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After parliament was recalled on Saturday to save British Steel's Scunthorpe plant, Alun Davies National Secretary for Steel for Community Union is with us with a Welsh steel worker's reaction. Ian Williams, long time foreign correspondent and author of Vampire State: The Rise and Fall of the Chinese Economy tells us what the US-Chinese trade war means for the rest of us. Chief Political Editor of DW news Michaela Kuefner explains how and why German politicians made a coalition deal as quickly as possible. Guto Bebb, CEO of the FUW says that changing the way farming subsidies are paid is bad for Welsh agriculture. And Jill Rundle, chair of the national federation of the Women's Institute in Wales talks about all the WIs campaigns. Sarah Jones, Vicar of St John the Baptist church in Cardiff and Cllr George Carroll, leader of the Vale of Glamorgan's conservatives are in the studio to review the papers with our presenter, Vaughan Roderick.

In late February in DC, I attended the US premiere of the Bertelsmann Foundation of North America produced documentary “Lithium Rising”, a movie about the extraction of essential rare minerals like lithium, nickel and cobalt. Afterwards, I moderated a panel featuring the movie's director Samuel George, the Biden US Department of Energy Director Giulia Siccardo and Environmental Lawyer JingJing Zhang (the "Erin Brockovich of China"). In post Liberation Day America, of course, the issues addressed in both “Lithium Rising” and our panel discussion - particularly US-Chinese economic rivalry over these essential rare minerals - are even more relevant. Tariffs or not, George's important new movie uncovers the essential economic and moral rules of today's rechargeable battery age. FIVE TAKEAWAYS* China dominates the critical minerals supply chain, particularly in refining lithium, cobalt, and nickel - creating a significant vulnerability for the United States and Western countries who rely on these minerals for everything from consumer electronics to military equipment.* Resource extraction creates complex moral dilemmas in communities like those in Nevada, Bolivia, Congo, and Chile, where mining offers economic opportunities but also threatens environment and sacred lands, often dividing local populations.* History appears to be repeating itself with China's approach in Africa mirroring aspects of 19th century European colonialism, building infrastructure that primarily serves to extract resources while local communities remain impoverished.* Battery recycling offers a potential "silver lining" but faces two major challenges: making the process cost-effective compared to new mining, and accumulating enough recycled materials to create a closed-loop system, which could take decades.* The geopolitical competition for these minerals is intensifying, with tariffs and trade wars affecting global supply chains and the livelihoods of workers throughout the system, from miners to manufacturers. FULL TRANSCRIPTAndrew Keen: Hello, everybody. Last year, we did a show on a new book. It was a new book back then called Cobalt Red about the role of cobalt, the mineral in the Congo. We also did a show. The author of the Cobalt Red book is Siddharth Kara, and it won a number of awards. It's the finalist for the Pulitzer Prize. We also did a show with Ernest Scheyder, who authored a book, The War Below, Lithium, Copper, and the Global Battle to Power Our Lives. Lithium and cobalt are indeed becoming the critical minerals of our networked age. We've done two books on it, and a couple of months ago, I went to the premiere, a wonderful new film, a nonfiction documentary by my guest Samuel George. He has a new movie out called Lithium Rising and I moderated a panel in Washington DC and I'm thrilled that Samuel George is joining us now. He works with the Bertelsmann Foundation of North America and it's a Bertelsman funded enterprise. Sam, congratulations on the movie. It's quite an achievement. I know you traveled all over the world. You went to Europe, Latin America, a lot of remarkable footage also from Africa. How would you compare the business of writing a book like Cobalt read or the war below about lithium and cobalt and the challenges and opportunities of doing a movie like lithium rising what are the particular challenges for a movie director like yourself.Samuel George: Yeah, Andrew. Well, first of all, I just want to thank you for having me on the program. I appreciate that. And you're right. It is a very different skill set that's required. It's a different set of challenges and also a different set of opportunities. I mean, the beauty of writing, which is something I get a chance to do as well. And I should say we actually do have a long paper coming out of this process that I wrote that will probably be coming out in the next couple months. But the beauty of writing is you need to kind of understand your topic, and if you can really understand your topics, you have the opportunity to explain it. When it comes to filming, if the camera doesn't have it, you don't have it. You might have a sense of something, people might explain things to you in a certain way, but if you don't have it on your camera in a way that's digestible and easy for audience to grasp, it doesn't matter whether you personally understand it or not. So the challenge is really, okay, maybe you understand the issue, but how do you show it? How do you bring your audience to that front line? Because that's the opportunity that you have that you don't necessarily have when you write. And that's to take an audience literally to these remote locations that they've never been and plant their feet right in the ground, whether that be the Atacama in Northern Chile, whether that'd be the red earth of Colwaisy in the Democratic Republic of the Congo. And that's the beauty of it, but it takes more of making sure you get something not just whether you understand it is almost irrelevant. I mean I guess you do need to understand it but you need to be able to draw it out of a place. It's easier when you're writing to get to some of these difficult places because you don't have to bring 900 pounds of equipment and you can kind of move easier and you're much more discreet. You can get places much easier as you can imagine, where with this, you're carrying all this equipment down. You're obvious from miles away. So you really have to build relationships and get people to get comfortable with you and be willing to speak out. So it's different arts, but it's also different rewards. And the beauty of being able to combine analysis with these visuals is really the draw of what makes documentary so magic because you're really kind of hitting different senses at the same time, visual, audio, and combining it to hopefully make some sort of bigger story.Andrew Keen: Well, speaking, Sam, of audio and visuals, we've got a one minute clip or introduction to the movie. People just listening on this podcast won't get to see your excellent film work, but everybody else will. So let's just have a minute to see what lithium rising is all about. We'll be back in a minute.[Clip plays]Andrew Keen: Here's a saying that says that the natural resources are today's bread and tomorrow's hunger. Great stuff, Sam. That last quote was in Spanish. Maybe you want to translate that to English, because I think, in a sense, it summarizes what lithium rising is about.Samuel George: Right. Well, that's this idea that natural resources in a lot of these places, I mean, you have to take a step back that a lot of these resources, you mentioned the lithium, the cobalt, you can throw nickel into that conversation. And then some of the more traditional ones like copper and silver, a lot are in poor countries. And for centuries, the opportunity to access this has been like a mirage, dangled in front of many of these poor countries as an opportunity to become more wealthy. Yet what we continue to see is the wealth, the mineral wealth of these countries is sustaining growth around the world while places like Potosí and Bolivia remain remarkably poor. So the question on their minds is, is this time gonna be any different? We know that Bolivia has perhaps the largest lithium deposits in the world. They're struggling to get to it because they're fighting amongst each other politically about what's the best way to do it, and is there any way to it that, hey, for once, maybe some of this resource wealth can stay here so that we don't end up, as the quote said, starving. So that's where their perspective is. And then on the other side, you have the great powers of the world who are engaged in a massive competition for access to these minerals.Andrew Keen: And let's be specific, Sam, we're not talking about 19th century Europe and great powers where there were four or five, they're really only two great powers when it comes to these resources, aren't they?Samuel George: I mean, I think that's fair to say. I think some people might like to lump in Western Europe and the EU with the United States to the extent that we used to traditionally conceive of them as being on the same team. But certainly, yes, this is a competition between the United States and China. And it's one that, frankly, China is winning and winning handily. And we can debate what that means, but it's true. I showed this film in London. And a student, who I believe was Chinese, commented, is it really fair to even call this a race? Because it seems to be over.Andrew Keen: Yeah, it's over. You showed it at King's College in London. I heard it was an excellent event.Samuel George: Yeah, it really was. But the point here is, to the extent that it's a competition between the United States and China, which it is, China is winning. And that's of grave concern to Washington. So there's the sense that the United States needs to catch up and need to catch up quickly. So that's the perspective that these two great powers are going at it from. Whereas if you're the Democratic Republic of Congo, if you are Bolivia, if your Chile, you're saying, what can we do to try to make the most of this opportunity and not just get steamrolled?Andrew Keen: Right. And you talk about a grave concern. Of course, there is grave concern both in Washington, D.C. and Beijing in terms of who's winning this race for these natural resources that are driving our networked age, our battery powered age. Some people might think the race has ended. Some people may even argue that it hasn't even really begun. But of course, one of the biggest issues, and particularly when it comes to the Chinese, is this neocolonial element. This was certainly brought out in Cobalt Red, which is quite a controversial book about the way in which China has essentially colonized the Congo by mining Cobalt in Congo, using local labor and then shipping out these valuable resources back to China. And of course, it's part of a broader project in Africa of the Chinese, which for some critics actually not that different from European 19th century colonialism. That's why we entitled our show with Siddharth Kara, The New Heart of Darkness. Of course, the original Heart of darkness was Joseph Conrad's great novel that got turned into Apocalypse Now. Is history repeating itself, Sam, when it comes to these natural resources in terms of the 19th-century history of colonialism, particularly in Africa?Samuel George: Yeah, I mean, I think it's so one thing that's fair to say is you hear a lot of complaining from the West that says, well, look, standards are not being respected, labor is being taken advantage of, environment is not being taken care of, and this is unfair. And this is true, but your point is equally true that this should not be a foreign concept to the West because it's something that previously the West was clearly engaged in. And so yes, there is echoes of history repeating itself. I don't think there's any other way to look at it. I think it's a complicated dynamic because sometimes people say, well, why is the West not? Why is it not the United States that's in the DRC and getting the cobalt? And I think that's because it's been tough for the United states to find its footing. What China has done is increasingly, and then we did another documentary about this. It's online. It's called Tinder Box Belt and Road, China and the Balkans. And what we increasingly see is in these non-democracies or faulty democracies that has something that China's interested in. China's willing to show up and basically put a lot of money on the table and not ask a whole lot of questions. And if the West, doesn't wanna play that game, whatever they're offering isn't necessarily as attractive. And that's a complication that we see again and again around the world and one, the United States and Europe and the World Bank and Western institutions that often require a lot of background study and open tenders for contracts and democracy caveats and transparency. China's not asking for any of that, as David Dollar, a scholar, said in the prior film, if the World Bank says they're going to build you a road, it's going to be a 10-year process, and we'll see what happens. If China says they'll build you a road a year later, you'll have a road.Andrew Keen: But then the question sound becomes, who owns the road?Samuel George: So let's take the Democratic Republic of the Congo, another great option. China has been building a lot of roads there, and this is obviously beneficial to a country that has very limited infrastructure. It's not just to say everything that China is doing is bad. China is a very large and economically powerful country. It should be contributing to global infrastructure. If it has the ability to finance that, wonderful. We all know Africa, certain African countries can really benefit from improved infrastructure. But where do those roads go? Well, those roads just happen to conveniently connect to these key mineral deposits where China overwhelmingly owns the interest and the minerals.Andrew Keen: That's a bit of a coincidence, isn't it?Samuel George: Well, exactly. And I mean, that's the way it's going. So that's what they'll come to the table. They'll put money on the table, they'll say, we'll get you a road. And, you know, what a coincidence that roads going right by the cobalt mine run by China. That's debatable. If you're from the African perspective, you could say, look, we got a road, and we needed that road. And it could also be that there's a lot of money disappearing in other places. But, you know that that's a different question.Andrew Keen: One of the things I liked about Lithium Rising, the race for critical minerals, your new documentary, is it doesn't pull its punches. Certainly not when it comes to the Chinese. You have some remarkable footage from Africa, but also it doesn't pull its punches in Latin America, or indeed in the United States itself, where cobalt has been discovered and it's the indigenous peoples of some of the regions where cobalt, sorry, where lithium has been discovered, where the African versus Chinese scenario is being played out. So whether it's Bolivia or the western parts of the United States or Congo, the script is pretty similar, isn't it?Samuel George: Yeah, you certainly see themes in the film echoed repeatedly. You mentioned what was the Thacker Pass lithium mine that's being built in northern Nevada. So people say, look, we need lithium. The United States needs lithium. Here's the interesting thing about critical minerals. These are not rare earth minerals. They're actually not that rare. They're in a lot of places and it turns out there's a massive lithium deposit in Nevada. Unfortunately, it's right next to a Native American reservation. This is an area that this tribe has been kind of herded onto after years, centuries of oppression. But the way the documentary tries to investigate it, it is not a clear-cut story of good guy and bad guy, rather it's a very complicated situation, and in that specific case what you have is a tribe that's divided, because there's some people that say, look, this is our land, this is a sacred site, and this is going to be pollution, but then you have a whole other section of the tribe that says we are very poor and this is an opportunity for jobs such that we won't have to leave our area, that we can stay here and work. And these kind of entangled complications we see repeated over and over again. Cobalt is another great example. So there's some people out there that are saying, well, we can make a battery without cobalt. And that's not because they can make a better battery. It's because they want to avoid the Democratic Republic of the Congo. But that cobalt is providing a rare job opportunity. And we can debate the quality of the job, but for the people that are working it, as they say in my film, they say, look, if we could do something else, we would do it. But this is all there is. So if you deprive them of that, the situation gets even worse. And that something we see in Northern Chile. We see it in Nevada. We see in Africa. We see it in Indonesia. What the film does is it raises these moral questions that are incredibly important to talk about. And it sort of begs the question of, not only what's the answer, but who has the right to answer this? I mean, who has right to speak on behalf of the 10 communities that are being destroyed in Northern Chile?Andrew Keen: I have to admit, I thought you did a very good job in the film giving everybody a voice, but my sympathy when it came to the Nevada case was with the younger people who wanted to bring wealth and development into the community rather than some of the more elderly members who were somehow anti-development, anti-investment, anti mining in every sense. I don't see how that benefits, but certainly not their children or the children of their children.Samuel George: I guess the fundamental question there is how bad is that mine going to be for the local environment? And I think that's something that remains to be seen. And one of the major challenges with this broader idea of are we going to greener by transitioning to EVs? And please understand I don't have an opinion of that. I do think anywhere you're doing mining, you're going to have immediate consequences. The transition would have to get big enough that the external the externalities, the positive benefits outweigh that kind of local negativity. And we could get there, but it's also very difficult to imagine massive mining projects anywhere in the world that don't impact the local population. And again, when we pick up our iPhone or when we get in our electric vehicle, we're not necessarily thinking of those 10 villages in the Atacama Desert in Chile.Andrew Keen: Yeah, and I've been up to the Atacama's, perhaps the most beautiful part in the world I've ever seen. It's nice. I saw the tourist side of it, so I didn't see the mining. But I take your point. There is one, perhaps, the most positive section of the film. You went to France. I think it was Calais, you took your camera. And it seems as if the