Podcast appearances and mentions of tim gwynn jones

Donald Trump is putting liberal democracy through its greatest test in 80 years.  None of it is original. His style of rule is straight from the democratic backsliders' playbook. To secure long-term power rather than short-term office, rulers must take over the institutions that check and balance majority rule and bend them to their will. Trump has tamed Congress and inserted his people into the Supreme Court, law enforcement, intelligence, and competition regulation but - to his great frustration - the Federal Reserve is holding out. It was the same story in Hungary after Viktor Orbán returned to the premiership in 2010. Bound by EU law and the mandates of the governor and his deputies, Orbán had to wait three years to break the national bank. One of those deputy governors, Júlia Király, experienced state capture from the inside and resigned with a public protest at the loss of institutional independence. Now an associate professor of finance and monetary economics at the International Business School in Budapest, she began her career under socialism at the statistics and planning offices. As deputy governor, she was part of the team that managed the Hungarian economy through the post-2007 financial crisis – an experience she chronicles in Hungary and Other Emerging EU Countries in the Financial Storm: From Minor Turbulences to a Global Hurricane (Springer, 2020). Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes and podcasts at www.242.news on Substack. 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

Donald Trump is putting liberal democracy through its greatest test in 80 years.  None of it is original. His style of rule is straight from the democratic backsliders' playbook. To secure long-term power rather than short-term office, rulers must take over the institutions that check and balance majority rule and bend them to their will. Trump has tamed Congress and inserted his people into the Supreme Court, law enforcement, intelligence, and competition regulation but - to his great frustration - the Federal Reserve is holding out. It was the same story in Hungary after Viktor Orbán returned to the premiership in 2010. Bound by EU law and the mandates of the governor and his deputies, Orbán had to wait three years to break the national bank. One of those deputy governors, Júlia Király, experienced state capture from the inside and resigned with a public protest at the loss of institutional independence. Now an associate professor of finance and monetary economics at the International Business School in Budapest, she began her career under socialism at the statistics and planning offices. As deputy governor, she was part of the team that managed the Hungarian economy through the post-2007 financial crisis – an experience she chronicles in Hungary and Other Emerging EU Countries in the Financial Storm: From Minor Turbulences to a Global Hurricane (Springer, 2020). Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes and podcasts at www.242.news on Substack. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/eastern-european-studies

Donald Trump is putting liberal democracy through its greatest test in 80 years.  None of it is original. His style of rule is straight from the democratic backsliders' playbook. To secure long-term power rather than short-term office, rulers must take over the institutions that check and balance majority rule and bend them to their will. Trump has tamed Congress and inserted his people into the Supreme Court, law enforcement, intelligence, and competition regulation but - to his great frustration - the Federal Reserve is holding out. It was the same story in Hungary after Viktor Orbán returned to the premiership in 2010. Bound by EU law and the mandates of the governor and his deputies, Orbán had to wait three years to break the national bank. One of those deputy governors, Júlia Király, experienced state capture from the inside and resigned with a public protest at the loss of institutional independence. Now an associate professor of finance and monetary economics at the International Business School in Budapest, she began her career under socialism at the statistics and planning offices. As deputy governor, she was part of the team that managed the Hungarian economy through the post-2007 financial crisis – an experience she chronicles in Hungary and Other Emerging EU Countries in the Financial Storm: From Minor Turbulences to a Global Hurricane (Springer, 2020). Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes and podcasts at www.242.news on Substack. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Donald Trump is putting liberal democracy through its greatest test in 80 years.  None of it is original. His style of rule is straight from the democratic backsliders' playbook. To secure long-term power rather than short-term office, rulers must take over the institutions that check and balance majority rule and bend them to their will. Trump has tamed Congress and inserted his people into the Supreme Court, law enforcement, intelligence, and competition regulation but - to his great frustration - the Federal Reserve is holding out. It was the same story in Hungary after Viktor Orbán returned to the premiership in 2010. Bound by EU law and the mandates of the governor and his deputies, Orbán had to wait three years to break the national bank. One of those deputy governors, Júlia Király, experienced state capture from the inside and resigned with a public protest at the loss of institutional independence. Now an associate professor of finance and monetary economics at the International Business School in Budapest, she began her career under socialism at the statistics and planning offices. As deputy governor, she was part of the team that managed the Hungarian economy through the post-2007 financial crisis – an experience she chronicles in Hungary and Other Emerging EU Countries in the Financial Storm: From Minor Turbulences to a Global Hurricane (Springer, 2020). Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes and podcasts at www.242.news on Substack. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump's protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026. To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022). “If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual', people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit'. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?” Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer". 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

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump's protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026. To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022). “If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual', people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit'. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?” Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer". Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump's protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026. To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022). “If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual', people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit'. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?” Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer". Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/biography

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump's protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026. To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022). “If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual', people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit'. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?” Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer". Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

