Podcast appearances and mentions of Michael Pettis

Donald Trump's embrace of tariffs should come as no surprise. For decades, he has claimed that other countries are ripping Americans off—and promised to use tariffs to remake a global trade system that, in his view, has been deeply unfair to the United States. But almost no one anticipated a trade and tariff policy as extreme and erratic as the one the world has seen since Trump proclaimed “Liberation Day” at the beginning of April. The sweeping tariffs on U.S. partners and rivals alike unleashed panic in the financial markets and in capitals across the world. Even a pause and negotiations on many of those tariffs has done little to assuage the concerns of foreign leaders, businesses, and consumers, who remain uncertain about the effects of the tariff regime, and the strategy behind it. The economists Kimberly Clausing and Michael Pettis both agree that the global economic system was in need of an overhaul—but they disagree about what that overhaul would look like. For a special two-part episode, Dan Kurtz-Phelan spoke with each of them about Trump's signature economic policy. Clausing, a professor at UCLA, makes the case against Trump's protectionism and sketches out a progressive blueprint for the global economy. And Pettis, a professor at Peking University in Beijing and a longtime skeptic of the free trade consensus, argues that this reckoning in global trade has been decades in the making—and considers what an alternative economic system could look like. In these separate conversations, they discuss the state of the world economy, the logic behind Trump's tariff gambit—and whether the U.S. president's attempt to rewrite the rules will pay off. You can find sources, transcripts, and more episodes of The Foreign Affairs Interview at https://www.foreignaffairs.com/podcasts/foreign-affairs-interview.

Donald Trump's tariff plan has set global markets on fire. What are they for? What are they trying to accomplish? Fresh off his black-out-rage session on CNBC, Derek talks to Matthew Klein, the author of ‘The Overshoot' newsletter and coauthor with economist Michael Pettis of the widely acclaimed economics book ‘Trade Wars Are Class Wars.' We talk about the Trump tariffs, their place in history, the goal of reindustrialization, and why our problem with China is a malady worth solving—even if Trump's medicine is just making us sicker. If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Matthew Klein Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

Juramy is het bedrijf achter de merken BALR., 433 en Wannahaves. Het combineert fashion, social media en sport om wereldwijd een jong voetbalpubliek van zo'n 400 miljoen mensen te bereiken. Maar is het bedrijf niet té afhankelijk van de grote techbedrijven? Te gast is Juul Manders, de topman achter Juramy. Macro met Mujagić Elke dag een intrigerende gedachtewisseling over de stand van de macro-economie. Op maandag en vrijdag gaat presentator Thomas van Zijl in gesprek met econoom Arnoud Boot, de rest van de week praat Van Zijl met econoom Edin Mujagić. Economenpanel De Nederlandse economie groeit gematigd, de armoede neemt af, de koopkracht neemt toe en het begrotingstekort valt lager uit dan verwacht. Dat blijkt uit nieuwe CPB-ramingen. Maar hoe geef je de baten van economische groei op zinnige wijze uit? EN: Het Witte Huis én econoom Michael Pettis zetten de wenselijkheid van een sterke dollar ter discussie. Dat en meer bespreken we om 11.10 in het economenpanel met: Roelof Salomons, Chief investment strategist bij BlackRock & Hoogleraar beleggingstheorie en vermogensbeheer aan de Rijksuniversiteit Groningen Casper de Vries, lid van de Wetenschappelijke Raad voor het Regeringsbeleid en hoogleraar monetaire economie aan de Erasmus School of Economics Luister l Economenpanel Contact & Abonneren BNR Zakendoen zendt elke werkdag live uit van 11:00 tot 13:30 uur. Je kunt de redactie bereiken via e-mail. Abonneren op de podcast van BNR Zakendoen kan via bnr.nl/zakendoen, of via Apple Podcast en Spotify. See omnystudio.com/listener for privacy information.

De Nederlandse economie groeit gematigd, de armoede neemt af, de koopkracht neemt toe en het begrotingstekort valt lager uit dan verwacht. Dat blijkt uit nieuwe CPB-ramingen. Maar hoe geef je de baten van economische groei op zinnige wijze uit? EN: Het Witte Huis én econoom Michael Pettis zetten de wenselijkheid van een sterke dollar ter discussie. Dat en meer bespreken we in het economenpanel van BNR Zakendoen

De Nederlandse economie groeit gematigd, de armoede neemt af, de koopkracht neemt toe en het begrotingstekort valt lager uit dan verwacht. Dat blijkt uit nieuwe CPB-ramingen. Maar hoe geef je de baten van economische groei op zinnige wijze uit? EN: Het Witte Huis én econoom Michael Pettis zetten de wenselijkheid van een sterke dollar ter discussie. Dat en meer bespreken we in het economenpanel van BNR Zakendoen Panelleden Presentator Thomas van Zijl gaat in gesprek met het economenpanel, dat deze keer bestaat uit: Roelof Salomons, Chief investment strategist bij BlackRock & Hoogleraar beleggingstheorie en vermogensbeheer aan de Rijksuniversiteit Groningen Casper de Vries, lid van de Wetenschappelijke Raad voor het Regeringsbeleid en hoogleraar monetaire economie aan de Erasmus School of Economics Abonneer je op de podcast Ga naar de pagina van het economenpanel en abonneer je op de podcast, ook te beluisteren via Apple Podcast, Spotify en elke maandag live om 11:10 uur in BNR Zakendoen. See omnystudio.com/listener for privacy information.

This week on Sinica, I chat with economic historian Andrew B. Liu of Villanova University about how to understand Trump's thinking on China and tariffs. Andy wrote about this in an excellent piece on N+1 called "Back to the 80s? Trump, Xi Jinping, and Tariffs." Check it out and then listen to the show!3:59 – How the U.S.'s current trade anxieties echo those of the ‘80s9:34 – How Cold War geopolitics shaped U.S.-Japan trade relations18:23 – The lessons China learned from Japan's experience and how it has shaped its recent economic strategy 21:03 – What Xi Jinping's vision for the Chinese economy actually looks like 34:26 – Why China is favoring a more Ford-like model of industrial structure41:28 – Michael Pettis's ideas from Trade Wars Are Class Wars and points of critique 52:44 – The Trump administration's use of tariffsPaying It Forward: Viola Zhou's reporting on Rest of World (especially her piece on Foxconn in India) and Dong Yige Recommendations:Andrew: Hetty Lui McKinnon's Substack for vegan modern Cantonese recipes Kaiser: The Substack of the Carter Center's U.S.-China Perception Monitor; and the essay “The new frontline: The US-China battle for control of global networks” on the Transnational Institute websiteSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, Erik Torenberg and Noah Smith discuss wide range of topics, including Trump's executive orders and their effects on U.S. politics, international tariffs, Michael Pettis's views on China's economy, the Middle East's potential with solar energy, and Europe's socio-political shifts, all through the lens of economics. --

Jak narastające nierówności zakłócają rozwój globalnej gospodarki i zagrażają pokojowi na świecie. Wiele wskazuje na to, że globalizacja w tradycyjnym sensie, oparta na nieograniczonym przepływie towarów, usług i kapitału, przechodzi w nową fazę. Moim Gościem był Hubert Stojanowski, DI Xelion. Zapraszam do rozmowy o książce "Wojny handlowe to wojny klasowe" -  Matthew C. Klein, Michael Pettis. (Wydawnictwo Prześwity) . Podróż bez Paszportu jest Patronem Medialnym książki.

Goldman Sachs Research's Hui Shan, chief China economist, and Peking University Guanghua School of Management's Michael Pettis discuss just how effective China's domestic policy stimulus will be in addressing the country's internal and external economic challenges. This episode explores the latest Top of Mind report, “Will China's policy stimulus be enough?”

