion about the so called elite that were breaking bread with him, even after he was a convicted sex offender.(commercial at 8:40)to contact me:bobbycapucci@protonmail.comsource:Jeffrey Epstein Documents, Part 2: Dinners with Lawrence Summers and Movie Screenings With Woody Allen (msn.com)This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5080327/advertisement

The Wall Street Journal has released a three part series detailing what a day in the life of Jeffrey Epstein was like, according to his calendar and to say that the names on the schedule are jaw dropping is an understatement.In this episode we dive back into the Wall Street Journal's piece on Epstein and continue the discussion about the so called elite that were breaking bread with him, even after he was a convicted sex offender.(commercial at 16:16)to contact me:bobbycapucci@protonmail.comsource:Jeffrey Epstein Documents, Part 2: Dinners with Lawrence Summers and Movie Screenings With Woody Allen (msn.com)This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5003294/advertisement

The Wall Street Journal has released a three part series detailing what a day in the life of Jeffrey Epstein was like, according to his calendar and to say that the names on the schedule are jaw dropping is an understatement.In this episode we dive back into the Wall Street Journal's piece on Epstein and continue the discussion about the so called elite that were breaking bread with him, even after he was a convicted sex offender.(commercial at 13:23)to contact me:bobbycapucci@protonmail.comsource:Jeffrey Epstein Documents, Part 2: Dinners with Lawrence Summers and Movie Screenings With Woody Allen (msn.com)This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5080327/advertisement

The Wall Street Journal has released a three part series detailing what a day in the life of Jeffrey Epstein was like, according to his calendar and to say that the names on the schedule are jaw dropping is an understatement.In this episode we dive back into the Wall Street Journal's piece on Epstein and continue the discussion about the so called elite that were breaking bread with him, even after he was a convicted sex offender.(commercial at 13:23)to contact me:bobbycapucci@protonmail.comsource:Jeffrey Epstein Documents, Part 2: Dinners with Lawrence Summers and Movie Screenings With Woody Allen (msn.com)This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5003294/advertisement

Lawrence Summers is the President Emeritus and Charles W. Eliot University Professor at Harvard University. He also served as the 71st Secretary of the Treasury in the Clinton Administration, as Director of the White House National Economic Council in the Obama Administration, and as the Chief Economist of the World Bank. In this episode, Robinson and Larry discuss two topics close to his heart and work. First, they talk about the relationship between economic research and economic policy, both at a broad, theoretical level and with respect to cases, such as the current problem of inflation and Larry's own work on global investments in the education of women. Second, they explore free speech and the social function of the university, including its commitments to the pursuit of truth, the promotion of opportunity, and an increase in prosperity. Larry's Twitter: https://twitter.com/LHSummers Larry's Website: https://larrysummers.com/ OUTLINE 00:00 In This Episode… 01:06 Introduction 05:19 Theory, Research, and Policy in Economics 18:15 Using Research to Debunk Theory 23:00 Investing in Women's Education 27:33 Free Speech at Harvard 34:52 Harvard and the Purpose of the University 38:17 Why Larry Ran Harvard 41:50 The STEM Revolution 54:03 Anti-Semitism in the University Robinson's Website: http://robinsonerhardt.com Robinson Erhardt researches symbolic logic and the foundations of mathematics at Stanford University. Join him in conversations with philosophers, scientists, weightlifters, artists, and everyone in-between.  --- Support this podcast: https://podcasters.spotify.com/pod/show/robinson-erhardt/support

Jeffrey Epstein reportedly met with former Harvard University president Lawrence Summers “more than a dozen times” after the convicted sex offender was arrested in 2008, RadarOnline.com has learned.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

The Wall Street Journal has released a three part series detailing what a day in the life of Jeffrey Epstein was like, according to his calendar and to say that the names on the schedule are jaw dropping is an understatement.In this episode we dive back into the Wall Street Journal's piece on Epstein and continue the discussion about the so called elite that were breaking bread with him, even after he was a convicted sex offender.(commercial at 16:16)to contact me:bobbycapucci@protonmail.comsource:Jeffrey Epstein Documents, Part 2: Dinners with Lawrence Summers and Movie Screenings With Woody Allen (msn.com)This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at https://www.spreaker.com/show/5003294/advertisement