More than any one institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. This eighth and final episode covers the life and times of the current chair, Jerome ("Jay") Powell - the technocratic lawyer-turned-banker who managed the global economy through two unprecedented disasters: the Covid pandemic and Donald Trump's protectionist trade policies. As the episodes about Martin, Burns, and Volcker all attest, Powell isn't the first chairman to face political blowback. But he is the first to be publicly denounced as “Mr Too Late” and a “major loser” by a president intent on removing him from office before his term ends in mid-2026. To discuss Powell, Tim is joined by Nick Timiraos, author of Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic and Prevented Economic Disaster (Little, Brown, 2022). “If people think you're not going to act in the country's best interest, that's bad for the Fed,” he says. “The next time the Fed decides it needs to do something that actually is ‘exigent and unusual', people will say: ‘Well, wait a minute, the last time you did this, we thought you were a toady for the Democrats or a toady for the Republicans. We don't think you're a straight shooter. We're not going to let you raise interest rates by 25 basis points. We're not going to give you money to backstop your purchases of corporate credit'. Those are the kind of medium and long term risks from a fight with the White House. I think, for Powell, the worst outcome is that people don't think you have an independent central bank anymore. Your monetary policy won't be credible. Why not just roll that thing into the Treasury Department if that's what you're going to do?” Since 2017, Nick Timiraos has been the chief economics correspondent at The Wall Street Journal and has developed an unrivalled reputation as the "Fed whisperer". Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke's successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022). “Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”. In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He's still watching the Fed but now for his own advisory firm. 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

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke's successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022). “Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”. In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He's still watching the Fed but now for his own advisory firm. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke's successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022). “Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”. In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He's still watching the Fed but now for his own advisory firm. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/biography

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke's successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022). “Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”. In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He's still watching the Fed but now for his own advisory firm. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The third episode of the second series covers Janet Yellen – not only the first woman to become Fed Chair but the first person of either sex to lead the Fed, the Treasury, and the Council of Economic Advisors. To discuss Ben Bernanke's successor, Tim is joined by Jon Hilsenrath, author of Yellen: The Trailblazing Economist Who Navigated an Era of Upheaval (Harper Collins, 2022). “Bernanke was a consensus builder,” says Hilsenrath. “He wasn't the kind of guy who was going to push people on a personal level out of their comfort zones … Yellen was a bit of a bulldog there, but she was also a bulldog with the Fed staff. I mean, she had a view that the world was on fire and that they, you know, and that they had to be moving like people putting out a fire”. In 2023, Hilsenrath left the Wall Street Journal after a 26-year career during which he developed a market reputation as a pre-eminent Fed-watcher. He's still watching the Fed but now for his own advisory firm. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. 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

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/biography

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. Episode two of the second series covers the life and crisis-era times of Ben Bernanke, the man who filled Alan Greenspan's big shoes and ran the Fed from 2006 to 2014. A shy but world-renowned monetary economist and historian of the Great Depression, Bernanke was left holding the proverbial bomb when the financial system came close to collapse in 2008. To discuss Bernanke, Tim is joined by David Wessel, author of In FED We Trust: Ben Bernanke's War on the Great Panic (Crown, 2010). “It wasn't obvious when he was appointed to the Fed in 2006 that having somebody who had spent their life studying the Great Depression would be well equipped to be Alan Greenspan's successor,” says Wessel. “I have sometimes said it was a like being a paleontologist. It's very nice that you know a lot about dinosaurs, but what use is that to us today until one day a Stegosaurus appears on the horizon. And it was remarkable good fortune for the country and the world that there was a guy who happened to have studied all the mistakes that the Fed made in the 1920s and the 1930s in a position to do something about it when a situation, not all that dissimilar, appears both to his surprise and to almost everybody else's”. Wessel is two-time Pulitzer Prize winning journalist who now runs the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. For 30 years, he worked at the Wall Street Journal - reporting mostly from Washington and covering economics and the Fed. Learn more about your ad choices. Visit megaphone.fm/adchoices

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. 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

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/biography

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

More than any other single institution, the US Federal Reserve drives global capital markets with its decisions and communications. While its interest rates are set by a committee, for almost a century, the Fed's philosophy and operational approach have been moulded by one person: the Chair of the Board of Governors. In the first series of The Chair, Tim Gwynn Jones talked to authors of books about the Fed's foundational Chairs – Marriner Eccles, Bill Martin, Arthur Burns, and Paul Volcker. In this second series, he covers the people who chaired the Fed through the post-1990 period of financialisation, globalisation, and – perhaps today – deglobalisation. The first episode of the second series explores Alan Greenspan, the chairman who followed Paul Volcker and ran the Fed from 1987 until 2006. Once bestowed with “Maestro” status, Greenspan – who turns 100 in March 2026 – has seen his reputation deflate in the wake of the post-2008 financial crisis. To discuss the fallen Maestro, Tim is joined by Sebastian Mallaby, author of The Man Who Knew: The Life and Times of Alan Greenspan (Bloomsbury, 2016). “Greenspan was the man who knew,” says Mallaby. “He was the man who knew that bubbles were extremely destructive, and yet he was not the man who acted against those bubbles. So, whilst he was great on inflation and on stabilising the price of eggs, he was not good on asset-price inflation or stabilising the price of nest eggs”. A former journalist at The Economist and the Washington Post, Mallaby is the prize-winning author of The World's Banker – a portrait of the World Bank under James Wolfensohn – and More Money Than God: Hedge Funds and the Making of a New Elite. He is now the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations. Learn more about your ad choices. Visit megaphone.fm/adchoices