Our modern global trading system is broken. How can we fix it?We seem to have moved beyond the free trade consensus of the globalization era. Few politicians today still publicly support the assumption that trade, unrestricted by national borders, makes everyone more prosperous. Under President Trump, the United States has wielded tariffs and industrial policy to reshape the international trade order to better serve American interests, and the Biden administration has upheld and doubled down on many of these. But these interventions do not yet add up to a new trade policy consensus.This week's episode dives into a provocative new argument: in order to achieve freer trade, the world needs more trade interventions. What is global trade policy doing wrong? What new trade rules are needed to create a system that both harnesses the benefits of free trade and preserves nations' freedom to direct their economies? And what policy interventions might help foster this future of freer trade? Sophia discusses these questions and more with Michael Pettis, a nonresident Senior Fellow for Carnegie China and expert on China's economy.Michael Pettis and Erica Hogan, "Trade Intervention for Freer Trade," Carnegie Endowment for International Peace, October 3, 2024.

The United States appears to be taking a stand against developing countries looking for an alternative to the dollar, which some experts say could backfire.美国似乎正在采取反对发展中国家寻求美元替代品的立场，一些专家认为这可能会适得其反。On Saturday evening, US President-elect Donald Trump threatened to impose 100 percent tariffs on BRICS countries — which include China and Russia — that do not use the dollar as their reserve currency.11月30日晚，美国当选总统唐纳德·特朗普威胁要对不使用美元作为储备货币的金砖国家（包括中国和俄罗斯）征收100%的关税。"The idea that the BRICS countries are trying to move away from the dollar while we stand by and watch is OVER," he wrote on his Truth Social website, referring to the bloc that also includes Brazil, India and South Africa, and newer members Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates.特朗普在他的“真实社交”网站上写道：“金砖国家正试图摆脱美元，我们不会对此袖手旁观。”他此番表态直指包括巴西、印度、南非，以及新成员埃及、埃塞俄比亚、伊朗、沙特阿拉伯和阿拉伯联合酋长国在内的金砖国家。"We require a commitment from these countries that they will neither create a new BRICS currency nor back any other currency to replace the mighty US dollar, or they will face 100 percent tariffs, and should expect to say goodbye to selling into the wonderful US economy," Trump added.特朗普补充说：“我们要求这些国家做出承诺，他们既不会创造新的金砖国家货币，也不会支持任何其他货币来取代强大的美元，否则他们将面临100%的关税，并且准备告别向美好的美国经济出售商品。”Last week, the president-elect said he would impose 25 percent tariffs on Canada and Mexico if they did not stem illegal immigration into the US, and would increase existing tariffs on China by 10 percent.上周，特朗普表示，如果加拿大和墨西哥不遏制非法移民进入美国，他将对这两个国家征收25%的关税，并将把对中国的现有关税提高10%。During his presidential campaign, Trump also floated 60 percent tariffs on all Chinese imports.在竞选总统期间，特朗普还提出对所有中国进口商品征收60%的关税。The Chinese embassy in Washington said on Nov 25 that China believes China-US economic and trade cooperation is "mutually beneficial in nature" and "no one will win a trade war or a tariff war".中国驻美国大使馆11月25日表示，中方认为中美经贸合作“本质是互利共赢”，“贸易战和关税战不会有赢家”。At a BRICS meeting in Kazan, Russia, last month, one of the main topics was a proposal by the host country of a payments messaging system called the "BRICS bridge "as an alternative to the Western-dominated SWIFT system, which was established in 1973 and is headquartered in Belgium.上个月在俄罗斯喀山举行的金砖国家领导人会晤中，主要议题之一是作为轮值主席国的俄罗斯提议建立一个名为“金砖之桥”的跨境支付体系，以替代西方主导的环球同业银行金融电讯协会系统（SWIFT）。环球同业银行金融电讯协会于1973年建立，总部设在比利时。Russian President Vladimir Putin, in a speech at the meeting, accused Western nations of "using the US dollar as a weapon" over his country's military conflict with Ukraine.俄罗斯总统弗拉基米尔·普京在会上发表讲话，指责西方国家在俄罗斯与乌克兰的军事冲突中“将美元作为武器”。"We are not rejecting or fighting the dollar. But if we are not given the chance to use it, what can we do? We are then forced to look for alternatives," Putin said.“我们不是拒绝美元，也不是反对美元。但如果我们没有使用美元的机会，我们能做什么呢？我们不得不寻找替代品。”普京说。Chen Qi, a professor at the Institute of International Relations at Tsinghua University in Beijing, told the Financial Times of London: "Non-Western emerging countries like China, Russia, India, or other countries, even Saudi Arabia, have the same kind of concerns about possibly one day being ousted by the United States from the SWIFT system. So if this substitute payment system comes out in the future, that would be welcomed by these (BRICS) countries."清华大学国际关系学院教授陈琪告诉英国《金融时报》：“非西方的新兴国家，如中国、俄罗斯、印度或其他国家，甚至是沙特阿拉伯，都有同样的担忧，担心有一天会被美国赶出SWIFT系统。因此，如果未来出现了这种替代支付系统，这些（金砖）国家将表示欢迎。”Ajay Srivastava, founder of the Global Trade Research Initiative in India, told the Times of India: "The US has a history of leveraging its influence over global financial systems, such as the SWIFT network, to impose unilateral sanctions. SWIFT — the Society for Worldwide Interbank Financial Telecommunication — is essential for secure and standardized international financial transactions.印度全球贸易研究倡议组织创始人阿贾伊·斯里瓦斯塔瓦告诉《印度时报》：“美国利用其对全球金融系统（如SWIFT网络）的影响力实施单边制裁的历史由来已久。环球银行金融电讯协会（SWIFT）对于安全和标准化的国际金融交易至关重要。”"By blocking countries like Russia and Iran from accessing SWIFT, the US has effectively weaponized the global financial infrastructure, forcing other nations to find alternative payment mechanisms to continue legitimate trade."“通过阻止俄罗斯和伊朗等国使用SWIFT，美国实际上已经将全球金融基础设施武器化，迫使其他国家寻找替代支付机制来继续合法贸易。”Srivastava said "Trump's threat is unrealistic".斯里瓦斯塔瓦表示，“特朗普的威胁不切实际”。"Tariffs of this scale would harm US consumers by raising domestic prices, disrupt global trade, and risk retaliation from key trading partners," he said. "A global shift away from (the) dollar is a complex process driven by economic diversification, not easily deterred by threats."“如此大规模的关税会提高国内物价，损害美国消费者的利益，扰乱全球贸易，并有可能遭到主要贸易伙伴的报复。”斯里瓦斯塔瓦说，“全球去美元化是一个由经济多样化驱动的复杂过程，不会轻易因威胁而停止。”Michael Pettis, a senior fellow at the Carnegie Endowment for International Peace, wrote on X: "The US cannot both reduce its trade deficit and increase the global dominance of USD because these impose diametrically opposed conditions.卡内基国际和平基金会高级研究员迈克尔·佩蒂斯在社交平台X上写道：“美国不可能既减少贸易赤字又提高美元在全球的主导地位，因为这两者影响了截然相反的情况。”"Reducing the trade deficit would benefit American businesses, workers and middle-class savers. Increasing USD dominance would benefit Wall Street and the sanctioning power of the US government. The US must decide which constituency is more important."“减少贸易赤字将有利于美国企业、工人和中产阶级储蓄者。提高美美元的主导地位将有利于华尔街和美国政府的制裁力量。美国必须决定哪个部分更重要。”In another post on X, AI Day Trading, a stock-trading service, wrote that the tariff threat could backfire: "The US has a $433.5 billion trade deficit with BRICS. None of the BRICS partners or candidate nations (more than 50 countries in total) have significant trade deficits with the US, with Vietnam posting a $104.62 billion surplus in 2023.股票交易服务公司AI Day Trading在社交平台X上写道，关税威胁可能会适得其反：“美国与金砖国家的贸易逆差高达4335亿美元。而金砖国家成员或其候选国（共50多个国家）中没有一个与美国有重大贸易逆差，越南在2023年的顺差为1046.2亿美元。”"The US depends on BRICS for a wide range of physical goods, from machinery and pharmaceuticals to rare earth minerals, with the bloc accounting for 40 percent to 70 percent of production in these sectors."“美国依赖金砖国家提供机械、药品、稀土矿物等各种实物商品，而金砖国家占据了这些行业生产的40%-70%。”backfirev. 产生事与愿违的不良（或危险）后果，适得其反diametricallyadv. 完全地；作为直径地trade deficit贸易逆差；贸易赤字tariff war关税战

