Podcasts about sovereigns

This episode, we talk about two monumental projects that were started in this reign.  One was the historiographical project that likely led to the creation of the Kojiki and the Nihon Shoki.  And then there was the start of the first permanent capital city:  the Fujiwara Capital. Listen to the episode and find more on our website:  https://sengokudaimyo.com/podcast/episode-143   Rough Transcript   Welcome to Sengoku Daimyo's Chronicles of Japan.  My name is Joshua and this is Episode 143: Temmu's Monumental Projects     Ohoama sat astride his horse and looked out at the land in front of him.   He could still see the image of the rice fields, now long fallow, spreading out on the plain.  To the north, east, and west, he could see the mountains that would frame his vision.  As his ministers started to rattle off information about the next steps of the plan, Ohoama began to smile.  He thought of the reports his embassies to the Great Tang had brought back, about the great walled cities of the continent.  In his mind's eye, Ohoama envisioned something similar, rising up on the plain in front of him. There would be an earth and stone wall, surrounding the great city.  The gates would be grand, much like the temples, but on an even greater scale.  Houses would be packed in tight, each within their own walled compounds.  In the center painted red and white, with green accents, would be a palace to rival any other structure in the archipelago.  The people would stream in, and the city would be bustling with traffic. This was a new center, from which the power of Yamato would be projected across the islands and even to the continent.   Greetings everyone, and welcome back.  This episode we are still focused on the reign of Ohoama, aka Temmu Tennou, between the years 672 and 686. Last episode we talked about the Four Great Temples—or the Four National Temples.  Much of this episode was focused on the rise and spread of Buddhism as we see in the building of these national temples, but also on the changes that occurred as the relationship between Buddhism and the State evolved.  This was part of Ohoama's work to build up the State into something beyond what it had been in the past—or perhaps into something comparable to what they believed it to have been in the past.  After all, based on the size of the tomb mounds in the kofun period, it does seem that there was a peak of prosperity in the 5th century, around the time of Wakatakeru, aka Yuryaku Tennou, and then a decline, to the point that the lineage from Wohodo, aka Keitai Tennou, seemed to have come in during a time when they were rebuilding Yamato power and authority. This episode we are going to talk about two projects that Ohoama kicked off during his reign.  He wouldn't see the completion of either one, since both took multiple decades to complete, but both focused on linking the past and the future.  The first we'll talk about is a new attempt to gather historical documents and records—the last time that was done was in the time of Kashikiya Hime, over 50 years ago.  That was during the height of Soga power.  Since then a lot had changed, and presumably there were even more stories and records that had been written down.  Plus the tide had changed.  So they needed to update—and maybe even correct—the historical record. But beyond that, there was a greater goal: Ohoama and his court also needed to make sure that the past was something that they wanted to go back to, among other things. The other thing we are going to discuss is the start of a project to build a brand new capital city.  And when we talk a bout city, we really mean a city.  This was a massive undertaking, likely unlike anything that we've seen so far.  Sure, there had been monumental building projects, but this was something that was going to take a lot more work - how much more monumental could you get than a new city?  And it would create a physical environment that would be the embodiment of the new centralization of power and authority, and the new state that Ohoama was building, with his administration—and Yamato—at the center.   Let's start with the big ones.  First and foremost, we have the entry from the 17th day of the 3rd month of the 681.  Ohoama gave a decree from the Daigokuden to commit to writing a Chronicle of the sovereigns and various matters of high antiquity.  Bentley translates this as saying that they were to record and confirm the Teiki, which Aston translated as the Chronicle of the Sovereigns, and various accounts of ancient times.  This task was given out to a slew of individuals, including the Royal Princes Kawashima and Osakabe; the Princes Hirose, Takeda, Kuwada, and Mino; as well as Kamitsukenu no Kimi no Michichi, Imbe no Muraji no Kobito, Adzumi no Muraji no Inashiki, Naniwa no Muraji no Ohogata, Nakatomi no Muraji no Ohoshima, and Heguri no Omi no Kobito.  Ohoshima and Kobito were specifically chosen as the scribes for this effort.  We aren't told what work was started at this time.  Aston, in his translation of the Nihon Shoki, assumes that this is the start of the Kojiki.  Bentley notes that this is the first in a variety of records about gathering the various records, including gathering records from the various families, and eventually even records from the various provinces.  And I think we can see why.  Legitimizing a new state and a new way of doing things often means ensuring that you have control of the narrative.  Today, that often means doing what you can to control media and the stories that are in the national consciousness.  In Ohoama's day, I'd argue that narrative was more about the various written sources, and how they were presented.  After all, many of the rituals and evidence that we are looking at would rely on the past to understand the present.  The various family records would not only tell of how those families came to be, but would have important information about what else was going on, and how that was presented could determine whether something was going to be seen as auspicious, or otherwise.  Even without getting rid of those records, it would be important to have the official, State narrative conform to the Truth that the state was attempting to implement. Ultimately, there is no way to know, exactly, how everything happened.  If the Nihon Shoki had a preface, it has been lost.  The Kojiki, for its part, does have a preface, and it points to an origin in the reign of Ohoama—known as the sovereign of Kiyomihara.  In there we are told that the sovereign had a complaint—that the Teiki and Honji, that is the chronicles of the sovereigns and the various other stories and legends, that had been handed down by various houses had come to differ from the truth.  They said they had many falsehoods, which likely meant that they just didn't match the Truth that the State was trying to push.  Thus  they wanted to create a so-called "true" version to pass down. This task was given to 28 year old Hieda no Are.  It says they were intelligent and had an incredible memory.  They studied all of the sources, and the work continued beyond the reign of Ohoama.  Later, in 711 CE, during the reign of Abe, aka Genmei Tennou, Oho no Yasumaro was given the task of writing down everything that Hieda no Are had learned.  The astute amongst you may have noticed that this mentions none of the individuals mentioned in the Nihon Shoki.  Nor does the Nihon Shoki mention anything about Hieda no Are.  So was this a separate effort, or all part of the same thing?  Was Are using the materials collected by  the project? As you may recall, we left the Kojiki behind some time ago, since it formally ends with the reign of Kashikiya hime, aka Suiko Tennou, but realistically it ended with Wohodo, aka Keitai Tennou—after that point there are just lists of the various heirs.  As such, there is some speculation that this was originally built off of earlier histories, perhaps arranged during the Soga era. The general explanation for all of this is that Hieda no Are memorized the poems and stories, and then Yasumaro wrote them down.  Furthermore, though the language in the Kojiki does not express a particular gender, in the Edo period there was a theory that Hieda no Are was a woman, which is still a popular theory. Compare all of that to the Nihon Shoki.  Where the Kojiki was often light on details and ends with Suiko Tennou, the Nihon Shoki often includes different sources, specifically mentions some of them by name, and continues up through the year 697.  Furthermore, textual analysis of the Nihon Shoki suggests that it was a team effort, with multiple Chroniclers, and likely multiple teams of Chroniclers.   I have to admit, that sounds a lot more like the kind of thing that Ohoama was kicking off. We have an entry in the Shoku Nihongi, the work that follows the Nihon Shoki, that suggests 720 for the finished compilation of the Nihon Shoki.  So did it take from 681 to 720 to put together?  That is a really long project, with what were probably several generations of individuals working on it. Or should this be read in a broader sense?  Was this a historiographical project, as Bentley calls it, but one that did not, immediately, know the form it would take?  It isn't the first such project—we have histories of the royal lineage and other stories that were compiled previously—much of that attributed to Shotoku Taishi, but likely part of an earlier attempt by the court.  In fact, given that the Kojiki and Sendai Hongi both functionally end around the time of Kashikiya hime, that is probably because the official histories covered those periods.  Obviously, though, a lot had happened, and some of what was written might not fit the current narrative.  And so we see a project to gather and compile various sources.  While this project likely culminated in the projects of the Kojiki and the Nihon Shoki, I doubt that either work was necessarily part of the original vision.  Rather, it looks like the original vision was to collect what they could and then figure things out. It would have been after they started pulling the accounts together, reading them, and noticing the discrepancies that they would have needed to then edit them in such a way that they could tell a cohesive story.  That there are two separate compilations is definitely interesting.  I do suspect that Oho no Yasumaro was working from the efforts of Hieda no Are, either writing down something that had been largely captured in memory or perhaps finishing a project that Are had never completed.  The Nihon Shoki feels like it was a different set of teams, working together, but likely drawing from many of the same sources. And as to why we don't have the earlier sources?  I once heard it said that for books to be forgotten they didn't need to be banned—they just needed to fall out of circulation and no longer be copied anymore.  As new, presumably more detailed, works arose, it makes sense that older sources would not also be copied, as that information was presumably in the updated texts, and any information that wasn't brought over had been deemed counterfactual.  Even the Nihon Shoki risked falling into oblivion; the smaller and more digestible Kojiki was often more sought after.  The Kojiki generally presents a single story, and often uses characters phonetically, demonstrating how to read names and places.  And it just has a more story-like narrative to it.  The Nihon Shoki, comparatively, is dense, written in an old form of kanbun, often relying more on kanbun than on phonetic interpretations.  It was modeled on continental works, but as such it was never going to be as easy to read.  And so for a long time the Kojiki seems to have held pride of place for all but the most ardent scholars of history. Either way, I think that it is still fair to say that the record of 681 was key to the fact that we have this history, today, even if there was no way for Ohoama, at the time, to know just what form it would take. Another ambitious project that got started under Ohoama was the development of a new and permanent capital city. Up to this point we've talked about the various capitals of Yamato, but really it was more that we were talking about the palace compounds where the sovereign lived.  From the Makimuku Palace, where either Mimaki Iribiko or possibly even Himiko herself once held sway, to the latest palace, that of Kiyomihara, the sovereigns of Yamato were known by their palaces.  This is, in part, because for the longest time each successive sovereign would build a new palace after the previous sovereign passed away.  There are various reasons why this may have been the case, often connected to insular concepts of spiritual pollution brought on by the death of an individual, but also the practical consideration that the buildings, from what we can tell, were largely made of untreated wood.  That made them easier to erect, but also made them vulnerable to the elements, over time, and is probably one of the reasons that certain shrines, like the Shrine at Ise, similarly reconstitute themselves every 20 years or so. Furthermore, we talk about palaces, but we don't really talk about cities.  There were certainly large settlements—even going back to the Wei chronicles we see the mention of some 70 thousand households in the area of Yamateg.  It is likely that the Nara basin was filled with cultivated fields and many households.  Princes and noble households had their own compounds—remember that both Soga no Umako and Prince Umayado had compounds large enough that they could build temples on the compounds and have enough left over for their own palatial residences, as well.  However, these compounds were usually distributed in various areas, where those individuals presumably held some level of local control. It is unclear to me how exactly the early court functioned as far as housing individuals, and how often the court was "in session", as it were, with the noble houses.  Presumably they had local accommodations and weren't constantly traveling back and forth to the palace all the time.  We know that some houses sent individuals, men and women, to be palace attendants, even though they lived some distance away.  This was also likely a constraint on the Yamato court's influence in the early days. We do see the sovereign traveling, and various "temporary" palaces being provided.  I highly doubt that these were all built on the spot, and were likely conversions of existing residences, and similar lodging may have been available for elites when they traveled, though perhaps without such pomp and circumstance. What we don't really see in all of this, are anything resembling cities.  Now, the term "city" doesn't exactly have a single definition, but as I'm using it, I would note that we don't see large, permanent settlements of significant size that demonstrate the kind of larger civil planning that we would expect of such a settlement.  We certainly don't have cities in the way of the large settlements along the Yangzi and Yellow rivers. We talked some time back about the evolution of capital city layouts on the continent.  We mentioned that the early theoretical plan for a capital city was based on a square plan, itself divided into 9 square districts, with the central district constituting the palace.  This design works great on paper, but not so much in practice, especially with other considerations, such as the north-south orientation of most royal buildings.  And then there are geographic considerations.  In a place like Luoyang, this square concept was interrupted by the river and local topography.  Meanwhile, in Chang'an, they were able to attain a much more regular rectangular appearance.  