Even before its rebirth as a nation in the 1990s, Serbia had acquired a reputation abroad as Russia's stalwart Slavic ally in the Western Balkans. Yet, as Vuk Vuksanović argues in Serbia's Balancing Act: Between Russia and the West (Bloomsbury, 2025), two centuries of history and the 25 years since the fall of Slobodan Milošević tell a more nuanced story. "When it comes to Russia's interests,” he writes, “there are no sacred cows in Serbia-Russia relations". Governments in Belgrade will be courted and then discarded depending on Moscow's needs, and they know it. For their part, the Serbs depend on Russian political support in their campaign for a face-saving settlement of the long-running Kosovo dispute but know their economic success hinges on their ties to the EU and the US. Belgrade must "manipulate the superpower rivalry to secure economic resources from both superpowers and its political strategic autonomy". Vuk Vuksanović is a foreign policy expert at the Belgrade Centre for Security Policy, an associate of the Central and South-East Europe Programme at LSE IDEAS, and a prominent media commentator on strategy in the Balkans. *His book recommendations were Rival Power: Russia in Southeast Europe by Dimitar Bechev (Yale University Press, 2017) and Why War? by Christopher Coker (Hurst, 2021). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science

Even before its rebirth as a nation in the 1990s, Serbia had acquired a reputation abroad as Russia's stalwart Slavic ally in the Western Balkans. Yet, as Vuk Vuksanović argues in Serbia's Balancing Act: Between Russia and the West (Bloomsbury, 2025), two centuries of history and the 25 years since the fall of Slobodan Milošević tell a more nuanced story. "When it comes to Russia's interests,” he writes, “there are no sacred cows in Serbia-Russia relations". Governments in Belgrade will be courted and then discarded depending on Moscow's needs, and they know it. For their part, the Serbs depend on Russian political support in their campaign for a face-saving settlement of the long-running Kosovo dispute but know their economic success hinges on their ties to the EU and the US. Belgrade must "manipulate the superpower rivalry to secure economic resources from both superpowers and its political strategic autonomy". Vuk Vuksanović is a foreign policy expert at the Belgrade Centre for Security Policy, an associate of the Central and South-East Europe Programme at LSE IDEAS, and a prominent media commentator on strategy in the Balkans. *His book recommendations were Rival Power: Russia in Southeast Europe by Dimitar Bechev (Yale University Press, 2017) and Why War? by Christopher Coker (Hurst, 2021). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. 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

Even before its rebirth as a nation in the 1990s, Serbia had acquired a reputation abroad as Russia's stalwart Slavic ally in the Western Balkans. Yet, as Vuk Vuksanović argues in Serbia's Balancing Act: Between Russia and the West (Bloomsbury, 2025), two centuries of history and the 25 years since the fall of Slobodan Milošević tell a more nuanced story. "When it comes to Russia's interests,” he writes, “there are no sacred cows in Serbia-Russia relations". Governments in Belgrade will be courted and then discarded depending on Moscow's needs, and they know it. For their part, the Serbs depend on Russian political support in their campaign for a face-saving settlement of the long-running Kosovo dispute but know their economic success hinges on their ties to the EU and the US. Belgrade must "manipulate the superpower rivalry to secure economic resources from both superpowers and its political strategic autonomy". Vuk Vuksanović is a foreign policy expert at the Belgrade Centre for Security Policy, an associate of the Central and South-East Europe Programme at LSE IDEAS, and a prominent media commentator on strategy in the Balkans. *His book recommendations were Rival Power: Russia in Southeast Europe by Dimitar Bechev (Yale University Press, 2017) and Why War? by Christopher Coker (Hurst, 2021). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/world-affairs

Even before its rebirth as a nation in the 1990s, Serbia had acquired a reputation abroad as Russia's stalwart Slavic ally in the Western Balkans. Yet, as Vuk Vuksanović argues in Serbia's Balancing Act: Between Russia and the West (Bloomsbury, 2025), two centuries of history and the 25 years since the fall of Slobodan Milošević tell a more nuanced story. "When it comes to Russia's interests,” he writes, “there are no sacred cows in Serbia-Russia relations". Governments in Belgrade will be courted and then discarded depending on Moscow's needs, and they know it. For their part, the Serbs depend on Russian political support in their campaign for a face-saving settlement of the long-running Kosovo dispute but know their economic success hinges on their ties to the EU and the US. Belgrade must "manipulate the superpower rivalry to secure economic resources from both superpowers and its political strategic autonomy". Vuk Vuksanović is a foreign policy expert at the Belgrade Centre for Security Policy, an associate of the Central and South-East Europe Programme at LSE IDEAS, and a prominent media commentator on strategy in the Balkans. *His book recommendations were Rival Power: Russia in Southeast Europe by Dimitar Bechev (Yale University Press, 2017) and Why War? by Christopher Coker (Hurst, 2021). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/russian-studies