French are pioneering a more innovative development of batteries which benefit the local community but also protect them environmentally. What did you see in northern France?Samuel George: Point, and that gets back to this extractive cycle that we've seen before. Okay, so northern France, this is a story a lot of us will know well because it's similar to what we've see in the Rust Belt in the United States. This is an industrial zone, historically, that faced significant deindustrialization in recent decades and now has massive problems with unemployment and lack of job opportunities, as one of the guys says in the film. Nothing's open here anymore except for that cafe over there and that's just because it has gambling guy. I couldn't have said it any better. This EV transition is offering an opportunity to bring back industrial jobs to whether it's Northern France or the United States of America. So that is an opportunity for people to have these more advanced battery-oriented jobs. So that could be building the battery itself. That could be an auto manufacturing plant where you're making EV electric vehicles. So there is job creation that's happening. And that's further along the development stage and kind of higher level jobs. And we meet students in France that are saying, look, this is an opportunity for a career. We see a long-term opportunity for work here. So we're really studying batteries and that's for university students. That's for people maybe 10, 15 years older to kind of go back to school and learn some skills related to batteries. So there is job creation to that. And you might, you may be getting ready to get to this, but where the real silver lining I think comes after that, where we go back to Georgia in the United States and visit a battery recycling plant.Andrew Keen: Right, yeah, those two sections in the movie kind of go together in a sense.Samuel George: Right, they do. And that is, I think, the silver lining here is that these batteries that we use in all of these appliances and devices and gadgets can be recycled in such a way that the cobalt, the lithium, the nickel can be extracted. And it itself hasn't degraded. It's sort of funny for us to think about, because we buy a phone. And three years later, the battery is half as good as it used to be and we figure well, materials in it must be degrading. They're not. The battery is degrading, the materials are fine. So then the idea is if we can get enough of this in the United States, if we can get old phones and old car batteries and old laptops that we can pull those minerals out, maybe we can have a closed loop, which is sort of a way of saying we won't need those mines anymore. We won't have to dig it up. We don't need to compete with China for access to from Bolivia or Chile because we'll have that lithium here. And yes, that's a silver lining, but there's challenges there. The two key challenges your viewers should be aware of is one, it's all about costs and they've proven that they can recycle these materials, but can they do it in a way that's cheaper than importing new lithium? And that's what these different companies are racing to find a way to say, look, we can do this at a way that's cost effective. Then even if you get through that challenge, a second one is just to have the sheer amount of the materials to close that loop, to have enough in the United States already, they estimate we're decades away from that. So those are the two key challenges to the silver lining of recycling, but it is possible. It can be done and they're doing it.Andrew Keen: We haven't talked about the T word, Sam. It's on everyone's lips these days, tariffs. How does this play out? I mean, especially given this growing explicit, aggressive trade war between the United States and China, particularly when it comes to production of iPhones and other battery-driven products. Right. Is tariffs, I mean, you film this really before Trump 2-0, in which tariffs were less central, but is tariffs going to change everything?Samuel George: I mean, this is just like so many other things, an incredibly globalized ecosystem and tariffs. And who even knows by the time this comes out, whatever we think we understand about the new tariff scenario could be completely outdated.Andrew Keen: Guaranteed. I mean, we are talking on Wednesday, April the 9th. This will go out in a few days time. But no doubt by that time, tariffs will have changed dramatically. They already have as we speak.Samuel George: Here's the bottom line, and this is part of the reason the story is so important and so timely, and we haven't even talked about this yet, but it's so critical. Okay, just like oil, you can't just dig oil out of the ground and put it in the car. It's got to be refined. Lithium, nickel, cobalt, it's got be refined as well. And the overwhelming majority of that refining occurs in China. So even your success story like France, where they're building batteries, they still need to import the refined critical minerals from China. So that is a massive vulnerability. And that's part of where this real fear that you see in Washington or Brussels is coming from. You know, and they got their first little taste of it during the COVID supply chain meltdown, but say in the event where China decided that they weren't gonna export any more of this refined material it would be disastrous for people relying on lithium devices, which by the way, is also the military. Increasingly, the military is using lithium battery powered devices. So that's why there's this urgency that we need to get this on shore. We need to this supply chain here. The problem is that's not happening yet. And okay, so you can slap these tariffs on and that's going to make this stuff much more expensive, but that's not going to automatically create a critical mineral refining capacity in the United States of America. So that needs to be built. So you can understand the desire to get this back here. And by the way, the only reason we're not all driving Chinese made electric vehicles is because of tariffs. The Chinese have really, really caught up in terms of high quality electric vehicles at excellent prices. Now, the prices were always good. What's surprising people recently is the quality is there, but they've basically been tariffed out of the United States. And actually the Biden administration was in part behind that. And it was sort of this tension because on the one hand, they were saying, we want a green revolution, we want to green revolution. But on the other hand, they were seeing these quality Chinese electric vehicles. We're not gonna let you bring them in. But yeah, so I mean, I think the ultimate goal, you can understand why a country that's convinced that it's in a long term competition with China would say we can't rely on Chinese refined materials. Slapping a tariff on it isn't any sort of comprehensive strategy and to me it almost seems like you're putting the horse before the cart because we're not really in a place yet where we can say we no longer need China to power our iPhone.Andrew Keen: And one of the nice things about your movie is it features miners, ordinary people living on the land whose lives are dramatically impacted by this. So one would imagine that some of the people you interviewed in Bolivia or Atacama or in Africa or even in Georgia and certainly in Nevada, they're going to be dramatically impacted by the tariffs. These are not just abstract ideas that have a real impact on people's lives.Samuel George: Absolutely. I mean, for decades now, we've built an economic system that's based on globalization. And it's certainly true that that's cost a lot of jobs in the United States. It's also true that there's a lot jobs and companies that have been built around global trade. And this is one of them. And you're talking about significant disruption if your global supply chains, as we've seen before, again, in the COVID crisis when the supply chains fall apart or when the margins, which are already pretty slim to begin with, start to degrade, yeah, it's a major problem.Andrew Keen: Poorly paid in the first place, so...Samuel George: For the most part, yeah.Andrew Keen: Well, we're not talking about dinging Elon Musk. Tell us a little bit, Sam, about how you made this movie. You are a defiantly independent filmmaker, one of the more impressive that I know. You literally carry two large cameras around the world. You don't have a team, you don't have an audio guy, you don't ever sound guy. You do it all on your own. It's quite impressive. Been you shlep these cameras to Latin America, to Southeast Asia, obviously all around America. You commissioned work in Africa. How did you make this film? It's quite an impressive endeavor.Samuel George: Well, first of all, I really appreciate your kind words, but I can't completely accept this idea that I do it all alone. You know, I'm speaking to you now from the Bertelsmann Foundation. I'm the director of Bertelsman Foundation documentaries. And we've just had this fantastic support here and this idea that we can go to the front line and get these stories. And I would encourage people to check out Bertelsmen Foundation documentation.Andrew Keen: And we should have a special shout out to your boss, my friend, Irene Brahm, who runs the BuzzFeed Foundation of North America, who's been right from the beginning, a champion of video making.Samuel George: Oh, absolutely. I mean, Irene Brahm has been a visionary in terms of, you know, something I think that we align on is you take these incredibly interesting issues and somehow analysts manage to make them extraordinarily boring. And Irene had this vision that maybe it doesn't have to be that way.Andrew Keen: She's blushing now as she's watching this, but I don't mean to make you blush, Sam, but these are pretty independent movies. You went around the world, you've done it before, you did it in the Serbian movie too. You're carrying these cameras around, you're doing all your own work, it's quite an achievement.Samuel George: Well, again, I'm very, very thankful for the Bertelsmann Foundation. I think a lot of times, sometimes people, when they hear a foundation or something is behind something, they assume that somebody's got an ax to grind, and that's really not the case here. The Bertelsman Foundation is very supportive of just investigating these key issues, and let's have an honest conversation about it. And maybe it's a cop-out, but in my work, I often don't try to provide a solution.Andrew Keen: Have you had, when we did our event in D.C., you had a woman, a Chinese-born woman who's an expert on this. I don't think she's particularly welcome back on the mainland now. Has there been a Chinese response? Because I would say it's an anti-Chinese movie, but it's not particularly sympathetic or friendly towards China.Samuel George: And I can answer that question because it was the exact same issue we ran into when we filmed Tinder Box Belt and Road, which was again about Chinese investment in the Balkans. And your answer is has there been a Chinese reaction and no sort of official reaction. We always have people sort of from the embassy or various affiliated organizations that like to come to the events when we screen it. And they're very welcome to. But here's a point that I want to get across. Chinese officials and people related to China on these issues are generally uniformly unwilling to participate. And I think that's a poor decision on their part because I think there's a lot they could say to defend themselves. They could say, hey, you guys do this too. They could say, we're providing infrastructure to critical parts of the world. They could said, hey we're way ahead of you guys, but it's not because we did anything wrong. We just saw this was important before you did and built the network. There are many ways they could defend themselves. But rather than do that, they're extremely tight-lipped about what they're doing. And that can, if you're not, and we try our best, you know, we have certain experts from China that when they'll talk, we'll interview them. But that kind of tight-lip approach almost makes it seem like something even more suspicious is happening. Cause you just have to guess what the mindset must be cause they won't explain themselves. And I think Chinese representatives could do far more and it's not just about you know my documentary I understand they have bigger fish to fry but I feel like they fry the fish the same way when they're dealing with bigger entities I think it's to their detriment that they're not more open in engaging a global conversation because look China is gonna be an incredibly impactful part of world dynamics moving forward and they need to be, they need to engage on what they're doing. I think, and I do think they have a story they can tell to defend themselves, and it's unfortunate that they very much don't do it.Andrew Keen: In our DC event, you also had a woman who'd worked within the Biden administration. Has there been a big shift between Biden policy on recycling, recyclable energy and Trump 2.0? It's still the early days of the new administration.Samuel George: Right. And we're trying to get a grip on that of what the difference is going to be. I can tell you this, the Biden approach was very much the historic approach of the United States of America, which is to try to go to a country like Congo and say, look, we're not going to give you money without transparency. We're not gonna give you this big, you know, beautiful deal. We're going to the cheapest to build this or the cheapest build that. But what we can compete with you is on quality and sustainability and improved work conditions. This used to be the United States pitch. And as we've seen in places like Serbia, that's not always the greatest pitch in the world. Oftentimes these countries are more interested in the money without questions being asked. But the United states under the Biden administration tried to compete on quality. Now we will have to see if that continues with the Trump administration, if that continuous to be their pitch. What we've see in the early days is this sort of hardball tactic. I mean, what else can you refer to what's happening with Ukraine, where they say, look, if you want continued military support, we want those minerals. And other countries say, well, maybe that could work for us too. I mean that's sort of, as I understand it, the DRC, which is under, you know, there's new competition there for power that the existing government is saying, hey, United States, if you could please help us, we'll be sure to give you this heaping of minerals. We can say this, the new administration does seem to be taking the need for critical minerals seriously, which I think was an open question because we see so much of the kind of green environmentalism being rolled back. It does still seem to be a priority with the new administration and there does seem to be clarity that the United States is going to have to improve its position regarding these minerals.Andrew Keen: Yeah, I'm guessing Elon Musk sees this as well as anyone, and I'm sure he's quite influential. Finally, Sam, in contrast with a book, which gets distributed and put in bookstores, doing a movie is much more challenging. What's the goal with the movie? You've done a number of launches around the world, screenings in Berlin, Munich, London, Washington D.C. you did run in San Francisco last week. What's the business model, so to speak here? Are you trying to get distribution or do you wanna work with schools or other authorities to show the film?Samuel George: Right, I mean, I appreciate that question. The business model is simple. We just want you to watch. You know, our content is always free. Our films are always free, you can go to bfnadox.org for our catalog. This film is not online yet. You don't need a password, you don't a username, you can just watch our movies, that's what we want. And of course, we're always on the lookout for increased opportunities to spread these. And so we worked on a number of films. We've got PBS to syndicate them nationally. We got one you can check your local listings about a four-month steel workers strike in western Pennsylvania. It's called Local 1196. That just started its national syndication on PBS. So check out for that one. But look, our goal is for folks to watch these. We're looking for the most exposure as we can and we're giving it away for free.Andrew Keen: Just to repeat, if people are interested, that's bfna.docs.org to find more movies. And finally, Sam, for people who are interested perhaps in doing a showing of the film, I know you've worked with a number of universities and interest groups. What would be the best way to approach you.Samuel George: Well, like you say, we're a small team here. You can always feel free to reach out to me. And I don't know if I should pitch my email.Andrew Keen: Yeah, picture email. Give it out. The Chinese will be getting it too. You'll be getting lots of invitations from China probably to show the film.Samuel George: We'd love to come talk about it. That's all we want to do. And we try, but we'd love to talk about it. I think it's fundamental to have that conversation. So the email is just Samuel.George, just as you see it written there, at BFN as in boy, F as in Frank, N as in Nancy, A. Let's make it clearer - Samuel.George@bfna.org. We work with all sorts of organizations on screenings.Andrew Keen: And what about the aspiring filmmakers, as you're the head of documentaries there? Do you work with aspiring documentary filmmakers?Samuel George: Yes, yes, we do often on projects. So if I'm working on a project. So you mentioned that I work by myself, and that is how I learned this industry, you know, is doing it by myself. But increasingly, we're bringing in other skilled people on projects that we're working on. So we don't necessarily outsource entire projects. But we're always looking for opportunities to collaborate. We're looking to bring in talent. And we're looking to make the best products we can on issues that we think are fundamental importance to the Atlantic community. So we love being in touch with filmmakers. We have internship programs. We're open for nonprofit business, I guess you could say.Andrew Keen: Well, that's good stuff. The new movie is called Lithium Rising, The Race for Critical Minerals. I moderated a panel after the North American premiere at the end of February. It's a really interesting, beautifully made film, very compelling. It is only 60 minutes. I strongly advise anyone who has the opportunity to watch it and to contact Sam if they want to put it on their school, a university or other institution. Congratulations Sam on the movie. What's the next project?Samuel George: Next project, we've started working on a project about Southern Louisiana. And in there, we're really looking at the impact of land loss on the bayous and the local shrimpers and crabbers and Cajun community, as well as of course This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