The U.S. dollar's status as the global reserve currency is diminishing, which reduces the power that U.S. leaders have over the global economic system. In this episode, hear highlights from recent Congressional testimony during which financial elites examine the current status of the global financial system and what Congress is being told to do to address perceived threats to it (and to their own power). Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via PayPal Support Congressional Dish via Patreon (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: 5753 Hwy 85 North, Number 4576, Crestview, FL 32536. Please make checks payable to Congressional Dish Thank you for supporting truly independent media! View the show notes on our website at https://congressionaldish.com/cd276-the-demise-of-dollar-dominance Background Sources Recommended Congressional Dish Episodes CD269: NDAA 2023/Plan Ecuador CD230: Pacific Deterrence Initiative CD195: Yemen CD187: Combating China CD102: The World Trade Organization: COOL? International Monetary Fund “IMF Financial Activities List 2023.” Updated June 21, 2023. International Monetary Fund. “Weekly Report on Key Financial Statistics.” June 9, 2023. International Monetary Fund. “IMF Lending.” Updated December 2022. International Monetary Fund. Argentina “Argentina: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding” October 17, 2018. International Monetary Fund. “Argentina Policy Memorandum.” January 11, 1999. International Monetary Fund. Ecuador “Ecuador—Supplementary Letter of Intent.” March 13, 2003. International Monetary Fund. Smaller Banks within the World Trade System International Finance Corporation China “Members and Observers.” World Trade Organization. “ China and the WTO.” World Trade Organization. “From ‘China Shock' to deglobalisation shock: China's WTO accession and US economic engagement 20 years on.” Stephen Kirchner. January 24, 2022. United States Studies Centre. “The China Reckoning: How Beijing Defied American Expectations.” Kurt M. Campbell and Ely Ratner. February 13, 2018. Foreign Affairs. The World Bank “Who can borrow from the World Bank?” December 10, 2020. Bretton Woods Observer. “Domination of the United States on the World Bank.” Eric Toussaint. April 2, 2020. Committee for the Abolition of Illegitimate Debt. “Why Is the World Bank Still Lending to China?” Yukon Huang. January 15, 2020. Carnegie Endowment for International Peace. Congressional Stock Trade Tracking Quiver Quantitative Unusual Whales US Abuse of Sanctions “The Other Counteroffensive to Save Ukraine.” Lawrence Summers et. al. June 15, 2023. Foreign Affairs. Allies Pivoting “Europe must resist pressure to become ‘America's followers,' says Macron.” Jamil Anderlini and Clea Caulcutt. April 9, 2023. Politico. “US State Dept backs latest raft of Saudi, UAE, Jordan arms sales.” February 2, 2022. Al Jazeera. Witnesses Mark Rosen on Linkedin Daniel F. Runde on Linkedin “Membership Roster.” Accessed June 24, 2023. Council on Foreign Relations. Tyler Goodspeed on Linkedin Carla Norrlof - “Board of Directors.” Atlantic Council. Daniel McDowell bio Marshall Billingslea on Linkedin Audio Sources Dollar Dominance: Preserving the U.S. Dollar's Status as the Global Reserve Currency June 7, 2023 House Financial Services Committee Watch on YouTube Witnesses: Dr. Tyler Goodspeed, Kleinheinz Fellow, Hoover Institution at Stanford University Dr. Michael Faulkender, Dean's Professor of Finance, Robert H. Smith School of Business at University of Maryland Dr. Daniel McDowell, Associate Professor, Maxwell School of Citizenship & Public Affairs at Syracuse University Marshall Billingslea, Senior Fellow, Hudson Institute Dr. Carla Norrlöf, Senior Fellow, The Atlantic Council and Professor, University of Toronto Clips 34:05 Dr. Tyler Goodspeed: In 2022, as the Ranking Member highlighted, 88% of all foreign exchange transactions by value involved the United States Dollar, a figure that has been roughly constant since 1989, which is testament to the substantial path dependence in international currency usage due to large positive network externalities. As the Ranking Member also highlighted, 59% of all official foreign exchange reserves were held in US dollars, which is down from a figure of 71.5% in 2001. By comparison 31% of all foreign exchange transactions by value involve the Euro, which is the second most commonly transacted currency, which accounted for 20% of official foreign exchange reserves. 34:50 Dr. Tyler Goodspeed: The fact that 90% of all foreign exchange transactions continue to involve the United States dollar, and that global central banks continue to hold almost 60% of their foreign exchange reserves in US dollars confers net economic benefits on the United States economy. First, foreign demand for reserves of US dollars raises demand for dollar denominated securities, in particular United States Treasury's. This effectively lowers the cost of borrowing for US households, US companies, and federal, state and local governments. It also means that on average, the United States earns more on its investments in foreign assets than we have to pay on foreign investments in the United States, which allows the United States to import more goods and services than we export. Second, foreign demand for large reserves of US dollars and dollar denominated assets raises the value of the dollar and a stronger dollar benefits us consumers and businesses that are net importers of goods and services from abroad. Third, large reserve holdings of US currency abroad in effect constitutes an interest free loan to the United States worth about $10 to $20 billion per year. Fourth, the denomination of the majority of international transactions in US dollars likely modestly lowers the exchange rate risks faced by US companies. Fifth, the given the volume of foreign US dollar holdings and dollar denominated debt, monetary policy actions by foreign central banks generally have a smaller impact on financial conditions in the United States than actions by the United States Central Bank have on financial conditions in other countries. 36:40 Dr. Tyler Goodspeed: However, the benefits of the US dollar's global reserve status are not without costs. The lower interest rates in the United States benefit US borrowers, especially the federal government. They also lower returns to US savers. In addition, though a stronger dollar benefits US consumers and businesses that net import goods and services from abroad, it does also disadvantage US firms that export goods and services abroad as well as firms that compete against imported goods and services. Furthermore, the perception of the US dollar as a safe haven asset means that demand for the dollar tends to increase in response to adverse macroeconomic events that are global in nature. As a result, the competitiveness of US exporters and US firms that compete against imported goods and services are likely to face an increased competitive disadvantage at times of elevated global macroeconomic stress. 37:35 Dr. Tyler Goodspeed: However, despite these costs, studies generally find that the economic benefits of the dollar's prominent global status outweigh the costs, providing a modest net benefit to the United States economy. This does not include the substantial benefit to which the chairman referred of the United States dollar's centrality in global transactions, allowing the United States to utilize financial sanction tools when appropriate in support of national security objectives. 44:50 Dr. Daniel McDowell: With little more than the stroke of the President's pen or through an Act of Congress, the US government can use financial sanctions to impose enormous economic costs on targeted foreign actors, be they individuals, firms, or state institutions, by freezing their dollar assets or cutting them off from access to the banks through which those dollars flow. The consequences for individual targets, known as specially designated nationals or SDNs, are severe, significantly impairing targets capacity to participate in international trade, investment, debt repayment, and depriving them of access to their wealth. Over the last two decades, the United States has used the tool of financial sanctions with increasing frequency. For example, in the year 2000, just four foreign governments were directly targeted under a US Treasury Country Program overseen by the Office of Foreign Assets Control (OFAC). Today that number is greater than 20, and if we include penalties from secondary sanctions the list gets even longer. The more that the United States has reached for financial sanctions, the more it has made adversaries and foreign capitals aware of the strategic vulnerability that stems from dependence on the dollar. Some governments have responded by implementing anti-dollar policies measures that are designed to reduce an economy's reliance on the US currency for investment in cross-border transactions. But these measures sometimes fail to achieve their goals. Others have produced modest levels of de-dollarization. Notable examples here include Russian steps to cut its dollar reserves and reduce the use of the dollar and trade settlement in the years leading up to its full scale invasion of Ukraine, or China's ongoing efforts to build its own international payments network based on the Yuan, efforts that have taken on a new sense of urgency as Beijing has become more aware of its own strategic vulnerabilities from Dollar dependence. 47:05 Dr. Daniel McDowell: The United States should reconsider the use of so-called symbolic financial sanctions. That is, if the main objective of a tranche of sanctions is to signal to the world or to a domestic audience that Washington disapproves of a foreign government's policy choices, other measures that can send a similar signal but do not politicize the dollar system ought to be considered first. Second, the use of financial sanctions against issuers of potential rival currencies in particular, China and its Yuan should face a higher bar of scrutiny. Even a small targeted sanctions program provides information to our adversaries about their vulnerabilities, and gives them time to prepare for a future event when a broad US sanctions program may be called upon as part of a major security crisis, when such measures will be most needed. Finally, whenever possible, US financial sanctions should be coordinated with our allies in Europe and Asia, who should feel as if they are key stakeholders in the dollar system and not vassals to it. Such coordinated efforts will prevent our friends from seeking to conduct business with U.S. adversaries outside of the dollar system and send a message to the whole world that moving activities into secondary currencies, like the Euro or the Yen, is not a safe haven. 48:35 Marshall Billingslea: I'll say at the outset that I agree with you and others that to paraphrase Mark Twain, reports of the dollar's demise have been greatly exaggerated. That said, we need to remind ourselves that in the 16th century the Spanish silver dollar was the dominant currency, in the 17th century it was Dutch florins, in the 18th century it was the pound sterling. The link between a nation's currency and its role as the relatively dominant political actor on the world stage is pretty clear. And that is why people like Lula from Brazil, Putin and Xi all aspire to undercut the role of the dollar as the global reserve currency. 50:00 Marshall Billingslea: If we look at what Russia did in the run-up to its further invasion of Ukraine, they began dumping ownership of treasury bonds in 2018. In that year, they plummeted from $96 billion and holdings down to $15 billion and they also started buying large amounts of gold. China is now, as the Ranking Member has observed, embarking on its own its own gold buying spree. I haven't seen the data for May, but April marked the sixth straight month of Chinese expansion in its gold holdings, and I'm not sure I believe the official figures. We have to recall that China is the dominant gold mining player around the world and half of those gold mining companies are state-owned. So the actual size of China's war chest when it comes to gold reserves may be far higher. In fact, I suspect inevitably far higher than official numbers suggest. Last year China also started dumping its treasuries. 2022 marked the largest or second largest decrease on record, with a drop of about $174 billion, and China stood at the lowest level since 2010. In terms of its holdings, though, this past March they did reverse course. This bears close watching because a sell-off may be a strong indicator of planned aggression. 51:20 Marshall Billingslea: The sheer size of the Chinese economy dwarfs what we've been contending with in the form of Iran, Russia, and so on. And one of the first things that the Biden administration did in the wake of Russia's attack was start sanctioning Russian banks and de-SWIFTing them. That's one thing when you're going after an economy smaller than the size of Texas; it's quite another when you consider that out of the 100 largest banks in the world, China has 20, and all four of the top four are Chinese banks. And that is why many within the Treasury contended when I was there, and they will contend to this day, that these Chinese banks are simply too big to sanction. I don't agree that we can allow that to stand but I do believe we have to start taking very swift action to put us in a situation where we could take punitive measures on these banks if necessary. 54:10 Dr. Carla Norrlöf: I will note that the Dollar's dominance is not quite as strong amongst private actors and private markets as it is with governments. In private transactions, it averages about 45% of the world's total. That includes FX transactions, but also things like issuance of international debt, securities, and cross-border banking. 54:55 Dr. Carla Norrlöf: The Chinese Yuan poses no immediate threat to dollar dominance. It accounts for roughly 3% of overall reserves. So far China has been successful in promoting the Yuan with its trade partners, but the Yuan is scarcely used by countries outside trade with China. China is a potential long term challenger due to its active pursuit of trade and investment relationships. If the Yuan is increasingly used by third countries, it will pose a greater threat to the dollar. 55:30 Dr. Carla Norrlöf: And in addition to these external threats, there is also a domestic threat. Flirting with the possibility of a voluntary default puts dollar dominance at risk. What should the US do to maintain dominance, to curb the domestic threat? Congress should consider creating an alternative mechanism for resolving political differences on government spending and its consequences. 56:00 Dr. Carla Norrlöf: To rein in external threats the United States should, whenever possible, implement multilateral sanctions in support of broadly endorsed goals to shore up the liberal international order. This is likely to limit dollar backlash. 59:40 Marshall Billingslea: The thing I do worry -- I come back to this fact that they've been buying a lot of gold -- that one of the things that they could do, which would be very concerning, if they wind up having larger reserves of gold than we believe, is they could start issuing Yuan or gold denominated, gold-backed Yuan contracts and that would further their ambition for introducing the Yuan onto the world stage. 1:05:00 Marshall Billingslea: China considers the actual composition of its foreign exchange reserves to be a state secret. So they don't publish and they they view it as a criminal offense to try to obtain that information in terms of the balance of how much is gold, how much Dollar or Euro denominated. But the numbers I've seen suggest that still at this moment, about 50% to 60% of their Foreign Exchange reserves are still in Dollars or Euros, which means that they are at high risk of sanctions; we can affect them. The problem is that that war chest that they've built up is enormous. It's more than $3 trillion that they have in Foreign Exchange reserves. Compare that with what Russia had at the onset of its assault, which was around $680 billion, of which we managed to freeze overseas half of it, but Russia is still keeping its economy going despite the Biden administration sanctions. So imagine how they're going to be able to continue with that sizable war kitty in Beijing if they do decide to go after the Taiwanese. 1:09:00 Dr. Tyler Goodspeed: Short term I think the risk is that we continue to see diversification away from the dollar, PRC continuing to push other countries to use trade inverse invoicing and Renminbi, that they continue to promote the offshore Renminbi market, that they continue to promote or force bilateral clearing. Longer term, I think the bigger risk is that foreign investors no longer perceive the United States federal government debt to be as safe and risk free as it is today perceived. 1:41:20 Dr. Daniel McDowell: The demonstration of US control over the actual flow of dollars, of communication, absolutely provides information to adversaries to prepare for events where they may face similar circumstances. And so I think what we're seeing is China, we're seeing Russia, we're seeing other countries try to create alternative payments networks. Russia has its own SPFS payment messaging system. It's quite small. It was launched in 2014, not coincidentally, after the initial round of sanctions targeting Russia. In terms of CIPS, China's cross border payments network, Belarus announced it was having banks join immediately following the 2022 sanctions. So what I'm saying is there's a pattern between when the United States mobilizes control over the pipes and the messaging of cross-border payments and adversaries looking for alternatives. It doesn't mean they're using them, but they're getting plugged into the system as at least sort of a rainy day option in the event of a future targeting. 1:45:35 Dr. Daniel McDowell: I look at China not just as a typical country, because I think they're an alternative service provider. Most countries fall into alternative service users; they're looking for an alternative to the dollar. China, you could perhaps put Europe in this as well, are the only two sort of economic BLOCs capable, I think, of constructing an attractive enough cross-border payments network that could attract those alternative service users that are looking for that network. And so that's why I think again, with China, there should be a higher bar of scrutiny. 2:02:20 Dr. Tyler Goodspeed: As deficits mount and as the debt burden rises above 100%, I think the Congressional Budget Office has it ending the budget window at about 119% of our economy, then we will probably observe an acceleration of diversification away from the dollar as a hedge. Again, I don't see another single currency displacing the dollar as the major international currency or as the major reserve currency, but continued diversification. International Financial Institutions in an Era of Great Power Competition May 25, 2023 House Financial Services Committee Watch on YouTube Witnesses: Jesse M. Schreger, Associate Professor of Business, Columbia Business School Mark Rosen, Partner, Advection Growth Capital and former Acting Executive Director, International Monetary Fund (IMF) Daniel F. Runde, Senior Vice President, Center for Strategic & International Studies(CSIS) Rich Powell, Chief Executive Officer, ClearPath & ClearPath Action Daouda Sembene, Distinguished Nonresident Fellow, CGD and CEO, AfriCatalyst Clips 39:55 Mark Rosen: The IMF is the global lender of last resort to countries that are in economic distress. IMF borrowers usually have a balance of payments problem, are running out of foreign exchange reserves, and so cannot meet their obligations. The IMF negotiates a set of economic policies with the borrower in government to alleviate the crisis, and, conditional on the government implementing the agreed policies, provides a loan in tranches, normally over a three year period. 41:00 Mark Rosen: The biggest challenge the IMF faces today is China which, as we've heard, has lent vast sums to emerging market and low income countries in a non-transparent and irresponsible manner. Many IMF members are now struggling to repay China. 42:05 Mark Rosen: The United States is the largest shareholder in the IMF and has veto power over certain key decisions and it's critical that the US continues to maintain its ownership of more than 15% which enables it to have this veto power. 42:20 Mark Rosen: China for some time, has been pressing for an increased quota share at the IMF. However, given its irresponsible lending, and then willingness to provide debt relief to developing countries, this is not the time to reward China with increased ownership at the Fund. Two other issues I'd like to focus on are anti-corruption and the catalytic role of the private sector in the work of the IMF. Corruption is a severe problem for many emerging market countries, which do not have strong institutions that can confront and root out corruption. The IMF is certainly doing a much better job than it did historically on anti-corruption, but I believe it's critical that it continues to make anti corruption laws and policies front and center in the conditions of its lending programs, as well as a focus of its technical assistance. Only by reducing corruption will many of these countries be able to attract the vast amount of private sector investment which is potentially available and remains the ultimate key to reducing poverty. Establishing a rule of law, including laws to protect private property is key to unlocking this investment. And it should be a focus of the IMF and World Bank to encourage these countries to improve the rule of law and to fight corruption. If they do that, emerging market countries can attract private capital and grow rapidly as many countries that have followed that path have already done so successfully. 44:45 Daniel Runde: Multilateral development banks, MDBs, under US and Western leadership are one way that we can respond with something. The United States built and strengthened the MDB system. MDBs provide money, advice, data and convening power to help developing countries solve problems. If the US exerts its influence over these institutions, they are forced multipliers of a US-led global system. If we disregard our leadership role, then other actors, including China, can exert influence over them. The World Bank Group is a series of institutions: it lends money to national governments, it has a private sector arm, and has an insurance arm. There are a series of other regional development bank's including the InterAmerican Development Bank, the Asian Development Bank -- Taiwan is a member of the Asian Development Bank -- the African Development Bank and the EBRD, the European Bank for Reconstruction Development Bank, focused mainly on countries that used to be behind the Iron Curtain. The United States has been instrumental in creating the majority of these institutions and remains the largest, or one of the largest, shareholders of every afformentioned MDB. Since the founding of these institutions, the US has used its shareholding power to shape the policies and activities of MDBs in indirect support of American foreign policy. 47:10 Daniel Runde: What role does China play in the MDBs? They're a shareholder. China continues to borrow from the World Bank and the Asian Development Bank. That is crazy. That needs to stop. China is a shareholder. Also, Chinese firms can bid on MDB projects. China wins a lot of in terms of dollar value, a lot of the dollar value of World Bank contracts. Something to take a look at. 47:35 Daniel Runde: How does the Belt and Road figure into the MDBs? You all have heard of the Belt and Road. Infrastructure is now a strategic issue. China's Belt and Road Initiative is a combination of construction and financing projects for roads, airports, and energy around the world. Unfortunately for us, BRI is an ambitious project that speaks to the hopes of China's friends and potential friends. To counter the BRI, the US needs a positive alternative that says more than, "Don't work with China." Right? That's not a strategy. We've got to have an alternative. 1:12:50 Rep. Andy Barr (R-KY): How do we end China's eligibility to borrow from the World Bank? Daniel Runde: The Asian Development Bank has said they're going to end their eligibility by 2025. We should absolutely hold them to that. There is a temptation for the World Bank and the Asian Development Bank to continue to loan for a couple of reasons. One is they say, "Well, this is a window into how we can understand China better." There's lots of other ways to understand China better. And or this is a way for us to -- for a bunch of lending reasons that they do it. You all have the power of the purse, you have an ability, I think you should have blunted conversations with the administration about this. I suspect it's an open door, but it's going to require, I think, some pushing from Congress. I would encourage this committee to push the administration on ending lending to China. 1:14:30 Jesse Schreger: So fundamentally right now, the Renminbi is not yet positioned to compete with the US dollar for a number of reasons. First and foremost, the reason that the dollar plays the role it does in the international financial system is it provides the global safe asset. You're confident, except for the upcoming debt ceiling, that you will always be paid back if you own US dollars. That's fundamentally what you know. When you contemplate investing in China and holding Chinese Renminbi as reserves, you're not necessarily sure that you're gonna be able to turn that piece of paper into the goods and services that you need or intervening in FX markets. 1:21:15 Jesse Schreger: First and foremost, what China is trying to do is essentially convince countries around the world that the Renminbi is an alternative asset to invoice your trade and to invest in. And so on the investment side, they've been working very hard to actually allow in foreign capital, encouraging foreign central banks to hold Renminbi denominated bonds as their reserves. And on the trade side, they're encouraging firms to invoice, basically price their goods, in Renminbi. There's a few areas in which they've had challenges there. So first, we actually don't know who are holding most of these Renminbi denominated assets. What you can see is after the US sanctioned Russia back in 2014, it was the Russian Central Bank that effectively announced they were moving out of US dollar denominated assets and into Renminbi, so they did that publicly. And so China has effectively been trying to attract foreign capital of that form and a lot of the reasons for that is that China finds itself vulnerable in the dollar-based financial system. And so what I would say the fundamental area in which the United States can assure the dominance of the dollar is making everyone understand that US Treasuries are the world's safe asset that there is no state of the world in which the United States can or will default. 2:03:25 Jesse Schreger: I think the real way in which people start being able to issue and borrow in Renminbi is when people start thinking in terms of the goods that they need to buy and consume are in Renminbi. Fundamentally, most countries around the world, if they issue a bond in Renminbi, the calculation they have to do is then "okay, I'm going to take my renminbi and convert it into US dollars to buy the thing in which I need." And so while actions in the US financial system are certainly going to affect other countries decisions to borrow in Renminbi, the kind of underlying challenges in Chinese financial markets and fundamentally the lack of goods priced and sold in Renminbi are going to continue to hold back kind of a growth of this market for a while. And in particular, the fact that many countries are reluctant to try to raise money inside of China's liquid onshore capital markets for, effectively, fear of capital controls. If you've raised renminbi in China, you can't get that out and to your projects the way you can if you raise money in the US in dollars. 2:14:55 Daniel Runde: The business model of the World Bank is they lend money to richer countries with a pretty good credit rating and then they cross subsidize that by lending to poor countries with a poor credit rating. My view is, China can finance its own development, we should stop this practice. I think the Asian Development Bank has sort of gotten the memo, but the World Bank has not fully gotten the memo and they'll give you kind of World Bank-y answers to this sort of thing. We got to stop it. Rep. Zach Nunn (R-IA): Mr. Runde, I could not agree with you more. And you highlighted earlier, you know, by 2025, China should graduate from this program. I'd offer that 25 is two years too late. We can start funneling them off that now. Daniel Runde: I agree, sir. Rep. Zach Nunn (R-IA): I think you're in the right spot. Thank you. Music Tired of Being Lied To by David Ippolito (found on Music Alley by mevio) Editing Pro Podcast Solutions Production Assistance Clare Kuntz Balcer Cover photo Eric Prouzet on Unsplash