Even before its rebirth as a nation in the 1990s, Serbia had acquired a reputation abroad as Russia's stalwart Slavic ally in the Western Balkans. Yet, as Vuk Vuksanović argues in Serbia's Balancing Act: Between Russia and the West (Bloomsbury, 2025), two centuries of history and the 25 years since the fall of Slobodan Milošević tell a more nuanced story. "When it comes to Russia's interests,” he writes, “there are no sacred cows in Serbia-Russia relations". Governments in Belgrade will be courted and then discarded depending on Moscow's needs, and they know it. For their part, the Serbs depend on Russian political support in their campaign for a face-saving settlement of the long-running Kosovo dispute but know their economic success hinges on their ties to the EU and the US. Belgrade must "manipulate the superpower rivalry to secure economic resources from both superpowers and its political strategic autonomy". Vuk Vuksanović is a foreign policy expert at the Belgrade Centre for Security Policy, an associate of the Central and South-East Europe Programme at LSE IDEAS, and a prominent media commentator on strategy in the Balkans. *His book recommendations were Rival Power: Russia in Southeast Europe by Dimitar Bechev (Yale University Press, 2017) and Why War? by Christopher Coker (Hurst, 2021). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/eastern-european-studies

Even before its rebirth as a nation in the 1990s, Serbia had acquired a reputation abroad as Russia's stalwart Slavic ally in the Western Balkans. Yet, as Vuk Vuksanović argues in Serbia's Balancing Act: Between Russia and the West (Bloomsbury, 2025), two centuries of history and the 25 years since the fall of Slobodan Milošević tell a more nuanced story. "When it comes to Russia's interests,” he writes, “there are no sacred cows in Serbia-Russia relations". Governments in Belgrade will be courted and then discarded depending on Moscow's needs, and they know it. For their part, the Serbs depend on Russian political support in their campaign for a face-saving settlement of the long-running Kosovo dispute but know their economic success hinges on their ties to the EU and the US. Belgrade must "manipulate the superpower rivalry to secure economic resources from both superpowers and its political strategic autonomy". Vuk Vuksanović is a foreign policy expert at the Belgrade Centre for Security Policy, an associate of the Central and South-East Europe Programme at LSE IDEAS, and a prominent media commentator on strategy in the Balkans. *His book recommendations were Rival Power: Russia in Southeast Europe by Dimitar Bechev (Yale University Press, 2017) and Why War? by Christopher Coker (Hurst, 2021). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices

Even before its rebirth as a nation in the 1990s, Serbia had acquired a reputation abroad as Russia's stalwart Slavic ally in the Western Balkans. Yet, as Vuk Vuksanović argues in Serbia's Balancing Act: Between Russia and the West (Bloomsbury, 2025), two centuries of history and the 25 years since the fall of Slobodan Milošević tell a more nuanced story. "When it comes to Russia's interests,” he writes, “there are no sacred cows in Serbia-Russia relations". Governments in Belgrade will be courted and then discarded depending on Moscow's needs, and they know it. For their part, the Serbs depend on Russian political support in their campaign for a face-saving settlement of the long-running Kosovo dispute but know their economic success hinges on their ties to the EU and the US. Belgrade must "manipulate the superpower rivalry to secure economic resources from both superpowers and its political strategic autonomy". Vuk Vuksanović is a foreign policy expert at the Belgrade Centre for Security Policy, an associate of the Central and South-East Europe Programme at LSE IDEAS, and a prominent media commentator on strategy in the Balkans. *His book recommendations were Rival Power: Russia in Southeast Europe by Dimitar Bechev (Yale University Press, 2017) and Why War? by Christopher Coker (Hurst, 2021). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's European Union grew out of functional communities set up in the wake of world war in the 1950s.  It would shock the new White House intake to learn that the wartime American political class lobbied hard for a postwar United States of Europe. The role of US officials in building Europe's first community – one for the coal and steel industries – and their close ties to "founding father" Jean Monnet have long been known. But, in Building Europe in New York: From the Munich Conference to the European Coal and Steel Community (Routledge, 2025), Enrico Ciappi takes things back a step - to the intellectual groundwork done by a network of American, French, and British politicians, diplomats, economists, and strategic thinkers. "The Schuman Plan arrived at the end of a long intellectual journey," he writes, with the two critical players in that journey being Monnet himself and the renowned New York-based think tank: the Council on Foreign Relations. Enrico Ciappi is a postdoctoral research fellow in history at the LUISS Guido Carli University of Rome. This is his first book. *His book recommendations were The Emergence of Globalism: Visions of World Order in Britain and the United States, 1939–1950 by Or Rosenboim (Princeton University Press, 2017) and The Great Game: On Secret Service in High Asia by Peter Hopkirk (John Murray, 1990 — reprint in 2006). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. 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