As today's show begins the House was about to vote on a key part of President Trump's agenda. House Speaker Mike Johnson was confident he had the votes, but with more than a dozen holdouts, what concessions has he made? Plus, the president's top officials were scheduled meet to talk about how to deal with Beijing amid the burgeoning trade war between the US and China.  Learn more about your ad choices. Visit podcastchoices.com/adchoices

On today's Top News in 10, we cover: The Trump administration sets a blistering 104% tariff on Chinese imports as the trade war escalates. The Supreme Court delivers a third MAJOR ruling in favor of the Trump administration. Congressional Democrats hold a “shadow hearing” to air grievances. Keep Up With The Daily Signal Sign up for our email newsletters: https://www.dailysignal.com/email     Subscribe to our other shows:  The Tony Kinnett Cast: https://www.dailysignal.com/the-tony-kinnett-cast  Problematic Women: https://www.dailysignal.com/problematic-women  The Signal Sitdown: https://www.dailysignal.com/the-signal-sitdown    Follow The Daily Signal:  X: https://x.com/DailySignal  Instagram: https://www.instagram.com/thedailysignal/  Facebook: https://www.facebook.com/TheDailySignalNews/  Truth Social: https://truthsocial.com/@DailySignal  YouTube: https://www.youtube.com/user/DailySignal  Rumble: https://rumble.com/c/TheDailySignal    Thanks for making The Daily Signal Podcast your trusted source for the day's top news. Subscribe on your favorite podcast platform and never miss an episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

On today's Top News in 10, we cover: The Trump administration sets a blistering 104% tariff on Chinese imports as the trade war escalates. The Supreme Court delivers a third MAJOR ruling in favor of the Trump administration. Congressional Democrats hold a “shadow hearing” to air grievances.     Keep Up With The Daily Signal […]

Happy Monday! Sam and Emma speak with Van Jackson, senior lecturer in international relations at Victoria University of Wellington in New Zealand and writer of the Un-Diplomatic newsletter on SubStack, to discuss his recent book The Rivalry Peril: How Great-Power Competition Threatens Peace and Weakens Democracy, co-authored with Michael Brenes. First, Sam and Emma run through updates on Trump's tariffs on Mexico and Canada, fallout from the Trump/Vance confrontation with Zelenskyy, Trump's attempt to cook the books on the US GDP, Trump's newest crypto scam, US-based money laundering, RFK's measles dance, Marco Rubio's billions for Israel, Trump assault on Social Security, the DHS' IRS scheme, and the Mayoral Campaign of noted sex pest Andrew Cuomo, also admiring the full-throated spinelessness of GOP representatives Kieth Self and Roger Marshall when faced with constituent backlash at Town Halls. Van Jackson then joins, diving right into the effective myth the US has built up around the Cold War as a beneficial struggle between two great powers, a belief central to the evolution of the US' counter-insurgency-focused regime of primacy that has developed in the power vacuum left by the Soviet Union, and why the US Foreign policy apparatus has been so resolute, from the Cheneys to the Biden Administration, in pivoting to a new great power struggle with China. Expanding on this, Jackson walks through the last couple of decades of US-China hawkery, with the shrinking dividends of Neoliberal globalization pushing both the US and Chinese economies toward economic nationalism, with the US establishment frantically attempting to cling to a dying world order of complete US primacy, as it corrupts and reshapes our politics domestically while contributing to death and destruction globally. After tackling how the Trump to Biden to Trump 2.0 pipeline effectively streamlined the US' commitment to an anti-China pivot, and why Trump's buddies in Silicon Valley are set to benefit greatly from this tension, Van, Sam, and Emma wrap up by touching on the greater imperialist nature of Trump's foreign policy, and why US-Chinese relations have trapped much of the developing world into choosing between Chinese lending power and American hegemony. And in the Fun Half: Sam and Emma watch the new state-backed-media (the Joe Rogan Experience) clear the stage to let Elon Musk lie to the American public about what the Trump/Musk regime is up to (and why), and listen to Marjorie Taylor Greene's boytoy attempt to confront Zelenskyy about his fashion sense. They also parse through the ongoing crypto fraud of the Trump/Musk regime, and the insanity of Trump's push to use Crypto as a strategic reserve, plus, your calls and IMs! Follow Van on Twitter here: https://x.com/realvanjackson Check out Van's book here: https://yalebooks.yale.edu/book/9780300272895/the-rivalry-peril/ Check out the Un-Diplomatic newsletter here: https://www.un-diplomatic.com/ Become a member at JoinTheMajorityReport.com: https://fans.fm/majority/join Follow us on TikTok here!: https://www.tiktok.com/@majorityreportfm Check us out on Twitch here!: https://www.twitch.tv/themajorityreport Find our Rumble stream here!: https://rumble.com/user/majorityreport Check out our alt YouTube channel here!: https://www.youtube.com/majorityreportlive Gift a Majority Report subscription here: https://fans.fm/majority/gift Subscribe to the ESVN YouTube channel here: https://www.youtube.com/esvnshow Subscribe to the AMQuickie newsletter here: https://am-quickie.ghost.io/ Join the Majority Report Discord! https://majoritydiscord.com/ Get all your MR merch at our store: https://shop.majorityreportradio.com/ Get the free Majority Report App!: https://majority.fm/app Go to https://JustCoffee.coop and use coupon code majority to get 10% off your purchase! Check out today's sponsors: Cozy Earth: Luxury Shouldn't Be Out of Reach. Visit https://CozyEarth.com/MAJORITYREPORT and use my exclusive code MAJORITYREPORT for up to 40% off Cozy Earth's  best-selling sheets, towels, pajamas, and more.  That's https://CozyEarth.com/MAJORITYREPORT.  And if you get a post-purchase survey, tell them you heard about Cozy Earth right here. Sanctuary awaits at Cozy Earth. Sunset Lake CBD: Don't let Daylight Savings Time screw up your sleep schedule. Head over to https://SunsetLakeCBD.com and use coupon code Daylight35 to save 35% on all participating sleep products. But hurry— this sale ends March 9th at midnight Eastern time. Beautiful Day Granola: Beautiful Day is offering Free Shipping for all Majority Report listeners when you go to https://beautifuldayri.org and USE code MAJORITY (all caps) at Checkout until March 7. 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The State Department has deleted a key phrase about its stance over Taiwan, and China is outraged. Today, we will discuss a bit of historical context for why China is so upset and what it could mean for the One China policy and US-Chinese relations going forward.-----⭐ SPONSOR: Good Ranchers Did you know that over 85% of grass-fed beef is imported? Good Ranchers fixes that problem.

As China continues to expand and modernize its nuclear arsenal and policy, the national security risk becomes central to the US-Chinese relationship. But how is China actually changing its nuclear policy? How does the Chinese political leadership see the purpose of a large nuclear arsenal? What threats are both China and the US perceiving? Tong Zhao joins Jon to discuss his recently published report on Chinese nuclear policy and break down all these topics and more. Listen here: Learn more about your ad choices. Visit megaphone.fm/adchoices

As China continues to expand and modernize its nuclear arsenal and policy, the national security risk becomes central to the US-Chinese relationship. But how is China actually changing its nuclear policy? How does the Chinese political leadership see the purpose of a large nuclear arsenal? What threats are both China and the US perceiving? Tong Zhao joins Jon to discuss his recently published report on Chinese nuclear policy and break down all these topics and more. Listen here: Learn more about your ad choices. Visit megaphone.fm/adchoices

Willie breaks down the VP debate with Curtis Houck. Gordan Chang describes the future of US-Chinese relations. Finally Orlando Sonza, the GOP candidate for the Ohio 1st discusses the campaign as well as last night's VP debate following his own.

Willie breaks down the VP debate with Curtis Houck. Gordan Chang describes the future of US-Chinese relations. Finally Orlando Sonza, the GOP candidate for the Ohio 1st discusses the campaign as well as last night's VP debate following his own.

Willie breaks down the VP debate with Curtis Houck. Gordan Chang describes the future of US-Chinese relations. Finally Orlando Sonza, the GOP candidate for the Ohio 1st discusses the campaign as well as last night's VP debate following his own.

