Podcasts about why u

China's popularity across Africa remains strong, with new Afrobarometer polling showing Beijing again outperforming the U.S. and Europe in public perception. But those favorable views are far from straightforward, shaped by perceptions of China's development success, frustration with Western powers, and Africans' own experiences with Chinese engagement. Ebenezer Obadare, the Douglas Dillon Senior Fellow for Africa Studies at the Council on Foreign Relations, joins Eric & Cobus to unpack what the polling reveals about China's enduring appeal and shifting African views of the U.S. and Europe.

"FedEx is not simply selling an asset, it is trading a warehousing unit for a deeper transportation relationship with one of the world's largest container lines, which is a smarter reallocation than a straight divestiture." — Bruno Digital FedEx just sold its Supply Chain unit to CMA CGM for $1.4 billion. It sold for the same price FedEx paid for the same business, under a different name, back in 2015.  But FedEx didn't just sell an operating unit. They also entered into a larger agreement for ocean and air cargo that highlights some interesting trends in global logistics. In this episode of the Art of Supply podcast, Kelly Barner covers: - What the $1.4 Billion deal includes, and the multi-year ocean and air cargo agreements worth an estimated $3.5 Billion that are riding along with it - Why U.S. law would make it impossible for CMA CGM to ever buy FedEx outright - Whether CMA CGM's growing air cargo fleet is competition for FedEx, or something else entirely   Links: Kelly Barner on LinkedIn: https://www.linkedin.com/in/kelly-barner-6884443/ Art of Supply LinkedIn newsletter: https://www.linkedin.com/newsletters/art-of-supply-6895142546301960193  Art of Supply on AOP: http://www.artofsupply.com  Subscribe to the Art of Procurement Newsletter: https://resources.artofprocurement.com/art-of-procurement-podcast-subscribe   

We’re excited to have Will Loux, senior vice president of global economic affairs for the U.S. Dairy Export Council, join us to share his presentation of the future of U.S. dairy exports. For years, the U.S. dairy export portfolio has leaned heavily on nonfat dry milk, skim milk powder, lactose and lower-protein whey products. But our exports are changing. In the latest episode of The Milk Check, host Ted Jacoby sits down with Will Loux to break down the changing U.S. export picture. In this episode, we cover: Why U.S. dairy exports are moving toward cheese, fats and higher-value proteins How domestic protein demand is pulling skim solids away from dryers Why more cheese may be produced partly to create additional whey protein How exports are absorbing a larger share of new U.S. cheese production Where Latin America offers room for additional cheese growth What it will take for U.S. butter exports to become more consistent and profitable The U.S. has the milk. It has new processing capacity. And it is capturing a growing share of international cheese demand. But growth creates new challenges. Are you ready to meet them? Listen to The Milk Check episode 104: Can the U.S. Keep Its Dairy Export Advantage? Also available on: Amazon Music, Apple Podcasts, Spotify, and YouTube. Got questions? We'd love to hear them. Submit below, and we might answer it on the show. Ask The Milk Check Transcript: Ted Jacoby III: [00:00:00] Coming up on the Milk Check. Will Loux: What I’ve heard from folks in Europe and elsewhere is how do they manage the U.S. tsunami of exports that’s coming? And I think that, at the Export Council, it makes me excited, but it does mean we need to keep our strategies current. Ted Jacoby III: Welcome to the Milk Check from T.C. Jacoby & Co., your complete guide to dairy markets, from the milking parlor to the supermarket shelf. I’m Ted Jacoby. Let’s dive in. Ted Jacoby III: Today, we are very excited to have Will Loux, Senior Vice President of Global Economic Affairs for the U.S. Dairy Export Council joining us.  A few weeks ago I saw a presentation that Will gave that talked about where the U.S. dairy industry is going, especially from an international perspective. It was an absolutely fantastic presentation, and I couldn’t help but think that just this presentation alone would be an absolutely fantastic topic for our podcast.  I have a bunch of our traders joining us, many of our usual suspects, including: Ted Jacoby III: Diego Carvallo, Joe Maixner, Miguel Aragon, Mike Brown, all from our trading team. Guys, thanks for joining us. Will, thank you so much for joining us. It’s great to see you again. Will Loux: Good to see you, Ted. Thanks for having me on. Ted Jacoby III: Excited to have all of our listeners listen to this. Will, the floor is yours. Will Loux: Perfect. Well, thank you for having me, Ted, and glad to have so many people on here and another audience for this presentation. I’ve got some slides. For those of you like me who will listen to this podcast usually while driving, feel free to go check it out on YouTube. I am also gonna do my best to reference what is in those slides as best I can remember to do so. But what is the future of U.S. dairy exports? What we’ve seen, really over the last twenty-five years, has been this tremendous, consistent growth, in aggregate U.S. dairy exports. We just got May data, and what we saw was on an annualized basis over the last twelve months, the U.S. actually set a new record again. So our exports have never been higher than they are today. But that said, our exports look fundamentally different than what they did 20 years ago. Before, when we were getting started with exports, 75, 80% of our exports were really driven by nonfat dry milk, and low-protein whey products, and lactose. That’s been the vast majority of our portfolio for much of this time, and we’ve had a few different eras where we’ve seen U.S. cheese exports picked up, especially around 2014 when the world was short of milk and we saw U.S. cheese and butter go overseas. But then we saw that stagnate for a few years. Now, what we’ve seen since COVID has been this tremendous growth of these more value-add products, these specialty products. I believe the U.S. is moving towards a portfolio in the export market that looks a lot like cheese, fats, and proteins. And that’s gonna be the core of our exports, I think, going forward because the U.S. dairy industry is really kind of, I consider it an evolution rather than, like, a true revolution. But this is one of those facets that I think is really interesting to see is the U.S. has consistently been growing its exports, unlike a [00:03:00] lot of other supply origins. But this is one that I think as we go forward I’m really excited about. But it’s gonna change how we need to think about exports over the next few years. Ted Jacoby III: Will, it sounds like what you’re saying is not only are we seeing the total volume of exports go up, but the dollar per pound value is even going up faster because we’re switching away from that low-cost carb portfolio to a much higher-value protein, fat, et cetera portfolio. Fair to say? Will Loux: I think that’s exactly right. I think there are implications for that, too.  