Today's European Union grew out of functional communities set up in the wake of world war in the 1950s.  It would shock the new White House intake to learn that the wartime American political class lobbied hard for a postwar United States of Europe. The role of US officials in building Europe's first community – one for the coal and steel industries – and their close ties to "founding father" Jean Monnet have long been known. But, in Building Europe in New York: From the Munich Conference to the European Coal and Steel Community (Routledge, 2025), Enrico Ciappi takes things back a step - to the intellectual groundwork done by a network of American, French, and British politicians, diplomats, economists, and strategic thinkers. "The Schuman Plan arrived at the end of a long intellectual journey," he writes, with the two critical players in that journey being Monnet himself and the renowned New York-based think tank: the Council on Foreign Relations. Enrico Ciappi is a postdoctoral research fellow in history at the LUISS Guido Carli University of Rome. This is his first book. *His book recommendations were The Emergence of Globalism: Visions of World Order in Britain and the United States, 1939–1950 by Or Rosenboim (Princeton University Press, 2017) and The Great Game: On Secret Service in High Asia by Peter Hopkirk (John Murray, 1990 — reprint in 2006). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/history

Today's European Union grew out of functional communities set up in the wake of world war in the 1950s.  It would shock the new White House intake to learn that the wartime American political class lobbied hard for a postwar United States of Europe. The role of US officials in building Europe's first community – one for the coal and steel industries – and their close ties to "founding father" Jean Monnet have long been known. But, in Building Europe in New York: From the Munich Conference to the European Coal and Steel Community (Routledge, 2025), Enrico Ciappi takes things back a step - to the intellectual groundwork done by a network of American, French, and British politicians, diplomats, economists, and strategic thinkers. "The Schuman Plan arrived at the end of a long intellectual journey," he writes, with the two critical players in that journey being Monnet himself and the renowned New York-based think tank: the Council on Foreign Relations. Enrico Ciappi is a postdoctoral research fellow in history at the LUISS Guido Carli University of Rome. This is his first book. *His book recommendations were The Emergence of Globalism: Visions of World Order in Britain and the United States, 1939–1950 by Or Rosenboim (Princeton University Press, 2017) and The Great Game: On Secret Service in High Asia by Peter Hopkirk (John Murray, 1990 — reprint in 2006). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/world-affairs

Today's European Union grew out of functional communities set up in the wake of world war in the 1950s.  It would shock the new White House intake to learn that the wartime American political class lobbied hard for a postwar United States of Europe. The role of US officials in building Europe's first community – one for the coal and steel industries – and their close ties to "founding father" Jean Monnet have long been known. But, in Building Europe in New York: From the Munich Conference to the European Coal and Steel Community (Routledge, 2025), Enrico Ciappi takes things back a step - to the intellectual groundwork done by a network of American, French, and British politicians, diplomats, economists, and strategic thinkers. "The Schuman Plan arrived at the end of a long intellectual journey," he writes, with the two critical players in that journey being Monnet himself and the renowned New York-based think tank: the Council on Foreign Relations. Enrico Ciappi is a postdoctoral research fellow in history at the LUISS Guido Carli University of Rome. This is his first book. *His book recommendations were The Emergence of Globalism: Visions of World Order in Britain and the United States, 1939–1950 by Or Rosenboim (Princeton University Press, 2017) and The Great Game: On Secret Service in High Asia by Peter Hopkirk (John Murray, 1990 — reprint in 2006). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's European Union grew out of functional communities set up in the wake of world war in the 1950s.  It would shock the new White House intake to learn that the wartime American political class lobbied hard for a postwar United States of Europe. The role of US officials in building Europe's first community – one for the coal and steel industries – and their close ties to "founding father" Jean Monnet have long been known. But, in Building Europe in New York: From the Munich Conference to the European Coal and Steel Community (Routledge, 2025), Enrico Ciappi takes things back a step - to the intellectual groundwork done by a network of American, French, and British politicians, diplomats, economists, and strategic thinkers. "The Schuman Plan arrived at the end of a long intellectual journey," he writes, with the two critical players in that journey being Monnet himself and the renowned New York-based think tank: the Council on Foreign Relations. Enrico Ciappi is a postdoctoral research fellow in history at the LUISS Guido Carli University of Rome. This is his first book. *His book recommendations were The Emergence of Globalism: Visions of World Order in Britain and the United States, 1939–1950 by Or Rosenboim (Princeton University Press, 2017) and The Great Game: On Secret Service in High Asia by Peter Hopkirk (John Murray, 1990 — reprint in 2006). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices

Forty years ago, Schengen - a wine-making village at the tripoint border of Luxembourg, France, and Germany - made European history when diplomats from these countries, Belgium, and the Netherlands struck a deal to scale back their mutual border checks. "The event at Schengen went unnoticed by much of the European press," writes Isaac Stanley-Becker in Europe Without Borders: A History (Princeton University Press, 2025). Yet, as one of its signatories said much later, the Schengen agreement "changed everything" - accelerating the development of the European single market and currency area. Today, however, Schengen is under threat as its now-29 members struggle to balance the free movement of people against the demands of cross-border policing, immigration control, and political consent. In September 2024, the German government - rattled by surging support for the nativist AFD in the run-up to a federal election - reinstated border controls with its four Schengen founders, prompting threats of retaliation. Could Schengen face, as Stanley-Becker warns, "death by a thousand cuts"? Isaac Stanley-Becker is an investigative reporter at the Washington Post - part of the team that won a Pulitzer Prize in 2024 for a series exploring the role of the AR-15 semi-automatic rifle in American life. A graduate of Yale, he went on to complete a PhD in History at Oxford in 2019. Europe Without Borders is his first book. *The author's book recommendations were East West Street: On The Origins of Genocide and Crimes Against Humanity by Philippe Sands (Weidenfeld & Nicolson, 2016) and The Man Who Saw Everything by Deborah Levy (Hamish Hamilton, 2019). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. 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