Here, the court and the palace were placed in the center of the northernmost wall.  As such, most of the city was laid out to the south of the palace. In each case, however, these were large, planned cities with a grid of streets that defined the neighborhoods.  On each block were various private compounds, as well as the defined markets, temples, et cetera. The first possible attempt at anything like this may have been with the Toyosaki palace, in Naniwa.  There is some consideration that, given the size of the palace, there may have been streets and avenues that were built alongside it, with the intention of having a similar city layout.  If so, it isn't at all clear that it was ever implemented, and any evidence may have been destroyed by later construction on the site.  Then we have the Ohotsu palace, but that doesn't seem to be at the same scale as the Toyosaki palace—though it is possible that, again, we are missing some key evidence.  Nonetheless, the records don't really give us anything to suggest that these were large cities rather than just palaces. There is also the timeline.  While both the Toyosaki palace and the Ohotsu palace took years to build, they did not take the time and amount of manpower that would be needed to create a true capital city.  We can judge this based on what it took to build the new capital at Nihiki. This project gets kicked off in the 11th month of 676.  We are told that there was an intent to make the capital at Nihiki, so all of the rice-fields and gardens within the precincts, public and private property alike, were left fallow and became totally overgrown. This likely took some time.  The next time we see Nihiki is in the 3rd month of 682, when Prince Mino, a minister of the Household Department, and others, went there to examine the grounds.  At that point they apparently made the final decision to build the capital there.  Ohoama came out to visit later that same month. However, a year later, in the 12th month of 683, we are told that there was a decree for there to be multiple capitals and palaces in multiple sites, and they were going to make the Capital at Naniwa one of those places.  And so public functionaries were to go figure out places for houses.  So it wasn't just that they wanted to build one new, grand capital.  It sounds like they were planning to build two or three, so not just the one at Nihiki.  This is also where I have to wonder if the Toyosaki Palace was still being used as an administrative center, at the very least.  Or was it repurposed, as we saw that the Asuka palaces had been when the court moved to Ohotsu? This is further emphasized a few months later, when Prince Hirose and Ohotomo Yasumaro, at the head of a group of clerks, officials, artisans, and yin yang diviners were sent around the Home Provinces to try and divine sites suitable for a capital.  In addition, Prince Mino, Uneme no Oni no Tsukura, and others were sent to Shinano to see about setting up a capital there as well.  Perhaps this was inspired by the relationship between the two Tang capitals of Chang'an and Luoyang.  Or perhaps it was so that if one didn't work out another one might. Regardless, Nihiki seemed to be the primary target for this project, and in the third lunar month of 684 Ohoama visited the now barren grounds and decided on a place for the new palace.  A month later, Prince Mino and others returned with a map of Shinano, but there is no indication of where they might want to build another capital. After that, we don't hear anything more of Shinano or of a site in the Home Provinces.  We do hear one more thing about Naniwa, which we mentioned a couple of episodes back, and that is that in 686 there was a fire that burned down the palace at Naniwa, after which they seem to have abandoned that as a palace site.  And so we are left with the area of Nihiki. This project would take until the very end of 694 before it was ready.  In total, we are looking at a total of about 18 years—almost two decades, to build a new capital.  Some of this may have been the time spent researching other sites, but there also would have been significant time taken to clear and level.  This wasn't just fields—based on what we know, they were even taking down old kofun; we are later told about how they had to bury the bodies that were uncovered.  There was also probably a pause of some kind during the mourning period when Ohoama passed away.  And on top of it, this really was a big project.  It wasn't just building the palace, it was the roads, the infrastructure, and then all of the other construction—the city gates, the various private compounds, and more.  One can only imagine how much was being invested, especially if they were also looking at other sites and preparing them at the same time.  I suspect that they eventually abandoned the other sites when they realized just how big a project it really was that they were undertaking. Today we know that capital as Fujiwara-kyo, based on the name of the royal palace that was built there, and remarkably, we know where it was.  Excavations have revealed the site of the palace, and have given us an idea of the extent of the city:  It was designed as a square, roughly 5.3 kilometers, or 10 ri, on each side.  The square itself was interrupted by various terrain features, including the three holy mountains.  Based on archaeological evidence, the street grid was the first thing they laid out, and from what we can tell they were using the ideal Confucian layout as first dictated in the Zhouli, or Rites of Zhou.  This meant a square grid, with the palace in the center. Indeed, the palace was centered, due south of Mt. Miminashi, and you can still go and see the palace site, today.  When they went to build the palace, they actually had to effectively erase, or bury, the roads they had laid out.  They did the same thing for Yakushi-ji, or Yakushi-temple, when they built it as part of the city; one of the reasons we know it had to have been built after the roads were laid out.  We will definitely talk about this more when we get to that point of the Chronicles, but for now, know that the Fujiwara palace itself, based on excavations of the site, was massive.  The city itself would surpass both Heijo-kyo, at Nara, and Heian-kyo, in modern Kyoto.  And the palace was like the Toyosaki Naniwa palace on steroids.  It included all of the formal features of the Toyosaki Palace for running the government, but then enclosed that all in a larger compound with various buildings surrounding the court itself.  Overall, the entire site is massive.  This was meant as a capital to last for the ages. And yet, we have evidence that it was never completed.  For one thing, there is no evidence that a wall was ever erected around it—perhaps there was just no need, as relations with the mainland had calmed down, greatly.  But there is also evidence that parts of the palace, even, were not finished at the time that they abandoned it.  Fujiwara-kyo would only be occupied for about 16 years before a new capital was built—Heijo-kyo, in Nara.  There are various reasons as to why they abandoned what was clearly meant to be the first permanent capital city, and even with the move to a new city in Nara it would be clear that it was going to take the court a bit of time before they were ready to permanently settle down—at least a century or so. Based on all the evidence we have, and assuming this was the site of the eventual capital, Nihiki was the area of modern Kashihara just north of Asuka, between—and around—the mountains of Unebi, Miminashi, and Kagu.  If these mountains are familiar, they popped up several times much earlier in the Chronicles--Mostly in the Age of the Gods and in the reign of the mythical Iware-biko, aka Jimmu Tennou.  Yet these three mountains help to set out the boundaries of the capital city that was being built at this time. There is definitely some consideration that they were emphasized in the early parts  of the Chronicles—the mythical sections, which were bolstering the story of Amaterasu and the Heavenly Grandchild, setting up the founding myths for the dynasty.  Even though the Chronicles  were not completed until well after the court had moved out, the Fujiwara capital is the climax of the Nihon Shoki, which ends in 697, three years into life at the new palace.  And so we can assume that much of the early, critical editing of the Kojiki and Nihon Shoki were done with the idea that this would be the new capital, and so it was woven into the histories, and had it continued as the capital, the very landscape would have recalled the stories of the divine origins of the Royal family and the state of Yamato itself.  This was the stage on which Ohoama's state was built.  He, and his successors, didn't just change the future path of the Yamato government.  They rearranged the physical and temporal environment, creating a world that centered them and their government.  I suspect that Ohoama didn't originally consider that these wouldn't be finished during his reign.  That said, he came to power in his 40s, only slightly younger than his brother, who had just died.  He would live to be 56 years old—a respectable age for male sovereigns, around that time.  From a quick glance, Naka no Oe was about 45 or 46 years old, while Karu lived to about 57 or 58.  Tamura only made it to 48.  The female sovereigns seem to have lasted longer, with Ohoama's mother surviving until she was 66 or 67 years old, and Kashikiya Hime made it to the ripe old age of 74.  That said, it is quite likely that he thought he would make it longer.  After all, look at all the merit he was accruing!  Still, he passed away before he could see these projects fully accomplished.  That would have to be left for the next reign—and even that wasn't enough.  The Fujiwara Capital would only be occupied for a short time before being abandoned about two reigns later, and the histories as we know them wouldn't be complete for three more reigns.  So given all of this, let's take another quick look at Ohoama himself and where he stands at this pivotal moment of Yamato history.When we look at how he is portrayed, Ohoama is generally lionized for the work he is said to have accomplished.  I would argue that he is the last of three major figures to whom are attributed most of the changes that resulted in the sinification of the Yamato government.  The first is prince Umayado, aka Shotoku Taishi, who is said to have written the 17 article constitution, the first rank system, and the introduction of Buddhism.  To be fair, these things—which may not have been exactly as recorded in the Chronicles—were likely products of the court as a whole.  Many people attribute more to Kashikiya Hime, aka Suiko Tennou, as well as Soga no Umako.  Of course, Soga no Umako wasn't a sovereign, or even a member of the royal family, and Kashikiya Hime, aka Suiko Tennou, seems to have likewise been discounted, at least later, possibly due to the fact that she is thought to have come to power more as a compromise candidate than anything else—she was the wife of a previous sovereign and niece to Soga no Umako.  Many modern scholars seem to focus more on the agency of Kashikiya Hime and suggest that she had more say than people tend to give her credit for.  That said, Shotoku Taishi seems to have been the legendary figure that was just real enough to ascribe success to.  That he died before he could assume the throne just meant that he didn't have too many problematic decisions of his own to apparently work around. The next major figure seems to be Naka no Oe, aka Tenji Tennou.  Naka no Oe kicks off the period of Great Change, the Taika era, and is credited with a lot of the changes—though I can't help but notice that the formal sovereign, Naka no Oe's uncle, Karu, seems to have stuck with the new vision of the Toyosaki Palace and the administrative state while Naka no Oe and his mother moved back to the traditional capital.  And when Naka no Oe moved the capital to Ohotsu, he once again built a palace more closely aligned to what we see in Asuka than the one in Naniwa, which brings some questions about how the new court was operating.  But many of his reforms clearly were implemented, leveraging the new concepts of continental rulership to solidify the court's hegemony over the rest of the archipelago. Ohoama, as represented in the Chronicles, appears to be the culmination of these three.  He is building on top of what his brother had implemented through the last three reigns.  Some of what he did was consolidate what Naka no Oe had done, but there were also new creations, for which Ohoama is credited, even if most of the work was done outside of Ohoama's reign, but they were attributed to Ohoama, nonetheless.  Much of this was started later in Ohoama's reign, and even today there seem to be some questions about who did what.  Nonetheless, we can at least see how the Chroniclers were putting the story together. There are a lot of scholars that point to the fact that the bulk of the work of these projects would actually be laid out in the following reigns, and who suggest that individuals like the influential Uno no Sarara, who held the control of the government in Ohoama's final days, may have had a good deal more impact on how things turned out, ultimately.  In fact, they might even have been more properly termed her projects—there are some that wonder if some of the attributions to Ohoama were meant to bolster the authority of later decrees, but I don't really see a need for that, and it seems that there is enough evidence to suggest that these projects were begun in this period. All of this makes it somewhat ironic that by the time the narrative was consolidated and published to the court, things were in a much different place—literally.  The Fujiwara capital had been abandoned.  The court, temples, and the aristocracy had picked up stakes and moved north.  Fujiwara no Fuhito had come on the scene, and now his family was really taking off.  This was not the same world that the Chronicles had been designed around. And yet, that is what was produced.  Perhaps there is a reason that they ended where they did. From that point on, though, there were plenty of other projects to record what was happening.  Attempts to control the narrative would need to do a lot more.  We see things like the Sendai Kuji Hongi, with its alternative, and perhaps even subversive, focus on the Mononobe family.  And then later works like the Kogoshui, recording for all time the grievances of the Imbe against their rivals—for all the good that it would do.  With more people learning to write, it was no longer up to the State what did or did not get written down. But that has taken us well beyond the scope of this reign—and this episode, which we should probably be bringing to a close.  There are still some things here and there that I want to discuss about this reign—so the next episode may be more of a miscellany of various records that we haven't otherwise covered, so far.  Until then if you like what we are doing, please tell your friends and feel free to rate us wherever you listen to podcasts.  If you feel the need to do more, and want to help us keep this going, we have information about how you can donate on Patreon or through our KoFi site, ko-fi.com/sengokudaimyo, or find the links over at our main website,  SengokuDaimyo.com/Podcast, where we will have some more discussion on topics from this episode. Also, feel free to reach out to our Sengoku Daimyo Facebook page.  You can also email us at the.sengoku.daimyo@gmail.com.  Thank you, also, to Ellen for their work editing the podcast. And that's all for now.  Thank you again, and I'll see you next episode on Sengoku Daimyo's Chronicles of Japan.  