Let's talk about moves in US-Chinese relations.... --- Support this podcast: https://podcasters.spotify.com/pod/show/beau-of-the-fifth-column/support

When global supply chains were shut down in 2020 and messily rebooted after COVID lockdowns ceased, one island nation emerged as the most important player in getting critical components to factories around the world. That was Taiwan, which produces 90 percent of the world's advanced semiconductors. Without this island nation of 23 million, there are no smart phones, new cars, or any advanced consumer electronics.Things were no less dull on the foreign policy side, as US-Chinese relations deteriorated. When Nancy Pelosi declared her intent to visit Taiwan in 2022, it sparked frenzied discussions across the United States, China, and Taiwan—a discourse that was characterized by amnesia and half-truths about the history of this pivotal island nation. Today, as relations between Washington and Beijing deteriorate and as tensions over Taiwan reach a boiling point, its survival as an independent democracy is precarious indeed. Any attempt to resolve the impasse and avert a devastating war demands that we understand how it all began. To explore Taiwan's modern history is toda's guest Sulmaan Wasif Khan, author of “The Struggle for Taiwan: A History of America, China, and the Island Caught Between.' The story begins in 1943, when the Allies declared that Japanese-held Taiwan would return to China at the conclusion of World War II. When the Communist Party came to power in China, the defeated Nationalist leader, Chiang Kai-shek, fled to Taiwan, where he was afforded US protection despite establishing a brutal police state. From the White Terror to the Taiwan Straits Crises, from the normalization of Sino-American relations to the tensions of the Trump-era, we look at the tortuous paths that led to our present predicament. War is not inevitable, Khan shows, but to avoid it, decision-makers must heed the lessons of the past.

Miles Yu assesses the state of US-Chinese relations after a group of American travelers to China were targeted in a stabbing attack during their visit. He then highlights India's increased importance as a geo-strategic counter to Xi Jinping's regional bullying in the the Indo-Pacific, as well as Europe's attempt at curbing Chinese EV market manipulation with a new set of tariffs. 

In this conversation with the Review of Democracy, Ho-fung Hung shares his eye-opening analysis of the internal contradictions and external limitations plaguing China's export-led development model and offers novel insights into the difficulties its political leadership is encountering in challenging US hegemony and extending its global sphere of influence. While acknowledging China's impressive achievements, Hung emphasizes China's technological dependency and chronic industrial overcapacity, the impact of the rise of protectionism, the hegemony of the US dollar, and China's lack of confidence in its military capabilities. At the same time, he forecasts the intensification of US-Chinese rivalry in connection with the gradual decoupling of the US and Chinese economies.   Ho-fung Hung is Henry M. and Elizabeth P. Wiesenfeld Professor in Political Economy at the Sociology Department of the Johns Hopkins University. His scholarly interests include global political economy, protest, nation-state formation, social theory, and East Asian Development. He is the author of the award-winning Protest with Chinese Characteristics (2011, Columbia UP), The China Boom: Why China Will not Rule the World (2016, Columbia UP) and the Clash of Empires: From “Chimerica” to the “New Cold War” (2022, Cambridge UP).

What are the objectives of China's foreign and security policies under Xi Jinping? What is the role of Australia and other middle powers in responding to Chinese actions in the Indo-Pacific? Are the United States' China policies set to change with future shifts in the international order? In this episode, Sheena Chestnut Greitens and Dan Blumenthal join David Andrews to discuss the drivers of the China and the United States' security policies, the role of China in the international order, middle powers, and deterrence. Sheena Chestnut Greitens is an Associate Professor at the LBJ School of Public Affairs at the University of Texas at Austin. She is currently a Visiting Associate Research Professor of Indo-Pacific Security at the United States Army War College. Dan Blumenthal is a Senior Fellow at the American Enterprise Institute, where he focuses on East Asian security in Sino-American relations, and a Distinguished Visting Professor at the US Naval War College. David Andrews is a Senior Policy Advisor at the ANU National Security College. Show notes ANU National Security College academic programs: find out more Playing both sides of the US-Chinese rivalry by Sheena Chestnut Greitens and Isaac Kardon From Coercion to Capitulation, How China Can take Taiwan Without a War by Dan Blumenthal et al We'd love to hear from you! Send in your questions, comments, and suggestions to NatSecPod@anu.edu.au. You can tweet us @NSC_ANU and be sure to subscribe so you don't miss out on future episodes. The National Security Podcast is available on Acast, Apple Podcasts, Spotify, and wherever you get your podcasts.   Hosted on Acast. See acast.com/privacy for more information.

Cousin Marko and Jacob are back at it. Marko shares why he's turned bearish on the US after being “manically” bullish for many moons. They discuss China/India and compare/contrast the equity markets there. A brief discussion on Russia/Ukraine and Europe in general and a cold shower on former President Donald Trump's threats to Mexico leads into an extended discussion on the NBA – predictions + the rise and fall of great players + the U.S.-led quest to hamper European success in the league. Enjoy, y'all.--Timestamps:(00:00) - Intro(01:20) – US inflation, market, etc. (09:45) – China/India markets and demographics(31:00) - Regime risks in the USA(32:55) – Europe - Putin's new defense minister, Russia's new push, Slovakia's assassination attempt(44:30) – US/Mexico(49:46) – Basketball--CI Site: cognitive.investmentsJacob Site: jacobshapiro.comJacob Twitter: x.com/JacobShapSubscribe to the Newsletter: bit.ly/weekly-sitrep--Cognitive Investments is an investment advisory firm, founded in 2019 that provides clients with a nuanced array of financial planning, investment advisory and wealth management services. We aim to grow both our clients' material wealth (i.e. their existing financial assets) and their human wealth (i.e. their ability to make good strategic decisions for their business, family, and career).--Disclaimer: Cognitive Investments LLC (“Cognitive Investments”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Cognitive Investments and its representatives are properly licensed or exempt from licensure.The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisorThis podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacyPodtrac - https://analytics.podtrac.com/privacy-policy-gdrp

Did the US government and Chinese scientists produce the strain of bird flu the media yells about every day now? The government is now warning it could eventually spread between humans, and kill up to half those it infects. But is that what they bred it to do, using your tax dollars? The surprising evidence. Sources: https://www.businessinsider.com/bird-flu-cattle-outbreak-repeat-mistakes-former-surgeon-general-warning-2024-4 https://www.dailymail.co.uk/health/article-13089105/US-Chinese-scientists-bird-flu-strains-infectious-Covid.html https://petermcculloughmd.substack.com/p/usdachina-doing-gain-of-function?r=1ct0ke&utm_campaign=post&utm_medium=email&triedRedirect=true https://x.com/liz_churchill10/status/1775944501699207176 https://www.dailymail.co.uk/health/article-12720837/nih-covid-lab-colorado-leak-theory.html      

Did the US government and Chinese scientists produce the strain of bird flu the media yells about every day now? The government is now warning it could eventually spread between humans, and kill up to half those it infects. But is that what they bred it to do, using your tax dollars? The surprising evidence. Sources: https://www.businessinsider.com/bird-flu-cattle-outbreak-repeat-mistakes-former-surgeon-general-warning-2024-4 https://www.dailymail.co.uk/health/article-13089105/US-Chinese-scientists-bird-flu-strains-infectious-Covid.html https://petermcculloughmd.substack.com/p/usdachina-doing-gain-of-function?r=1ct0ke&utm_campaign=post&utm_medium=email&triedRedirect=true https://x.com/liz_churchill10/status/1775944501699207176 https://www.dailymail.co.uk/health/article-12720837/nih-covid-lab-colorado-leak-theory.html      

Three news stories summarized & contextualized by analytic journalist Colin Wright.Mexico breaks diplomatic ties with Ecuador after arrest at embassySummary: Following a decision by the Ecuadorian police to forcibly enter Mexico's embassy in Quito and arrest the former Ecuadorian Vice President Jorge Glas, Mexico's government has broken diplomatic ties with Ecuador.Context: This is notable for a few reasons, the first being that embassies are treated like foreign territory, so this is legally tantamount to Ecuadorian police breaking into Mexico and arresting someone from within Mexico's borders, but it's also notable because Mexico and Ecuador's relationship has been spiraling for several months, in part because of Glas's decision to seek asylum in Mexico last December, due to what he claims is political persecution, and that led to an escalating exchange of barbs by the country's leaders; most Latin American governments that have publicly weighed-in on this situation, so far, have come down against Ecuador's actions.—The New York TimesOne Sentence News is a reader-supported publication. To support my work, consider becoming a free or paid subscriber.US-Chinese military talks resume on safety in the air and at sea after a nearly two-year breakSummary: After a nearly two-year chill on direct military communication, US and Chinese defense officials met last week to discuss close-call air and naval incidents in the South China Sea.Context: This meeting was held in Hawaii and is broadly considered to be a move by both governments to deescalate ballooning tensions in the region; China suspended these sorts of talks, which were previously semi-regular, back in August of 2022 after then-House Speaker Nancy Pelosi visited Taiwan, but visits and meetings between Chinese and US officials have become more common over the past handful of months, and though both governments seem to be keen to focus on their own nations' interests, they're both also using language that suggests they don't want a full-on decoupling, which would significantly negatively impact both nations' economies.—The Associated PressFirst UN food aid in months arrives in Sudan's Darfur as famine loomsSummary: The United Nations' World Food Programme has said that two of its aid convoys have successfully crossed the border from Chad into Sudan, bringing a month's-worth of food and other nutritional assistance for about 250,000 people.Context: This is newsworthy because humanitarian corridors into western Sudan—where a whole lot of fighting between the government and the paramilitary Rapid Support Forces is occurring right now, leading to a lot of injury, death, and internal displacement—have been shut down since February, worsening an already abysmal hunger crisis that has pushed about a third of the country's population, around 18 million people, into acute hunger; there are fears that this conflict could eventually result in genocide, but the food situation has become dire and is arguably more immediate, and there are concerns that because of a confluence of fighting- and environment-related variables, hundreds of thousands of people could die of starvation in the near future, and millions more could follow if the situation on the ground doesn't change soon. —Al JazeeraResearchers estimate that about 1,026,700 abortions were provided in the US in 2023, which is the highest number in over a decade and considered to be somewhat surprising because this follows the 2022 overturning of Roe v. Wade by the Supreme Court, which protected access to abortion in the US at the federal level; abortion access is expected to be a big issue in this year's Presidential (and local/congressional) election.—NPR News53Number of Ukrainian drones Russia's military took down in a single night late last week, according to Russia's Ministry of Defense. Reportedly, 44 of them were downed or intercepted over the city of Rostov, where Russia's headquarters for its campaign in Ukraine is located.This is notable because that was a big wave of drones, suggesting Ukraine may be doubling-down on unmanned attacks of this kind into Russian territory, but also because Ukraine's military claims that they still managed to destroy at least six Russian fighter jets during this operation, and to wound or kill around 20 Russian personnel, which if true would mark the most damaging such attack by Ukraine against Russian forces, so far.—Al JazeeraTrust Click Get full access to One Sentence News at onesentencenews.substack.com/subscribe

AP Washington correspondent Sagar Meghani reports the U.S. has resumed talks with China's military about avoiding mistakes in the Pacific region.

War Room US, Chinese Scientists Conduct Gain-of-Function Research on Bird Flu that Could Be ‘100X Worse than COVID!

Equities are mixed, with clear outperformance in the Energy/Basic Resources names amid broader strength in the underlying commodity pricesDollar is flat and holds around 105, AUD outperforms given the rally in metals pricesBonds are mixed, USTs are flat and hold near post-ISM lows, whilst Bunds play catch up; a modest dovish reaction was seen following German state CPIsCommodities are entirely in the green, Crude benefits from heightened geopolitical tensions and constructive US/Chinese PMIsLooking ahead, German national CPI, US Durable Goods, JOLTS Job Openings, Comments from Fed's Bowman, Williams, Mester & Daly.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Join Professor Jeffrey Sachs and economist David Daokui Li as they discuss Professor Li's brilliant new book, China's World View: Demystifying China to Prevent Global Conflict. Listen in as Professor Li explains the deep nature of Chinese politics and economics – based on China's long history, Confucian culture, and meritocratic political system. Together, they delve into a wide-ranging discussion of politics, education, philosophy, culture, and international relations.  Professor Li helps us to understand the similarities and differences in the Chinese and US approaches to politics and economics, and explains how US-Chinese relations can be peaceful, constructive, and beneficial for both countries and the world.The Book Club with Jeffrey Sachs is brought to you by the SDG Academy, the flagship education initiative of the UN Sustainable Development Solutions Network. Learn more and get involved at bookclubwithjeffreysachs.org.Footnotes:History of the People's Republic of ChinaCultural RevolutionMao ZedongCivil Service of the People's Republic of ChinaMeritocracySocial Structure in ChinaAncestor VenerationLincoln Portrait, “Fellow Citizens, We Cannot Escape History..”Checks and Balances in ChinaCentral Party School of the Chinese Communist PartyCentury of Humiliation ConfucianismOpium WarsMeiji Restoration China-Russia BorderAncient Chinese HistoryEzra Vogel Japan-China Relations⭐️ Thank you for listening!➡️ Sign up for the newsletter: https://bit.ly/subscribeBCJS➡️ Website: bookclubwithjeffreysachs.org