Send us a textThe British government is closing in on a bailout of the Chinese owned British Steel in which taxpayers would inject £600 million pounds into the group.British Steel is one of only two manufacturers of “virgin steel” in the UK alongside Tata Steel at Port Talbot in Wales which some industry experts claim is strategically important. Tata is in more advanced talks of its own with the government over a similar bailout.The British government wants the steel mills to switch from using blast furnaces to more environmentally friendly electric arc furnaces at a cost of £1.25 billion to help achieve Britain's net zero goals. Unions warn that even if the deal is approved, 2,300 jobs would be lost, because EAF is far less labor-intensive than traditional production methods.Patrick's BooksStatistics For The Trading Floor:  https://amzn.to/3eerLA0Derivatives For The Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvCSupport The ChannelPatreon Page: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://buymeacoffee.com/patrickboyleContactVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle on YouTubeUseful LinksEd Conway Blog:https://edconway.substack.com/p/does-it-really-matter-if-we-cantMaterial World by Ed Conway: https://amzn.to/3z3LORc David C Barnett Small Business and Deal Making M&A SMBI discuss buying, selling, financing and managing small and medium sized businesses...Listen on: Apple Podcasts SpotifySupport the Show.

SHOW NOTES Episode 027 • August 26, 2024     FIRST STRAIN   News ‘n' Notes: New Band Directors   • Zoe Cohen to Clovis West High School   http://cloviswest.cwaim.org/directors-staff   https://dmlatraining.com/zoe-cohen/   https://www.linkedin.com/in/zoe-cohen-66ba2b1a2/   • Michael Pettis to The College of New Jersey:   www.facebook.com/TCNJBands/posts/pfbid0MKF37QQLackVpgA6ZApjzjp2gLBpJHBwwQHzJvxYse8A7ycGitUAdm7X6aoTkC9ul   • Lisa Hummel to Clarion University:   www.explorejeffersonpa.com/local/2024/08/14/hummel-exits-retirement-to-lead-golden-eagles-marching-band-150425/       SECOND STRAIN   Topic: Collingswood High School … …   www.inquirer.com/education/collingswood-high-school-hires-marching-band-music-director-bill-woodward-20240819.html   www.inquirer.com/education/collingswood-high-school-marching-band-music-director-resigns-20240723.html   https://www.njpen.com/remembering-collingswood-band-director-joseph-lerch/     TRIO   This week's interview guest: JUSTUS CARNEY   Friday Life: https://www.facebook.com/fridaylifeband/   UConn Marching Band's 2022 closer, “Firebird”: www.youtube.com/watch?v=ckjkxu2gf4c     DOGFIGHT   Topic: Tolsia HS Band uniform fundraiser   Story: wchstv.com/news/local/time-has-taken-a-toll-on-the-band-uniforms-at-tolsia-high-school   GoFundMe page: www.gofundme.com/f/support-mr-braggs-band-new-uniforms-needed     CODA: “A Friendly Seasonal PSA”   Elizabeth Spencer: collegiateparent.com/author/elizabeth-spencer/     FOLLOW US!   BandWagon RSS feed: feed.podbean.com/heyband/feed.xml BandWagon website: heyband.podbean.com BandWagon on Facebook: facebook.com/profile.php?id=61555170345309 BandWagon on Instagram: https://www.instagram.com/rhammerton1 Rob ("HammertonMedia") on Facebook: facebook.com/HammertonMedia Rob on X/Twitter: twitter.com/DrRob8487   SUBSCRIBE TO BANDWAGON!   https://www.podbean.com/site/podcatcher/index/blog/eg706GUVzixV   SEND US YOUR FEEDBACK!   Email: heybandwagon@yahoo.com Voicemail: speakpipe.com/HeyBandWagon

Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG. This interview was recorded on Friday, August 2, during Friday's sell-off but before the vicious sell-off on Monday. he did talk about the potential for an unwind of the yen carry trade before the crash in Japanese equities and the yen carry trade was widely blamed for Monday's steep decline. But Brent doesn't really care about being "right" he is an investor first and foremost. On that point, I think people perceive that a majority of his portfolio is based on the surging of the U.S. dollar but as he says it's a very small percentage and he recommends using this "cheap hedge" (for example buying calls on USDHKD) as a way to comfortably go long risk assets. He is also (and has been) a bull on gold and he remains *not* a bull on Treasurys (which he thinks some incorrectly think he is). __ Follow Brent Johnson on Twitter https://x.com/SantiagoAuFund Follow VanEck on Twitter https://x.com/vaneck_us Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ __ Timestamps: (00:00) Introduction (01:34) Brent's Market Views (06:56) Brent's Dollar View (13:44) VanEck Ad (14:26) Interview Continues (17:57) Potential For A "Fiscal Doom Loop" (19:41) People Have Been Calling For The End Of The Dollar For Longer Than Most People Have Been Alive, And It Hasn't Happened. Brent Is Betting That Those People Will Continue To Be Wrong For At Least A Little While Longer (20:20) People Have Been Calling For The End Of The Dollar For Longer Than Most People Have Been Alive, And It Hasn't Happened. Brent Is Betting That Those People Will Continue To Be Wrong For At Least A Little While Longer (26:07) Hedging For The Dollar Milkshake In A Responsible, Risk-Defined Way (36:46) Permissionless Ad (37:53) Connection Between Dollar and U.S. Stock Market (43:19) Potential For A Global Dollar Squeeze (48:37) Why The Rest of The World Suffers From A Stronger Dollar (01:02:00) Would Trump And Vance Ticket Succeed In Weakening The U.S. Dollar To Promote Exports? (01:04:51) Michael Pettis' Frameworks That U.S. Fiscal Deficit Is Large Because U.S. Trade Deficit Is Large (01:13:03) Does Weaponization of The U.S. Dollar Force De-Dollarization? (01:16:17) Brent's Views On Economy And Stock Market: He Doesn't Think U.S. Is Headed For A Recession __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG. Follow Michael Pettis on Twitter https://x.com/michaelxpettis Follow VanEck on Twitter https://x.com/vaneck_us Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ Recent writings by Michael Pettis: “Which Country Should Design U.S. Industrial Policy?”: https://carnegieendowment.org/china-financial-markets/2024/07/which-country-should-design-us-industrial-policy?lang=en “Trade and the Manufacturing Share”: https://www.phenomenalworld.org/analysis/trade-and-the-manufacturing-share/ “Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace”: https://www.amazon.com/Trade-Wars-Are-Class-International/dp/0300244177 __ Timestamps: (00:00) Introduction (01:18) The Problem With China's Investment-Driven Growth Model (09:52) Why Increasing China's Consumption Is So Hard (17:36) China's Plan To Reignite Economic Growth In China (20:43) Why China Will Follow Similar Path To Japan In Its Economic Decline In 1990s (24:03) Impact That Trade Surplus Countries (China, Germany, etc.) Have on Trade Deficit Countries (U.S., U.K., etc.) (28:06) VanEck Ad (28:46) Interview Continues (36:59) The Fall of The "Trade Is Always Good" Consensus Among Economists (49:58) Permissionless Ad (50:57) Is China "Cheating At Trade"? (57:19) The Three Things The U.S. Can Do To Respond To Its Role As "Global Consumer Of Last Resort" (01:01:53) Why U.S. Capital Controls Are Necessary To Truly Fix The American Trade Deficit (01:06:35) Both Trump and Biden Factions Are Determined To Resolve U.S.' Trade Imbalances (01:08:36) China's Move From Real Estate To Manufacturing Is Exacerbating Its Trade Surplus With The Rest Of The World (01:14:53) Chinese Real Estate Crisis Unlikely To Imperil The Chinese Banking System, Argues Pettis (Because The Government Is In Control) (01:18:58) What About The Chinese Shadow Banking System? (01:21:13) How Pettis Sees This All Playing Out (01:25:09) How Falling Real Estate Prices (And Stock Markets) Impact Sentiment In China __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Alex and Benjamin discuss the work of Michael Pettis, putting him in conversation with older theorists of imperialism like J.A. Hobson and Vladimir Lenin.