In this episode, we chat with Tim Foden, a partner at Boies Schiller Flexner, one of the most well-known and formidable litigation firms in the world. Tim has built a reputation for tackling complex, bet-the-company disputes and navigating some of the most challenging legal battles across industries. We'll explore Tim's path to Boies Schiller, what it takes to succeed in an elite litigation environment, and how lawyers think about strategy when the pressure is on and the consequences are real. We'll also talk about the evolving role of trial lawyers, lessons learned from major cases, and what young attorneys and even business leaders can take away from the way top litigators approach decision-making and risk. Whether you're a lawyer, a founder, or simply curious about how major legal battles are fought and won, this episode offers a rare inside look. KEY TAKEAWAYS Mining companies are increasingly recognising the importance of involving legal counsel early in the process, especially when facing potential disputes or changes in mining codes The mining industry is heavily influenced by geopolitics, with major international powers becoming more involved in the politics surrounding mining projects Companies often make critical errors, such as failing to document agreements properly or engaging in corrupt practices like bribery, which can jeopardise their legal claims in the future When investing in mining, especially in regions like Africa and South America, it's crucial to establish a holding structure that provides treaty protection BEST MOMENTS "If you take, for example, Mali, this is a perfect example. Mali enacts a new mining code in 2023, and everyone has these existing mineral development agreements that suggest they should be immune from any changes." "Junior mining companies are run by frontiersmen... The problem is sometimes they start to get into problems with the sovereign and all of a sudden, having done everything on their own, they think they know best in that arena too." "If you pay a bribe to get a license... you might really have deprived yourself of the opportunity to bring a claim down the road." "Sovereigns are increasingly putting diplomatic pressure on states to avoid the kinds of outcomes... to get more involved, to restore licenses." GUEST RESOURCES Tim LinkedIn: https://www.linkedin.com/in/timothy-l-foden-6a12496/ YouTube video of the cross-examination from day three of the Winshear Gold vs Tanzania hearing: https://www.youtube.com/watch?v=L9bX0yvyCas&list=PLTPAfLBOjfQJS8VymC4os9jvefqE7rMHO&index=5 VALUABLE RESOURCES Mail:        ⁠rob@mining-international.org⁠ LinkedIn: ⁠https://www.linkedin.com/in/rob-tyson-3a26a68/⁠ X:              ⁠https://twitter.com/MiningRobTyson⁠  YouTube: ⁠https://www.youtube.com/c/DigDeepTheMiningPodcast⁠  Web:        ⁠http://www.mining-international.org⁠ CONTACT METHOD ⁠rob@mining-international.org⁠ ⁠https://www.linkedin.com/in/rob-tyson-3a26a68/⁠ Podcast Description Rob Tyson is an established recruiter in the mining and quarrying sector and decided to produce the “Dig Deep” The Mining Podcast to provide valuable and informative content around the mining industry. He has a passion and desire to promote the industry and the podcast aims to offer the mining community an insight into people's experiences and careers covering any mining discipline, giving the listeners helpful advice and guidance on industry topics.  This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/