That if the U.S. is moving out of perhaps exporting as much skim milk powder or sweet whey because we’re instead making UF milk or cottage cheese or yogurt or high-protein whey, well, there’s still demand overseas for that sweet whey and for that skim milk powder. But now, it’s actually getting supplied by a few other countries, too. So, we do have to keep all of these things in mind. But to me, I think we’re moving up the value chain as the U.S., and what I’ve heard from folks in Europe and elsewhere is how do they manage the U.S. tsunami of exports that’s coming? And I think that, at the Export Council, it makes me excited, but it does mean we need to keep our strategies current with where we’re gonna go in the future. One of the things that I’ve noticed here over the last really few months but even going back to last year has been a real shift in how the U.S. dairy market is balancing itself. I would argue that for the last really 20 years, to be frank, but at least for the last 15 years, the U.S. dairy market has largely been balanced to domestic fat demand. Yes, we did see, certainly, exports of cheese grow over this time, so I don’t want to discount that as a butterfat-heavy product, but for the most part, what we’ve seen has been the U.S. has consistently balanced with where domestic demand for butterfat has grown, and then we’ve exported the skim solids largely in the form of nonfat dry milk and sweet whey overseas. What we’ve seen here over the last several years has been the U.S. switching from a traditionally balancing to domestic milkfat demand, where we’ve seen butter consumption grow, whole milk consumption grow. U.S. milk production, U.S. dairy production grew with that. And then, we exported the additional skim solids in the form of nonfat dry milk, sweet whey, high protein whey, lactose. Those products were the ones that we were really exporting. Now, what I think is happening is the U.S. is no longer really balancing to fat anymore. We’re in this precarious balance right now. We’re not quite balanced to protein yet, and we’re not quite balanced to the beef market yet because we still have high prices for protein. We don’t have enough of it to go around. We don’t have enough beef for the beef market to go around, but we also have more milk fat than the domestic market can consume. And so we’ve seen these exports really rise. So, I think what we’re seeing right now is the U.S. being pulled in different directions, and the U.S. exports as we go forward here over the next few years is in some ways at a crossroad as to which of these routes do we go. Do we swing back to balancing to milk fat, which would mean we’re probably short of protein, or do we start balancing more to protein, which means we’re gonna need to find homes for a heck of a lot more cheese and butter in the next few years. [00:06:00] Because to me, at least, if you look at the beef market, from a dairy farmer’s perspective, you are still seeing that incentive to add additional cows just based on the returns on the beef side of things. And because of that incentive to hold the dairy cows longer to get the additional black calf, also with that breeding the best of the best in the young stock, we are just seeing the largest milking herd since the 1990s and the lowest replacement herd since the 1970s. And everything we’re seeing on the beef cattle side of things would suggest this isn’t slowing down anytime soon. But from the U.S. perspective, I think what this means is we’re gonna continue to see more milking cows around, and those cows are getting more productive than ever before. And even as we’re seeing this surge in milk production, I think on a component basis, last year in in 2025 we were up 3.8%. This year we’re up not quite at 3%, but still pretty darn close. Even as we see this growth of milk, these additional black calves coming on the market, we actually still don’t see enough protein hitting the dairy markets right now. And so, what we’re seeing is even as we see this huge surge in cottage cheese production and yogurt production, my personal opinion is yogurt doesn’t get enough credit for this protein rally. It’s like 10X the volume of cottage cheese, but what we’re seeing right now is this pull of protein. I think this pull of protein is predominantly domestic. We’re seeing UF beverages, we’re seeing yogurts, we’re seeing cottage cheese, we’re seeing everything that whey protein can go into from cereals to snacks to beverages. All of that protein pull is basically sucking protein and skim solids that had been going to the export market back into the U.S. By virtue of that, we’re also seeing U.S. cheese production need to increase, not so much for the cheese demand that we’re seeing here in the United States, but rather for the whey demand that we’re seeing here as well. The cheese has really become that co-product of the whey stream. I think even conversations that I’ve had with U.S. manufacturers of, “How can I get more whey protein without building a new cheese plant” is part of the consideration. One of the things that we’ve looked at over this time has really been where is this protein in the United States going? Because we’ve seen U.S. milk production rise, U.S. milk protein production rise in the sense of protein out of the cow, but we still have less nonfat dry milk and skim milk powder than we had a year ago. What I’ve noticed over this time has been certainly the cheese vat continues to get first dibs on most of that protein. Even in the May data that we got out of USDA, you saw cheese production was up, even when nonfat dry milk was sitting at sky-high levels north of $2.00. What we’re really seeing right now is we’re pulling milk out of the dryers and either putting it into the cheese vat or putting it into these other high-protein products and the like. What that is doing is that’s shifting our export mix. So far this year, our exports of skim milk powder, amazingly, are flat somehow. But if [00:09:00] you look at our May exports of nonfat dry milk and skim milk powder, they were down 20%, and I think that’s reflective of that, and we were down last year. What we’re seeing has been the U.S. is moving out of some of these carb-heavy, as you talked about, Ted, to these more higher value uses for these products. And even nonfat dry milk production picked up in May, but it’s not that we pulled milk out of the yogurts or out of the cottage cheese or out of the natural cheese itself, it’s that we stopped making skim milk powder and instead made nonfat dry milk. This is really where we’re seeing this pull of protein, either in the form of beef necessitating more cows or necessitating more capacity to make whey proteins, milk proteins, UF