The Wall Street Journal has released a three part series detailing what a day in the life of Jeffrey Epstein was like, according to his calendar and to say that the names on the schedule are jaw dropping is an understatement. In this episode we dive back into the Wall Street Journal's piece on Epstein and continue the discussion about the so called elite that were breaking bread with him, even after he was a convicted sex offender.(commercial at 16:16)to contact me:bobbycapucci@protonmail.comsource:Jeffrey Epstein Documents, Part 2: Dinners with Lawrence Summers and Movie Screenings With Woody Allen (msn.com)

The Wall Street Journal has released a three part series detailing what a day in the life of Jeffrey Epstein was like, according to his calendar and to say that the names on the schedule are jaw dropping is an understatement. In this episode we dive back into the Wall Street Journal's piece on Epstein and continue the discussion about the so called elite that were breaking bread with him, even after he was a convicted sex offender.(commercial at 16:16)to contact me:bobbycapucci@protonmail.comsource:Jeffrey Epstein Documents, Part 2: Dinners with Lawrence Summers and Movie Screenings With Woody Allen (msn.com)

The Rich Zeoli Show- Full Episode (05/03/2023): 3:05pm- According to a report from Ryan Saavedra, “Republican lawmakers demanded on Wednesday that the FBI produce an unclassified record that allegedly contains evidence showing that then-Vice President Joe Biden was involved in a criminal bribery scheme with a foreign national.” You can read the report here: https://www.dailywire.com/news/whistleblower-alleges-fbi-has-evidence-of-biden-engaging-in-bribery-scheme-with-foreign-national 3:15pm- On Wednesday, Khadeeja Safdar and David Benoit released part two of their Wall Street Journal investigative report on Jeffrey Epstein's private schedules and thousands of emails, revealing former Harvard University president Lawrence Summers sought advice from Epstein on funding teaching and television projects involving his wife, Elisa New. Safdat and Benoit write: “Epstein replied that they could meet in Cambridge, Mass. Mr. Summers invited him to dinner, according to a trove of documents reviewed by The Wall Street Journal. Two days later they made plans to meet at The Fireplace, a cozy restaurant in nearby Brookline, one of several meetings the two men scheduled that year. In 2016, a nonprofit linked to Epstein donated $110,000 to Ms. New's nonprofit, which develops video content about poetry, according to tax records.” The report also revealed Epstein had relationships with Woody Allen and LinkedIn co-founder Reid Hoffman. You can read the full report here: https://www.wsj.com/articles/jeffrey-epstein-documents-woody-allen-larry-summers-edb3e9b2?mod=hp_lead_pos7 3:40pm- Senator Chuck Grassley and Congressman James Comer released a joint statement regarding a whistleblower claiming then-Vice President Joe Biden was involved in a “criminal scheme” with a foreign national. Grassley explained: “We believe the FBI possesses an unclassified internal document that includes very serious and detailed allegations implicating the current President of the United States. What we don't know is what, if anything, the FBI has done to verify these claims or investigate further. The FBI's recent history of botching politically charged investigations demands close congressional oversight.” You can read the full statement: https://www.grassley.senate.gov/news/news-releases/grassley-comer-demand-fbi-record-alleging-criminal-scheme-involving-then-vp-biden 4:05pm- The far-left nonprofit organization Media Matters obtained leaked, behind the scenes footage of Tucker Carlson. They referred to the footage as “creepy” and troublesome—though, after reviewing the audio, it doesn't seem offensive. Additionally, on Tuesday evening, The New York Times published a text message they claim contributed to Carlson's firing. Though portions of the text were odd, his underlying message condemned violence against those with contrasting political ideologies. 4:30pm- According to a report from Bradford Betz of Fox News, Hunter Biden met with officials from the Justice Department last week, and that a decision on prosecution should be made shortly. You can read the full report here: https://www.foxnews.com/politics/federal-prosecutors-near-decision-hunter-biden-probe 4:40pm- Representatives Matt Gaetz and Alexandria Ocasio Cortez are teaming up??? It's true! The two have joined forces to craft legislation that would ban members of Congress from trading individual stocks. 5:05pm- The Drive at 5: Dr. Wilfred Reilly—Professor of Political Science at Kentucky State University & Author of “Taboo: 10 Facts You Can't Talk About”—joins The Rich Zeoli Show to discuss his most recent editorial at National Review, “Are a Quarter of Young Americans Actually LGBTQ (etc.)? Don't Bet on It.” You can read the full article here:   https://www.nationalreview.com/2023/05/are-a-quarter-of-young-americans-actually-lgbtq-etc-dont-bet-on-it/ 5:25pm- According to Virginia Kruta of The Daily Wire, the United States Internal Revenue Service (IRS) has spent at least $10 million on weapons, ammunition, and other tactical gear since 2020. You can read the article here: https://www.dailywire.com/news/in-the-last-3-years-alone-irs-has-dropped-10-million-on-weapons-ammo-and-tactical-gear 5:35pm- Nashville-based First Amendment Attorney Doug Pierce—who filed a lawsuit on behalf of the National Police Association to obtain the Nashville shooter's manifesto—joins The Rich Zeoli Show to discuss his ongoing efforts to provide the public with clarity on the motive for the March 27th massacre at Covenant School that left six people, including three children, dead. When will the manifesto be released to the public? 5:55pm- During Tuesday's press briefing, Fox News journalist Peter Doocy questioned White House Press Secretary Karine Jean-Pierre about her use of an inaccurate statistic on border crossings—she did not handle it well. 6:05pm- On Tuesday, Sixers center Joel Embiid won the NBA's Most Valuable Player award for the 2022-23 season. But where did he learn to play? Watching YouTube videos! 6:15pm- During Tuesday's press briefing, White House Press Secretary Karine Jean Pierre refused to answer questions about whether President Joe Biden will ever acknowledge a granddaughter he has in Arkansas. 6:30pm- On Wednesday, Khadeeja Safdar and David Benoit released part two of their Wall Street Journal investigative report on Jeffrey Epstein's private schedules and thousands of emails, revealing former Harvard University president Lawrence Summers sought advice from Epstein on funding teaching and television projects involving his wife, Elisa New. Safdat and Benoit write: “Epstein replied that they could meet in Cambridge, Mass. Mr. Summers invited him to dinner, according to a trove of documents reviewed by The Wall Street Journal. Two days later they made plans to meet at The Fireplace, a cozy restaurant in nearby Brookline, one of several meetings the two men scheduled that year. In 2016, a nonprofit linked to Epstein donated $110,000 to Ms. New's nonprofit, which develops video content about poetry, according to tax records.” The report also revealed Epstein had relationships with Woody Allen and LinkedIn co-founder Reid Hoffman. You can read the full report here: https://www.wsj.com/articles/jeffrey-epstein-documents-woody-allen-larry-summers-edb3e9b2?mod=hp_lead_pos7 6:45pm- American Federation of Teachers President Randi Weingarten attempts to rewrite history—and claims she was not in support of shutting schools down nationally during the COVID-19 pandemic.