Thomas Rookmaaker and Harry Hu evaluate recent youth‑led protests in several Asian countries, driven by concerns over governance, living costs and unemployment, and their implications for sovereign credit profiles and political transitions.

 A fireside chat on Fitch's 2026 credit outlook for China's sovereign, corporate, local government and banking sectors with Jeremy Zook, Ying Wang, Samuel Kwok and Grace Wu.(01:05) - Macro outlook (06:05) - Deteriorating China property outlook (06:58) - Neutral China LGFV outlook (09:52) - China banks' strategy amid deteriorating outlook (11:32) - Anti-involution campaign (13:41) - Local governments' spending (16:20) - China banks' asset quality (18:13) - China's sovereign rating headroom

Justin Patrie and Sarah Repucci unpack Fitch's Global Credit Outlook, highlighting resilient credit conditions, pressures in China and Canada, and key risks, including strain on lower‑income U.S. consumers, tariff volatility and geopolitical shocks.

Todd Martinez and Josh Grundleger discuss the US ouster of Nicolas Maduro, the revived Monroe Doctrine, and key risks for Latin America, including oil investment, debt restructuring, regional market reactions, and impacts on migration and tourism.

European fixed income has been 'normalising' over 2025. Inflation is stabilising, the European Central Bank has halted rates near neutral, spreads are tight but markets are steady. Yet political and fiscal divergences remain sharp within the European Union with Italian BTPs now regularly pricing through French OATs. The EU's rapid expansion as a AAA issuer is altering Europe's credit market structure and raising the prospect of a genuine euro safe asset. Conor Perry, economist at OMFIF's Economic and Monetary Policy Institute, is joined by Jeremy Cunningham, investment director at Capital Group, to examine these developments. They discuss OAT-BTP repricing, investor-base effects on yield sensitivity, the impact of unified EU issuance and the outlook for 2026.

Davis Sun, Senior Director at Fitch Ratings, provides a progress report on China's debt substitution plan and its impact on local government vehicles (LGFVs) and finances, as well as an outlook for 2026 and beyond.(00:23) - Introduction (01:50) - Recent LGFV Sector Developments (05:40) - Progress of the Debt Substitution Programme (09:45) - LGFV Financial Health Amid Debt Substitution (13:17) - Fiscal Impact of Debt Substitution on Local Governments (16:00) - Lingering LGFV Debt Risks (20:34) - Local Government Infrastructure Spending (22:53) - 2026 Local Government Fiscal Outlook (25:08) - Conclusion

Brian Coulton and Ed Parker discuss Fitch's Global Economic Outlook, reviewing where the world economy stands at the close of 2025 and key trends for 2026, from AI-driven investment and resilient U.S. equities to China's sharp investment slowdown.

Lyuba Petrova, Lyle Margolis and Justin Patrie examine bubble risks as equities surge, credit spreads tighten, private credit faces hidden vulnerabilities and AI investment accelerates, though valuations suggest buyers aren't overpaying.

Fitch analysts discuss intensifying competition between Meituan and Alibaba in China's food delivery and instant retail business.(00:22) - Introduction to instant retail in China (01:19) - Competitive landscape and on-going price war (02:54) - Meituan's strategy to defend market leadership (05:18) - Alibaba's challenges and opportunities (07:02) - Meituan's rating outlook change (09:38) - Alibaba's profitability and free cash flow (11:00) - How the price war could end

Shelly Shetty and Todd Martinez analyze Argentina's mid-term elections, what Milei's stronger legislative backing means for reforms, and the lingering risks around reserves and external liquidity.