products, or just high-protein dairy products. All of that pulled together is sending a, “Let’s go make more milk.” Contrasting that, you have cheese and fats, which at this point right now, and historically this isn’t too unusual, but it is something different than we’ve really seen over the last few years, has been this export push of cheese and dairy fats in the form of predominantly butter, AMF, and to a lesser extent whole milk powder. What we’re seeing here has really been this shift where right now I think we’re growing our milk production as fast as the international market can absorb our cheese and fats. Because if you look here, since COVID, what we’ve seen is about 36%, over a third of the new cheese that’s been manufactured in the United States, has gone to export. If you think about that historically, about 5% of the new cheese in the previous decade went to exports. And now we’re at 35%. And if you look at the last two years, it’s north of 65% has gone to exports. As we’re building these new cheese plants, in part for the whey, there is that eye towards, “Okay, where are we going with this cheese?” And it’s gotta be overseas. Within that, too, the United States is actually the one capturing what is a growing global market. It’s not just that the U.S. is flooding the market with less expensive cheese, it’s that global cheese demand is growing, and the U.S. is the one capturing that. Because if you look, since COVID, the U.S. has captured about 60% of that new cheese demand that’s happening overseas, and that’s really been coming from the United States. Europe’s grown their cheese exports too, so has New Zealand. Australia’s basically flat, but the rest of the world evens up. The difference here is that the United States is really the one capturing this demand growth because we have the milk, we have the cheese, and that’s really where I think the U.S. has managed to expand its footprint, be a more consistent exporter, and really break into new markets that it hasn’t before. But we’ve been in cheese for a while. Granted, it’s at a different scale today than what it has been. We were up 20% last year in cheese exports. This year we’re up about 25% so far this year. We continue to surge in our cheese exports. The difference that is new this time around is, fundamentally, that we’re seeing this expansion come not [00:12:00] just in cheese as our primary vehicle to export the fat and casein, but also in fat-heavy products, predominantly butter, but also AMF and whole milk powder, too. That you’re seeing the United States now, for every, load of high-protein beverages, you’re gonna have a load of cream that you’re gonna need to deal with, or multiple loads of cream that you’re gonna have to deal with, and that’s now going overseas. Domestic demand for butter is still going strong. Domestic demand for whole milk continues to grow. The difference is we’ve just grown production faster than that domestic demand. And so, you pull this all together, and I really think we’re seeing an evolution in our portfolio for exports. Cheese by value is now our biggest export product, and you’ve seen fats and proteins continue to grow within that portfolio, as well, from a value perspective. While we’ve seen nonfat dry milk, low protein whey, lactose, those have really been flat to declining over this timeframe. And so, if you look at that incremental growth that we’ve seen in our U.S. dairy exports since COVID, again, what we’ve seen is our two biggest stars during this period have been cheese and fats, and I think protein in the long run is still really optimistic to me. But you pull this all together, the U.S. is still gonna be a major player in skim milk powder, sweet whey, whey permeate, lactose. But if you look at where our exports are gonna grow in the future, those are really some of the key products. What do you all think about this as kind of a argument here for where our U.S. dairy exports are going? Joe Maixner: That’s been exactly what we’ve been discussing for the past six plus months, that our supply is going to continue to outpace the domestic demand. So 100% agree with everything you said in this, Will. I think that butter will continue to become a major player in the export market. Miguel Aragón: In my case, being out there in the trenches, I see this day in, day out. The penetration of U.S. cheese and butter, especially right now. We know the soaring ingredients, but cheese and butter especially, every day you could see it more and more in the marketplace. Something really interesting that you said at the beginning: If we’re gonna produce more cheese, we’re gonna have to find a place for it. We know the numbers, we see the numbers. It’s an amazing story. But right now, as we speak, that is replicating in Central America. You guys see it at the U.S. DEC. And I just came back from Colombia. The opportunity is there for us, as long as we keep doing what we’re doing now and looking at the market, adapting to the market, adapting to what the market is asking us for, and also replacing some of the product that is coming from Europe and New Zealand. But I agree with what you’re saying here 100%. Ted Jacoby III: Will, I’m gonna turn the question around on you a little bit. Is the global demand for butterfat there for us to continue to increase how much butter we’re exporting? And is the global demand for cheese there? Will that global demand keep increasing for those two products? Will Loux: From my perspective, it’s yes. What I find interesting over the last couple years has been that [00:15:00] cheese demand held up exceptionally well even during high inflation periods. Where we saw other dairy products actually feel a lot of the pressure internationally, cheese demand kept growing pretty much right on track. What we’ve seen here on the cheese side over the last couple of years internationally has been this acceleration in cheese demand, and I think some of that has to do with, as Miguel was saying, tremendous growth from our partners in Latin America. That’s been a key engine for U.S. dairy exports here over the last couple of years and, frankly, since the Export Council was founded about 30 years ago. But when we look at the opportunities abroad, I think that we still have a lot of untapped potential on the cheese side. I remain pretty optimistic about that. The other thing I’ll say, too, here is: I don’t think European milk production’s gonna keep growing at 3% a year. I don’t think you’re seeing the same investment in new cheese capacity. I think we’re seeing investment in Europe and New Zealand in new protein capacity, and that’s maybe another conversation. But I think the U.S., one, has the opportunity to capture what is a growing global market on the cheese side, and also capture market share on the cheese side. The butter standpoint has been interesting. Butter has typically been, internationally, one of the more price-elastic products. It’s one that we’ve seen