The Rich Zeoli Show- Hour 4: On Tuesday, Sixers center Joel Embiid won the NBA's Most Valuable Player award for the 2022-23 season. But where did he learn to play? Watching YouTube videos! During Tuesday's press briefing, White House Press Secretary Karine Jean Pierre refused to answer questions about whether President Joe Biden will ever acknowledge a granddaughter he has in Arkansas. On Wednesday, Khadeeja Safdar and David Benoit released part two of their Wall Street Journal investigative report on Jeffrey Epstein's private schedules and thousands of emails, revealing former Harvard University president Lawrence Summers sought advice from Epstein on funding teaching and television projects involving his wife, Elisa New. Safdat and Benoit write: “Epstein replied that they could meet in Cambridge, Mass. Mr. Summers invited him to dinner, according to a trove of documents reviewed by The Wall Street Journal. Two days later they made plans to meet at The Fireplace, a cozy restaurant in nearby Brookline, one of several meetings the two men scheduled that year. In 2016, a nonprofit linked to Epstein donated $110,000 to Ms. New's nonprofit, which develops video content about poetry, according to tax records.” The report also revealed Epstein had relationships with Woody Allen and LinkedIn co-founder Reid Hoffman. You can read the full report here: https://www.wsj.com/articles/jeffrey-epstein-documents-woody-allen-larry-summers-edb3e9b2?mod=hp_lead_pos7 American Federation of Teachers President Randi Weingarten attempts to rewrite history—and claims she was not in support of shutting schools down nationally during the COVID-19 pandemic.

The Rich Zeoli Show- Hour 1: According to a report from Ryan Saavedra, “Republican lawmakers demanded on Wednesday that the FBI produce an unclassified record that allegedly contains evidence showing that then-Vice President Joe Biden was involved in a criminal bribery scheme with a foreign national.” You can read the report here: https://www.dailywire.com/news/whistleblower-alleges-fbi-has-evidence-of-biden-engaging-in-bribery-scheme-with-foreign-national On Wednesday, Khadeeja Safdar and David Benoit released part two of their Wall Street Journal investigative report on Jeffrey Epstein's private schedules and thousands of emails, revealing former Harvard University president Lawrence Summers sought advice from Epstein on funding teaching and television projects involving his wife, Elisa New. Safdat and Benoit write: “Epstein replied that they could meet in Cambridge, Mass. Mr. Summers invited him to dinner, according to a trove of documents reviewed by The Wall Street Journal. Two days later they made plans to meet at The Fireplace, a cozy restaurant in nearby Brookline, one of several meetings the two men scheduled that year. In 2016, a nonprofit linked to Epstein donated $110,000 to Ms. New's nonprofit, which develops video content about poetry, according to tax records.” The report also revealed Epstein had relationships with Woody Allen and LinkedIn co-founder Reid Hoffman. You can read the full report here: https://www.wsj.com/articles/jeffrey-epstein-documents-woody-allen-larry-summers-edb3e9b2?mod=hp_lead_pos7 Senator Chuck Grassley and Congressman James Comer released a joint statement regarding a whistleblower claiming then-Vice President Joe Biden was involved in a “criminal scheme” with a foreign national. Grassley explained: “We believe the FBI possesses an unclassified internal document that includes very serious and detailed allegations implicating the current President of the United States. What we don't know is what, if anything, the FBI has done to verify these claims or investigate further. The FBI's recent history of botching politically charged investigations demands close congressional oversight.” You can read the full statement: https://www.grassley.senate.gov/news/news-releases/grassley-comer-demand-fbi-record-alleging-criminal-scheme-involving-then-vp-biden

We turn to economist and former Treasury Secretary, Lawrence Summers, to help us make sense of inflation, Silicon Valley Bank and what Biden should do next. Also on the agenda: why Summers believes in a politics and economics of opportunity — “not of envy.” Plus, why he thinks America needs more people like Jeff Bezos and Bill Gates. Questions? Comments? Email us at on@voxmedia.com or find us on Twitter @karaswisher and @nayeema Learn more about your ad choices. Visit podcastchoices.com/adchoices

In today's podcast, we're inspired to look back at a speech Reagan delivered in 1987 at the Annual Meeting of the Boards of Governors of the International Monetary Fund and World Bank Group. "Why," you ask? Well due to the recent bank failures of Silvergate Bank, Silicon Valley Bank and Signature Bank , we thought our listeners would like a closer look. Everyone wants to blame Reagan. Economist Paul Krugman in 2009 claimed that “Reagan Did It.” Yes, he wrote that “the prime villains behind the mess we're in were Reagan and his circle of advisers.” This is perverse thinking by shifting blame from the obvious villains closer at hand. It is disingenuous to ignore the fact that the derivatives scams at the heart of the economic meltdown didn't exist in President Reagan's time. The huge expansion in collateralized mortgage and other debt, the bubble that burst, was the direct result of enabling deregulatory legislation pushed through during the Clinton years. Back in the 1982, 41 years ago, Ronald Reagan's signing off on legislation easing mortgage requirements pales in comparison to the damage wrought fifteen years later by a cabal of powerful Democrats and Republicans who enabled the wave of newfangled financial gimmicks that resulted in the economic collapse. Reagan didn't do it, but Clinton-era Treasury Secretaries Robert Rubin and Lawrence Summers, did. They, along with then-Fed Chairman Alan Greenspan and Republican congressional leaders James Leach and Phil Gramm, blocked any effective regulation of the over-the-counter derivatives that turned into the toxic assets now being paid for with tax dollars. Ok that was one financial crisis…and as another one looms, let's listen to the President in 1987, who talks about the basics like good management.

Headline Mission Daily Report February 21, 2023 1. ราคาดัชนีตลาดหลักทรัพย์ / ราคาหุ้นต่างประเทศ / ราคาน้ำมันดิบ / ราคาทองคำ / ราคา Cryptocurrency 2. Morning Talk : เกมที่เคยชอบเล่นมากที่สุด 3. ช่วยตามหาผู้ต้องสงสัย จากการวาดภาพของ AI 4. "ไบเดน" เดินทางเยือนยูเครน ส่งพลังใจให้ชาวกรุงเคียฟ 5. Antony John Blinken เยือนตุรกี หารือให้ความช่วยเหลือแผ่นดินไหว 6. เด็กจีนใช้ AI-ระบบดิจิทัล ปลูก ‘ผักกาด' พันธุ์ใหม่ใน 90 วัน 7. IMF แนะนำ Fed คงอัตราดอกเบี้ย เพื่อบรรลุเป้าหมายเสถียรภาพทางราคา 8. Lawrence Summers เตือนขึ้นอัตราดอกเบี้ยให้น้อยลงอิงตามสถานการ์จริง 9. SCB CIO มองเศรษฐกิจโลกเสี่ยงถดถอยลดลง แนะจังหวะตลาดการเงินสับสนท่าทีธนาคารกลางหลัก สะสมหุ้นกู้คุณภาพสูง - Asian REITs 10. Morning Talk : เกมที่เคยชอบเล่นมากที่สุด 11. ปล่อยพลังกัน “HADO” เทคโนโลยี AR + Motion sensor เกมแนวใหม่สุดล้ำ

This year's World Bank Group-IMF Annual Meetings took place against the backdrop of a series of overlapping crises threatening catastrophic consequences for the poor. The impact of the COVID-19 pandemic, climate change and conflict were the focus for delegates who gathered at the World Bank Group headquarters in Washington DC. In this special edition of The Development Podcast we'll bring you some of the key moments from this year's sessions. Leaders, experts, and activists discussed how best to respond to the multiple overlapping crises facing developing countries and how to work together to build a resilient future.Timestamps[00:00] Welcome and introduction to the Annual Meetings[02:12] Addressing multiple crises in an era of volatility[12:02] Food and fuel crises[19:09] Inclusive growth and financial inclusion[24:07] Financing the low-carbon, resilient transition[27:01] Human capital and education[33:30] Support to Ukraine[36:21] Closure and thanks for tuning!Featured VoicesAnne Tvinnereim, Norway's Minister of International Development. "Due to the fertilizer crisis, in one season, we will not produce enough food in the world to feed everyone. Now, that's an unprecedented situation."Augustine Mayabi, Deputy Director in Kenya's Ministry of ICT Innovation and Youth Affairs. "There is need to reskill. Even the youth who are informal and self-employment, some of them could not have gone to school."David Malpass, President, World Bank Group. "We have to work so fast now to create space for the climate problems that are facing many of the developing countries most." Janet Yellen, U.S. Secretary of the Treasury. "Meeting Ukraine's needs will require a unified and coordinated effort, but together the G7, the international financial institutions and all of Ukraine's partners can help Ukraine win this war."Karima Ola, LeapFrog Investments Partner. "We can't talk about inclusive growth without talking about climate, because then path to net zero is one which impacts different people differently."Kristalina Georgieva, Managing Director, International Monetary Fund. "I actually am heartbroken to see the world again, witnessing increasing poverty, increasing hunger and malnutrition."Lawrence Summers, President Emeritus and Professor of Harvard University. "There has not been a moment when there was so great an opportunity to invest resources on a large scale in promoting the development of the countries where the vast majority of the world's population lived."Makhtar Diop, IFC Managing Director. "Of the the main roadblocks is how do we make sure that we bridge the funds that are available in the private market, the private capital, with the investment needs?."Mostafa Terrab, OCP Group Chairman and CEO. "What's visible today has been revealed by a crisis, but it's based on a long-term situation which is a great imbalance between production of fertilizer and what the world needs."Rania Al-Mashat, Egypt's Minister of International Cooperation. "One very important message is that climate and development should not be seen as separate objectives. They need to come hand in hand."Samuel D. Tweah Jr, Liberia's Minister of Finance and Development Planning. "We need to develop strategies to bring policy makers to that awareness that human capital is as fundamentally important as electricity...