James Longsdon, Head of Global Sovereigns and Supranationals, and Federico Barriga Salazar, Head of Western European Sovereign Ratings, discuss Western Europe's fiscal divergence, recent upgrades and downgrades, and Fitch's deficit outlook.

Justin Patrie, Head of Credit Commentary & Research, and Sarah Repucci, Senior Director, Credit Commentary & Research, discuss emerging challenges for the AI-fueled US data center boom, covering investment, rising costs, impact on utilities and more.

Send us a textJoining me on today's episode of The English Wine Diaries is Brad Lomas, co-founder and owner of Boys Hall, a beautifully restored, 9-bedroom 17th-century Jacobean manor in Ashford, Kent. With a background in pubs, restaurants, and operations – most notably as Operations Director at East London Pub Co. – Brad brings a wealth of industry experience to Boys Hall, which he runs alongside his wife, Kristie. The couple have painstakingly restored the house to its former glory with the help of family, friends, and a variety of local specialists – the vision to create a warm, design-led space with exceptional food, service, and atmosphere. Since opening, Boys Hall has earned a place in the Michelin Guide and wide acclaim for its unique balance of character, comfort, and community-driven ethos.Brad is a passionate advocate for English wine and has curated a thoughtfully selected wine list that showcases the best local vineyards, while Boys Hall has recently launched its own English sparkling wine called 17 Sovereigns. To find out more about about Boys Hall, visit boys-hall.com or follow @boys.hall on instagram. This episode of The English Wine Diaries is sponsored by Rankin Bros & Sons — trusted suppliers of corks, closures, and packaging solutions to the UK wine industry since 1774. To learn more about how Rankin is supporting the future of British wine, visit rankincork.co.uk.Thanks for listening to The English Wine Diaries. If you enjoyed the podcast then please leave a rating or review, it helps boost our ratings and makes it easier for other people to find us. To find out who will be joining me next on the English Wine Diaries, follow @theenglishwinediaries on Instagram and for more regular English wine news and reviews, sign up to our newsletter at englishwinediaries.com.

John is joined by Dennis Hranitzky, partner in Quinn Emanuel's Salt Lake City, New York, and London Offices, Head of the firm's Sovereign Litigation practice, and Co-Head of the firm's Global Asset Recovery Practice. They discuss various kinds of litigation, arbitration, and collection actions against sovereign states. They discuss collection cases against sovereign states resulting from those states' default on debt instruments, the challenges faced by creditors who hold out after most creditors agree to a debt restructuring arrangement with the sovereign, recent proposed legislation, and any other government actions favoring sovereigns, the current sovereign debt crisis, and concerns about opportunistic funds that seek profit by collecting on devalued sovereign debt. They also discuss investor-state arbitration generally, for example, after a company has invested in a project in a country and the country fundamentally changes the terms under which the investment was made, such as radically raising taxes as Spain did with respect to renewable energy projects after 2008. They discuss the position taken by the EU that EU courts cannot enforce arbitration awards against EU nations even when the nation entered voluntarily into an arbitration treaty, and recent indications that the United States government supports the position of the EU. Finally, they discuss litigation against sovereigns unrelated to sovereign debt, such as litigation against state sponsors of terrorism, including the lawsuit Quinn Emanuel recently filed against Iran on behalf of victims of the October 7, 2023, Hamas attacks. Podcast Link: Law-disrupted.fmHost: John B. Quinn Producer: Alexis HydeMusic and Editing by: Alexander Rossi

Paul Gamble, Head of Middle East and Africa (MEA) Sovereigns, and Cedric Berry, Director, MEA Sovereigns, discuss GCC efforts to diversify their economies beyond oil, and the varied pace of progress across the region.

Chris Clague, an Associate Fellow at the IISS and an independent advisor on trade and supply chains, discusses recent trends in China-ASEAN trade and investment flows, and how they may be affected by US President Trump's tariff policies.(00:00) - Introduction (02:04) - Overview of China/ASEAN trade and investment (06:26) - Transshipments (09:57) - Transshipment tariffs effect on China's investment (12:54) - China+1 strategy (14:58) - Top destinations and sectors for Chinese investment (17:35) - China's role in global supply chains (20:37) - How will ASEAN manage a surge in imports from China? (24:13) - Conclusion

Justin Patrie and Duncan Innes-Ker discuss how emerging market credits are faring this year amid slower global growth, geopolitical risks, and shifting U.S. policy - highlighting ratings resilience and modest positive momentum.

Watchman reveal the truth. #NationalNavajoCodeTalkersDay Critical messages for victory. The Voice in the Wilderness does not endorse any link or other material found at buzzsprout.More at https://www.thevoiceinthewilderness.org/

Justin Patrie and David Prowse discuss key themes from Fitch's Global Credit Risk Outlook, including slower growth, tariff uncertainty, and weaker credit conditions—as well as the overall ratings resilience amid these challenges.

Katie Chen, Senior Director at Fitch Ratings, and Franco Lam , Director, share their insights on the recent regulatory reforms in China's AMC sector.(00:48) - Recent regulatory reform and impact (03:49) - Opportunities and challenges for AMCs (07:01) - What investors should watch out for (09:30) - Improvement in China AMCs' capital buffer (11:32) - China AMCs' ownership changes (13:54) - Rating actions on China AMCs

Thomas Rookmaaker, Head of APAC Sovereign Ratings, and Krisjanis Krustins, lead analyst for Japan, discuss Japan's fiscal outlook, covering the impact of rising bond yields, fiscal populism and long-term spending pressures.

Brian Coulton, Chief Economist, and Ed Parker, Sovereigns Managing Director, discuss Fitch's mid-year Global Economic Outlook, focusing on global growth forecast updates since April and how tariffs are driving key changes to projections.

The credit outlook for global corporates has worsened in 2025, with 14 sectors and sub-sectors deteriorating at mid-year vs. 5 at end-2024. Justin Patrie and Carla Taylor, Head of Research for the Americas, discuss the drivers and implications.

This episode explores key changes and credit trends in China's power sector, including renewables growth and market reforms. Insights from Penny Chen, Senior Director, Fitch Ratings, reveal what lies ahead for major power generators.(00:00) - Introduction (00:45) - Key Changes in China's Power Sector (03:17) - Key Credit Themes for Power Generators (06:16) - Credit Outlook on China's Power Sector (08:45) - China's Modern Power System (11:11) - Conclusion