In this episode of All Things Policy hosted by Amit Kumar, Dr Michael Pettis, Professor of Finance at Peking University and Senior Fellow at Carnegie Endowment for International Peace (CEIP), answers several critical questions about China's economy. Dr. Pettis weighs on what China's domestic consumption situation looks like; the underlying contradiction between domestic consumption and export policy, and the feasibility of new drivers of the economy and new productive forces.See omnystudio.com/listener for privacy information.

On this episode of the American Compass Podcast, Oren is joined by Michael Pettis, senior fellow at the Carnegie Endowment, for an in-depth discussion of the dollar as the global reserve currency: pros, cons, and what it all means for the American economy.Further ReadingThe High Price of Dollar Dominance (Michael Pettis, Foreign Affairs)Bad Trade (Michael Pettis, American Compass)Talkin' (Policy) Shop: Balancing U.S. Trade

"Las Guerras Comerciales son Guerras de Clase" (Michael Pettis & Mathew c. Klein). Amado Gómez Ugarte y los disfraces.Leire Bereziartua, Jaime Sagardui y Arantxa Urretabizkaia en A Tres Bandas con Emakumeak Zientzian.Pauxa y las máscaras.Gorka Belamendia nos muestra al arao común.María Alcántara (GARLAN) y Arrate Lasa (UPV-EHU) en el Día Mundial de las Legumbres.Los límites del carnaval según Aitor Ventureira y Eder Rey(Tolosa, Santoña y Cádiz.Xabier Gutiérrez prepara Cogotes de Antxoa.Pre-Goyas desde Valladolid con Galder Pérez y Carlos Juárez, Lara Izagirre, Isabel Herguera e Itziar Lazkano....

There is no doubt that China's economy is struggling. After Chinese President Xi Jinping ended the country's zero-COVID policy a year ago, most economists expected growth to surge—but that never really happened, and deeper problems became apparent. So what are the exact causes of China's stagnation?  The economists Adam Posen, Zongyuan Zoe Liu, and Michael Pettis each have different answers. China's future—and the future of the United States' policy toward China—hinges on which of their answers is the right one. Foreign Affairs Executive Editor Justin Vogt spoke with them at a November 14 discussion co-hosted by the Peterson Institute for International Economics, of which Posen is president. Liu is the Maurice R. Greenberg fellow for China studies at the Council on Foreign Relations. Pettis is a senior fellow at the Carnegie China Center and professor of finance at Peking University. 

A podcast about how "passive income" money-making scams seem to have taken over the internet, and the economic implications of such scams.Patrick's Books:Statistics For The Trading Floor:  https://amzn.to/3eerLA0Derivatives For The Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvCPatreon Page: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://buymeacoffee.com/patrickboyleVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle YouTube Channel Support the show

Handelskriege werden in der Regel als Konflikte zwischen miteinander am Weltmarkt konkurrienden Staaten betrachtet. Selten wird dabei auf die Innenpolitik geblickt und noch weniger auf den Krieg zwischen den Klassen innerhalb eines Landes. „Trade Wars Are Class Wars“ heißt ein Buch von Matthew C. Klein und Michael Pettis, das einen bemerkenswerten Perspektivwechsel vorschlägt: Wie der Titel schon deutlich macht, gehen die Autoren davon aus, dass es vor allem die Ungleichheit innerhalb von Staaten ist, die dazu führt, dass Staaten in Handelskriege eintreten. Beispiele aus China, Deutschland und den USA verdeutlichen diese These. Dies ist ein keynesianischer Blick auf den globalen Kapitalismus, der jedoch manchen blinden Fleck hat, wie Ole Nymoen und Wolfgang M. Schmitt in der neuen Folge von „Wohlstand für Alle“ aufzeigen. WERBUNG: Zur neuen Folge des "dis:arm"-Podcasts geht es hier entlang: https://disarm.podigee.io/7-new-episode Weitere Informationen zu diesem Projekt der Rosa-Luxemburg-Stiftung findet ihr unter: https://www.rosalux.de/disarm Literatur: Matthew C. Klein/Michael Pettis: Trade Wars Are Class Wars. How Rising Inequality Distorts the Global Economy and Threatens International Peace, Yale University Press. Ihr könnt uns unterstützen - herzlichen Dank! Patreon: https://www.patreon.com/oleundwolfgang Steady: https://steadyhq.com/de/oleundwolfgang/about Paypal: https://www.paypal.me/oleundwolfgang Konto: Wolfgang M. Schmitt, Ole Nymoen Betreff: Wohlstand fuer Alle IBAN: DE67 5745 0120 0130 7996 12 BIC: MALADE51NWD Social Media: Instagram: Unser gemeinsamer Kanal: https://www.instagram.com/oleundwolfgang/ Ole: https://www.instagram.com/ole.nymoen/ Wolfgang: https://www.instagram.com/wolfgangmschmitt/ TikTok: https://www.tiktok.com/@oleundwolfgang Twitter: Unser gemeinsamer Kanal: https://twitter.com/OleUndWolfgang Ole: twitter.com/nymoen_ole Wolfgang: twitter.com/SchmittJunior Die gesamte WfA-Literaturliste: https://wohlstand-fuer-alle.netlify.app

China's growth model, marked by excessive investment and a high savings rate, has led to the accumulation of local government debt and a skewed balance between consumption and investment. In this episode of The Sound of Economics, Giuseppe Porcaro and Alicia García-Herrero explore this debt burden with Michael Pettis, exposing the structural problem in China's growth model which over-relies on investment. This episode is part of the ZhōngHuá Mundus series of The Sound of Economics. ZhōngHuá Mundus is a newsletter by Bruegel, bringing you monthly analysis of China in the world, as seen from Europe. Sign up now to receive it in your mailbox!

Oct 12, 2023 – Today, we're going to discuss the difficult issue of accurately measuring an economy's growth and then, secondly, the problem of actually trying to compare different economies in terms of their relative strength when...