when butter prices really skyrocketed, some of that may be allocation, but when butter prices were high, we did see international demand struggle. Conversely, when butter prices were low, like they are today in many ways, we’ve seen butter demand grow. And butter demand internationally is growing, not just out of the U.S., but globally. I think the question I have here with butter is less about can the U.S. compete in this market, but more, what is our price point relative to Europe and New Zealand. Because I think if you look at our butter exports, for much of last year we were probably a buck a pound below Europe. A lot of that butter was going into Europe, where coincidentally the tariff into Europe is about a buck a pound. I think my question is more crucially than can the U.S. capture growing demand for butter, it’s where do we grow our butter exports. And I, personally, think the U.S. should never be exporting really butter to Europe unless we get additional market access. I think the U.S. should be exporting butter to its higher value markets and partners, places like Mexico, like Central America, North Asia and Korea, Australia, the Middle East, assuming we can keep the strait open for a little while. But I still remain pretty optimistic that the U.S. can keep growing in those products. Some of it will be market share, and some of it will be new demand, particularly on the cheese side. Ted Jacoby III: Will, looking at this graph where it’s talking about, U.S. dairy exports by destination, there’s a big increase into Latin America since 2021. Will Loux: Yep. Ted Jacoby III: Is that fair to say most of that is cheese? Will Loux: It’s fair to say most of it is cheese. We have seen increases also in nonfat dry milk and skim milk powder exports to Latin America over this timeframe, too, but the big driver, I think especially post-COVID in Latin America, was, [00:18:00] one, that region was the first major region, I should say, where tourism increased to levels higher than what it was before COVID, and we continue to see pretty good economic performance in the region. The other thing I don’t wanna discount here, too, has also been the full implementation of CAFTA-DR, our trade agreement with many of the Central American countries came into full effect, and you’ve seen this real surge in demand from the region and collaboration with our local partners there, that we’ve really seen this growth in Central American demand and Caribbean demand. Most of that is cheese. More recently, there are also butter and AMF and so going there too, but cheese has been the engine on the Latin American side most recently. Mike Brown: Will, I’ve got a question. Anything in particular we in the dairy industry, and of course you at U.S. DEC, are watching as far as improving opportunities, but also possible disadvantages we may gain through trade. Will Loux: Yeah. Great question, Mike. I have a mix of optimism, and then probably a couple notes of caution on this. So from my optimistic take, a lot of these new agreements on reciprocal trade that we’ve signed with key partners around the world, some of these are incredibly exciting because these are markets we’ve wanted to have agreements with for a long time. In particular, Indonesia makes me very excited. I think if we are able to see that actually be implemented here soon, I would be even more excited. I think there’s still a question on when that gets fully implemented. Taiwan is another one. We are getting access into markets that we never had access to before. We’ll see when those are fully implemented but again, I am still pretty optimistic on where those have opportunities for the U.S. to build upon and get on an equal footing with our competitors in Oceania and in Europe. However, our competitors are not staying static. We see a new agreement here between the European Union and Mexico. We have an agreement between the European Union and Mercosur that gets them additional access, particularly in proteins. I think the U.S. cannot take its customers for granted. Especially as we look at places like Mexico, that’s one where competition is not going to go away. And when we’ve seen nonfat dry milk sit 75 cents plus above Europe, you’re gonna see customers start calling Europe and New Zealand and looking for alternative sources. Or when we have high-protein whey products that are in such demand domestically, are we making sure we’re contacting our customers abroad? Because what we’re seeing now is Europe is heavily investing in additional whey protein capacity. Even as the U.S. is the largest exporter of high-protein whey in the world, I think there are other origins that are coming for that. And so, when I look optimistically, it’s like, “Great, we get more market access.” But to some of the key questions that I have around like is the U.S. ready for the future of dairy exports, one of them is gonna be: How do we actually meet this international demand on the protein side, and are we gonna have the market access that we need to be able [00:21:00] to capture sales? As I look at the world market today, I have a ton of optimism for where the U.S. can really be the supplier of choice, but it’s not gonna be a straight line from here to there, even on the fats or even on the cheese. I think the last couple years, milk production’s been up so much, it’s allowed us to capture a lot of demand, but even those I think will bounce around. Mike, I don’t know if that answered your question, but that was where my head’s at these days. Ted Jacoby III: Everybody, we will be right back after these messages. Diego Carvallo: I’m Diego Carballo with T.C. Jacoby & Co.. T.C. Jacoby & Co. specializes in international dairy markets. For new customers that haven’t done business with Jacoby, I would tell them that we can provide them with many of the powders, dairy products that they consume, not only with the physical product, but we can also help them mitigate their risk. We know dairy. We know the main players. We know the main providers for the whole value chain. We are one of the strongest players in the U.S. market because we have contact all the way from the farmer moving the liquid milk all the way to the end users that buy the end products. I am Diego Carballo with T.C. Jacoby & Co., and we bring dairy to the world. Will Loux: Ted, maybe what do you think if we go through a couple of these questions and have a little debate? Ted Jacoby III: All right. We’ll ask our team. Number one, does the U.S. have the necessary market access and global reach to capture sales opportunities in a multipolar world? Will Loux: And maybe I’ll clarify what I mean by multi-polar world. Ted Jacoby III: Great idea. Will Loux: Cause what I mean by that is if you look at global dairy trade leading up to COVID especially, from 2010 to 2020, China was the engine of that global dairy import demand growth. They accounted for 40% of that growth. These days, I’m not particularly