Former Treasury Secretary and National Economic Council director Lawrence Summers is warning everyone who will listen that the United States still has a “serious inflation problem.” Four of the nation's largest railroad companies have begun scaling back service ahead of a potential nationwide strike that could result in massive supply chain delays. More than 400 current and former establishment GOP officials have signed a letter calling on U.S. lawmakers to enshrine the same-sex marriage bill working its way through the Senate into law. A university student in Mexico is facing the loss of his license to practice psychology over a speech he gave as the school's valedictorian challenging radical gender theory and defending the traditional family. Don't forget that September is Bourbon Heritage month and the best way to celebrate it is with "Homegrown" Boones Bourbon (which would also look great in the U.S. Consitution Pint Glass) so don't forget to ask for it where you buy sprirts. Built Bar: https://shrsl.com/3lxh0U.S. Constitution Pint Glass: https://patriotdepot.com/collections/glassware/products/patriotic-u-s-constitution-pint-glass-made-in-usa?aff=44 

The Rich Zeoli Show (08/24/22): 6:00am- According to reports, President Joe Biden is expected to cancel $10,000 in student loan debt per borrower. On August 31st the student loan moratorium is set to expire—it had been in place due to the pandemic. 6:05am- NEWS- On Tuesday, seven people were shot between 3:35pm and 4:50pm in Philadelphia, according to NBC10. 6:15am- A University of Pennsylvania study suggests that if President Biden were to cancel $50,000 of debt per student borrower (as is being advocated by Senators like Elizabeth Warren and Bernie Sanders), it would cost taxpayers roughly $900 billion. 6:25am- Last summer, Speaker of the House Nancy Pelosi stated that the president of the United States does not possess the power to unilaterally forgive student loan debt—insisting it must be an act of Congress. 6:45am- District Attorney Larry Krasner will not comply with a subpoena issued by the Pennsylvania House of Representatives and the state legislative committee in charge of investigating the merits of his potential impeachment. 7:05am- NEWS- A box of guns was accidentally delivered to Chester High School in Delaware County. 7:10am- On Tuesday, Senate candidate John Fetterman spoke to the United Steelworkers in Western Pennsylvania. It was one of Fetterman's first speeches since suffering a stroke in May—unfortunately, he noticeably struggled communicating during the five-minute address. Will his health problems impact his ability to serve? 7:25am- Researchers at Michigan State University claim they have developed a method of turning discarded windmills into edible gummy bear candy. 7:35am- Conservative candidates endorsed by the 1776 PAC and Governor Ron DeSantis won big in Florida's school board elections on Tuesday. 7:50am- What's on the Cut Sheet: Pelosi's husband pleads guilty to D.U.I., Flashback: Elizabeth Warren laughs at dad who helped his daughter pay back her college loans, a Johns Hopkins economics professor explains why forgiving student loans will make inflation worse, and Mitch McConnell has hilarious none-response to Trump's latest insult. 8:05am- Prominent Democrat economists like Lawrence Summers and Jason Furman are warning the Biden Administration not to cancel student loan debt. Furman stated: “there is nothing wrong with redistribution—if it was from the middle to the bottom. Much of this is redistribution from the middle to the upper-middle.” 8:20am- NEWS- Forbes has released its list of the most valuable NFL franchises—the Philadelphia Eagles ranked as the 10th most valuable football team. 8:35am- Is the Biden Administration's push to suddenly cancel $10,000 of student loan debt per borrower an attempt to appeal to young voters prior to the November 2022 midterm elections? 8:50am- While appearing on Fox News, former IRS lawyer and whistleblower William Henck explained that despite claims from the Biden Administration, the IRS will target middle class households as a result of the agency's expansion. 9:05am- NEWS- Violent crime continues to plague Philadelphia—with the city reaching 352 homicides in 2022. It is now on pace to surpass its 2021 total. 9:10am- Attorney Scott A. Coffina—former Associate Counsel to President George W. Bush—joins the show to discuss his most recent Fox News opinion editorial, “What Prosecutors Must Do to Protect Their Communities.” 9:30am- According to reports, as many as 4,000 Swedish citizens have undergone a procedure to have microchips implanted under their skin. The chips will allow them to access credit cards and start automobiles without having to carry around a wallet or keys. 9:45am- What's on the Cut Sheet- Dr. Anthony Fauci claims he was against government lockdowns and open to the idea that COVID-19 spread via an inadvertent lab leak + Did software engineer John McAfee fake his own death last summer?  

8:05am- Prominent Democrat economists like Lawrence Summers and Jason Furman are warning the Biden Administration not to cancel student loan debt. Furman stated: “there is nothing wrong with redistribution—if it was from the middle to the bottom. Much of this is redistribution from the middle to the upper-middle.” 8:20am- NEWS- Forbes has released its list of the most valuable NFL franchises—the Philadelphia Eagles ranked as the 10th most valuable football team. 8:35am- Is the Biden Administration's push to suddenly cancel $10,000 of student loan debt per borrower an attempt to appeal to young voters prior to the November 2022 midterm elections? 8:50am- While appearing on Fox News, former IRS lawyer and whistleblower William Henck explained that despite claims from the Biden Administration, the IRS will target middle class households as a result of the agency's expansion.

Joanne Feeney, Partner and Portfolio Manager with Advisors Capitol Management, and Kristina Hooper, Invesco Chief Global Market Strategist on whether the week in the markets. Lawrence Summers, former US Treasury Secretary, on the cooling inflation data, and Melissa Kearney, Aspen Economic Strategy Group Director, on the economic impacts of immigration.See omnystudio.com/listener for privacy information.

Hour 2 of The Dawn Stensland Show: West Virginia Senator Joe Manchin has tested positive for COVID-19. Thankfully, he is experiencing only mild symptoms. While appearing on Meet the Press, Treasury Secretary Janet Yellen pushed back against the idea that a recession is inevitably coming—claiming there are no signs because consumer spending remains high, and unemployment is low. Contrarily, economist Lawrence Summers told CNN that a recession is likely, and that “stagflation” could be “with us for a number of years.” In 2021, Yellen and Summers famously clashed over the idea inflation was transitory—with Summers ultimately being correct with prognostication. Is the James Webb Space Telescope homophobic? According to an MSN headline, yes! Perry Link—Professor Emeritus of East Asian Studies at Princeton University—joins the show to discuss his most recent Washington Post editorial, “How Jailed Hong Kong Protesters Are Subjected to Thought Work.” He documents the Chinese Communist Party's adoption of “brainwashing techniques” against Hong Kong citizens who publicly criticize CCP authority. Dr. Link also discusses the horrific internment of millions of Uyghur Muslims in the Xinjiang province of China. While appearing on the Club Random Podcast, comedian Bill Maher joked about James Bond turning “woke.”