Let's talk about US-Chinese relations calming.... --- Send in a voice message: https://podcasters.spotify.com/pod/show/beau-of-the-fifth-column/message Support this podcast: https://podcasters.spotify.com/pod/show/beau-of-the-fifth-column/support

Let's talk about Biden's US-Chinese agreements.... --- Send in a voice message: https://podcasters.spotify.com/pod/show/beau-of-the-fifth-column/message Support this podcast: https://podcasters.spotify.com/pod/show/beau-of-the-fifth-column/support

Mohamed El-Erian, Bloomberg Opinion Columnist, guests hosts the show and says the 'enormous volatility' in the bond market needs to be corrected in order to restore the Fed's credibility. Stephanie Kelton, Stony Brook University Professor of Public Policy & Economics, says the Fed has effectively put fiscal policy on autopilot. Steve Chiavarone, Federated Hermes Head of Multi-Asset Solutions, describes the Fed's policy trajectory as headed for a "rocky landing." Stephen Schork, The Schork Group Principal, says traders have become skeptical about supply levels of oil and jet fuel heading into a major travel season. Jeannette Lowe, Strategas Managing Director of Policy Research, says the meeting between President Biden and Xi Jinping won't change the dynamic between the two countries in a major way. Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance  Full transcript:  This is the Bloomberg Surveillance Podcast. I'm Tom Keene, along with Jonathan Farrell and Lisa Abramowitz. Join us each day for insight from the best an economics, geopolitics, finance and investment. Subscribe to Bloomberg Surveillance on demand on Apple, Spotify and anywhere you get your podcasts, and always on Bloomberg dot Com, the Bloomberg Terminal, and the Bloomberg Business App. Why don't we move on to what doctor Olrium cares Mohammed, We've got to sit on crude, the idea that crude has essentially collapsed into a bear market, down more than twenty percent from the September highs. We spent this week talking about soft lending, hopes and dreams. Do we have to start thinking about an economic downturn in the not too distant future, well some of them. Some people are talking about this. I mean to see oil prices down more than twenty percent from the highs at the time that there's a conflict going on in the Middle East. It's quite quite and that's feeding into the soft landing. And we're going to talk a lot about this. But the market has now fully embraced not just that the fat has finished this hiking cycle, which I think is correct, but that we're going to see deeper and deeper cuts next year without a recession, and that's the critical assumption that's now built in across markets. I want to get the money question out of the way right away. As CEO of a major two million employee company in America called Walmart, yesterday brought up a d word deflation seared into the fabric of Cambridge, Oxford in the London School of Economics as a study a British deflation of the thirties and forties. America has never faced that have they They haven't, and we've had Japan recently. And the problem with deflation is it discourages people from buying today. However, I want to stress the US is deflation in certain products, food being the primary example, and that's why Walmart we decited it. We don't have general deflation, and I doubt we're going to have general deflation. I mean, I look at the an inflation question and it is a vector of disinflation in place. Clearly we see that. What is your optimism of getting back to John Williams two point zero percent? Richard claired is two point x percent. I think Richard is more likely to be right than John. I think we're going to get stuck in the high twos, and the FED is going to have to make a very difficult decision. Does it live with inflation higher than target because the target itself is too low, or alternatively, does it acknowledge that two percent is the right target and then crushes the economy. I think that's the choice the FED is going to have to make. What's your best guess right now? I think it's going to go for the format. I think the FED will understand that pressing two percent inflation in a world where there's insufficient structural supply is not the right thing to do. So where do you think it leaves this bond market? Let's go through this course right now. We've got a two year at the moment at about four eighty, a ten year at about four forty. Think about where we've been in the last month of Summerhammet had a two year pushing five twenty five high set of cycle, ten year through five percent high set of cycle. How are you thinking about what we come back down to, bearing in mind what we're pricing for right cuts next year. I think we've come down too far to tell your truth. I understand why some people think that we're going further, but if you look at the inflation dynamics, that's harder to get unless we go into recession. If we go into a recession, then the stock market is mispriced, so you can't have both at the same time. Has something changed? I think this is what it goes back to. Has something changed post pandemic? That means we don't go back to the pre pandemic world. That debate, I think is still on going. Mohammed, where'd you come down on it? I think the pre pandemic world was exceptional. It was a world of qui. It was a world of insufficient aggregate demand. And when you have insufficient aggregate demand, you can push into the economy as much liquidity as you want because you won't get inflation. That world is gone. We're in a world now of efficient, inflexible supply, and that's a very different world. Sometimes talk about over the two hours with doctor Olian is growth economics. I've been telling a lot of people to remind themselves of a guy named Solo at MIT in nineteen fifty six and the near religious experience of trusting and growth. Can you state that we have a new American growth economics of what some people are indicating is improved productivity, improved efficiency. So you know, I listened carefully to our friend Mike Spence, the Nobel Prize winner, because he spent so much of his career studying studying with John Hicks, I mean correct majesty of that alone, and he is incredible and his insights are really valuable. And his bottom line is that most countries have to evolve to a new growth model. The US is the most advanced in that evolution. I think the three important piece of legislation that the administration passed last year were critical in that perspective. So if you look around the world, whether it is the US, Europe, or China, all three have the challenge of evolving the growth model, and only the US is doing it seriosly right now, too gloomy? We no, Lisa isn't here, so we're not too blooming. No. I think we recognize that the world is evolving. This is a different global economy, this is a different domestic economy, and policies have to evolve accordingly. What worries me and I think the concern of a lot of people listening to this conversation on going at home is you just have to go about forty eight hours and we're talking about disinflation, soft landing, hopes and dreams, and then twenty four hours, forty eight hours later, you look to Burberry a collapse in luxury. You look to Walmart a warning about the US consumer. You look to Crew entering a bear market, and all of a sudden, we're talking about a slowdown and maybe even recession. Mohammed. The bond market is stuck between all of this. We're seeing double digit moves day after day in either direction. You've written about this extensively in the last few months, about a bond market that's lost its anchors. Is an economic slowdown sufficient to regain some stability in fixed incoming treasury specifically? No, I mean I was really struck yesterday. I was watching you when you said, guess what, we had the same level of the tenure as we were a week ago, and my reaction is, how could that be? So I looked it up and you were right. Now. Most people feel that this week is very different from last week because of the inflation print that we've had. We still lack one of the three anchors. You either need an economic anchor, or a policy anchor, or a technical anchor to the bond market, and we've lost all three. So these moves are going to continue. The thing that has really impressed me is that nothing has broken. If you had told me a year ago we're going to see this incredible volatility and the most important market in the world is the benchmark for so much else, and yet nothing will break, I would have said that's impossible. So the resilience of the functioning of the market has really impressed me. The financial system, and of course we had the shock and the United Kingdom off a derivative structure in the pension plans, but to lead to this and measured in standard deviations, which is how fancy people like Alarian think. We had a six seven eighth standard deviation and thereat moderation. There's a hope in prayer we get back to that trend line that's in years. How many years are do you think we heal this great bond tobacco. I think it's going to take time. Remember we've had ten exceptional years where the bond market was distorted, so I must say back to vulgar We've had, you know, thirty exceptional years. But the shift to an artificially low interest rate and ample and predictable injections of liquidity fundamentally changed the bond market and that is going to take time to recover from. Did you and Bill Gross get a free ride because you were within the Great Moderation? Was that such a structural like a free life? But the PIMCO when you build it, you invented it with Bill? Was it? Was it easier because you had the Great Moderation? Or just just think of investor. Investors care about three things, returns, volatility, and correlations. And we went through a period that because liquidity was being injected into the economy over and over again, we got high returns, we got virtually no volatility, and the correlations broke down. But in your favor, you made money on your risky assets and you made money on your risk free acids. At the same time, there was a great time. We took it to be normal, but it was truly exceptional. And we're going back to a world that I think is more like what we had before the Global financial crisis. It's going to be so hard to shake this, Mohammed, because we've got a whole generation, in fact, a couple of generations conditioned by two major shocks, the financial crisis and the pandemic. And we know how the FED response to major shocks. What we've all forgotten is how it responds to just normal economic downturns and upside pressure on inflation. How do we start to get into that all over again? Yeah, And this is where FED credibility and better communication is better. John, It's really striking that the market is willing to take on the FED on a price that the FED controls. The FED totally controls the policy rate, and yet the market does not believe what the FED is is telling us. And it is really striking because we have got to restore FED credibility otherwise we're going to continue with this enormous volatility. Your thoughts on what's percolating into the end of the year in the Q one twenty twenty four. Are there shadows in private equity? Are there shadows in the new non traditional finance? Yeah? So, one thing that I don't think is pricing enough is that when you move from the banking system to the non banks, you change the lags in the system. So you see this with commercial real estate. Everybody recognizes that the re financing of a trillion plus of assets is going to be tricky, but because it's over time, we don't worry about it. Everybody recognizes it as a maturity wall in the corporates out there, but because it's over time, we don't worry about it. If it were all within the banking system, we would have worried about it really quickly. So the move from the banks to the non banks has extended this Michael Spencer's shore. The regulatory lag here is tangible. This is the uncomfortable calm note as well, just to borrow that phrase from a long time ago from the Bank of International Settlements, This maturity wall is out there in twenty twenty five, and it's just this feeling mohammed that we don't have to think about it. But at some point we have to start thinking about it, don't we, right? But you know what, you enjoyed the journey before you get to a destination. Oh, here we go, and you want to give us some good news bad news, bradmos out here, No, no, I totally understand, you know, because momentum is really important, and you want to be exposed to this market. And I think most people have much more of a tactical mindset than they do of a strategic or structural mindset, and investment has become very tactical. Mohammed's set in the Town's great to have you with us, by the way, it is without questions, through the pandemic and literally over the last five years she has had a greater influence on the debate of our American economics and anyone out there. Out of Sacramento, Cambridge and a tour of duty at the very liberal New School of Social Research, Stephanie Kelton joins us now from Stonybrook University. The book is a deficit myth. In the three letters, are MMT professor honored to have you on Bloomberg's surveillance? Are we unraveled? Stephanie? The worry here of the annual interest expense the return of a real interest rate? Are we unraveling as we roll into twenty twenty four? No, I mean we are. The Fed is effectively in a sense, putting fiscal policy, a big part of the federal government's budget on autopilot. And it's really tantamount to running, you know, a pretty regressive fiscal stimulus. That's what the rate hikes are actually doing. If we don't like it, Tom, there's a pretty easy way out of it, which is to say, if the rate high are pushing up the amount of money the federal government is spending to service the debt, interest expenditure up by hundreds of billions and trillions of dollars over time, remittances from the Fed to the treasury have collapsed. All of this is adding to the deficit, which triggers more issuance of treasuries, which puts you in what is essentially just a cycle now of higher rates, higher deficits, higher debt, and it will continue for as long as the Federal Reserve holds in this position with a deficit. The debt and the deficit is from the new school Heilbrunner and Bernstein classically talked about years ago. But the arch MMT criticism is, you're handing monetary decision making from the acuity and date driven data dependency of a FED over to the legislative branch. Can we trust the legislative branch to prosecute MMT given where we are right now? Well, okay, I'm glad you mentioned hal Brunner. He was a professor of mine when I was there in a really terrifically bright person Tom. MMT is a description of the monetary system that we have today. It is a floating exchange rate fiat currency. Love it or hate it, it's what we have. MMT describes the monetary system that we have and the mechanics of government finance. It's not a policy proposal. It doesn't propose changing anything. It's describing how things already work. So think about what Congress did with the onset of the pandemic, drafting first the Cares Act that two point two trillion and then the big Omnibus Bill, a nine hundred billion dollar package, and then the Democrats came in and did their one point nine trillion dollar American Rescue Plan Act. All of that was deficit spending. We didn't give Congress any new permission to do anything. We just described how it all works. And it helps to unders stand why Congress was able to muster that kind of fiscal firepower when so many economists had previously said that when the next crisis came, we would be unable to act. People like Larry Summers said because of the Republican tax cuts in twenty seventeen, that we would be living on a shoe string for decades to come. Those were his words. That we wouldn't have the ability to spend money because of the deficits, because of the debt. That was wrong. Congress has the power of the purse. MMT recognizes that, and MMT says, listen, this is an extraordinary power they have. They need to use it responsibly, and that means thinking before you move forward with bold spending programs about the inflation risk that's associated with those spending proposals. And that's the piece that was missing. The one thing you didn't mention in you know, my tour of going through my education and so forth, was the time I spent in the US Senate as the chief economist for the Demomocrats. And I'll just say very quickly and i'll stop that. When I was in the Senate, my great frustration was being surrounded by members of the Senate on both the Republican and the Democratic side, who were drafting bills trillion dollars of infrastructure, talking about medicare for all and all these other things without ever mentioning inflation risk, I couldn't believe it. So MMT would have us do things very differently when it comes to the way we approach the federal budgeting process. It's inflation that you have to watch for, Stephanie, it's Mike McKee. If wishes were horses, then beggars would ride. The idea that Congress is going to think about anything before these start passing bills is probably not going to happen. So I'm wondering, after all this is there a limit in the sense that at some point we aren't going to be able to respond fiscally, for one reason or another, to some sort of crisis because all the money is going into debt payment instead of instead of going into additional spending, and the way we're set up now, we got to pay those bills. Okay, So two things I'll say. One, I've been hearing this my entire life. You'll remember that Chairman Volker had into straights up pretty high. And meanwhile, you know Ronald Reagan did two massive tax cuts and massively built up the military. So again, if Congress has the will to pass legislation, the votes are there, the money is there, and I'll just say I don't think it's right to say, actually that we can't trust Congress to rein it in. Remember, the so called Inflation Reduction Act was Congress's effort to say, listen, we don't want to continue passing legislation given the inflationary environment. So we want to get revenues up, we want to control costs. We're going to negotiate prescription drug prices. That was all Congress taking, you know, careful steps. I think are you would you suggest, Stephanie, whether it's a Republican or Democratic, to houses that we can have budget responsibility. Do you see displayed budget responsibility in the modern Congress and Senate? Well, Tom, what I'm saying is that if we were doing things the way I'd like to see them done, instead of handing proposed spending bills to let's say, the Congressional Budget Office and saying, give me feedback on this legislation I have drafted. Tell me if it's going to increase the deficit, tell me whether it adds to the debt. I don't think that is the most important feedback. I think it would be much better to have CBO and or other agencies evaluate proposed legislation on the basis of inflation risk. But we don't do it that way, right, So I think that that would put us much closer to having a Congress that operates with fiscal responsibility, i e. Inflation risk at the heart of what it is. Okay, can you and say a critic of yours, John Cochrane, the great conservative economists, Can you and John Cochrane get on the same page and say we need a