China's economy emerged from the pandemic much weaker than before. Unemployment is up, exports are down and a burgeoning property crisis is having a devastating impact on local government finances.These changes in the economy are happening very fast, so quickly that's it difficult for experts to keep pace with what's happening, much less among those who don't closely follow Chinese economic trends -- particularly in developing countries.Michael Pettis, a senior fellow at the Carnegie Endowment for International Peace, is one of the world's foremost scholars on the Chinese economy. He joins Eric this week to discuss how the dramatic changes that are now taking place in China will impact countries throughout the Global South.SHOW NOTES:Amazon: Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace: https://amzn.to/46IiqelJOIN THE DISCUSSION:X: @ChinaGSProject| @stadenesque | @eric_olander | @michaelxpettisFacebook: www.facebook.com/ChinaAfricaProjectYouTube: www.youtube.com/@ChinaGlobalSouthFOLLOW CAP IN FRENCH AND ARABIC:Français: www.projetafriquechine.com | @AfrikChineعربي: www.akhbaralsin-africia.com | @AkhbarAlSinAfrJOIN US ON PATREON!Become a CAP Patreon member and get all sorts of cool stuff, including our Week in Review report, an invitation to join monthly Zoom calls with Eric & Cobus, and even an awesome new CAP Podcast mug!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

China's economy emerged from the pandemic much weaker than before. Unemployment is up, exports are down and a burgeoning property crisis is having a devastating impact on local government finances.These changes in the economy are happening very fast, so quickly that's it difficult for experts to keep pace with what's happening, much less among those who don't closely follow Chinese economic trends -- particularly in developing countries.Michael Pettis, a senior fellow at the Carnegie Endowment for International Peace, is one of the world's foremost scholars on the Chinese economy. He joins Eric this week to discuss how the dramatic changes that are now taking place in China will impact countries throughout the Global South.SHOW NOTES:Amazon: Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace: https://amzn.to/46IiqelJOIN THE DISCUSSION:X: @ChinaGSProject| @stadenesque | @eric_olander | @michaelxpettisFacebook: www.facebook.com/ChinaAfricaProjectYouTube: www.youtube.com/@ChinaGlobalSouthFOLLOW CAP IN FRENCH AND ARABIC:Français: www.projetafriquechine.com | @AfrikChineعربي: www.akhbaralsin-africia.com | @AkhbarAlSinAfrJOIN US ON PATREON!Become a CAP Patreon member and get all sorts of cool stuff, including our Week in Review report, an invitation to join monthly Zoom calls with Eric & Cobus, and even an awesome new CAP Podcast mug!www.patreon.com/chinaglobalsouth

Click my CoPilot https://go.mycopilot.com/PatrickBoyle link to get a 14-day FREE trial with your own personal trainer!China's economy has been struggling to reawaken from an economic shutdown that was officially ended last year.  Chinese authorities are now reported to be pressuring economists and analysts within the country to avoid discussing any negative trends and to avoid using the word deflation, as concerns grow about the leaderships' ability to stimulate the economy. In April consumer confidence fell back to the lows of 2022, according to China's National Bureau of Statistics, which promptly stopped releasing the figure.The Chinese government, facing an expected seventh consecutive monthly increase in youth unemployment, two weeks ago announced that it was suspending the release of that data. On top of this, the demographic problems brought about by the one-child policy are growing.Michael Pettis Blog Link: https://carnegieendowment.org/chinafinancialmarkets/89466Patrick's Books:Statistics For The Trading Floor:  https://amzn.to/3eerLA0Derivatives For The Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvCPatreon Page: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://buymeacoffee.com/patrickboyleVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle YouTube Channel Support the show

China's economic troubles continue, prompting the country's central bank today to cut interest rates for the second time in three months. However, the bank unexpectedly kept the five-year rate unchanged. Markets were expecting Beijing to offer more support for the property sector which makes up around 25% of the economy. Joining Julia to discuss is Michael Pettis, professor of finance at Peking University's Guanghua School of Management, where he specializes in Chinese financial markets. To learn more about how CNN protects listener privacy, visit cnn.com/privacy

Hosts: Ansel Lindner and Nolan Bauerle Watch this Episode: YouTube  ||  Rumble  Fed Watch is a macro podcast with a clear contrarian thesis of a deflationary breakdown of the financial system leading to bitcoin adoption. We question narratives and schools of thought, and try to form new understanding. Each episode we use current events to question mainstream and bitcoin narratives across the globe, with an emphasis on central banks and currencies.  Find all charts and links at bitcoinandmarkets.com/fed155 In this episode, Nolan Bauerle and I dig into US and Chinese CPI, and discuss what it means for the global economy. We also start off the show as usual by examining the Bitcoin chart and some related news. US CPI came in under expectations. Month-over-month was 0.2% (m/m) and year-over-year was 3.2% (y/y). Some people might not understand the importance of following CPI as closely as we do. However, we feel it is important to understand money and confirm our predictions based on my geoeconomic theory. So far, it has been very accurate, confirming my theories and adding more weight to my predictions and forecasts about Bitcoin itself. We went through lots of charts on CPI, honing in on CPI ex-shelter. It is roughly zero, and since shelter is a lagging indicator without a mind of its own, we can predict shelter, too, will come down toward zero or even negative being highly likely. Next, we cover Chinese CPI and PPI which show a massive global economic slowdown is upon us. Their headline y/y CPI went negative at -0.3%, and their PPI came in at -4.4%! Much of the world is going to enter a big recession in the second half of 2023, but the US will be able to avoid it for the time being. Thanks for joining us! If you are reading this, hit the like and subscribe button! Constant updates on bitcoin and macro Free weekly Bitcoin Fundamentals Report Find More and Follow Ansel Lindner On Twitter Nolan Bauerle On Twitter  Q2 GDP article Michael Pettis tweet thread If you enjoy this content please LIKE, SUBSCRIBE, REVIEW on iTunes, and SHARE! Written by Ansel Lindner Lower your time preference and lock-in your Bitcoin 2024 and Bitcoin Amsterdam conference tickets today!!! Use promo code BMLIVE for 10% off your tickets! https://b.tc/conference/ Use promo code BMLIVE for 10% off everything in our store! https://store.bitcoinmagazine.com/ THIS EPISODE'S SPONSORS: Moon Mortgage  River Bitcoin 2023 Miami  Bitcoin Magazine  Bitcoin Magazine Pro

Hosts: Ansel Lindner and Christian Keroles Watch this Episode: YouTube  ||  Rumble  Fed Watch is a macro podcast with a clear contrarian thesis of a deflationary breakdown of the financial system leading to bitcoin adoption. We question narratives and schools of thought, and try to form new understanding. Each episode we use current events to question mainstream and bitcoin narratives across the globe, with an emphasis on central banks and currencies.  Find all charts and links at bitcoinandmarkets.com/fed153 In this episode, we discuss breaking news about Ripple vs SEC, get CK's bitcoin ETF thoughts, talk US CPI and forecasts for CPI going forward, bitcoin price, the dollar, and the new Lummis “crypto” bill proposed in the US Senate. There was a summary judgment in the Ripple vs SEC case right before we went LIVE. There is mass confusion out there right now, about what this ruling actually means. We read some legal opinions and discuss. The big story for this episode is US CPI crashing to under 3%. We cover the charts and talk about being right about “transitory” all along. Now that CPI has returned to “normal” the next discussion you'll hear from macro pundits is about recession. We discuss seasonal timing, and what to expect for recession, CPI, and from the Federal Reserve going forward. Next up, we cover the dollar which has had an amazingly weak last few days, crashing to new cycle lows. What exactly is happening with the dollar is not clear yet. There is trouble with the Chinese yuan, so perhaps this is manipulation by the Chinese. We'll have to wait and see how this goes, but I personally do not expect the dollar weakness dramatically. It should rally soon enough. Lastly, we discuss the new “crypto” bill introduced in the US Senate by Senator Lummis. It has a lot of language around “crypto assets” and “crypto asset intermediaries” that seems to try and let all the scammers off the hook. We conclude that this bill will likely not make it very far. Thanks for joining us! If you are reading this, hit the like and subscribe button! Constant updates on bitcoin and macro Free weekly Bitcoin Fundamentals Report Ansel Lindner On Twitter Christian Keroles On Twitter Q2 GDP article Michael Pettis tweet thread If you enjoy this content please LIKE, SUBSCRIBE, REVIEW on iTunes, and SHARE! Written by Ansel Lindner Lower your time preference and lock-in your BITCOIN 2024 Nashville conference tickets today! Use the code BMLIVE for a 10% Discount! ⁠⁠⁠https://b.tc/conference/2024⁠⁠⁠ Use promo code: BMLIVE for 10% off everything in our store THIS EPISODE'S SPONSORS: Moon Mortgage  River Bitcoin 2023 Miami  Bitcoin Magazine  Bitcoin Magazine Pro Find More and Follow