Topic: How the Wealthy World Has Failed Poor Countries During the Pandemic   Like much of the developing world, Pakistan was alarmingly short of doctors and medical facilities long before anyone had heard of COVID-19. Then the pandemic overwhelmed hospitals, forcing some to turn away patients. As fear upended daily life, families lost livelihoods and struggled to feed themselves. 跟許多開發中國家一樣，早在人們聽聞新冠病毒一詞以前，巴基斯坦就極其缺乏醫生和醫療設施。然後，這場大流行疾情讓各醫院無力招架，迫使部分醫院拒絕收治病人。隨著恐懼顛覆了日常生活，一個個家庭失去了生計，為養活自己而掙扎。 On the other side of the world in Washington, two deep-pocketed organizations, the World Bank and the International Monetary Fund, vowed to spare poor countries from desperation. Their economists warned that immense relief was required to prevent a humanitarian catastrophe and profound damage to global prosperity. Emerging markets make up 60% of the world economy, by one IMF measure. A blow to their fortunes inflicts pain around the planet. 在世界另一頭的華盛頓，世界銀行和國際貨幣基金這兩個財力雄厚的組織誓言不讓貧窮國家陷入絕境。他們的經濟學家警告說，必須大力進行救濟，以防止人道災難和對全球繁榮的嚴重破壞。根據國際貨幣基金的一項衡量指標，新興市場占全球經濟60%。他們的財富遭受打擊，將給全球帶來痛苦。 Wages sent home to poor countries by migrant workers — a vital artery of finance — have diminished. The shutdown of tourism has punished many developing countries. So has plunging demand for oil. Billions of people have lost the wherewithal to buy food, increasing malnutrition. By next year, the pandemic could push 150 million people into extreme poverty, the World Bank has warned, in the first increase in more than two decades. 移工寄回窮國的薪水是這些國家經濟的命脈，如今已經減少。旅遊業的關閉使許多開發中國家受到重創。對石油的需求大幅下降，同樣極具殺傷力。數十億人失去購買食物的必要資金，營養不良加劇。世界銀行警告說，這場大流行疾情到明年恐將讓1.5億人陷入赤貧，是20多年來首度增加。 But the World Bank and IMF have failed to translate their concern into meaningful support, economists say. That has left less-affluent countries struggling with limited resources and untenable debts, prompting their governments to reduce spending just as it is needed to bolster health care systems and aid people suffering lost income. 而經濟學家們說，世界銀行和國際貨幣基金並未將自身的關切轉化為有意義的支持。這讓一些較不富裕國家在有限的資源與難以支應的債務中苦苦掙扎，迫使這些國家反而在必須加強醫療體系、救助收入減少的民眾之際，縮減支出。 “A lost decade of growth in large parts of the world remains a plausible prospect absent urgent, concerted and sustained policy response,” concluded a recent report from the Group of 30, a gathering of international finance experts, including Lawrence Summers, a former economic adviser to President Barack Obama, and Treasury secretary in the Clinton administration. 由曾任歐巴馬總統經濟顧問、柯林頓政府財政部長的桑默斯等國際金融專家組成的30人小組，最近在一份報告中總結道：「若無緊急、協調一致與持續的政策回應，世界大部分地區出現經濟空轉無成長的十年，仍是看來很可能的前景。」 The wealthiest nations have been cushioned by extraordinary surges of credit unleashed by central banks and government spending collectively estimated at more than $8 trillion. Developing countries have yet to receive help on such a scale. 那些最富裕的國家因有央行釋放巨額信貸，佐以政府的支出而獲得緩衝，總額合計逾8兆美元，開發中國家則未獲如此大規模的援助。 The IMF and World Bank have marshaled a relatively anemic response, in part because of the predilections of their largest shareholder, the United States. 國際貨幣基金與世界銀行做出的反應相對無力，部分原因是順應最大股東美國的意思。Source article: https://udn.com/news/story/6904/5015842   Next Article   Topic: How the Wealthy World Has Failed Poor Countries During the Pandemic   Like much of the developing world, Pakistan was alarmingly short of doctors and medical facilities long before anyone had heard of COVID-19. Then the pandemic overwhelmed hospitals, forcing some to turn away patients. As fear upended daily life, families lost livelihoods and struggled to feed themselves. 跟許多開發中國家一樣，早在人們聽聞新冠病毒一詞以前，巴基斯坦就極其缺乏醫生和醫療設施。然後，這場大流行疾情讓各醫院無力招架，迫使部分醫院拒絕收治病人。隨著恐懼顛覆了日常生活，一個個家庭失去了生計，為養活自己而掙扎。 On the other side of the world in Washington, two deep-pocketed organizations, the World Bank and the International Monetary Fund, vowed to spare poor countries from desperation. Their economists warned that immense relief was required to prevent a humanitarian catastrophe and profound damage to global prosperity. Emerging markets make up 60% of the world economy, by one IMF measure. A blow to their fortunes inflicts pain around the planet. 在世界另一頭的華盛頓，世界銀行和國際貨幣基金這兩個財力雄厚的組織誓言不讓貧窮國家陷入絕境。他們的經濟學家警告說，必須大力進行救濟，以防止人道災難和對全球繁榮的嚴重破壞。根據國際貨幣基金的一項衡量指標，新興市場占全球經濟60%。他們的財富遭受打擊，將給全球帶來痛苦。 Wages sent home to poor countries by migrant workers — a vital artery of finance — have diminished. The shutdown of tourism has punished many developing countries. So has plunging demand for oil. Billions of people have lost the wherewithal to buy food, increasing malnutrition. By next year, the pandemic could push 150 million people into extreme poverty, the World Bank has warned, in the first increase in more than two decades. 移工寄回窮國的薪水是這些國家經濟的命脈，如今已經減少。旅遊業的關閉使許多開發中國家受到重創。對石油的需求大幅下降，同樣極具殺傷力。數十億人失去購買食物的必要資金，營養不良加劇。世界銀行警告說，這場大流行疾情到明年恐將讓1.5億人陷入赤貧，是20多年來首度增加。 But the World Bank and IMF have failed to translate their concern into meaningful support, economists say. That has left less-affluent countries struggling with limited resources and untenable debts, prompting their governments to reduce spending just as it is needed to bolster health care systems and aid people suffering lost income. 而經濟學家們說，世界銀行和國際貨幣基金並未將自身的關切轉化為有意義的支持。這讓一些較不富裕國家在有限的資源與難以支應的債務中苦苦掙扎，迫使這些國家反而在必須加強醫療體系、救助收入減少的民眾之際，縮減支出。 “A lost decade of growth in large parts of the world remains a plausible prospect absent urgent, concerted and sustained policy response,” concluded a recent report from the Group of 30, a gathering of international finance experts, including Lawrence Summers, a former economic adviser to President Barack Obama, and Treasury secretary in the Clinton administration. 由曾任歐巴馬總統經濟顧問、柯林頓政府財政部長的桑默斯等國際金融專家組成的30人小組，最近在一份報告中總結道：「若無緊急、協調一致與持續的政策回應，世界大部分地區出現經濟空轉無成長的十年，仍是看來很可能的前景。」 The wealthiest nations have been cushioned by extraordinary surges of credit unleashed by central banks and government spending collectively estimated at more than $8 trillion. Developing countries have yet to receive help on such a scale. 那些最富裕的國家因有央行釋放巨額信貸，佐以政府的支出而獲得緩衝，總額合計逾8兆美元，開發中國家則未獲如此大規模的援助。 The IMF and World Bank have marshaled a relatively anemic response, in part because of the predilections of their largest shareholder, the United States. 國際貨幣基金與世界銀行做出的反應相對無力，部分原因是順應最大股東美國的意思。Source article: https://udn.com/news/story/6904/5015842   Next Article   Topic: Our Ever-Expanding Virus Vernacular   The coronavirus pandemic has upended all kinds of human behavior, including speech. Conversations are mediated by masks and screens, their sentences strung together with new vocabulary: medical terms, political mandates and slang devised to take the clinical edge off. 新冠肺炎大流行顛覆了包括言語在內的各種人類行為。對話中都看到口罩和螢幕，他們的句子與新的詞彙串在一起：醫學術語，政治命令和俚語，旨在讓大眾更容易吸收。 This new vernacular has many people playing virologist in the group chat, with talk of contact tracing and antibody tests; planning “socially distant” activities like Zoom birthday parties and drive-by greetings; and tweeting about life under “quar,” a pet name for “quarantine”. 這些新的俚語讓很多人在社群中聊天時可以扮演病毒學家，談論接觸者追蹤和抗體測試，以及計劃「社交距離」活動，如在Zoom生日派對和駕車遠距問候;並在推特上發佈關於“quar”下的生活，“quar”是“隔離”的暱稱。 “‘Self-isolation,'‘social distancing,'‘abundance of caution'— pairs of words I'd never seen together in a sentence back in January have become ubiquitous,” she writes. These phrases are moving “even faster than the virus, eye to mind, ear to mouth, disseminated by our iPhone screens and televisions.” “'自我隔離'，'社交距離'，'大量的謹慎'——這些詞我在一月份時從未在一句話中看到過，現在開口兩句話些詞已經變得無處不在，”她寫道。這些片語正在以「比病毒更快，眼睛到思想，耳朵到嘴巴，通過我們的iPhone螢幕和電視傳播中。」 The proliferation of neologisms and jargon was significant enough to merit updates to the Oxford English Dictionary in April, beyond the dictionary's standard quarterly updates. 新詞和俚語的成長足以使牛津英語詞典在四月份進行更新，超出了原來該詞典的標準的季度更新。 “Social change brings about linguistic change,” said Fiona McPherson, a senior editor at the OED. “These are permanent additions to our vocabulary.” “社會變遷帶來了語言上的改變，”OED的高級編輯菲奧娜·麥克弗森（Fiona McPherson）說。“這些都是永久的加入我們詞彙中“。 She noted, though, that many of the words aren't new; rather, their use has become more frequent, their meanings shifted in the new context of the pandemic. “Social distancing,” “self-isolation” and “coronavirus” date back decades, even centuries. 不過，她指出，許多詞並不新鮮。相反，它們的使用變得更加頻繁，它們的含義在大流行的新背景下發生了變化。“社交距離”，“自我隔離”和“新冠病毒”可以追溯到幾十年前，甚至幾個世紀。 McPherson said a lexicographer's job is to be “descriptive, not prescriptive. We're telling the story of what the words mean, but they only mean that because that's how people are using them. And the stories are never completely finished.” 麥克弗森說，詞典編輯者的工作是“描述性的，而不是規範性的。我們講述的是這些詞的含義，但它們只是因為這就是人們使用它們的方式。故事永遠不會完全結束。 Gretchen McCulloch, a linguist and the author of “Because Internet,” raised the example of “face mask,” which a few months ago may have called to mind an at-home skin care treatment. Now, the phrase immediately evokes the protective mouth and nose covering people have been encouraged to wear to prevent viral transmission. 語言學家、《為何網際網路》（Why Internet）一書的作者格雷琴·麥卡洛克（Gretchen McCulloch）舉了一個“口罩”的例子，幾個月前，這種面膜可能讓人想起了一種家庭臉部護理。現在，這句話立即喚起了人們被鼓勵戴上保護性口鼻罩以防止病毒傳播的防護服。 This evolution in the language can be seen as well in the rhetoric of care providers and politicians, which varies by region. The states are“on pause”or working to“flatten the curve,”their residents told to“stay at home,”“shelter in place”or remain“healthy at home.” 這種語言的演變也可以從護理人員和政治家的言論中看到，這些言論因地區而異。各州正在「暫停」或努力「拉平曲線」，他們的居民被告知「留在家裡」，“就地避難”或保持“健康在家中”。 The World Health Organization has recommended that“physical distancing”replace“social distancing” because it more accurately describes the goal of keeping a physical distance while still encouraging safe, remote social connection, which is imperative for mental health. 世界衛生組織建議“保持身體距離”取代“社交距離”，因為它更準確地描述了保持身體距離的目標，同時仍然鼓勵安全，遠端的社交活動，這對心理健康至關重要。Source article: https://udn.com/news/story/6904/4602077   Next Article   Topic: Airlines targeting post-pandemic ‘revenge travel'   The blow caused to the airline industry by the COVID-19 pandemic has been especially felt by budget airlines, which mostly operate narrow-bodied passenger jets and have therefore been unable to develop a sideline in air freight during the pandemic. According to one academic's analysis, when the outbreak stabilizes, businesses are targeting a trend in so-called “revenge travel.” However, she also hopes that, rather than the pre-pandemic price wars between budget airlines, the consolidation that has taken place during the pandemic will restore healthy competition in the industry. 疫情衝擊航空界，其中廉航受限於機隊多為窄體客機，無法發展貨運，受疫情衝擊更大。學者分析，業者瞄準疫情穩定後的「報復性出遊」，但也希望疫情前廉航削價競爭的情況，能因疫情重整，回歸良性競爭。 According to associate professor Melody Dai of National Cheng Kung University's Department of Transportation and Communication Management Science, costs per flight have not changed during the pandemic, but if carriers are required to implement social-distancing seating plans, leaving empty seats between passengers, this would eat into airlines' profit margins, causing a fresh headache for the industry. Dai says she hopes that budget airlines will manage to survive, since they help stimulate Taiwan's domestic tourism sector as well as the wider economy. 成大交通管理學系副教授戴佐敏說，每航班成本不變、但座位未來若須採間隔座導致收入減少，確實是疫後的難題，希望廉航仍有生存空間，對促進觀光與經濟有正面幫助。 Dai says that choosing to operate flights during the pandemic is a test of airlines' ability to sustain losses, but the crisis may also prove to be a turnaround for the industry. Dai says there are many variables to the pandemic. She says that once the outbreak stabilizes, if the demand for “revenge travel” exceeds supply, this could resolve the pre-pandemic situation of supply exceeding demand, which led to price wars among budget airlines. The consolidation that the pandemic has triggered within the airline industry could bring about a return to healthy competition, says Dai. 戴佐敏認為，選擇在疫情期間開航，考驗航空公司「虧本」的能力，不過危機也有可能是轉機，疫情仍有變數，疫情穩定後的「報復性出遊」若需求大於供給，疫情前廉航供過於求、削價競爭的情況，這次可能因疫情重整，回歸良性競爭。 One industry insider stated that, despite the lockdowns and reduced number of travelers and flights during the pandemic, the industry is bullish about post-pandemic prospects for both freight and passenger travel in the flourishing Asian region. The insider added that a trend in “revenge travel” could cause short-haul routes to become particularly busy. 業者指出，雖然國境仍然封鎖，疫情期間每週班次不多，旅客也非常少，但看好疫情後亞洲旺盛的物流、人流，預估疫情趨緩後將出現「報復性出遊」，亞洲短程航線將會更繁忙。Source article: https://www.taipeitimes.com/News/lang/archives/2021/09/12/2003764205