Simpson Bulls reducts where in the initiation of that panel we actually demand that we get something done. No? Uh, sorry, sorry, but no is the answer to the question. You would have to first convince me that there is some sort of looming crisis that necessitates the formulation of a fiscal commission. And I don't believe that we are facing that kind of crisis. Inflation is coming down. So if you approach things the way I do, which is to say, you know, are we at risk? Is the budget posing and inflation problem, then let's get at it and let's figure out what adjustments need to be made to ensure that we aren't putting ourselves at risk of trenched inflation well above the Fed's target. I don't think that's the future facing fascinating and controversial Professor Calton. Thank you so much, Stephanie Calton. I can't say enough about how refreshing to any and all her book. The deficit myth is she is at Stonybrook and you know her from the phrase MMT right now with us and Mohammedalarian with us is a great thrill today. He is at Queen's College in Cambridge and he's interested in the asset allocation of their endowment. That's the campus that Steve chiveron had a multi Asset Solutions that federated him as Steve. This is a lonely bull market. How do you reallocate into the end of the year. Well, you had to get ahead of it a little bit. We were adding over the course of the summer when it was uncomfortable on the idea that markets like FED pauses and they price in soft landings even if a soft landing doesn't materialize, because when the FED pauses, invariably it's on suspicion they've gone too far, not on confirmation. And so the data that's available to you is a FED that's no longer hiking and an unemployment rate that's still low, and that's been the case throughout history and it's the case today. And so finally, with the bond market having broken, we're getting that FED pause rally and that can be powerful, Tom. You know, historically those are nine month events, and you can see the equity market up fifteen twenty percent. And interestingly enough, and this is something that's been on our mind, the equity market has hit an all time high each of the last five times that the FED has paused. Now four of those ended in tiers, but it still happened either way, and we think this rally has legs. I think the jury on whether or not, you know, how soft this landing is next year, is still very much out or for the time being, we think this rally continues. Steve, what are you looking at to determine this whole macro question of has the FED not just paused, but it's going to stop cutting and kind to do so within a soft What are the key variables you look at. We're calling them the five Games of Chicken, and it's that corporate refinancing wall. You're going to have about sixty percent of corporate debt come due between twenty four and twenty eight, So what percentage of that is going to face materially higher rates, and what does that do to company earnings? That's number one. Number two for small businesses, they've already seen their debt repriced because it's variable rate bank debt. So how many quarters of high rates can they survive? On the consumer negative or I'm sorry, real income growth is finally turned positive, But how positive does it get? And does it allow a consumer to de lever again, rebuild savings and continue to spend eight hundred and seventy seven billion dollars of bank deposit outflow? What does that do to restrict lending? And then what percentage of the federal debt, a third of which becomes due this year reprices to a significantly higher rate. Those five things we think, if they were to all go perfectly, you'd get this immaculate soft landing. I think that's unlike we think what's more likely is a kind of rocky landing where inflation stays stuck at three rates, stay hi, there's some slow down, and it's a kind of malaise. It's a single digit equity environment with a real risk that something breaks and you get into a classic recession. So it's really between that rocky landing and then a kind of a classic recession break that we think is most likely to happen. We're in the rocky landing camp at least for now. And what do you say to those who say, of your five factors, it's one in five. It's all about supply. It's all about who's going to buy all the supply. I think that's big. But where I would focus more acutely is on the nexus between banks and small businesses. The banks. Again, if there's eight hundred and seventy billion dollars less of deposits, that's eight hundred and seventy seven billion less of loans that can be made. And small businesses are reliant on that, and they're not facing a maturity wall. They've already seen it, and so if something's going to break, we would look there. So we're spending a lot of time focused there. It also has a bias towards larger cap companies within our asset allocation. Steve, let's get to the quote that shook up this market in the last twenty four hours. TK talked about it at the start of the program. It came from the Walmart CEO. We may be managing through a period of deflation in the months to come. Steve, when you heard those words yesterday, what was your response. I think the word deflation is probably a little strong, But I do think that there could be a lot more disinflation than what we've what we're expecting. If you look at the areas of the economy where you've seen disinflation so far, it's goods prices, it's food prices, its energy prices, It's a lot of stuff that quite frankly, can be explained by COVID normalization. Big interest rate sensitive purchases have not really seen the big deflation that you'd expect r. I mean, home prices are still relatively buoyant. Go and try to buy a car. It's not exactly a value exercise these days. And so I think as the rate heights filter through the economy, there is more disinflation in the pipeline, and I think you could see a at some point in twenty four go very quickly from worrying primarily about inflation to worrying very much about growth and the employment markets. And that could switch on a dime. And it's something that keeps us in a kind of humble position. Well states is the same true for investors just to jump in. You mentioned that as a federal reserve can make that switch. I just wonder how quickly investor start to make that switch, and whether we can get some divergence between what's happening with bonds and what's happening with stocks. I think what you do is you pull up some charts and you look at them. Historically, you know, unemployment takes stares down and elevators up. The equity market takes stairs up and elevators down. Particularly if you are headed towards a recession. You don't gradually shift your view in the late part of a cycle. It happens very, very swiftly, and that's why as an investor you have to prepare for that. You start to lengthen duration, you start to upgrade the quality of your equities. We like companies right now that have strong balance sheets, strong cash flow generation, low external financing, and you move in that direction so that if it does move on a dime, which historically it does, you know you're you're not left out in the coal stave. What if I get you thoughts, it's going to catch up. Have a good weekend, my stave Chevron the Federated terms, Stephen Schory, So principle of the short group saves us. Now, oil disinflation, Stephen, how does New York Harbor adjust to oil deflation? All the little idy busy things jet fuel, diesel, distillate, how do they adjust as collapse in oil. Yeah, it's a really interesting question, Tom. We're trying to figure it out as we speak right now. When you look at the spread action between gasoline on the flub with curb and inventories, seemingly there is enough oil power, enough gasoline in your harbor. The neok Carver just want to point out is important because that is the delivery hub for the mercantiles, diesel and gasoline contracts. Now, when we look at overall supplies relative to demand, we're looking at about twenty four days worth of supply of gasoline. Now. That is normal, That is spot on to the five year average, and it's slightly above a year ago. The problem now is that traders are skeptical. They are pricing in a premium on the front end of the curve, which is a clear signal that someone out there is concerned about these supplies, regardless of the fact that we do have all of this space worth to supply? The other big issue here is jet fuel. Right now, we don't have enough jet fuel stocks are extremely low and as we look forward to next week, we expect this or I should say Triple A expects us to be one of the busiest travel seasons for Thanksgiving of the past twenty odd years. So when we look at the rising demand, when we look at the spread action, something here is afoot. It doesn't line up that the spreads are saying one thing, ie, there's not enough supply, regardless of what we're actually seeing in a weekly inventory reports from the EIA. So Stephen, the SANDI is a frustrated with the price section, as you can imagine. I just wonder if they're frustrated enough to change policy again, do you think they are? It's really interesting and it is really conundrum that, to be honest, I am perplexed that the market never really priced in any sort of risk premium with regard to what is happening now in the Middle East. And let's be clear on this. This is a war not between Israel and Hamas, but it is effectively a war between Israel and Iran. Given that we're fighting that is to say, Israel's fighting Amas has Blah and the Huti's all backed by Iran. Now that is a pretty scary proposition with Iran's ability to halt the flow of oil coming out of the Persian go free straight her moves. So yes, there clearly is a head scratcher here that we have this huge risk on supply, but the market refuses the price that in regardless, we're focusing now on the demand picture. And yes, if you're Sali Radio, if hey, if you're a Texas and you are trying to produce and you're looking at this price action, yeah you are frustrated at this point. But I want to say here, based on our modeling, we're likely at the bottom of the market right now, given this situation around the globe and the inbalance now between supply and demand. So, Stephen, do you think that the Saudis will weight this out or do you think the Saudis will be on the phone to the Russians and any other ORPAC plus member that's willing to participate in another cut in production. Yeah, I do think that there is a concern that we'll see further cuts Already the Saudis, Russia, have extended their cuts of volunteer cuts to the end of the year. We've seen now in oil prices, unlike the product prices, we've seen an absolute collapse in the front end of the curve. So we've now actually on the noomics. We've moved into a situation called contango, meaning that prices for nearer term delivery are now below that of prices for longer term delivery. So this is a clear takeaway that right now from an oil standpoint, fundamentals are extremely weak, and I would suspect that we'll see the chances are going into the quarter OPEC plus either extending the cuts or increasing those cuts into the new year. Steven Shark over the arc of Bloomberg surveillance twenty years. One of the great shocks has been America's success with hydrocarbons into the new year. Are we energy independent? No, not at this point. Now. I want to point out that we were energy independent a few years ago. In keeping in mind, energy independence does not mean we do not have to import a BTU from anywhere around the world. We wore a fluid trader in the world. We wore the dominant krudeoil producer in the world, and we wore the swing producer. That is so for all intents and purposes, we wore an energy independent when it comes to hydrocarbons, and that is just a shout out to how well how efficient the industry has grown over the past fifteen to twenty years. But given current policy right now, no, we're not energy independent and going into the new year, big risk is that we are playing a zero sum game. That is to say that we are taking off dispatchable BTUs natural gas, nukes, coal faster than we can replace them renewables. That's not opinion, that is fact. The regulators are telling the government this is so, and yet the government is still going ahead enforcing these retirements where we don't have enough power. So everyone out there get used to this and get ready. There's going to be a huge jump in volatility over the next two years, a huge jump in pricing for electricity and for other alternative BTUs because we're quite not ready for the transition that the government is forced in upon the industry. Stephen with a big one is Stephen Schork at the Short Group. A lot of happy talk this week. Jeanette low Strtigas wrang in on this meeting between Biden and Jain, saying this the meeting does not change the trajectory of US Chinese relations. Tom the US will continue to push for de risking or decoupling with China in order to protect this national security interest, and China will continue to push to develop a multi polar world against US interest. Janet Low there join us now from strtigis MS Lord, Jeannette. I look at where we are, and of course the major question is what's the next step. What is the next step. Should we look for President Biden to visit China. Yeah, that's probably, to somewhat extent unlikely. I think maybe if we look back at last year, we had a meeting between Biden and She in November of twenty twenty two, and you know, not much occurred out of that. After that, a couple months later, we had that spy balloon flying over Montana, which then ruptured relations again. So I don't necessarily think that there's going to be a lot more steps moving forward. It was also very interesting to have the Defense Secretary at the exact same time in the Philippines talking about continued coordination while this APEC and the Biden She summit was happening in San Francisco. So I think this is going to be about trying to lower the temperature, trying to make sure we have continued communications. As you guys have mentioned, having she he wanted to he's having some domestic issues. This is also a good opportunity for him to kind of have a reset. But ultimately, I think that the two sides are going to continue on their trajectories and this is not going to change the overall path. What it is going to do is just make things a little bit easier in the short term. We have an election coming up in the US. We don't want to continue tensions with the China. But at the same time, if Biden was to be too conciliatory towards China, we have a whole lot of hawks in Congress who would then pounce him on that. So Janetta, I very much agree with your analysis. Can you take it one step further? How easy is it to de risk without decoupling? Right? And I think that this is part of the issue too. I mean, you have the US has been trying to make strides to de risk from China, but it's going to take quite a bit of time. Obviously, We're quite reliant on China for supply chains, for critical minerals, for a whole host of things, and so it's going to be very difficult to actually move those pieces away. And so I think that trend is in place and you're going to see it continue over the next couple of years. But that also means that to some extent, you almost need a daytunt at the highest level so that you can build these pieces out from the bottom and ultimately get to that de risking. I don't think decoupling is probably where the ultimate goal is, but it is really about trying to protect US national security interests and making sure there is reduced dependency on China. And I do think that you are seeing that you regardless of the fact that you have to make choices between how you align with US and China, there is an effort or there is a realization across the globe that having too much dependency on China is not a good thing either. And from Chrona's perspective, de risking involves building little pipes around the US at the core of the system. How far can they go into building basically an alternative global system. So this is obviously something that they have been working on, and they would like to continue to accelerate that. I think the one thing that is important is I think the fact that the US is not doing this alone is important that they will actually be more successful and actually trying to at least move supply chains. China is still going to be involved, China is still going to try to work with their partners in Asia to get around some of those pieces. But the other thing is that is if you look at China trying to build this multipolar world, they have been doing that over the course of a couple of years. They're trying to obviously move away from the US dollar, They're trying to get other countries to do the same. But if you are looking at China also being in a place of having economic weakness, that also is not necessarily conducive to them actually being the leader of that movement. So there's a lot of things that have to be worked out on both sides to actually reach their ultimately ultimate goal. And I think that's why we're going to kind of see a I don't want us to use the term muddle through, but kind of a muddle through scenario where they continue down their path but there is obviously some need to be conciliatory in the interim quickly, here Jin ed and I've been guilty of this all week. I have failed and taken my eye off Ukraine, Ukraine in this cold December. What will that debate, that study look like. Right, So this is the US does not have a lot of military aid left to provide to Ukraine at the moment unless Congress appropriates more funding. And so the spring offensive has not necessarily produced the results that the both sides were looking for. We're going into the winter, which makes it more difficult for there to be progress on the battlefield. Think that you will see an effort in Congress to try to come back from a Thanksgiving holiday and pass Biden's National Security Supplemental, which would provide aid for Ukraine as well as Israel and Taiwan and the border. But that is something that they still are trying to find a solution on. They need to figure out whether or not they can add border policy changes in order to get Republican support for that bill. But if we don't get aid to Ukraine over the next couple of weeks, there is probably going to be a strong hole put into Ukraine's defenses because they really do need more money. You obviously have Europe also supporting them, but Europe has been struggling to get some aid packages passed, some munitions given to them as well, so it's it's been put on the back burner. But I think you might start to see more discussion over over the next month in Congress. At least this is a fine We're going to seek out it to the new year. Jeanette low A shatigas Jeanette, thank you. Subscribe to the Bloomberg Surveillance podcast on Apple, Spotify and anywhere else you get your podcasts. Listen live every weekday starting at seven am Easter. I'm Bloomberg dot Com, the iHeartRadio app, tune In, and the Bloomberg Business app. You can watch us live on Bloomberg Television and always I'm the Bloomberg Terminal. Thanks for listening. I'm Tom Keen, and this is BloombergSee 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HR1 Shutdown Averted Both Parties Played Us | Chinese Communist Owns NYC School | UAW Strike 10-4-23 by John Rush