Nick Bostrom's simulation hypothesis suggests that we might be living in a simulation created by posthumans. His work on artificial intelligence and superintelligence challenges how entrepreneurs, scientists, and everyone else understand human existence and the future of work. In this episode, Nick shares how AI can transform innovation, entrepreneurship, and careers. He also discusses the rapid pace of AI development, its promise to radically improve our world, and the existential risks it poses to humanity. In this episode, Hala and Nick will discuss:  (00:00) Introduction (02:54) The Simulation Hypothesis, Posthumanism, and AI (11:48) Moral Implications of a Simulated Reality (22:28) Fermi Paradox and Doomsday Arguments (30:29) Is AI Humanity's Biggest Breakthrough? (38:26) Types of AI: Oracles, Genies, and Sovereigns (41:43) The Potential Dangers of Advanced AI (50:15) Artificial Intelligence and the Future of Work (57:25) Finding Purpose in an AI-Driven World (1:07:07) AI for Entrepreneurs and Innovators Nick Bostrom is a philosopher specializing in understanding AI in action, the advancement of superintelligent technologies, and their impact on humanity. For nearly 20 years, he served as the founding director of the Future of Humanity Institute at the University of Oxford. Nick is known for developing influential concepts such as the simulation argument and has authored over 200 publications, including the New York Times bestsellers Superintelligence and Deep Utopia. Sponsored By: Shopify - Start your $1/month trial at Shopify.com/profiting. Indeed - Get a $75 sponsored job credit to boost your job's visibility at Indeed.com/PROFITING Mercury - Streamline your banking and finances in one place. Learn more at mercury.com/profiting  OpenPhone - Get 20% off your first 6 months at OpenPhone.com/profiting. Bilt - Start paying rent through Bilt and take advantage of your Neighborhood Benefits by going to joinbilt.com/profiting. Airbnb - Find a co-host at airbnb.com/host Boulevard - Get 10% off your first year at joinblvd.com/profiting when you book a demo Resources Mentioned: Nick's Book, Superintelligence: bit.ly/_Superintelligence  Nick's Book, Deep Utopia: bit.ly/DeepUtopia  Nick's Website: nickbostrom.com  Active Deals - youngandprofiting.com/deals  Key YAP Links Reviews - ratethispodcast.com/yap Youtube - youtube.com/c/YoungandProfiting LinkedIn - linkedin.com/in/htaha/ Instagram - instagram.com/yapwithhala/ Social + Podcast Services: yapmedia.com Transcripts - youngandprofiting.com/episodes-new  Entrepreneurship, Entrepreneurship Podcast, Business, Business Podcast, Self Improvement, Self-Improvement, Personal Development, Starting a Business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side Hustle, Startup, Mental Health, Career, Leadership, Mindset, Health, Growth Mindset, ChatGPT, AI Marketing, Prompt, AI in Business, Generative AI, AI Podcast.

Paul Gamble, Senior Director of Sovereign Ratings, and Erich Arispe, Head of Emerging Europe Sovereign Ratings, discuss the credit implications and common themes of the 2025/2026 electoral cycle in Central and Eastern Europe.

This is a free preview of a paid episode. To hear more, visit www.theflyingfrisby.comLet me quickly flag three things: * There is a short note at the end of this piece on the subject of bitcoin treasury companies, which I know is of interest to some of you. * We now have a video version of last week's thought piece about the housing market. * I am in Palm Springs, California, all next week. If any readers from that neck of the woods fancy meeting up, I'll be performing at the Punching Up Comedy Night with Adam Carolla, Thai Rivera and Lou Perez, and also doing various panels at Freedom Fest on gold and bitcoin. You should be able to find me via this QR code. Or send me an email or message.Right, gold … today we ask: Should you invest in gold collectibles?The gold at the Museo del Oro in Bogotá, Colombia, is one of the most stunning collections you will ever see – diadems, helmets and crowns, rings, necklaces and bracelets, beads and breastplates, even fishhooks and penis covers. The smiths of ancient South and Central America were quite brilliant artisans. The Spaniards who saw their work said Aztec goldsmiths were more skilled than their European counterparts.In Mexico, the conquistadors found life-size figures of men and women, great jars and pitchers, half pottery-half gold vases sculpted in relief with birds, animals and insects, and more. In Peru and Ecuador, the conquistadors found miniature gardens made of gold – earth of gold granules, gold cornstalks, and gold figures of men and llamas.Unfortunately, what sits in the Museo del Oro is just a fraction of what was made. The Spaniards valued bullion on weight alone, ascribing no value to art, beauty or workmanship. Most got melted down before being sent home. What they sent to their king intact got melted down once back in Europe. “What was being destroyed was more perfect than anything they enjoyed and possessed,” said a young priest travelling with the conquistador Francisco Pizarro.The conquistadors were by no means alone in this. It has happened repeatedly through history. Though gold may last, art made from gold rarely does. People always seem to melt it down. That should mean ancient gold workings should command an even higher premium for their antiquity, because they have survived the meltdown risk. But for some reason, it doesn't seem to work like that.You can't destroy gold, as I'm sure you know. It lasts forever and never loses its shine. It was present in the dust that formed the solar system, and sits in the Earth's crust today, just as it did when our planet was formed some 4.6 billion years ago.That means that little bit of gold you may be wearing on your finger or around your neck is actually older than the Earth itself. In fact, it is older than the solar system. Who knows? It might once have adorned a pharaoh or sat in a conquistador's treasure chest. Gold may be antique, but it's very rare that you get vast premiums for its antique value.Buying gold or silver? The dealer I use and recommend is the Pure Gold Company. Pricing is competitive, quality of service is high. They deliver to the UK, the US, Canada and Europe or you can store your gold with them. Find out more here.The gold coinage that never wasIf you buy a gold sovereign minted recently, you would typically pay £600 to £630. For a Victorian sovereign minted 150 years ago or more – which has the same gold content – you would pay £660 to £680. So, for all that history and antique value, you pay just 10%. Sovereigns are not uncommon. A billion are thought to have been struck. So you get little rarity value. But even so, you'd think you would get more of a premium.The main exception is the 1937 sovereign struck for Edward VIII. Since he abdicated a few weeks before the coins were struck, they were never circulated. They are often called the “coinage that never was”, and only a few were ever minted. One sold in 2020 for £1 million. That's quite the premium. But this is rare.About ten years ago, I picked up a Justinian solidus, minted in 600AD – the solidus was the dominant coin of the Mediterranean after the Roman aureus. I got it for a 20% premium to the spot value of the metal. And I bought it from a shop in W1, so I was paying the Mayfair premium too.An ingot recovered from the SS Central America, which famously sank off the Carolina coast in 1857 carrying Californian gold to New York (and triggered a financial panic because so much bullion was lost), recently went up for auction. It weighed 649 ounces, but it was only 21-carat gold (.875 purity). If melted down, you would have 568 ounces of pure gold, which, at today's price of $3,300 per ounce, would have a spot value of $1.9 million. It sold for $2.1 million, including the buyer's premium – little more than the spot value, in other words.Antique gold very rarely catches the huge premium you might think it deserves. Beware graded coinsUnscrupulous coin dealers will often try to flog you graded coins. If a dealer tells you that some recent sovereign, for example, is extremely rare, that it was one of the last coins minted under Queen Elizabeth II, or some such, and that it has been graded and has a special certificate and blah blah... and it therefore carries a huge premium, they are trying to pull a sly one.The reality is that the extra premium paid is almost impossible to claw back when you come to sell. In almost all cases, they are trying to rip you off. Don't pay a premium for graded coins.A dealer might buy a large stock of coins from the Royal Mint. Coins are often of a slightly different quality. Dealers then send them off and pay a small fee to get them graded according to their “Mint State”. The scale ranges from MS-60 to MS-70, with MS-70 being a perfect, flawless coin. They then charge a large premium for coins with high grades, even though they barely paid any premium when they bought the coins.The margins when dealing in gold are on the slim side – sometimes just a few percent. But if they get an additional premium for the rarity, that margin can rise to 100%. No wonder there are so many unscrupulous salesman trying to flog graded coins.Fractional coins – quarter or half sovereigns, for example – or older coins do trade at a higher (though not enormous) premium. These can trade for 15 - 20% above the spot value of the gold content. But you are likely to get that back when you sell.You are not buying gold to try and be clever and hope that your coin gets some kind of rarity value. In most cases, that will not happen. There are clever people who know this market better than you already playing this game. Don't get involved is my advice. Your priority is to get as much gold for your money as possible. You are buying gold to preserve purchasing power, not to lose it.This article was first published in MoneyWeek's magazine. Some developments in the bitcoin treasury company story - a new kid on the block

Fitch's 2Q25 Risk Headquarters report highlights a worsened risk outlook amid US tariff volatility. David Prowse and Justin Patrie discuss key points from the report, centered around how Trump-era policies continue to elevate investor concerns.