optimistic China’s gonna be the engine. I think China will be an important import market, for sure. And I think they’re still gonna need fats, they’re still gonna need proteins, but they’re growing their own domestic supply, particularly of commodities. So, what I think the future looks like from a demand perspective is collective growth. Latin America, Southeast Asia, Middle East, North Africa, Sub-Saharan Africa even, I think there will be a lot of countries growing that collectively equal what China was doing before. But we’re gonna have to play in a lot of markets. So, the question to you guys then is: Do we have the reach and access to be able to compete in a lot of different places, or what does that look like for the U.S.? Because China is not gonna be the engine of global dairy demand here over the next decade, we’re gonna have to compete in a lot of different markets. In the previous decade leading up to COVID, you saw a lot of the New Zealand milk production, an increasing percentage was going to China, which opened up opportunities for us in Southeast Asia and the Middle East and others.  As we look at this next era of dairy exports, do we have the market access? Do we have the global reach and infrastructure to be able to capture sales in a lot of different markets [00:24:00] around the world? Diego Carvallo: That’s a good question. If we start with the premise that the U.S. is not gonna desperately need to export nonfat, I would say that it’s not gonna be that difficult to find new markets. The U.S. is not gonna have to fight to move additional volumes like they need to do for products like butter. Where do we take the skim milk powder that we’re currently making if China is not a huge buyer anymore? There’s plenty of demand still to be covered in other regions of Southeast Asia in other regions in Latin America, where we should have a good footprint and where we should have some advantages when it comes to freight. I would say the main markets where we have to gain market share are gonna be definitely Central America, the Caribbean and Latin America because of all of the advantages when it comes to freight and the relationship and other factors. The market where we’re gonna fight with the rest of the origins is gonna be Southeast Asia, we may need to go there and fight with price, with aggressive pricing, and we may need to compete even with China, ’cause we’re hearing that even China has been exporting product to that region in the past year. There’s gonna be some markets where we are positioned to gain market share and others where we’re gonna have to compete in price. Ted Jacoby III: Miguel, what do you think? With cheese and butter, do we have the necessary market access and global reach? Miguel Aragón: We do have the necessary market access. Our products are welcome where we are taking them. Our issue is more like, the cheeses that we produce at scale, cheddar and color cheddar, are not necessarily the cheeses that our markets are asking for. We need Gouda, we need Monterey Jack, we need Sadero, we need Manchego. We need the help of our partners, our plant partners, to adapt and to see the opportunity of the cheeses that those markets ask for. And I’m in particular about Latin America. But then again, that’s a big market.  U.S. cheeses are well-received. We do have places to go with it. We just have to get better at exporting. U.S. DEC does a really good job at helping us get into those markets, vet the customers and teach about the products. We are doing the right things. We just need to do it a little bit better. We do have places to go with that extra cheese. Ted Jacoby III: Miguel, do you think there’s a lot of underserved regions in Central and South America? In other words, are there a lot of customers who the only reason they’re not buying and importing more U.S. cheese is because they don’t know who to buy it from, they don’t have the contacts? Miguel Aragón: I do. In the last trips that I made, especially to the northern part of South America, colombia, Peru, Ecuador, there is demand. It just reminds me of Mexico 15, 20 years ago. They don’t know who to buy it from. They don’t know that we make it. They don’t know that we have the variety that we have. It’s an education. We have to work, harder at marketing our products down there. But there is a place. There is definitely a place. There is a market. Ted Jacoby III: Thanks, Miguel. All right, Joe, I got a question for you. Can the U.S. export butterfat products consistently and in a [00:27:00] profitable manner? Joe Maixner: I think we’ve started showing that we can export consistently. Numbers have been pretty consistent and have been growing throughout the year. A profitable portion probably remains to be seen. We’ll always have to be aggressive as we’re entering into new markets ‘ cause we’re gonna have to find a way to penetrate into markets that have been historically dominated by Europe or Oceania with a product that does not look like Europe or Oceania’s product. The easiest way to do that, obviously, is to, for lack of a better term, buy our way into the market to people to try the product. But once our product is in there and they realize it’s a consistent quality butter, I think that we certainly have the opportunity to be profitable long-term. Realistically, exporting butterfat consistently makes everybody more profitable in the U.S. because it pushes fat offshore, which helps our butter price, ultimately, domestically. Will Loux: When I look at exporting butterfat profitably, for us, especially at the Export Council, it’s been one of those things that the U.S. for the longest time hasn’t had butter basically to export. When we’ve gotten long, we’ve found places to clear it. I think what’s changed this time around has been that it seems like with the pull of protein, that we’re gonna have at least some butter available long-term. The question that I still have is where are the best places for us to invest? And even as an Export Council, where are the best places for us to invest our resources into trying to make sure that customers even know that the U.S. has butter available to export, while also trying to find ways of helping U.S. exporters navigate different tariffs than they’ve traditionally had to export, making sure the product specs meet it, and then also trying to get new market access in places that, for a while we’ve seen a lot of trade agreements that thankfully got the U.S. access in cheese and in milk powders, and sometimes butter was in there, sometimes it wasn’t. And so how do we get additional access into that? I look at the U.S.