Tune in to "The More Freedom Foundation" as we look into the intricacies of the Chinese economic slowdown and illustrate intriguing parallels with Japan's economic history. In the past few decades, China's meteoric rise has captured the world's attention, transforming it into an economic powerhouse. However, like any economic giant, it is not immune to the ebbs and flows of the global economic tides. Lately, signs of a slowdown have emerged, raising questions about its implications for China and the world. But is there something even worse in store? From the 1990s until the 2010s Japan endured decades of stagnation. There are many reasons, including demographic decline and dependence on foreign trade for economic growth, that make it seem possible that China will experience something similar. This would be a great tragedy for China, and for the world in general. Join Rob & Ruairi as they tease out some of arguments for and against the Japanification of China's economy, now and in the future. This episode was greatly informed by the work of the Odd Lots podcast, Money & Macro Talks, Richard Koo & Michael Pettis. ⁠⁠⁠Patreon⁠⁠⁠ ⁠⁠⁠Website⁠⁠⁠ ⁠⁠⁠Books⁠⁠⁠ ⁠⁠⁠Twitter⁠⁠⁠ ⁠⁠⁠TikTok

From Alipay's QR codes to PayPal, it's never been easier to move money around. Central banks are even considering their own digital currencies. And all that cross-border cashlessness has some wondering about the dollar's international dominance.On this week's podcast, hosts Mike Bird and Tom Lee-Devlin examine the risks to the world's reserve currency. The Economist's Arjun Ramani explains how far digital payments have come; Mairead McGuinness, European Commissioner for financial services, discusses ambitions for a digital euro; and Michael Pettis from Peking University explains the costs inherent in hosting a reserve currency.We would love to hear from you. Please fill out our listener survey at economist.com/moneytalkssurveySign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at www.economist.com/moneytalks For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer Hosted on Acast. See acast.com/privacy for more information.

From Alipay's QR codes to PayPal, it's never been easier to move money around. Central banks are even considering their own digital currencies. And all that cross-border cashlessness has some wondering about the dollar's international dominance.On this week's podcast, hosts Mike Bird and Tom Lee-Devlin examine the risks to the world's reserve currency. The Economist's Arjun Ramani explains how far digital payments have come; Mairead McGuinness, European Commissioner for financial services, discusses ambitions for a digital euro; and Michael Pettis from Peking University explains the costs inherent in hosting a reserve currency.We would love to hear from you. Please fill out our listener survey at economist.com/moneytalkssurveySign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at www.economist.com/moneytalks For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer Hosted on Acast. See acast.com/privacy for more information.

Michael Pettis, Professor of Finance at Peking University and senior fellow at the Carnegie Endowment for International Peace, joins Jack Farley to share his thoughts on the Chinese economic growth model, which Pettis argues faces severe challenges. __ Today's show is brought to you by VanEck. Go to https://vaneck.com/ForwardGuidance to access VanEck's Income Investing Yield Monitor. __ Follow @vaneck_us on Twitter, this episode's sponsor https://twitter.com/vaneck_us Follow Michael Pettis on Twitter https://twitter.com/michaelxpettis Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ Timestamps: (00:00) Intro (00:40) China's Economic Growth Model (18:32) The Explosion of Debt in China (26:01) Van Eck ad (26:51) Domestic Consumption In China (35:04) How The Chinese Banking System Actually Works (39:04) Beijing's Controlled Demolition Of The Chinese Real Estate Bubble (43:20) Trade Imbalances Have Facilitated Massive Debt Creation in The U.S. And China (49:01) Why China's Use Of The Dollar Will Likely Continue (01:00:46) The Chinese Stock Market Does Not Track The Chinese Economy (01:02:45) Is The People's Bank Of China Adding Liquidity? (01:04:55) Chinese Growth in 2023 Could Actually Be Strong Relative To The U.S. (01:08:28) Closing Thoughts On Long-Term Chinese Economic Growth: Why The Pessimists Aren't Pessimistic Enough

The BRICS nations have been discussing the idea of creating a new currency to facilitate overseas trade. The idea was put forth by Russia as it faces economic sanctions from the West over its invasion of Ukraine.Meanwhile, some of the BRICS countries have already ditched dollar and are now trading in their local currencies.Brazil and China signed an agreement last month to abandon the dollar as an intermediary and settle bi-lateral trade in their own currencies and as many as 18 countries have agreed to trade with India in Indian rupees.So, does a Brics currency for international trade makes sense, how likely it is that the world would move away from using the US dollar, and would the dollar losing its global dominance actually be bad for America and Americans?Patrick's Books:Statistics For The Trading Floor:  https://amzn.to/3eerLA0Derivatives For The Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvCPatreon Page: https://www.patreon.com/PatrickBoyleOnFinanceVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle YouTube Channel Support the show

China's zero-Covid policy continues to wreak havoc on the country's economy. Joining Julia to discuss is Michael Pettis, a nonresident senior fellow at the Carnegie Endowment for International Peace. An expert on China's economy, Pettis is professor of finance at Peking University's Guanghua School of Management, where he specializes in Chinese financial markets.To learn more about how CNN protects listener privacy, visit cnn.com/privacy

Just when you thought the relief rally could be trusted, a new threat emerges.Check The Lead-Lag Report on your favorite social networks.Twitter: https://twitter.com/leadlagreportYouTube: https://www.youtube.com/c/theleadlagreportFacebook: https://www.facebook.com/leadlagreportInstagram: https://instagram.com/leadlagreport                Sign up for The Lead-Lag Report at www.leadlagreport.com and use promo code PODCAST30 for 2 weeks free and 30% off.                Nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities.                The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions.See disclosures for The Lead-Lag Report here: The Lead-Lag Report (leadlagreport.com)Being an EngineerIndustry knowledge & best practices that will accelerate your engineering learning curve.Listen on: Apple Podcasts Spotify Dirt Road DiscussionsAnything and everything about agriculture. We talk to captivating people who are...Listen on: Apple Podcasts Spotify

Michael Pettis, professor of finance at the Guanghua School of Management at Peking University in Beijing and coauthor of Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace, discusses China's growth prospects after the Twentieth National Congress.