Forty years ago, Schengen - a wine-making village at the tripoint border of Luxembourg, France, and Germany - made European history when diplomats from these countries, Belgium, and the Netherlands struck a deal to scale back their mutual border checks. "The event at Schengen went unnoticed by much of the European press," writes Isaac Stanley-Becker in Europe Without Borders: A History (Princeton University Press, 2025). Yet, as one of its signatories said much later, the Schengen agreement "changed everything" - accelerating the development of the European single market and currency area. Today, however, Schengen is under threat as its now-29 members struggle to balance the free movement of people against the demands of cross-border policing, immigration control, and political consent. In September 2024, the German government - rattled by surging support for the nativist AFD in the run-up to a federal election - reinstated border controls with its four Schengen founders, prompting threats of retaliation. Could Schengen face, as Stanley-Becker warns, "death by a thousand cuts"? Isaac Stanley-Becker is an investigative reporter at the Washington Post - part of the team that won a Pulitzer Prize in 2024 for a series exploring the role of the AR-15 semi-automatic rifle in American life. A graduate of Yale, he went on to complete a PhD in History at Oxford in 2019. Europe Without Borders is his first book. *The author's book recommendations were East West Street: On The Origins of Genocide and Crimes Against Humanity by Philippe Sands (Weidenfeld & Nicolson, 2016) and The Man Who Saw Everything by Deborah Levy (Hamish Hamilton, 2019). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/history

Forty years ago, Schengen - a wine-making village at the tripoint border of Luxembourg, France, and Germany - made European history when diplomats from these countries, Belgium, and the Netherlands struck a deal to scale back their mutual border checks. "The event at Schengen went unnoticed by much of the European press," writes Isaac Stanley-Becker in Europe Without Borders: A History (Princeton University Press, 2025). Yet, as one of its signatories said much later, the Schengen agreement "changed everything" - accelerating the development of the European single market and currency area. Today, however, Schengen is under threat as its now-29 members struggle to balance the free movement of people against the demands of cross-border policing, immigration control, and political consent. In September 2024, the German government - rattled by surging support for the nativist AFD in the run-up to a federal election - reinstated border controls with its four Schengen founders, prompting threats of retaliation. Could Schengen face, as Stanley-Becker warns, "death by a thousand cuts"? Isaac Stanley-Becker is an investigative reporter at the Washington Post - part of the team that won a Pulitzer Prize in 2024 for a series exploring the role of the AR-15 semi-automatic rifle in American life. A graduate of Yale, he went on to complete a PhD in History at Oxford in 2019. Europe Without Borders is his first book. *The author's book recommendations were East West Street: On The Origins of Genocide and Crimes Against Humanity by Philippe Sands (Weidenfeld & Nicolson, 2016) and The Man Who Saw Everything by Deborah Levy (Hamish Hamilton, 2019). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news.

Forty years ago, Schengen - a wine-making village at the tripoint border of Luxembourg, France, and Germany - made European history when diplomats from these countries, Belgium, and the Netherlands struck a deal to scale back their mutual border checks. "The event at Schengen went unnoticed by much of the European press," writes Isaac Stanley-Becker in Europe Without Borders: A History (Princeton University Press, 2025). Yet, as one of its signatories said much later, the Schengen agreement "changed everything" - accelerating the development of the European single market and currency area. Today, however, Schengen is under threat as its now-29 members struggle to balance the free movement of people against the demands of cross-border policing, immigration control, and political consent. In September 2024, the German government - rattled by surging support for the nativist AFD in the run-up to a federal election - reinstated border controls with its four Schengen founders, prompting threats of retaliation. Could Schengen face, as Stanley-Becker warns, "death by a thousand cuts"? Isaac Stanley-Becker is an investigative reporter at the Washington Post - part of the team that won a Pulitzer Prize in 2024 for a series exploring the role of the AR-15 semi-automatic rifle in American life. A graduate of Yale, he went on to complete a PhD in History at Oxford in 2019. Europe Without Borders is his first book. *The author's book recommendations were East West Street: On The Origins of Genocide and Crimes Against Humanity by Philippe Sands (Weidenfeld & Nicolson, 2016) and The Man Who Saw Everything by Deborah Levy (Hamish Hamilton, 2019). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/european-studies