-Japan phase one, that we got additional cheese access, I think we could use some additional butter access into Japan. I’m pretty optimistic on this one. I don’t know if we’re there yet, but I think it’s gonna be isolating which markets are going to be the most profitable for us. I’m probably less optimistic that we’re gonna be consistent in exporting butter here in the next couple of years. But long-term, I think it’s undeniable that the U.S. is gonna have to go in this direction eventually. Ted Jacoby III: Why are you less optimistic in the short-term? Will Loux: I’m a little optimistic in the short-term because we have been exporting effectively double the butter exports we have been. We’ve seen that gap between the U.S. and international markets close quite a bit. Inventories are pretty low. The milk fat test, until May, which surprised me a little bit, had been slowing down as farmers adjusted rations. If we get to the point where butter is $1.40, $1.50, I’m not sure it always makes sense for the farmers to pay for the incremental increase in feed inputs to boost the butterfat test to the [00:30:00] extent that would boost our exports. We may find ourselves tighter in butter in the fourth quarter because we’ve exported our way back to balance. And to me, it looks like where cheese was 15 years ago: That we are on the path towards being a consistent exporter, but we’re often still going to prioritize our domestic market. From the U.S. perspective, I think our butter looks like cheese did 15 years ago, where we’re often export competitive, but not always. Joe Maixner: Will, basically, you have summed up exactly what I’ve been saying for a while, where the butter export opportunity will be cyclical because we will get super competitive, which will drive our domestic price up, which will take us out of the market, and then in turn, cause a surplus of domestic butter to show up in the market, which will then collapse the price and make us super competitive again in the export market. We’re still early enough in the phase that we’re trying to figure out those cycles. I do think it’s cyclical. Overall, though, I do think we will be a consistent exporter. There’ll be a base, and it will ebb and flow, but I do think we will be a consistent exporter moving forward because as we’ve gained market share, we are getting loyal end-use customers in export markets that will consistently pay for our product. Will Loux: I 100% agree with that. I think it’s gonna be, where do we keep our consistent customers, and where are the opportunistic sales that maybe ebb and flow? That’s gonna be a multi-year process as that all shakes out as to where are our stickiest markets within all this? Mike Brown: You want those consistent customers. Jacoby, one of our jobs is helping people with those opportunities. So, they’re both important, but you still need that core base demand and respect for the product. And so, I have a question for you on this, Will. Let’s take butter. Butter’s a great example because the world is unsalted 82, we’re salted 80. I think Joe would attest: We’re seeing suppliers trying to be more flexible in making the product that meets that demand, yet on the other hand, if you’re gonna store a commodity, you gotta make the commodity that is the market product. What are you seeing as far as our adaptability to be that flexible supplier in the world market? What else do we need to do that maybe we aren’t currently doing? Will Loux: There certainly has been a lot of progress made. From my perspective, you have a few different things. One is, of course, the salted and the fat content in the U.S. is different. It’s rare that we’re gonna be exporting from our inventories of 80 salted unless it’s just purely a price play. But what I think about when I think long-term export opportunities is really targeting the key channels that the U.S. is likely to win in first. And some of that’s food manufacturing. I think that’s where the U.S. can be really good, especially making bulk butter for export. I think it’s the first channel. But then it’s also making sure our formats meet the expectations of the customers. Because food manufacturing, I think, will only get us so far. The next phase where the U.S. can really excel in a couple markets is in the foodservice space and in the bakery space, in particular. We have next to no [00:33:00] capacity in the U.S. to make butter sheets, basically the stuff that you would use for croissants or bakery applications. Those are things we know we’ve heard from customers on how we can make products that are specifically geared towards that. In the long run, those are some of the issues. Some of it’s also from an Export Council perspective, educating customers on why U.S. butter is a different color, helping them understand how to utilize it. And even if they choose to use 80%, how to adjust their formulations to that to help understand, “Hey, this is a simple difference of 2% fat difference.” We can work in that space here, too. Long term, I think the U.S. needs to be sure, and this is something we’ve seen in all the other export products that we’ve seen over the years, is not solely trying to sell what we make here in the U.S. and say, “Hey, you should try this instead.” But instead figuring out what our customers are asking for and really making that product. And a lot of that goes down to also the formats and trying to move beyond just bulk butter for further processing into really targeted markets with those specific products. Ted Jacoby III: Joe, do you think the butter industry will invest in those things to increase our capabilities to deliver what the customer wants? Joe Maixner: I think eventually they may have to if our fat components continue the direction that they’re going. Some of the forward thinkers will be the first to adapt, and they’ll be the beneficiaries of investing in some further processing type manufacturing to be able to account for that. Cause at the end of the day, the profit’s in the value add. It’s not in selling bulk.  If there’s production capacity, and there’s space to do the addition, and somebody has the foresight to take the chance on it, I think that the payoff is there. Because if you get into that food service type packaging or laminated butter sheets or you get into a product that nobody else is making, that makes you very sticky in that market. You own that market. Will Loux: Even as we’re talking about butter here, we’ve got to think of other, fat-heavy products that could actually play really well in the international market. I tend to think whether it’s, like a UHT cream product, I know there’s always interest in like a frozen cream product. That’s a hard thing for the U.S. to make in some ways. I think UHT creams, we continue to see grow even as we see UHT milk itself actually decline globally. But we’re seeing real interest in that food service sector of, “Hey, let’s get whipping creams that are really targeted towards some of these international markets.” As much as for the U.S. it’s geared around, “Okay, what’s the most storable form of fat?” I think that’s step one, to find a way to export it. But step two is really what are these value-add fat-containing products that we can actually be targeting and competing in as well. And then I think balancing to like an AMF or a whole milk powder, but then using our butter and creams for the value add opportunities. Ted Jacoby III: I agree. Joe Maixner: Let’s not forget cream cheese, either. Cream cheese internationally has been phenomenal. That has plenty of trajectory to keep going. Miguel Aragón: I [00:36:00] must agree 100% with what Joe was saying on cream cheese. We are seeing phenomenal requests for cream cheese throughout Latin America, now in Asia. As what you were saying about channels, Will, we are now working with retailers in Central America with butter. Right now, it’s food service packaging going into retailers, but I think that’s a very interesting thing happening because once those brands of U.S. manufacturers start showing up in the retailers, I think we’re gonna have a better pool of U.S. butter. Ted Jacoby III: I agree, Miguel. Will, I think we should move on to the next couple of questions.  – I’m gonna read them both out because I think they’re very related. The first question is, can the U.S. grow cheese exports fast enough to keep up with whey protein demand. And then the second question is, will the U.S. have the protein to supply both the rising domestic and international consumption? I’ll answer the Second question first, which is, my dad, one of the things he drove into us as traders was, at the end of the day, everything’s a matter of price. Which means supply and demand will be regulated by what the price of protein is in the global market. I think it’s fair to say Europe has a much greater ability to add whey protein processing than the U.S. does because a smaller percentage of the whey offtake from cheese plants in Europe is currently being processed into whey protein. So, we will see some pushback there. But in the end of the day, that’s simply gonna self-regulate over what that global price is. My prediction is, can the U.S. grow cheese exports fast enough to keep up with that whey protein demand? I think we are reaching a point where the U.S. is consistently priced where the world market is priced for cheese, and I think that is going to change the way new cheese plants get built because we have had pushback for for 40 years. It’s exactly what Miguel has been talking about, is you don’t make the cheese that we want. Well, if we’re consistently now priced properly into the international market, my challenge for the cheese industry is someone needs to build a plant that supplies the international market with what they want, because we’ve arrived at the point where we’re gonna be consistently competitive now, and that risk becomes worth it. Miguel, do you agree? Miguel Aragón: Totally. I couldn’t have said it better. The market is there; it’s waiting for us to take more of it, but we need the right product now. Ted Jacoby III: And I think that whey protein demand may actually drive someone to do it.  What do you think? Will Loux: I agree with everything you’re saying. I think these are two inextricably linked pieces. Right now the signals are such: “Make more whey protein capacity” is clear. There’s also an element of “make more MPC capacity” or “make more capacity with the skim stream targeting proteins” as well. I think what’s holding back some of this capacity to date is probably much more the profitability on the cheese and on the fat side, and where those prices are at. From the dairy farmer perspective of if they’re investing is, the dairy farmer getting the price signals on the protein side? Because right now they’re getting the [00:39:00] price signals on the cheese side and on the fat side, and those are saying not as much to grow. These all need to be put into the spectrum of like, if we successfully grow our cheese exports and keep that international price relatively firm and grow demand abroad for cheese, and grow demand abroad for fats, it’s clear to me the protein demand seems pretty much insatiable here in the U.S. I think there’s a ton of untapped demand internationally, especially as GLP-1s start launching internationally. Like, there is a lot of international demand that I don’t think the U.S. should lose sight of, particularly with regards to whey proteins and milk proteins and all these other products. But it comes down to: can we grow our exports of cheese and butter, not just where we’re setting the global price for those products, but finding ways to make that stream profitable internationally, just as we’ve made the protein stream now incredibly profitable from a whey protein perspective. Folks are gonna come, particularly in Europe, as you said, I think they’re manufacturing over a million metric tons right now of sweet whey in Europe. Some of that’s gonna go to high-protein whey products. We’re gonna have more competition in that space. We’ll see what the price ends up being. All of these things are inextricably linked. And when I think about the mandate here at the Export Council, it’s like, how do we grow those cheese, those fat, and those protein exports, to keep that profitably moving and continue that investment? Because demand’s there for protein, and we’re seeing good demand internationally for cheese. We’re moving the fat overseas. But how do we do that in the most valuable way possible, I think is really what’s gonna be that next era of U.S. dairy exports. Joe Maixner: Will, I’m gonna ask you a question, ‘ cause I’m gonna push back a little bit. You said that farmers aren’t seeing the signals because of cheese and fat. You don’t think a $17 plus Class III and an $18 Class IV basically for the next year, plus your return on beef, plus your cheap inputs on feed is not enough to get the farmers to expand? Will Loux: Oh, I think they will continue to expand. When the nonfat dry milk price shot up, I think that was a reflection that we were short on protein. That we pulled so much out of the dryer, that was that reflection. But I think as Mike even said on one of your previous podcasts, that it was really shown in the PPD rather than necessarily in the protein price. I don’t mean necessarily they’re not getting the signal, it’s just some of it’s our pricing system is a convoluted signal. Ted Jacoby III: Will, you’re speaking to the choir. Mike Brown: I’m gonna have to quote you on that one. Ted Jacoby III: I’m gonna take this opportunity to say, Will, thank you so much for joining us today. This has been a fantastic discussion. I hope you come back soon and join us again, because we always love having you on our podcast. Will Loux: Always fun being with you guys. Thanks for having me on. Miguel Aragón: Bye, guys. [00:42:00] End Commercial: Mike Brown: For one part of the supply chain to be successful, everyone has to be. My superpower is practical application of data and analysis. I believe firmly that Jacoby’s success is because we help our suppliers and our buyers be successful. I’m Mike Brown, and I love working for T.C. Jacoby & Co. because I get to help people make their businesses more successful.