On Saturday, President Biden demanded on Twitter that Big Oil “bring down the price you are charging at the pump to reflect the cost you're paying for the product.” This prompted Amazon's Jeff Bezos, the second richest man in the world, to call Biden's statement either “straight ahead misdirection or a deep misunderstanding of basic market dynamics.”That's rich. Bezos of all people should know that a major reason prices are rising is hugely profitable corporations like his Amazon have been using inflation as cover to raise price even further. Last year, corporate profits overall reached a 70-year high. In the fourth quarter, Amazon's profit nearly doubled — and it announced it would raise the price of its popular Prime membership.Yes, corporations are facing rising costs for everything from materials to labor. But they're raising their prices even higher than those costs. In a new paper, researchers Mike Konczal and Niko Lusiani of the Roosevelt Institute find that markups — the difference between what corporations pay for labor and materials and the prices they charge their customers — have been rising dramatically. They find the same when they compare corporate costs with their sales. Corporations have been raising their prices because they have market power to do so (two-thirds of all American industries have become more concentrated over the last four decades). And their customers believe the price hikes are justified because the corporations have higher costs. Let's be clear. The corporate price hikes have come on top of a worldwide surge in pent-up demand following the worst of the pandemic, global shortages of goods and services seeking to meet that demand, China's lockdowns, and Putin's war in Ukraine (which has put upward pressure on energy and food prices). But the corporate price hikes often exceed these higher costs. As gas prices at the pump reach their highest point in 14 years, Big Oil is enjoying a gusher. In the first quarter of 2022, Chevron's profits more than quadrupled from the year before. ExxonMobil's profits more than doubled. In the past month alone, even though the price of crude oil has fallen approximately $15 a barrel, prices at gas pumps have barely dropped.Big corporations aren't pouring these windfall profits back into production. Instead, they've embarked on the largest program of stock buybacks in history. ExxonMobil alone plans to buy back $30 billion of stock this year (up from the $10 billion it announced earlier). If it hadn't been for the buybacks, the stock market would look even worse.The Fed's efforts to slow the economy will not remedy these causes of inflation. Hiking interest rates to reduce inflation is like trying to reduce someone's fever by putting them in a freezer — it doesn't deal with the cause and may be quite harmful. Rate hikes increase the costs of borrowing to individuals and consumers, which causes them to cut back on purchases of everything. This, in turn, causes the economy to slow — resulting in higher unemployment. How much higher? Lawrence Summers, Bill Clinton's Treasury Secretary, says containing inflation will require five years of 6 percent unemployment, or two years of unemployment at 7.5 percent or one year at 10 percent. The harm inflicted by this alleged cure would be worse than the disease. The first fired (and last hired back) are typically the lowest-skilled and lowest paid. Other than Fed rate hikes, four moves could help — and the Biden administration should embark on them immediately and loudly:1. Vigorous antitrust enforcement that reduces the pricing power of big corporations. (Even the threat of such enforcement will make them more reluctant to raise prices.)2. A windfall profits tax that takes away a portion of their recent profits and redistributes them to consumers (as the Conservative government in Britain is doing on Big Oil).3. A ban on stock buybacks. Before 1982, the Securities and Exchange Commission viewed buybacks as illegal stock manipulation, and didn't allow them. The SEC should return to its former position. 4. Publicity. The government should reveal the names of highly profitable corporations that are flagrantly raising prices (not just Big Oil, but a host of other companies ranging from Tyson Foods to Starbucks). This would have an immediate effect. Corporations pay fortunes to burnish their brands.Mr. President, don't just tweet that Big Oil should reduce its prices. Initiate an antitrust lawsuit against the major oil companies, threaten a windfall profits tax on them, get your SEC to ban stock buybacks, and name the names of big corporations that are unnecessarily raising prices — not just Exxon-Mobil and Chevron but also Tyson Foods, Starbucks, and Amazon. Thanks for subscribing. To sustain this effort, please consider a paid or gift subscription. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertreich.substack.com/subscribe

Lawrence Summers, a former US Treasury Secretary published a paper detailing reasons why a recession is inevitable given current conditions and current monetary policy. This comes in stark contrast to what the Federal Reserve itself says about the future of the US Economy. While the paper approaches everything from the wrong angle, it is likely correct about a coming recession.   Join me at Market Disruptors Live May 6-8 https://go.1markmoss.com/joseph 

每日英語跟讀 Ep.K354: How the Wealthy World Has Failed Poor Countries During the Pandemic   Like much of the developing world, Pakistan was alarmingly short of doctors and medical facilities long before anyone had heard of COVID-19. Then the pandemic overwhelmed hospitals, forcing some to turn away patients. As fear upended daily life, families lost livelihoods and struggled to feed themselves. 跟許多開發中國家一樣，早在人們聽聞新冠病毒一詞以前，巴基斯坦就極其缺乏醫生和醫療設施。然後，這場大流行疾情讓各醫院無力招架，迫使部分醫院拒絕收治病人。隨著恐懼顛覆了日常生活，一個個家庭失去了生計，為養活自己而掙扎。 On the other side of the world in Washington, two deep-pocketed organizations, the World Bank and the International Monetary Fund, vowed to spare poor countries from desperation. Their economists warned that immense relief was required to prevent a humanitarian catastrophe and profound damage to global prosperity. Emerging markets make up 60% of the world economy, by one IMF measure. A blow to their fortunes inflicts pain around the planet. 在世界另一頭的華盛頓，世界銀行和國際貨幣基金這兩個財力雄厚的組織誓言不讓貧窮國家陷入絕境。他們的經濟學家警告說，必須大力進行救濟，以防止人道災難和對全球繁榮的嚴重破壞。根據國際貨幣基金的一項衡量指標，新興市場占全球經濟60%。他們的財富遭受打擊，將給全球帶來痛苦。 Wages sent home to poor countries by migrant workers — a vital artery of finance — have diminished. The shutdown of tourism has punished many developing countries. So has plunging demand for oil. Billions of people have lost the wherewithal to buy food, increasing malnutrition. By next year, the pandemic could push 150 million people into extreme poverty, the World Bank has warned, in the first increase in more than two decades. 移工寄回窮國的薪水是這些國家經濟的命脈，如今已經減少。旅遊業的關閉使許多開發中國家受到重創。對石油的需求大幅下降，同樣極具殺傷力。數十億人失去購買食物的必要資金，營養不良加劇。世界銀行警告說，這場大流行疾情到明年恐將讓1.5億人陷入赤貧，是20多年來首度增加。 But the World Bank and IMF have failed to translate their concern into meaningful support, economists say. That has left less-affluent countries struggling with limited resources and untenable debts, prompting their governments to reduce spending just as it is needed to bolster health care systems and aid people suffering lost income. 而經濟學家們說，世界銀行和國際貨幣基金並未將自身的關切轉化為有意義的支持。這讓一些較不富裕國家在有限的資源與難以支應的債務中苦苦掙扎，迫使這些國家反而在必須加強醫療體系、救助收入減少的民眾之際，縮減支出。 “A lost decade of growth in large parts of the world remains a plausible prospect absent urgent, concerted and sustained policy response,” concluded a recent report from the Group of 30, a gathering of international finance experts, including Lawrence Summers, a former economic adviser to President Barack Obama, and Treasury secretary in the Clinton administration. 由曾任歐巴馬總統經濟顧問、柯林頓政府財政部長的桑默斯等國際金融專家組成的30人小組，最近在一份報告中總結道：「若無緊急、協調一致與持續的政策回應，世界大部分地區出現經濟空轉無成長的十年，仍是看來很可能的前景。」 The wealthiest nations have been cushioned by extraordinary surges of credit unleashed by central banks and government spending collectively estimated at more than $8 trillion. Developing countries have yet to receive help on such a scale. 那些最富裕的國家因有央行釋放巨額信貸，佐以政府的支出而獲得緩衝，總額合計逾8兆美元，開發中國家則未獲如此大規模的援助。 The IMF and World Bank have marshaled a relatively anemic response, in part because of the predilections of their largest shareholder, the United States. 國際貨幣基金與世界銀行做出的反應相對無力，部分原因是順應最大股東美國的意思。Source article: https://udn.com/news/story/6904/5015842

The GoodFellows return to economics this week, coinciding with news of America's worst inflation in over 40 years. Lawrence Summers, former US Treasury secretary and Harvard University president emeritus, joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane to discuss Federal Reserve policy, government spending, and the war in Europe as contributors to America's economic woes. They also cover the soaring national debt, a possible supply-chain crisis, economic competition with China, plus academic freedom under fire in elite universities. Recorded April 12, 2022

The Rich Zeoli Show- Hour 4: 9:00am- NEWS: According to studies, people who have been diagnosed with COVID-19 have a 40% greater risk of being diagnosed with diabetes. 9:10am- According to a National Review report, Elon Musk's refusal to join Twitter's board of directors could be a sign that the billionaire is planning a hostile takeover. 9:25am- China's draconian lockdown of Shanghai has resulted in the city's citizens running out of food and medicine.  9:40am- What's on the Cut Sheet: an uncomfortable interaction between Will Smith and Jada Pinket Smith has resurfaced on social media, Bill Maher says the war on comedy needs to come to an end, Selena Gomez hasn't been on the internet in 4.5 years, Lawrence Summers thinks a recession is coming, and NYT columnist Ezra Klein can't figure out why government stimulus packages have caused so much inflation.

The Rich Zeoli Show- Full Show:  6:00am- Over the weekend, former President Donald Trump endorsed Dr. Mehmet Oz for U.S. Senate. 6:25am- NEWS: Philadelphia police are in the midst of investigating a series of carjacking that resulted in a 27-year-old being shot in the stomach. 6:35am- According to reports, Elon Musk will not be joining Twitter's board of directors. Twitter had scheduled a meeting between concerned employees and Elon Musk—that meeting is presumably canceled. 6:50am- Philadelphia City Councilmembers Allan Domb, Maria Quiñones-Sánchez, and Mark Squilla are pleading with Mayor Jim Kenney to declare a state of emergency in Kensington. 7:00am- NEWS: There are more than 1,200 vacant law enforcement positions throughout Pennsylvania. 7:05am- According to four economists from the Federal Reserve of San Francisco, the American government's enormous COVID-19 stimulus packages—which amounted to trillions of dollars in spending—undoubtedly played a pivotal role in inflation. 7:10am- Is lobster ravioli the worst ravioli? There is never any lobster! 7:30am- New Jersey State Senator Michael Testa joins the show to discuss new lesson plans set to begin at public schools throughout New Jersey this September. According to reports, the new curriculum will include gender identity and sex education lesson plans for 2nd graders. 7:40am- What's on the Cut Sheet? Philadelphia Phillie Byrce Harper accepts the MLB National League MVP Award, Jussie Smollett is back with a new rap song, former Disney star Vanessa Hudgins says she believes in ghosts, and a Yale professor calls out Brian Stelter and CNN for agenda-driven reporting. 8:00am- Trump's endorsement of Dr. Oz helps Oz—but will it ultimately help Donald Trump? 8:10am- On Monday, President Joe Biden is expected to announce new gun regulations—specifically targeting “ghost guns.” 8:20am- NEWS: Carjackings continue to plague Philadelphia with three attempted carjackings in the past 36 hours. 8:35am- Dave McCormick—candidate for U.S. Senate—joins the show to discuss his campaign, the importance of harnessing Pennsylvania natural gas reserves to help alleviate dependence on foreign energy, and the dangers of the Biden Administration's open-border policies. 8:50am- Zeoli's washer/drier is busted. Now, he is heading to the laundry mat—will strangers look at his underwear? 9:00am- NEWS: According to studies, people who have been diagnosed with COVID-19 have a 40% greater risk of being diagnosed with diabetes. 9:10am- According to a National Review report, Elon Musk's refusal to join Twitter's board of directors could be a sign that the billionaire is planning a hostile takeover. 9:25am- China's draconian lockdown of Shanghai has resulted in the city's citizens running out of food and medicine.  9:40am- What's on the Cut Sheet: an uncomfortable interaction between Will Smith and Jada Pinket Smith has resurfaced on social media, Bill Maher says the war on comedy needs to come to an end, Selena Gomez hasn't been on the internet in 4.5 years, Lawrence Summers thinks a recession is coming, and NYT columnist Ezra Klein can't figure out why government stimulus packages have caused so much inflation.