Forty years ago, Schengen - a wine-making village at the tripoint border of Luxembourg, France, and Germany - made European history when diplomats from these countries, Belgium, and the Netherlands struck a deal to scale back their mutual border checks. "The event at Schengen went unnoticed by much of the European press," writes Isaac Stanley-Becker in Europe Without Borders: A History (Princeton University Press, 2025). Yet, as one of its signatories said much later, the Schengen agreement "changed everything" - accelerating the development of the European single market and currency area. Today, however, Schengen is under threat as its now-29 members struggle to balance the free movement of people against the demands of cross-border policing, immigration control, and political consent. In September 2024, the German government - rattled by surging support for the nativist AFD in the run-up to a federal election - reinstated border controls with its four Schengen founders, prompting threats of retaliation. Could Schengen face, as Stanley-Becker warns, "death by a thousand cuts"? Isaac Stanley-Becker is an investigative reporter at the Washington Post - part of the team that won a Pulitzer Prize in 2024 for a series exploring the role of the AR-15 semi-automatic rifle in American life. A graduate of Yale, he went on to complete a PhD in History at Oxford in 2019. Europe Without Borders is his first book. *The author's book recommendations were East West Street: On The Origins of Genocide and Crimes Against Humanity by Philippe Sands (Weidenfeld & Nicolson, 2016) and The Man Who Saw Everything by Deborah Levy (Hamish Hamilton, 2019). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/geography

Forty years ago, Schengen - a wine-making village at the tripoint border of Luxembourg, France, and Germany - made European history when diplomats from these countries, Belgium, and the Netherlands struck a deal to scale back their mutual border checks. "The event at Schengen went unnoticed by much of the European press," writes Isaac Stanley-Becker in Europe Without Borders: A History (Princeton University Press, 2025). Yet, as one of its signatories said much later, the Schengen agreement "changed everything" - accelerating the development of the European single market and currency area. Today, however, Schengen is under threat as its now-29 members struggle to balance the free movement of people against the demands of cross-border policing, immigration control, and political consent. In September 2024, the German government - rattled by surging support for the nativist AFD in the run-up to a federal election - reinstated border controls with its four Schengen founders, prompting threats of retaliation. Could Schengen face, as Stanley-Becker warns, "death by a thousand cuts"? Isaac Stanley-Becker is an investigative reporter at the Washington Post - part of the team that won a Pulitzer Prize in 2024 for a series exploring the role of the AR-15 semi-automatic rifle in American life. A graduate of Yale, he went on to complete a PhD in History at Oxford in 2019. Europe Without Borders is his first book. *The author's book recommendations were East West Street: On The Origins of Genocide and Crimes Against Humanity by Philippe Sands (Weidenfeld & Nicolson, 2016) and The Man Who Saw Everything by Deborah Levy (Hamish Hamilton, 2019). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/eastern-european-studies

Forty years ago, Schengen - a wine-making village at the tripoint border of Luxembourg, France, and Germany - made European history when diplomats from these countries, Belgium, and the Netherlands struck a deal to scale back their mutual border checks. "The event at Schengen went unnoticed by much of the European press," writes Isaac Stanley-Becker in Europe Without Borders: A History (Princeton University Press, 2025). Yet, as one of its signatories said much later, the Schengen agreement "changed everything" - accelerating the development of the European single market and currency area. Today, however, Schengen is under threat as its now-29 members struggle to balance the free movement of people against the demands of cross-border policing, immigration control, and political consent. In September 2024, the German government - rattled by surging support for the nativist AFD in the run-up to a federal election - reinstated border controls with its four Schengen founders, prompting threats of retaliation. Could Schengen face, as Stanley-Becker warns, "death by a thousand cuts"? Isaac Stanley-Becker is an investigative reporter at the Washington Post - part of the team that won a Pulitzer Prize in 2024 for a series exploring the role of the AR-15 semi-automatic rifle in American life. A graduate of Yale, he went on to complete a PhD in History at Oxford in 2019. Europe Without Borders is his first book. *The author's book recommendations were East West Street: On The Origins of Genocide and Crimes Against Humanity by Philippe Sands (Weidenfeld & Nicolson, 2016) and The Man Who Saw Everything by Deborah Levy (Hamish Hamilton, 2019). Tim Gwynn Jones is an economic and political risk analyst at Medley Advisors, who also writes and podcasts on Substack at 242.news. Learn more about your ad choices. Visit megaphone.fm/adchoices

From the collapse of the Soviet Union until late 2023, Armenia and Azerbaijan were fighting unrelenting hot and cold wars over Nagorno-Karabakh - a tiny 4,400-square-kilometre breakaway republic with a population under 150,000. That 30-year crisis ended within 24 hours in September 2023 when Azerbaijan attacked, Russian peacekeepers withdrew, and the last Karabakh Armenians left the enclave. While equivalent ethnic cleansings (deliberate or neglectful) have commanded Western diplomatic and media attention for decades, Nagorno-Karabakh has never captured attention outside the region. With Ashes of Our Fathers: Inside the Fall of Nagorno-Karabakh (Hurst, 2025), Gabriel Gavin is determined to redress that imbalance. Mixing history and reportage, Gavin explores this long-simmering ethnic conflict, how it has corrupted the politics and cultures of Armenia and Azerbaijan, and what it tells us about the decline of Russian external power and the failures of the West. *The author's book recommendations were High Caucasus: A Mountain Quest in Russia's Haunted Hinterland by Tom Parfitt (Headline, 2023) and Minor Detail by Adania Shibli (Fitzcarraldo Editions, 2020 — translated by Elisabeth Jaquette). Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes and podcasts at twenty4two on Substack. 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