 In this penultimate episode on US and Chinese Relations, Collin and J look at the major historical themes of these two global powers since the 1830s. This episode is intended to summarize the entire season and make some bold predictions and recommendations about what the future may look like. We also discuss what we wish every Chinese and American citizen would know about one another, and how likely is the collapse of the Chinese Communist Party. If you want to know about Chinese and American relations, you have to know the history... Support this podcast: https://anchor.fm/theloinsofhistory or https://www.patreon.com/theloinsofhistoryInstagram: @loins_of_historyFacebook: @loinsofhistoryTwitter: @JLoinsofHistory @loinsofhistoryOur opinions are our own and do not necessarily represent the opinions or policy of our employers. Anchor The Loins of History • A podcast on Anchor Current events lack historical context. We're here to fix that. Each week we'll dig deeper than the 24 hour news cycle to bring you the history behind the headlines. Covering economics, politics, religion, culture, war, and more, listening to this podcast will help you understand the context behind current events. Listen in and find out how today came from the Loins of History. Our opinions are our own and do not reflect the opinions or policy of our employers. https://anchor.fm/theloinsofhistory --- Support this podcast: https://podcasters.spotify.com/pod/show/theloinsofhistory/support

My Typical Trading Day as a Full Time Forex Trader  Podcast: Signup For my Forex Masterclass Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course #509: My Typical Trading Day as a Full Time Forex Trader In this video: 00:33 – How I start my trading day 01:06 – H6 trade on the USD/SEK hits the profit target 03:19 – 4 trades on the Daily charts for the day 05:19 – Trades taken live on the clients webinar  06:23 – 4 more Daily chart trades for Friday 07:29 – Trading a maximum of 30 minutes of chart time a day What is a typical trading day look like for me? Well, today I'm going to take you on a journey and share with you all the trades I'm taking and everything that I'm doing in the day. Typical trading day. Let's get into that and more right now. Hey, traders, Andrew Mitchem here at The Forex Trading Coach with video and podcast number 509. How I start my trading day I want to share with you today a typical trading day. So first of all, I've just got up in the morning, have a look at my charts here and seen some green lights, which is always a bonus. I'm going to try and turn my camera around. So if you're listening on the podcast, I apologize. This is going to be a little bit kind of bitty but I'm going to use this. So if you're watching on YouTube or my website in the video, you're going to get a lot better experience on today's video. So it's now half pass seven. Today's Thursday the 13th of July 2023. H6 trade on the USD/SEK hits the profit target Just woken up and a US/Swedish Krona trade that I took on Monday has just hit the profit on the six hour chart. Turn the camera and chill and show you that trade. And also I took four trades last night, my time on the 12 hour charts at the 5 a.m. Eastern Standard Time and change over. And all four of those trades are in right now and they're looking really good and in some profit. So let me turn the camera around and I share those with you right now. Okay. So I hope you can see that I'm not them. So I post the trade here on the US Swedish krona on AM on Monday, and the trades now go on a profit. You can see down the bottom there you can see the trade has hit the profit target nicely in that happened earlier this morning. Great thing was I wasn't even watching the charts when that happened. Okay, We're now on to the 12 hour chart. So this is the US Singapore dollar, which if you have a look, hopefully focuses there we go down then you can see the trades. Where are we in the corner there. I've got the pound. Australian, the US, Chinese, US, Singapore and the US say that we can and I can turn my camera around. You can see in here right now those trades all going very nicely. They were taken on the 12 hour charts for them. They mentioned on our forum site and again it's the power of the forum site that we have here. There's the US/Chinese is going really well. So for trades on the US/South African here and you can see those trades in there, great retracements 2 buy trades in there. And the last one was the Pound/Australian, which I will scroll across to and find for you that is in here and there's the Pound/Australian. So that's a quick summary of the trades that I've got open and have taken overnight my time. Next thing I'm going to do in about an hour and a bit from there I'm going to start scanning through the daily charts, which will be the 5 p.m. Eastern Standard Time, New York Time, close day charts takes me back 10, maybe 15 minutes to scan through those charts and see what trades I'm taking for today on the daily charts. I'll also look through the 12, eight and six hour chart, so I'll come back to you shortly. 4 trades on the Daily charts for the day Okay. Got a bit of an update for you. I've just taken four trades based off the daily charts and also I need to let you know that today is Thursday, the 6th of July. I think at the beginning of the session I said it was the ...

The Commstock Report: Thursday, June 22nd, 2023.  To get the full report, please sign up using the link below:   https://commstock.com/membership-account/membership-levels/Stay Connectedhttps://www.commstock.com/https://www.facebook.com/CommStockInvestments/https://www.youtube.com/channel/UClP8BeFK278ZJ05NNoFk5Fghttps://www.linkedin.com/company/commstock-investments/

The Commstock Report: Wednesday, June 21st, 2023.  To get the full report, please sign up using the link below:   https://commstock.com/membership-account/membership-levels/Stay Connectedhttps://www.commstock.com/https://www.facebook.com/CommStockInvestments/https://www.youtube.com/channel/UClP8BeFK278ZJ05NNoFk5Fghttps://www.linkedin.com/company/commstock-investments/

Join Rob and Ruairi as we examine the factors that have contributed to the worsening of US-Chinese relations in recent years. It's pretty clear to Rob that we're doing the New Cold War Wrong. We identify the pillars of the past half century of relations between the two countries, and go into the very real reasons why the US needs to revise one of them. The trade pillar has to change, the Taiwan pillar really doesn't, which makes many of the Biden administration's actions somewhat inexplicable. We delve into the historical context, unpacking pivotal events and policy decisions that have shaped the United States' approach towards China. From trade disputes and intellectual property concerns to military posturing and regional conflicts, we explore how these actions have strained relations and contributed to escalating tensions. Throughout the episode, we analyze the question of who is actually the aggressor here, and delve into controversial topics such the one China policy, tariffs not sanctions, and the Pentagon's "great power competition" national security strategy. It's a pretty good episode. - ⁠⁠Patreon⁠⁠ ⁠⁠Website⁠⁠ ⁠⁠Books⁠⁠ ⁠⁠Twitter⁠⁠ ⁠⁠TikTok⁠⁠

On this week's Defense & Aerospace Report Washington Roundtable, Dr. Patrick Cronin of the Hudson Institute, Michael Herson of American Defense International, former DoD Europe chief Jim Townsend now with the Center for a New American Security, and former Pentagon Comptroller Dr. Dov Zakheim of the Center for Strategic and International Studies join host Vago Muradian to discuss the outlook for defense spending in the wake of the bipartisan debt ceiling deal, pAlabama Sen. Tommy Tuberville's hold on military promotions, how NATO has to respond to Balkan unrest, Turkey's election and Sweden's alliance membership, Ireland and defending undersea cables, Washington's New START strictures, what to expect from this weekend's Shangri-La Dialogue as Beijing rejects a meeting of US-Chinese defense leaders and buzzes a US spy plane, Lloyd Austin's visit to Tokyo, closer US-Japanese-South Korean cooperation, North Korea's failed satellite launch, and what “strategically witless” leaks from the administration tell the world.

Two suspected Chinese agents have been charged in the U.S. with bribery to disrupt an anti-communist group. AP correspondent Norman Hall reports.

Happy Asian American Pacific Heritage Month! That is also the topic of our episode today and I have returning guest CSUN Asian American Studies Professor: Allan Aquino as a guest. Allan breaks down What is AAPI Heritage month, how it came about & why it falls on the month of May. This month celebrates the achievements and acknowledgement of AAPI's- so we decided to give a history lesson to show how far we have come. This episode is a condensed crash course on the history of Asian Americans. Due to time constraints we were only able to discuss five large waves of AAPI groups that emigrated to the US: Chinese, Japanese, Korean, Indian & South East Asian & reasons why they came to the US. Allan talking about the history makes me feel like I'm back in CSUN. Speaking of which its been 6 years this month since I graduated with a degree in Asian American Studies. It's a honor to give back and have OG's like Allan to drop some knowledge on my platform which was inspired by courses & the lessons about community in Asian American Studies. Thank you & hope you enjoy this one!