The later seventies were a time of change and promise.  Those that survived the contrived archaic revival of the 60s began an exploration of Medicine grounded in Natural Law, while others took advantage of entrepreneurial opportunities still available prior to the box-store invasion.  A populace ever vigilant against Corporate greed and war for profit also fostered an authentic "environmentalism" that would be usurped under the guise of "global warming" decades in the future. The spirit of the times inspired, yet again, a much smaller band of intrepid individuals who endeavored to reveal the roots of the larger societal concerns.  These were the iconic pioneers of the so-called "sovereignty" movement, and less-favorably misnomered by those who would dissuade such activity.  Dr. Lando was intimately involved within these early circles, as the veiled machinations of U.S. INC functioning as a proxy for the International Banking Cabal were first exposed.  Pre-internet, research was conducted in law libraries, accessing court documents and diving deep into Federal Reserve publications and the Uniform Commercial Code.  "En vivo" trial and error proved or disproved working theories, and it came at great risk, as many lost their freedom & financial well-being, and some their very lives. These are the origins of the modern-day "Sovereigns" , and the present generation is privy to the many refinements that have come since. Now more than ever, it is important to be grounded in the foundational principles that began this awareness, and avoid the pitfalls of the growing trend to emphasize process over substance. On this Alfacast, we are honored to host Clint Richardson, the author and producer of "THE UNITED STATES OF AMERICA, INC. The Corporation Nation", who has perhaps researched the substantive basis of how we as a "free people" willingly traded "rights for privileges".  Clint will lead us on an eye-opening journey through the fictional landscape of corporatized government and citizenship, the introduction of "dog latin" into society and how they cook the books in every publicized budget from municipal to federal as revealed in CAFR. While we've hosted a good number of prominent teachers with specialties in Equity, Land Patents and other formalized clarifications, Clint Richardson's work is seminal to the many process-oriented seminars presently available, so take advantage of Clint's encyclopedic knowledge on this very special episode and add your comments and questions on the livestream chat. Show links: https://www.privateunderground.club/ Learn The True Nature Of Dis-Ease & How Our Bodies Actually Work: https://alfavedic.com/themyth/ Join Our Private Community And Join In The Discussion: https://alfavedic.com/join-us/ Follow our new YT channel: / @offgridelegance Start healing yourself and loved ones with ozone! https://alfavedic.com/ozone Get our favorite blue blocker glasses! https://alfavedic.com/raoptics Learn how to express your law and uphold your rights as one of mankind. https://alfavedic.com/lawformankind Alfa Vedic is an off-grid agriculture & health co-op focused on developing products, media & educational platforms for the betterment of our world. By using advanced scientific methods, cutting-edge technologies and tools derived from the knowledge of the world's greatest minds, the AV community aims to be a model for the future we all want to see. Our comprehensive line of health products and nutrition is available on our website. Most products are hand mixed and formulated right on our off grid farm including our Immortality Teas which we grow on site. Find them all at https://alfavedic.com​​​​​​​​​​​​​​ Follow Alfa Vedic: https://linktr.ee/alfavedic Follow Mike Winner: https://linktr.ee/djmikewinner

Join the Membership: futurecommerce.com/plus and save $10 on your first month with code AFTERDARKWooden nickels, gilded sovereigns, and a juke-joint cash drawer. We peel back the layers of Ryan Coogler's SINNERS to show how currency turns into control—and why plantation scrip still echoes in today's loyalty points. Get the full breakdown and bonus notes with Future Commerce Plus.Join the Membership: futurecommerce.com/plus and save $10 on your first month with code AFTERDARK

In this Special Edition of Geopolitics with Ghost, host Ghost returns from France on his birthday and the anniversary of the 2017 Sword Dance to deliver a sweeping, multilayered recap of Trump's monumental Middle East tour. He begins with a breakdown of Russia's Victory Day parade, Xi and Putin's alliance, and Burkina Faso's Traoré defying Western regime-change operations. But the heart of the episode lies in Ghost's granular analysis of Trump's stops in Saudi Arabia, Qatar, and the UAE, marking a new era of sovereign alliances and massive economic reorientation. Ghost details over $2 trillion in trade, energy, defense, and tech deals, including space partnerships, missile defense systems, rare earth mineral investments, and Trump Towers rising in Jeddah and Dubai. He connects threads between Trump, MBS, AI, Kanye's “Drome” city project, XAI investments, and symbolic cues like Trump's crosshatch tie. Also covered: Syria's quiet shift, Rubio's evolving stance, MBS's quiet power moves, and legacy narrative warfare from neocons like Lindsey Graham and Mark Levin. This is Ghost at his best, braiding geopolitics, comms, history, and deep symbolism into a compelling vision of what comes after the collapse of the old guard.

From global macroeconomic trends to sovereign credit developments to regulatory and political changes, Fitch's Fixed Interests podcast delivers the analyst insights and updates you need to stay ahead in a rapidly evolving market. Available wherever you get your podcasts.

Shelly Shetty, Managing Director, Americas Sovereigns and Todd Martinez, Senior Director, Sovereigns, discuss Mexico's recent rating affirmation, and how the sovereign is navigating global trade tensions and domestic fiscal challenges.

Harry Hu, Senior Director at Fitch Ratings, discusses China's recent efforts to manage LGFV risks, including LGFV reclassification and debt substitution plans, along with local government debt trends.(00:00) - Introduction (01:30) - LGFV Debt Control Measures (03:07) - LGFV Reclassification (04:59) - LGFV Debt Substitution Plan (06:55) - Outlook for Special Purpose Bonds (09:34) - Local Government Interest Burdens (11:14) - Conclusion

Explore the impact of US tariffs on European sovereigns with Jan Friederich, Head of EMEA Sovereigns, and Federico Barriga Salazar, Head of Western European Sovereigns, as they discuss strategic responses and fiscal implications for Europe.

Thomas Rookmaaker, Head of APAC Sovereign Ratings, and Jeremy Zook, lead analyst for China, discuss China's recent downgrade, covering key drivers including the sovereign's weakening public finances and rapidly rising public debt ratios.

Olu Sonola, Chief US Economist, and Sarah Repucci, Senior Director, Credit Commentary and Research, delve into Fitch's latest US Cross-Sector Housing Monitor, discussing the US housing outlook and risks from tariffs, labor costs and lower sentiment.

Laura Zhai, Senior Director at Fitch Ratings, discusses the impact of US tariff hikes on China's commodity sectors.(00:00) - Introduction (00:41) - Impact on aluminum and copper (04:43) - Impact on steel (07:33) - Impact on chemicals (10:28) - China's energy import cost

David Prowse and Justin Patrie discuss the key points in Fitch's 1Q25 Risk Headquarters report, covering how the credit risk environment has evolved since the start of the year in response to inflation, new Trump administration policies, and more.

Join Thomas Rookmaaker and Jeremy Zook from the APAC Sovereigns team as they explore India's 2025 budget, its path for debt reduction, economic outlook, and implications for the sovereign rating amid global uncertainties.