In Episode 265 of Hidden Forces, Demetri Kofinas speaks with Michael Howell. Michael is the CEO of CrossBorder Capital, a London-based, independent research and investment company that provides asset allocation and capital markets advice to institutional investors. This conversation is a natural follow-up to our recent episodes with Lev Menand on the shadow banking system and Eric Basmajian on economic cycles. Specifically, the credit cycle and its leading impact on the economy and asset prices. But this conversation with Michael also pulls directly from other episodes as well with guests like Michael Pettis on global trade and finance, Claudio Borio on financial instability, Brent Johnson on the Revenge of the Dollar, James Aitken on Digital Currency and the Pivot to Asia, Russel Napier on the New Economic Order and the Asian Financial Crisis, and of course, one of my absolute favorites, a conversation with Kevin Coldiron, Tim Lee, and Jamie Lee on the role of the US Dollar as an international funding currency and as the primary driver of recurring systemic crises in the international financial system. Global liquidity is a term that every single person working in finance and in financial media has not only heard of but has probably used at one point or another. And yet, if you were to ask most people what this term means or what it refers to they would be hard pressed to give you a clear or uniform answer. This is because the drivers of global liquidity, namely the financial and exchange rate relationships within and between countries and the determinants of cross-border flows of money, securities, goods and services, are constantly changing. In the process, they have become, in the words of Michael Howell, “the new weapons in the escalating Capital Wars between the U.S., Europe, and China,” the last of which has a vested interest in not only the long-term stability of the international financial system but perhaps even the eventual aim of displacing the Dollar in favor of the Yuan as the fulcrum around which international trade and commerce is eventually invoiced and credited The goal of today's conversation is not only to help you gain a deeper appreciation for what global liquidity is and the geopolitical and economic forces driving it but to also help you understand how it impacts you and your portfolio directly through the outsized role that it has on shaping economic outcomes and asset prices. This comes at a time when this very liquidity is receding faster than at any point since the Great Financial Crisis and by some measures, even quicker. You can access the full episode, transcript, and intelligence report to this week's conversation, along with the additional material provided by Michael Howell by going directly to the episode page at HiddenForces.io and clicking on "premium extras." All subscribers gain access to our premium feed, which can be easily added to your favorite podcast application. If you enjoyed listening to today's episode of Hidden Forces you can help support the show by doing the following: Subscribe on Apple Podcasts | YouTube | Spotify | Stitcher | SoundCloud | CastBox | RSS Feed Write us a review on Apple Podcasts & Spotify Subscribe to our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe & Support the Podcast at https://hiddenforces.io Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 08/02/2022

Michael Pettis is Professor of Finance at Peking University's Guanghua School of Management. He started his career in banking in 1987 just in time for the tidal wave of emerging market defaults and the birth of the Brady Bond restructurings. He has been a trader, investment banker, and advisor to countries on capital markets strategies all while teaching at Columbia University. Professor Pettis has authored four books (the most recently Trade Wars Are Class Wars (Yale University Press, 2021) with Matthew C. Klein), is a Senior Fellow at the Carnegie Endowment for International Peace, and is a frequent guest on BBC, NPR, Bloomberg Radio, and podcasts. He has written for the Financial Times, Wall Street Journal, and New York Times. A loose confederation of his former students is active in a variety of significant financial positions around the world and refer to themselves as "The Pettis Group." Robert Kowit began a career in investing in 1972, working in International Fixed Income and Foreign Exchange as a Senior Vice President at White Weld, Kidder Peabody, and as a Director of Midland Montagu. Moving to the buy-side in 1990, he was Senior Vice President and Head of International Fixed Income at John Hancock and then at Federated Investors until his retirement. He currently participates on committees of the International Chamber of Commerce and the International Trade and Forfaiting Association on ways to attract more financial investors to trade finance assets. Robert is a contributor to the IMF World Bank Handbook, “Developing Government Bond Markets" and key speaker at the IMF World Bank Annual General Meeting. He is also lead author of the peer-reviewed paper, “Trade Finance as a Financial Asset: Risks and Risk Management For Non-Bank Investors” and most recently a contributor to Trade Wars Are Class Wars. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Michael Pettis is Professor of Finance at Peking University's Guanghua School of Management. He started his career in banking in 1987 just in time for the tidal wave of emerging market defaults and the birth of the Brady Bond restructurings. He has been a trader, investment banker, and advisor to countries on capital markets strategies all while teaching at Columbia University. Professor Pettis has authored four books (the most recently Trade Wars Are Class Wars (Yale University Press, 2021) with Matthew C. Klein), is a Senior Fellow at the Carnegie Endowment for International Peace, and is a frequent guest on BBC, NPR, Bloomberg Radio, and podcasts. He has written for the Financial Times, Wall Street Journal, and New York Times. A loose confederation of his former students is active in a variety of significant financial positions around the world and refer to themselves as "The Pettis Group." Robert Kowit began a career in investing in 1972, working in International Fixed Income and Foreign Exchange as a Senior Vice President at White Weld, Kidder Peabody, and as a Director of Midland Montagu. Moving to the buy-side in 1990, he was Senior Vice President and Head of International Fixed Income at John Hancock and then at Federated Investors until his retirement. He currently participates on committees of the International Chamber of Commerce and the International Trade and Forfaiting Association on ways to attract more financial investors to trade finance assets. Robert is a contributor to the IMF World Bank Handbook, “Developing Government Bond Markets" and key speaker at the IMF World Bank Annual General Meeting. He is also lead author of the peer-reviewed paper, “Trade Finance as a Financial Asset: Risks and Risk Management For Non-Bank Investors” and most recently a contributor to Trade Wars Are Class Wars. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science

Michael Pettis is Professor of Finance at Peking University's Guanghua School of Management. He started his career in banking in 1987 just in time for the tidal wave of emerging market defaults and the birth of the Brady Bond restructurings. He has been a trader, investment banker, and advisor to countries on capital markets strategies all while teaching at Columbia University. Professor Pettis has authored four books (the most recently Trade Wars Are Class Wars (Yale University Press, 2021) with Matthew C. Klein), is a Senior Fellow at the Carnegie Endowment for International Peace, and is a frequent guest on BBC, NPR, Bloomberg Radio, and podcasts. He has written for the Financial Times, Wall Street Journal, and New York Times. A loose confederation of his former students is active in a variety of significant financial positions around the world and refer to themselves as "The Pettis Group." Robert Kowit began a career in investing in 1972, working in International Fixed Income and Foreign Exchange as a Senior Vice President at White Weld, Kidder Peabody, and as a Director of Midland Montagu. Moving to the buy-side in 1990, he was Senior Vice President and Head of International Fixed Income at John Hancock and then at Federated Investors until his retirement. He currently participates on committees of the International Chamber of Commerce and the International Trade and Forfaiting Association on ways to attract more financial investors to trade finance assets. Robert is a contributor to the IMF World Bank Handbook, “Developing Government Bond Markets" and key speaker at the IMF World Bank Annual General Meeting. He is also lead author of the peer-reviewed paper, “Trade Finance as a Financial Asset: Risks and Risk Management For Non-Bank Investors” and most recently a contributor to Trade Wars Are Class Wars. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/world-affairs

Michael Pettis is Professor of Finance at Peking University's Guanghua School of Management. He started his career in banking in 1987 just in time for the tidal wave of emerging market defaults and the birth of the Brady Bond restructurings. He has been a trader, investment banker, and advisor to countries on capital markets strategies all while teaching at Columbia University. Professor Pettis has authored four books (the most recently Trade Wars Are Class Wars (Yale University Press, 2021) with Matthew C. Klein), is a Senior Fellow at the Carnegie Endowment for International Peace, and is a frequent guest on BBC, NPR, Bloomberg Radio, and podcasts. He has written for the Financial Times, Wall Street Journal, and New York Times. A loose confederation of his former students is active in a variety of significant financial positions around the world and refer to themselves as "The Pettis Group." Robert Kowit began a career in investing in 1972, working in International Fixed Income and Foreign Exchange as a Senior Vice President at White Weld, Kidder Peabody, and as a Director of Midland Montagu. Moving to the buy-side in 1990, he was Senior Vice President and Head of International Fixed Income at John Hancock and then at Federated Investors until his retirement. He currently participates on committees of the International Chamber of Commerce and the International Trade and Forfaiting Association on ways to attract more financial investors to trade finance assets. Robert is a contributor to the IMF World Bank Handbook, “Developing Government Bond Markets" and key speaker at the IMF World Bank Annual General Meeting. He is also lead author of the peer-reviewed paper, “Trade Finance as a Financial Asset: Risks and Risk Management For Non-Bank Investors” and most recently a contributor to Trade Wars Are Class Wars. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/public-policy