From the collapse of the Soviet Union until late 2023, Armenia and Azerbaijan were fighting unrelenting hot and cold wars over Nagorno-Karabakh - a tiny 4,400-square-kilometre breakaway republic with a population under 150,000. That 30-year crisis ended within 24 hours in September 2023 when Azerbaijan attacked, Russian peacekeepers withdrew, and the last Karabakh Armenians left the enclave. While equivalent ethnic cleansings (deliberate or neglectful) have commanded Western diplomatic and media attention for decades, Nagorno-Karabakh has never captured attention outside the region. With Ashes of Our Fathers: Inside the Fall of Nagorno-Karabakh (Hurst, 2025), Gabriel Gavin is determined to redress that imbalance. Mixing history and reportage, Gavin explores this long-simmering ethnic conflict, how it has corrupted the politics and cultures of Armenia and Azerbaijan, and what it tells us about the decline of Russian external power and the failures of the West. *The author's book recommendations were High Caucasus: A Mountain Quest in Russia's Haunted Hinterland by Tom Parfitt (Headline, 2023) and Minor Detail by Adania Shibli (Fitzcarraldo Editions, 2020 — translated by Elisabeth Jaquette). Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes and podcasts at twenty4two on Substack. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/military-history

From the collapse of the Soviet Union until late 2023, Armenia and Azerbaijan were fighting unrelenting hot and cold wars over Nagorno-Karabakh - a tiny 4,400-square-kilometre breakaway republic with a population under 150,000. That 30-year crisis ended within 24 hours in September 2023 when Azerbaijan attacked, Russian peacekeepers withdrew, and the last Karabakh Armenians left the enclave. While equivalent ethnic cleansings (deliberate or neglectful) have commanded Western diplomatic and media attention for decades, Nagorno-Karabakh has never captured attention outside the region. With Ashes of Our Fathers: Inside the Fall of Nagorno-Karabakh (Hurst, 2025), Gabriel Gavin is determined to redress that imbalance. Mixing history and reportage, Gavin explores this long-simmering ethnic conflict, how it has corrupted the politics and cultures of Armenia and Azerbaijan, and what it tells us about the decline of Russian external power and the failures of the West. *The author's book recommendations were High Caucasus: A Mountain Quest in Russia's Haunted Hinterland by Tom Parfitt (Headline, 2023) and Minor Detail by Adania Shibli (Fitzcarraldo Editions, 2020 — translated by Elisabeth Jaquette). Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes and podcasts at twenty4two on Substack. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/russian-studies

The European Union has a big problem—a potentially fatal one. How should it deal with a member state or states that reject democracy and the rule of law? So far, not even Viktor Orbán's Hungary has turned full-blown authoritarian. However, his 14 unbroken years of “illiberal democracy”, his constitution rewriting, creeping media control, challenges to judicial independence, and calls for popular resistance against the EU are becoming less easy to ignore or accommodate. Yet, the EU's tools to address democratic backsliding are blunt and its institutions are reluctant to use them. Above all, while a member state can leave the union, the union itself has no power to expel a club member that breaks its core democratic rules. In Protecting Democracy in Europe: Pluralism, Autocracy and the Future of the EU (Hurst, 2024), Tom Theuns looks back at the history of this design fault and how to put it right. He writes: "EU member states cannot both permit a frankly autocratic state to continue to be a member state of the Union and at the same tie pretend to be committed to democracy" Tom Theuns is a Senior Assistant Professor of Political Theory and European Politics at Leiden University's Institute of Political Science and an Associate Researcher at Sciences Po in Paris. Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes and podcasts at twenty4two on Substack. 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

The European Union has a big problem—a potentially fatal one. How should it deal with a member state or states that reject democracy and the rule of law? So far, not even Viktor Orbán's Hungary has turned full-blown authoritarian. However, his 14 unbroken years of “illiberal democracy”, his constitution rewriting, creeping media control, challenges to judicial independence, and calls for popular resistance against the EU are becoming less easy to ignore or accommodate. Yet, the EU's tools to address democratic backsliding are blunt and its institutions are reluctant to use them. Above all, while a member state can leave the union, the union itself has no power to expel a club member that breaks its core democratic rules. In Protecting Democracy in Europe: Pluralism, Autocracy and the Future of the EU (Hurst, 2024), Tom Theuns looks back at the history of this design fault and how to put it right. He writes: "EU member states cannot both permit a frankly autocratic state to continue to be a member state of the Union and at the same tie pretend to be committed to democracy" Tom Theuns is a Senior Assistant Professor of Political Theory and European Politics at Leiden University's Institute of Political Science and an Associate Researcher at Sciences Po in Paris. Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes and podcasts at twenty4two on Substack. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science