Amid rapidly changing US trade policies, Fitch analysts, Alex Muscatelli and Janice Chong, discuss the macroeconomic and corporate level impacts on China from rising US tariffs.(00:00) - Introduction (02:10) - Fitch's Tariff Baseline (04:30) - Modeling the Economic Impact of Tariffs (07:12) - China's Trade Diversification (08:55) - Tariffs and China's Economic Outlook (11:01) - Corporate Sector Tariff Exposures (13:30) - Mexico Tariffs and Chinese Corporates (14:55) - Steel, Aluminum and Auto Tariffs (16:48) - Corporate Tariff Risk Management (17:39) - Impact on Shifting Supply Chains (18:45) - Conclusion

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Interview recorded - 20th of February, 2025On this episode of the WTFinance podcast I had the pleasure of welcoming back Larry Lepard. Larry is the Managing Partner of Equity Management associates, has been a professional investment manager for over 40 years, is a vocal advocate for sound money and the author of the recently released book “The Big Print: What Happened To America And How Sound Money Will Fix It”.0:00 - Introduction1:12 - What happened in America?2:30 - Financialization of the country6:28 - How long can the system survive?11:05 - The interest is the problem14:25 - Losing control of the bond market?18:04 - Gold?23:47 - Why Bitcoin?25:48 - Sovereigns buying Bitcoin?27:20 - Constant growth of money supply for economy to grow?30:03 - DOGE to reset system?32:00 - Concentration of wealth?34:15 - Positive outcome36:25 - One message to takeaway?Lawrence Lepard is a professional investment manager who has been a long time advocate for a return to sound money. He manages funds which focus on companies involved with gold and silver mining and Bitcoin. He is an active contributor to the "sound money" discussion on X, using the handle: @LawrenceLepard, and he recently published his first book: THE BIG PRINT: What Happened to America and How Sound Money Will Fix It.The book is a discussion of how America's monetary system has gone astray and caused enormous pain for millions through inflation. The history of this process is laid out in the first part of the book: The Problem. The second half of the book is titled The Solution and explains what we must do to restore the American Dream. It offers investment insights that are relevant to all individuals and families and shows people how to protect themselves from inflation. The book is timely because as Mr. Lepard shows the problem is getting worse and is likely to result in a crisis very soon.Lawrence Lepard:Book - https://www.amazon.co.uk/Big-Print-Happened-America-Sound/dp/B0DVTCVX8J/X - https://x.com/LawrenceLepardWTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Gated communities and “The Sovereigns” of rural Arizona. The post office makes an admission, and accomplishes…nothing. Customer service can only get you so far.  Who is the more effective complainer. The “Wife Line”, and an explanation of the unrequested D--- Pic.

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Pokémon Go is more than a worldwide craze that inhttps://www.patreon.com/QAAspired millions to hunt Zigzagoons through smartphone-enabled alternate reality. According to intelligence officials in several countries, it's also an information security threat. Since the game's release by game developer Niantic in 2016, people have pondered the potential uses of the data that's collected by aspiring PokéMasters as they meander outside and scan virtual PokéStops. Travis, Jake, Julian, and Liv dive into why a children's game about collecting fighting pets has inspired such paranoia. Including how Niantic's startup ancestor Keyhole, Inc. was saved from bankruptcy by the CIA, how Niantic's former parent company Google committed one of the worst data privacy violations in history through the “Wi-Spy” scandal, and Niantic's recent announcement that Pokemon Go data is being used to produce an artificial intelligence system they call a Large Geospatial Model (LGM). Gotta Catch ‘Em All! And by “Em All” we mean “massive amounts of data from everyone's smartphones for undisclosed purposes.” Subscribe for $5 a month to get all the premium episodes: https://www.patreon.com/qaa Editing by Corey Klotz. Theme by Nick Sena. Additional music by Pontus Berghe. Theme Vocals by THEY/LIVE (https://instagram.com/theyylivve / https://sptfy.com/QrDm). Cover Art by Pedro Correa: (https://pedrocorrea.com) https://qaapodcast.com QAA was known as the QAnon Anonymous podcast. REFERENCES Consumer Watchdog. Lost In The Cloud: Google And the US Government https://insidegoogle.com/wp-content/uploads/2011/01/GOOGGovfinal012411.pdf Gawker. Pokemon Go Is A Government Surveillance Psyop Conspiracy https://web.archive.org/web/20160712023458/http://blackbag.gawker.com/pokemon-go-is-a-government-surveillance-psyop-conspirac-1783461240 Pando. Oakland emails give another glimpse into the Google-Military-Surveillance Complex https://web.archive.org/web/20150819032041/https://pando.com/2014/03/07/the-google-military-surveillance-complex/ Financial Times. Lunch with the FT: Pokémon Go creator John Hanke https://www-ft-com.ezp-prod1.hul.harvard.edu/content/596ec790-afe8-11e6-9c37-5787335499a0 Dalton, Craig M. "Sovereigns, spooks, and hackers: An early history of Google geo services and map mashups." Cartographica: The International Journal for Geographic Information and Geovisualization 48.4 (2013): 261-274. Kilday, Bill. Never lost again: The Google mapping revolution that sparked new industries and augmented our reality. Harper Business, 2018. Wes's Blog. My Personal Journey On Google Earth https://westhierry.blogspot.com/2008/07/my-personal-journey-on-google-earth.html Intercept. Privacy Scandal Haunts Pokemon Go CEO https://theintercept.com/2016/08/09/privacy-scandal-haunts-pokemon-gos-ceo/ CJR. Poor coverage of Google's Street View scandal settlement https://www.cjr.org/the_audit/misleading_coverage_of_street.php RFI. Pokemon Go to jail - Frenchman nabbed hunting Pokemon on Indonesian military base. https://www.rfi.fr/en/asia-pacific/20160719-pokemon-go-jail-frenchman-nabbed-hunting-pokemon-indonesian-military-base CIA Office of Security. Are you At An Agency Facility? Pokemon NO! https://www.cia.gov/readingroom/docs/are%20you%20at%20an%20agency%20faci%5B15210727%5D.pdf Foreign Policy. The Great Pokemon Go Spy Panic. https://foreignpolicy.com/2024/11/29/pokemongo-cia-nsa-intelligence-spying/ Niantic Labs. Building a Large Geospatial Model to Achieve Spatial Intelligence https://nianticlabs.com/news/largegeospatialmodel

John Coleman is an investor, writer, and public speaker. A frequent contributor to Harvard Business Review, John and his work has been featured in Forbes, the Washington Post, the New York Times, the Financial Times, and the LA Times, among other publications. He previously published Passion & Purpose (HBP, 2011) and How to Argue Like Jesus (Crossway, 2009). John is a frequent public speaker who has addressed hundreds of audiences on college campuses, at conferences, and for corporations and non-profits. I'm thrilled to have John with me on The Wow Factor to discuss his leadership philosophy and approach to helping his team flourish. John digs into his approach to focusing on excellence, aggressive delegation, and accountability. He emphasizes the importance of setting boundaries and finding a balance that works for individual needs and responsibilities. John also touches on the creative experience of writing his books and his plans for the future.  “Excellence is something we should all aspire to.” - John Coleman “People learn by getting responsibilities that they're not yet equipped for.” - John Coleman  “People are often able to accomplish much greater things than we give them credit for.” -  John Coleman This Week on The Wow Factor: John's educational pathway and how these experiences shaped his career Challenges and lessons learned from his time as a quantitative energy trader Why John finds writing cathartic and a way to learn about new topics The inspiration behind John's first book, How to Argue Like Jesus  Why John wrote "Miracles," which explores the concept of miracles through a narrative about a series of events in Atlanta John's leadership style of creating opportunities for others to flourish  The importance of delegating aggressively and giving people responsibilities that challenge them to grow Why we need to hold people accountable and encourage them to ask questions and seek help when needed The challenge of balancing work and personal life, especially in a digital age The importance of storytelling and the impact of books on shaping values and perspectives John Coleman's Words of Wisdom: Do your job, but stretch yourself. Always ask questions if you don't know the answer to something, and don't be afraid to raise your hand. Always ask the question. Never be afraid to look dumb. Connect with John Coleman:  John William Coleman's Website  How to Argue Like Jesus: Learning Persuasion from History's Greatest Communicator by Joe Carte and  John Coleman  Connect with The WOW Factor: The WOW Factor Website Connect with Brad Formsma via email Brad Formsma on LinkedIn Brad Formsma on Instagram Brad Formsma on Facebook Brad Formsma on Twitter