Michael Pettis is Professor of Finance at Peking University's Guanghua School of Management. He started his career in banking in 1987 just in time for the tidal wave of emerging market defaults and the birth of the Brady Bond restructurings. He has been a trader, investment banker, and advisor to countries on capital markets strategies all while teaching at Columbia University. Professor Pettis has authored four books (the most recently Trade Wars Are Class Wars (Yale University Press, 2021) with Matthew C. Klein), is a Senior Fellow at the Carnegie Endowment for International Peace, and is a frequent guest on BBC, NPR, Bloomberg Radio, and podcasts. He has written for the Financial Times, Wall Street Journal, and New York Times. A loose confederation of his former students is active in a variety of significant financial positions around the world and refer to themselves as "The Pettis Group." Robert Kowit began a career in investing in 1972, working in International Fixed Income and Foreign Exchange as a Senior Vice President at White Weld, Kidder Peabody, and as a Director of Midland Montagu. Moving to the buy-side in 1990, he was Senior Vice President and Head of International Fixed Income at John Hancock and then at Federated Investors until his retirement. He currently participates on committees of the International Chamber of Commerce and the International Trade and Forfaiting Association on ways to attract more financial investors to trade finance assets. Robert is a contributor to the IMF World Bank Handbook, “Developing Government Bond Markets" and key speaker at the IMF World Bank Annual General Meeting. He is also lead author of the peer-reviewed paper, “Trade Finance as a Financial Asset: Risks and Risk Management For Non-Bank Investors” and most recently a contributor to Trade Wars Are Class Wars. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Michael Pettis for a discussion on China. Finance professor at Peking University's School of Management and senior fellow at the Carnegie-Tsinghua Center for Global Policy, Michael Pettis worked on Wall Street from 1987 at notable firms such as JPMorgan, First Boston and Bear Stearns. With Pettis' expertise, he provides a deep dive on the Chinese economic growth model and how factors such as debt, demographics and deleveraging will effect China's growth model looking forward. With Beijing acknowledging that the past 30 years of economic growth will not work for China going forward, what does this entail for the country's strategy over the next decade and beyond? To find out, you'll have to tune in! --  Follow : https://twitter.com/michaelxpettis Follow Alfonso: https://twitter.com/MacroAlf  Follow Blockworks: https://twitter.com/Blockworks_  Subscribe To The Macro Compass: https://themacrocompass.substack.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ --  Referenced In The Show:  China, U.S. lead rise in global debt to record high $305 trillion - IIF: https://www.marketscreener.com/news/latest/China-U-S-lead-rise-in-global-debt-to-record-high-305-trillion-IIF--40468591/ The one-child policy in China: https://www.centreforpublicimpact.org/case-study/chinas-one-child-policy/ China: To Invest or Not To Invest?: https://themacrocompass.substack.com/p/china-to-invest-or-not-to-invest?s=r#details China posts record trade surplus in Dec and 2021 on robust exports: https://www.reuters.com/markets/currencies/chinas-exports-imports-grow-more-slowly-december-2022-01-14/ --  Timestamps: (00:00) Introduction  (00:46) The Chinese Model For Growth (06:41) Demographics & Consumption In China (12:02) China's Strategy In The Next Decade & Beyond (21:06) The Great Deleveraging -- Disclaimer: Nothing discussed on Boiler Room should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Jorge Fontevecchia en entrevista con el profesor de Finanzas de la Universidad de Pekín

Matthew Klein is the author of The Overshoot, a newsletter that helps readers make sense of the global economy. Matthew also closely follows Eastern Europe and Russia, has written on the economics of the Russian-Ukraine War, and is a returning guest to the podcast. Matthew rejoins David on Macro Musings to discuss this conflict and its broader economic implications. Specifically, Matthew and David discuss the historical context dating back to the Soviet Union and leading up to this conflict, how Russia's economy has been historically linked to Ukraine's, the consequences of Europe's reliance on Russian fossil fuel exports, and the implications of global sanctions against Russia for dollar dominance, globalization, and inflation.   Check out Ideas of India: https://www.discoursemagazine.com/tag/ideas-of-india-podcast/, and subscribe to Ideas of India on your favorite podcast app.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Matthew's Twitter: @M_C_Klein Matthew's Substack: https://theovershoot.co/about   Related Links:   *Trade Wars or Class Wars* by Matthew C. Klein and Michael Pettis https://www.amazon.com/Trade-Wars-Are-Class-International/dp/0300244177   *Russia Was Already Cutting Off Europe's Gas Before Invading Ukraine. What Can Be Done?* by Matthew Klein https://theovershoot.co/p/russia-was-already-cutting-off-europes?s=r   David's Twitter: @DavidBeckworth David's blog: http://macromarketmusings.blogspot.com/

Former macro hedge fund manager, Hugh Hendry, again invites his former investment colleague, Tom Roderick, to review the global macro landscape.  This week they argue over inflation. Hugh is sceptical, Tom less so. The gonzo investor rails against the media's shock and outrage on witnessing higher prices. “We closed the world for more than a year and then jolted it back to life with the greatest ever cash incentive to buy...why are we surprised that some prices have surged?” bellows Hugh from his cave in St Barts.  The boys consider a means to overcoming their differences and suggest that the Fed should take note. Tom has an ingenious idea – The Rule of 2 %. That the Fed should only announce a hike in rates should the 10-year Treasury yield breach 2%. But could the Fed ever admit to its lack of omnipotence in the rate setting arena even though the bond market always calls it right? Tom then explains why macro managers own gold in their hedge funds - hint, it's the cheapest inflation hedge. This is macro conjecture for grown-ups and part I concludes with a review of a recent and revelatory thread by Michael Pettis, a prominent macro economist. Does China's undervalued exchange rate and / or low wages export deflation onto an unsuspecting West? The boys de-construct the logic to confirm that yes, it is trade policy and not interest rates that govern our financial universe. Unless surplus nations mend their ways, risk-free rates will likely remain pinned to the floor and cautious investors will continue to forgo maximising future returns in favour of avoiding even greater losses.  

For this special collaborative episode of The New Bazaar, Cardiff has teamed up with his friend and former colleague Matt Klein, who writes The Overshoot newsletter. Matt and Cardiff spend the episode carefully -- and without jargon -- walking listeners through the data on the US economy. Is the economy back to its pre-pandemic strength? What about jobs? How much are people getting paid? What's the deal with inflation? Is there anything surprising about the economy that more people should be aware of? They answer all these questions and more. Matt is Cardiff's favorite economic data sleuth because of his rare ability to make sense of an enormous variety of economic indicators, arriving at nuanced but intelligible conclusions. So if you've wanted one podcast episode that tells you, in plain language, just where the economy is right now, this is it. And as a bonus, Matt has simultaneously written a special post at The Overshoot, which you can find via the link below, adding details and analysis to their chat. Go check it out! Links from the episode:Matt is on Twitter at @M_C_KleinThe Overshoot, by Matt Klein (https://tinyurl.com/7m4ze4ef)Trade Wars are Class Wars, by Matt Klein and Michael Pettis (https://tinyurl.com/cf7bj84j)Cardiff and Aimee are on Twitter at @CardiffGarcia and @AimeePKeaneSend us an email! You can write to us at hello@bazaaraudio.com See acast.com/privacy for privacy and opt-out information.

The implosion of Evergrande continues. And nobody knows exactly how the losses will be distributed. What will be the impact on creditors or people who have put down payments on homes that haven't been built yet? And what will the ripple effects be on other credits? In addition to the financial fallout, there's also a macro angle. Real estate is extremely important to the Chinese economy for all kinds of reasons. And what happens in China has effects on all of its trading partners. To explain what comes next, we spoke with Peking University Finance Professor and Senior Carnegie Fellow Michael Pettis. See omnystudio.com/listener for privacy information.