Tonight on the Last Word: Russian propaganda ignores the horrors of Vladimir Putin's war. Also, Ukrainians say Russian relatives are in disbelief about the war. And oil markets are disrupted by Russia's invasion of Ukraine. Cal Perry, Lt. Col. Alexander Vindman, Misha Katsurin, Timothy Snyder and Lawrence Summers join Lawrence O'Donnell.

Wall Street may be having a bad week, but top bankers are doing wonderfully well. After a blockbuster year, the five biggest Wall Street banks just paid out $142 billion in bonuses and compensation for 2021. This was $18 billion more than in 2020. JPMorgan Chase reported record profits, and Citigroup's annual profit more than doubled. Let me remind you (as if you need reminding) that 2020 and 2021 were not exactly blockbuster years for the rest of America. In the first three decades after World War II, American companies made money by making things, selling them at a profit, and investing the profits in additional productive capacity. This helped create the largest middle class the world had ever seen. In those years, the financial sector accounted for 15 percent of U.S. corporate profits.Then something happened. By the mid-1980s, the financial sector claimed 30 percent of corporate profits. By 2001, 40 percent — more than four times the profits made in all U.S. manufacturing. Why this dramatic change? Indulge me a moment as I quote from a New York Times op-ed I wrote more than forty years ago (May 23, 1980):The paper entrepreneurs are winning out over the product entrepreneurs.Paper entrepreneurs – trained in law, finance, accountancy – manipulate complex systems of rules and numbers. They innovate by using the systems in novel ways: establishing joint ventures, consortiums, holding companies, mutual funds; finding companies to acquire, “white knights” to be acquired by, commodity futures to invest in, tax shelters to hide in; engaging in proxy fights, tender offers, antitrust suits, stock splits, spinoffs, divestitures; buying and selling notes, bonds, convertible debentures, sinking-fund debentures; obtaining government subsidies, loan guarantees, tax breaks, contracts, licenses, quotas, price supports, bailouts; going private, going public, going bankrupt.Product entrepreneurs – engineers, inventors, production managers, marketers, owners of small businesses – produce goods and services people want. They innovate by creating better products at less cost.Our economic system needs both. Paper entrepreneurs ensure that capital is allocated efficiently among product entrepreneurs. But paper entrepreneurs do not directly enlarge the economic pie. They only arrange and divide the slices. They provide nothing of tangible use. For an economy to maintain its health, entrepreneurial rewards should flow primarily to product, not paper.Yet paper entrepreneurialism is on the rise. It dominates the leadership of our largest corporations. It guides government departments, legislatures, agencies, public utilities. It stimulates platoons of lawyers and financiers.It preoccupies some of our best minds, attracts some of our most talented graduates, embodies some of our most creative and original thinking, spurs some of our most energetic wheeling and dealing. Paper entrepreneurialism also promises the best financial rewards, the highest social status.The ratio of paper entrepreneurialism to product entrepreneurialism in our economy – measured by total earnings flowing to each, or by the amount of news in business journals and newspapers typically devoted to each – is about 2 to 1.Why? Our economic system has become so complex and interdependent that capital must be allocated according to symbols of productivity rather than according to productivity itself. These symbolic rules and numbers lend themselves to profitable manipulation far more readily than do the underlying processes of production.It takes time and effort to improve product quality, exploit manufacturing efficiencies, develop distribution and sales networks. But through strategic use of accounting conventions, tax rules, stock and commodity exchanges, exchange rates, government largesse, and litigation, enormous profits are possible with relatively little effort.When paper entrepreneurs look for solutions to America's declining productivity and international competitiveness, they come up with paper remedies to stimulate large-scale capital investment: accelerated depreciation, tax credits, government subsidies, relaxation of antitrust laws. Product entrepreneurs focus on techniques for improving output: better quality controls, improved labor-management relations, more effective incentives for managers and employees, more aggressive marketing and sales.If we are to increase the economic pie, we will need to redress the balance of entrepreneurial effort. Which strategies will stimulate more paper, and which more product?  I wish I had not been as prescient. Yet the dominance of finance over much of the American economy since 1980 didn't happen by accident. It needed the help of politicians — including presidents (both Republican and Democrat) — who changed laws and regulations to encourage it. Ronald Reagan's Securities and Exchange Commission allowed corporate raiders to use borrowed money to buy and dismantle American companies. The raiders (now more politely called “private-equity” managers) sold off divisions, squeezed costs, and fired workers—all to maximize “shareholder value.” The result may have been “efficient” in the narrowest sense of the term but it was socially disastrous. Manufacturing employment plummeted. Unions died. Great swaths of the Midwest and South were abandoned. Men without high school degrees suffered knockout blows. The typical wage — which had been rising steadily since the end of World War II, in tandem with the increasing productivity of the nation — began to stagnate (adjusted for inflation). For men without college degrees, real wages started a long decline. It wasn't just Reagan. Bill Clinton (with the advice of Robert Rubin and Lawrence Summers) opened the door to more financial speculation by refusing to regulate highly-leveraged derivatives (the opaque, highly profitable instruments of financial speculation that Warren Buffet called “financial weapons of mass destruction”) and by supporting Republican efforts in Congress to repeal the Glass-Steagall Act (the Depression-era law that required the separation of commercial and investment banking) and allow the creation of megabanks. When the financial bubble inevitably burst, Barack Obama endorsed the Bush administration's Wall Street bailout and appointed many of the same team of Clinton-era economic advisors who, while working under Rubin in the 1990s, had laid the groundwork for the financial crisis by encouraging speculation. Obama did what they then recommended: restore the profitability of Wall Street banks rather than reduce the power of finance and help millions of Americans who lost their homes. The bailout of Wall Street came without strings. The Obama administration did not fire any Wall Street CEOs. It did not rein in their egregious pay. It did not prevent the big banks from buying back their stock or handing out generous dividend payments to their stockholders. It imposed no losses on the banks' shareholders and creditors. It did not insist that banks stop their lobbying to obstruct reform the financial industry. Instead, Obama (and his economic advisors, headed by Laurence Summers) shifted the costs of Wall Street's speculative binge onto ordinary Americans -- deepening public mistrust of a political system increasingly seen as rigged in favor of the rich and powerful.A direct line runs from public anger over the bailout of Wall Street to the Occupy movement and the candidacy of Bernie Sanders, on the left; and to the Tea Party movement and the election of Donald Trump, on the right. I saw it and heard it in early 2016 in Michigan, Wisconsin, North Carolina, Ohio, and Iowa where I conducted focus groups: Whenever I mentioned the establishment presidential candidates Jeb Bush or Hillary Clinton, people told me they didn't stand a chance. Instead, the people I interviewed were excited by Bernie Sanders or Donald Trump. (A remarkable number said they supported both.) Again and again, I heard references to the bailout of Wall Street as proof that the economy was “rigged” against ordinary Americans, and that America needed a president who would champion average working people. As Americans went to the polls later that year, 75 per cent said they were looking for a leader who would “take the country back from the rich and powerful.” They obviously didn't get one. Trump masqueraded as a tribune of the working class but was a Trojan horse for the rich and powerful. We are still living with the political and social consequences of America's turn to financial entrepreneurship. The five biggest Wall Street banks could not have scored record profits these past two years were they not back to many of the same practices that caused them to implode in 2008 and the rest of America to pay the price. Inequalities of income and wealth are far wider now than they were when Wall Street's bubble burst. I suspect even more Americans today feel the system is rigged by the rich and powerful than they did a few years ago. It doesn't have to remain this way. We are not prisoners of bad decisions made in the past. We can and should rein in Wall Street, break up its five giant “too-big-to-fail” banks, support local and state banks, resurrect the Glass-Steagall Act's divide between investment and commercial banking, tax all financial transactions — and rebuild jobs and wages on the product side of the American economy. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertreich.substack.com/subscribe

Monday October 18, 2021 | Today's Topics: 1) Senator Manchin says NO to climate plan in Biden's Fake Infrastructure plan - Major dispute with Senator Sanders "Out of stater telling West Virginians what to do" *Biden admits there will be MAJOR cuts in the spending bill which is infuriating liberal progressive socialists in the Democratic party 2) Mainstream media now complaining about Supply Chain disruptions and the port of Long Beach - Secretary Buttigieg says it will continue into 2022 *We told you about this Weeks ago - Sunday show hosts in PANIC trying to cover for Biden Administration 3) Shortage of truck drivers is exasperating the problem 4) Workers are demanding better wages, benefits and conditions at the workplace - Employees are in the driver's seat - We've had 183 strikes this year 5) Consumer Prices rising at 5.4% in September is a "major Alarm" according to former Treasury head Lawrence Summers 6) Biden's pick to head Custom and Border protection has a history of Open Border policies and supports Santuary cities 7) Vaccine Mandates - Delta Airline will NOT enforce 8) Former Secretary of State and 4 star General Colin Powell dies at 84 from Covid

Mohamed El-Erian, Bloomberg Opinion Columnist, describes the perfect storm facing emerging markets. Adam Posen, Peterson Institute for International Economics President, responds to Lawrence Summers's comment saying central bankers are too woke to tackle inflation. Vitor Gaspar, International Monetary Fund Fiscal Affairs Department Director, says central banks should look through the transitory increase in prices and conduct policy with a steady hand. Nadia Lovell, UBS Senior U.S. Equity Strategist, evaluates the resilience of economic reopening to supply chain disruptions, a jump in energy prices and the prospect of reduced central bank support. Ken Leon, CFRA Research Director, discusses better-than-expected trading results from Morgan Stanley, Bank of America and Citi. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Professors Lawrence Summers and Natasha Sarin discuss whether the CARES stimulus goes far enough.

Liz Ann Sonders, Charles Schwab Chief Investment Strategist, encourages diversification in this market environment. Robin Brooks, IIF MD & Chief Economist, says China's overall trade surplus is still large. Steven Major, HSBC Managing Director & Global Head of Fixed Income Research, cuts his year-end-2019 U.S. 10-year yield forecast to 1.50%. Lawrence Summers, Former U.S. Treasury Secretary, says we're in quite "uncharted territory" with President Trump weighing in on monetary policy and dollar strength. And Chetan Ahya, Morgan Stanley Chief Economist & Global Head of Economics, points to the surge in patent requests in China as a sign of growth.  Learn more about your ad-choices at https://www.iheartpodcastnetwork.com