Listen to this weeks' New U Life's Pulse Podcast as we introduce another very integral part of our Corporate team, Sr. Manager of Sales Strategy for our US and US Chinese, Kellee Ye, She comes to us with a vast knowledge of how Multi-level partnering works and is no stranger to startups, she believes knowledge and effort are a must in this business and why she is most inspired by our beloved CEO And Founder Alexy Goldstein

A.M. Edition for April 10. Purported Pentagon intelligence assessments show Ukraine running out of air defense supplies next month. WSJ chief foreign affairs correspondent Yaroslav Trofimov explains how the leaked information became public and what it means for the war. Plus, Tesla invests in a new facility in Shanghai amid weak US-Chinese relations. Peter Grantiz hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Weiss's China expert, Mike Edwards, summarizes the current state of Sino-US relations and the potential consequences of Russia's war with Ukraine.In recent weeks, the rhetoric exchanged by US and Chinese leaders has reached a feverish pitch. But bluster and hot air are not the only factors to keep in mind when analyzing the trajectory of Sino-US relations. G3 is delighted to have Weiss's China expert, Mike Edwards on Green Marbles this week. Mike has plenty to say on where things stand between the US and China, China's relationship with Russia, and what all of this implies for markets in the coming months. Please check important disclosures at the end of the episode. Time Stamps:Is there a connection between the balloon controversy and the space race between the US and China? [4:22]What moves and countermoves have the US and China undertaken since the balloon flap? [6:48]Is the Russia-Ukraine war a proxy war for the US and China? [11:31]Why is Wang Yi an important figure in US-Chinese diplomatic relations? [16:53]What are the implications of the Russia-Ukraine war for markets? [22:56]How will China's reopening impact different market sectors? [29:31]Resources:After UFO shoot-downs, senators fret over holes in homeland securityBio of Wang YiUkraine war shifts global power relations as China asserts roleLuxury sector eyes reopening of ChinaDisclosures: This podcast and associated content (collectively, the “Post”) are provided to you by Weiss Multi-Strategy Advisers LLC (“Weiss”). The views expressed in the Post are for informational purposes only and are subject to change without notice. Information in this Post has been developed internally and is based on market conditions as of the date of the recording from sources believed to be reliable. Nothing in this Post should be construed as investment, legal, tax, or other advice and should not be viewed as a recommendation to purchase or sell any security or adopt any investment strategy. Past performance is no guarantee of future results. You should consult your own advisers regarding business, legal, tax, or other matters concerning investments. Any health-related information shared on the podcast is not intended as medical advice or for use in self-diagnosis or treatment. Please consult a qualified healthcare professional before acting upon any health-related information on the podcast. Weiss has no control over information at any external site hyperlinked in this Post. Weiss makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and has included hyperlinks only as a convenience. The inclusion of any external hyperlink does not imply any endorsement, investigation, verification, or ongoing monitoring by Weiss of any information in any hyperlinked site. In no event shall Weiss be responsible for your use of a hyperlinked site. This is not intended to be an offer or solicitation of any security. Please visit www.gweiss.com to review related disclosures and learn more about Weiss.

On today's show: 1.  Request for mistrial denied in Alex Murdaugh murder trial - https://www.counton2.com/the-murdaugh-investigation/financial-crimes-witnesses-testify-on-day-15-of-alex-murdaugh-murder-trial/ 1a. 3 weeks, dozens of witnesses: Takeaways from Murdaugh trial https://apnews.com/article/south-carolina-crime-homicide-c528a67536c421f38c37b39d2cc757eb 1b. Defense to question Beach lawyer over his donation to Murdaugh trial witness https://www.thestate.com/news/local/crime/article272292633.html 1c. Courtroom seats of some Murdaugh family members moved back due to inappropriate contact and conduct - https://www.cnn.com/2023/02/10/us/alex-murdaugh-trial-friday Sparks flew in the Alex Murdaugh murder trial Friday as his defense team moved for a mistrial. The motion — which was denied by Judge Clifton Newman — came as prosecutors examined Blanca Turrubiate-Simpson, who worked as a housekeeper for the Murdaughs. 2. IAAM's HVAC system on the mend, but no new opening date announced - https://abcnews4.com/news/local/iaams-hvac-system-on-the-mend-but-no-new-opening-date-announced-wciv-international-african-american-museum-history-charleston-south-carolina-sc 3. Palmetto flag design bill for SC flies through Senate committee https://www.postandcourier.com/politics/palmetto-flag-design-bill-for-sc-flies-through-senate-committee/article_82101d9c-a650-11ed-8de9-9f1508691d08.html 4. Navy divers begin pulling up Chinese spy balloon debris - https://apnews.com/article/navy-photos-chinese-balloon-recovery-55233ffb9eee393214b3962a9252e279 4a. US: Chinese spy balloon had high-tech equipment to monitor global communications - https://abcnews4.com/news/nation-world/us-says-chinese-military-behind-vast-aerial-spy-program-beijing-balloon-pentagon-refuses-spy-surveillance-aircraft-chinese-government-spying-on-american-citizens-war-surveillance-high-altitude-flying-collect-information-nuclear-missile-silo-fields# 5. Charleston-based Christian and gospel music performer Chandler Moore wins 4 Grammys https://www.postandcourier.com/charleston_scene/charleston-based-christian-and-gospel-music-performer-chandler-moore-wins-4-grammys/article_20739538-a7bc-11ed-97b0-7b9f5b8122a0.html 6. SC Attorney General joins 21 states in opposing mail delivery of abortion medication https://www.thestate.com/news/politics-government/article272382588.html 7. North Charleston police officer Trevon Sanders makes Orlando roster in XFL https://www.live5news.com/2023/02/10/north-charleston-police-officer-trevon-sanders-makes-orlando-roster-xfl This episode's music is by Tyler Boone (tylerboonemusic.com). The episode was produced by LMC Soundsystem.

Biden officials told Congress that Chinese Pres. Xi didn't know about the spy balloon.  Does anyone believe that?See omnystudio.com/listener for privacy information.

Episode 18 of the Israel Defense and Diplomacy Forum (IDDF) – with Prof. Chuck Freilich, former Israeli Deputy National Security Advisor, and Danny Ayalon, former Deputy Foreign Minister and Ambassador to Washington. In this episode of the IDDF Podcast, Chuck and Danny discuss two very different issues; the dramatic changes that Israel's new government has already begun making to its judicial and democratic processes and China's rising influence in the Middle East, following the recent visit of President Xi to Saudi Arabia.The new government is moving rapidly to pass legislation that will dramatically alter the role of Israel's judiciary and the balance of powers. If, as appears likely, the legislation goes through, Chuck believes that Israel will have become an illiberal democracy, akin to Turkey and Hungary, within a matter of weeks. In effect, Israel will have only one branch of government, the executive, which will control both the legislative and judicial branches and in which those under indictment, including the premier, appoint their own judges. Danny agrees regarding the primary reform, the so-called “override law”, but sees merit to at least some of the other changes. He is particularly concerned by the proposed reforms' impact on Israel's international standing, including the danger of Israel being referred to the International Court of Justice. Both are deeply concerned by the politicization of Israel's civil service and breakup of ministries for purely political purposes. China is rapidly becoming a major player in the Middle East, no longer just in terms of oil imports, but regional security affairs, as well. Xi's visit to Saudi Arabia was designed at least partly as a counterbalance to China's ties with Iran. Chuck emphasizes that one of the reasons for the Gulf countries' interest in expanded ties with China is their decreasing confidence in the US security commitment to them and the understanding that Israel, especially under the new government, cannot constitute even a substitute for the US. Danny starts a discussion of the impact of US-Chinese ties on US ties with Israel, including the Phalcon case, one of the worst crises in US-Israeli relations. Join us as they agree and disagree, in detail and in-depth, always respectfully, on the critical issues Israel faces.The MirYam Institute. Israel's Future in Israel's Hands.Follow Chuck:https://www.ChuckFreilich.comFollow Danny:https://www.thetruthaboutisrael.org.ilFollow The MirYam Institute Twitter: https://bit.ly/3jkeUyxFollow Benjamin Anthony Twitter: https://bit.ly/3hZeOe9Like Benjamin Anthony Facebook: The MirYam Institute. Israel's Future in Israel's Hands.Follow Chuck:https://www.ChuckFreilich.comFollow The MirYam Institute Twitter: https://bit.ly/3jkeUyxFollow Benjamin Anthony Twitter: https://bit.ly/3hZeOe9Like Benjamin Anthony Facebook: https://bit.ly/333Ct93Like The MirYam Institute Facebook: https://bit.ly/2SarHI3Follow Benjamin Anthony Instagram: https://bit.ly/30m6uPGFollow The MirYam Institute Instagram: https://bit.ly/3l5fvED

Did you know that Japan attacked Pearl Harbor in WWII because of America's China policy? This week we discuss the beginning of the 2nd Sino-Japanese War and how it relates to the story of US-Chinese relations. Prior to 1937 the Open Door Policy was just a statement of intentions, but President Franklin Delano Roosevelt took it to the next level after Japan attacked China after the Marco Polo Bridge Incident. From 1937 to 1941 the US continued to sanction Japan, trying to pressure them to withdraw their military from China, until FDR signed an executive order that froze all Japanese assets in the US, preventing Japan from buying US oil and threatening to grind their war machine in China to a halt. Admiral Yamamoto knew that the only way Japan had a hope of victory was to wipe out the American Pacific Fleet out at Pearl Harbor. As always, there's also some interesting anecdotes about why no war ends quickly, how history can be used to prevent future wars, and why the Rape of Nanking is still a touchy subject today. Instagram: @loins_of_history Facebook: @loinsofhistory Twitter: @JLoinsofHistory @loinsofhistory Our opinions are our own and do not necessarily represent the opinions or policy of our employers. --- Support this podcast: https://podcasters.spotify.com/pod/show/theloinsofhistory/support

You may have heard about the Chinese Civil War, but do you know why it happened and its historical context? Continuing our series on US-Chinese relations, this week we tell the story of the Chinese Civil War between the Kuomintang and the Communists, but we also discuss how foreign actors, primarily the Soviets and Japanese, tried to influence each side. The Chinese Civil War is to China what the American Revolution is to the United States, so if you want to understand China you have to know about the key event that brought Mao Zedong to power and set the stage for WWII. If you want to know about Chinese and American relations, you have to know the history... Support this podcast: https://anchor.fm/theloinsofhistory or https://www.patreon.com/theloinsofhistoryInstagram: @loins_of_history Facebook: @loinsofhistory Twitter: @JLoinsofHistory @loinsofhistory Our opinions are our own and do not necessarily represent the opinions or policy of our employers. Anchor The Loins of History • A podcast on Anchor Current events lack historical context. We're here to fix that. Each week we'll dig deeper than the 24 hour news cycle to bring you the history behind the headlines. Covering economics, politics, religion, culture, war, and more, listening to this podcast will help you understand the context behind current events. Listen in and find out how today came from the Loins of History. Our opinions are our own and do not reflect the opinions or policy of our employers. https://anchor.fm/theloinsofhistory Patreon The Loins of History is creating Podcasts | Patreon Become a patron of The Loins of History today: Get access to exclusive content and experiences on the world's largest membership platform for artists and creators. --- Support this podcast: https://podcasters.spotify.com/pod/show/theloinsofhistory/support

Paul Spain is joined by Nick Lissette - CEO of Blackpearl Group to discuss Blackpearl Group's launch on NZX and well as Tech news from the week including:US/UK China tech banHP staff cutsWhatsApp user details leakedBiometrics in NZ supermarketsMecedes-Benz speed subscriptionUS army uses Russian software disguised as American

Lei begins this podcast with announcements from the OEMs of record profits in these tough times and the cognitive dissonance of profiting the most during the most challenging times. Tu updates on the current situation on the ground in China with regard to the Covid situation and where the lockdowns are currently taking place and what he thinks will happen with the Beijing auto show that's scheduled to happen in just over a month's time.Tu takes over for Lei to make the announcements this week since Lei was traveling. Tu lists all the cars brands in China that have raised pricing of their vehicles, it's a long list. Tu highlights a Financial Times deep dive into VW Group's reliance on the China market. A fascinating piece for those that follow VW Group closely.Tu and Lei move on to a conversation about recently announced vehicles that'll soon enter the China market, with a few of them also likely to be exported to a market near you.Tu and Lei then discuss the recent rumor that Didi is getting int car manufacturing, a Didi Motor Company perhaps and whether either of them thinks it makes sense. The topic moves to TuSimple and what looks to be a planned split between their US and China entities. This turns into a broader discussion about the AV sector including what could happen to US/Chinese hardware developers. All indications point to a similar hard look at how they will be treated by each country. Tu and Lei close out the pod with a discussion on how the short-term increase in EV pricing may initially scare off US consumers and whether or not that's a good or bad thing for legacies.