Live July 29, 2026 | Yaron Brook Show(Season 12, Episode 128)War; Missiles; Tariffs; DEA; Fed; AI; Cockroach; Millionaires; Lithium; Milei | Yaron Brook ShowWatch Now: https://youtube.com/live/4hDC05-WIfIIran Fires Missiles. America Runs Low on Weapons. Is the West Ready for the Next War?Iran is becoming more aggressive. America is running short on critical munitions. Tariffs continue to distort the economy. AI innovation faces growing political pressure. Meanwhile, Argentina continues proving that free markets actually work.In this wide-ranging live episode of The Yaron Brook Show, Yaron examines whether the West is prepared for the geopolitical conflicts ahead—and why economic freedom remains the foundation of both prosperity and national security.Topics Covered• Iran and Middle East conflict• Missile defense and military preparedness• Defense technology startups• Anduril and autonomous weapons• U.S. military procurement• Trump's tariffs• Inflation and the Federal Reserve• Artificial Intelligence• Lithium batteries• Javier Milei and Argentina• Capitalism vs statismYaron unpacks Iran's missile strategy, America's defense-industrial weaknesses, emerging defense startups transforming warfare, Trump's tariff policies, inflation and the Federal Reserve, AI regulation, declining millionaire populations in the UK, falling lithium battery costs, and Javier Milei's remarkable economic reforms in Argentina.If you want serious analysis grounded in reason—not partisan talking points—this episode connects today's biggest headlines through the principles of capitalism, individual rights, and long-term thinking.Watch here: https://youtube.com/live/4hDC05-WIfITimestamps00:00 Introduction, travel updates & upcoming events3:08 Jordan Peterson courses & Ayn Rand 06:19 U.S.–Iran tensions escalate10:27 Iran's missile attack explained12:15 Saudi Arabia, Houthis & regional strategy19:21 Why Iran believes it can win20:23 America's missile shortage26:25 The artillery production problem31:40 Why U.S. defense procurement is broken35:25 Defense startups changing modern warfare38:00 Anduril and autonomous fighter aircraft42:19 New air defense technologies44:36 Mach Industries & next-generation weapons47:52 Autonomous naval systems52:10 Venture capital enters defense56:19 Trump's tariffs and economic damage59:48 Can tariffs survive legal challenges?1:01:42 Canada, Brazil & trade wars1:08:32 DEA operations against drug boats1:11:42 Oil prices, inflation & the Federal Reserve1:17:01 Should AI development slow down?1:20:57 India's bizarre cockroach protests1:30:41 Why millionaires are leaving Britain1:33:40 Lithium batteries get dramatically cheaper1:35:53 Javier Milei's economic success in Argentina1:39:51 Final thoughtsLive Audience Questions1:43:46 How do you overcome extreme self-consciousness?1:47:27 What did you think of the Michael Israel interview?1:50:25 Why does Iran's regional influence continue to grow despite its struggling economy?1:52:47 Are comparisons between ICE detention centers and Nazi concentration camps valid?1:55:17 Why is small talk more common in individualistic cultures?1:58:18 Do people underestimate how much economic freedom still exists within today's mixed economies?2:02:43 Why is Objectivism especially valuable for people who have always felt like outsiders?2:04:27 What makes T.A.R.S. such a compelling AI character, and what does it reveal about intelligence, personality, and human values?See pinned comment for more questions. Like this episode?Subscribe, share it with friends, and become a Patreon supporter to access monthly AMAs, exclusive content, and commercial-free audio.#Iran #Israel #MiddleEast #Tariffs #ArtificialIntelligence #MilitaryTechnology #JavierMilei #Economics #ChinaAI #Trump #JDVance  #Objectivism #Capitalism The Yaron Brook Show is Sponsored by[The Ayn Rand Institute](https://www.aynrand.org/starthere)[Energy Talking Points, featuring AlexAI, by Alex Epstein](https://alexepstein.substack.com/)[Express VPN](https://www.expressvpn.com/yaron)[Hendershott Wealth Management](https://www.youtube.com/watch?v=X4lfC...) &(https://hendershottwealth.com/ybs/)[Michael Williams & The Defenders of Capitalism Project](https://www.DefendersOfCapitalism.com)[Support the Show]( / yaronbrookshow )[Sponsor the Show](askyaron@yaronbrookshow.com/)[One-time donation](https://bit.ly/2RZOyJJ)Join the [Yaron Brook Show YouTube channel]( / @yaronbrook )Like what you hear? Like, share, and subscribe to stay updated on new videos and help promote the [Yaron Brook Show](https://bit.ly/3ztPxTx)Continue the discussion by following Yaron on [Twitter](https://bit.ly/3iMGl6z) and [Facebook](https://bit.ly/3vvWDDC )Want to learn more about Ayn Rand and Objectivism? Visit the [Ayn Rand Institute](https://bit.ly/35qoEC3)Become a supporter of this podcast: https://www.spreaker.com/podcast/yaron-brook-show--3276901/support.Yaron is the executive chairman of the Ayn Rand Institute and a world class speaker. He is the coauthor of the national best-seller Free Market Revolution: How Ayn Rand's Ideas Can End Big Government, Equal is Unfair: America's Misguided Fight Against Income Inequality and In Pursuit of Wealth: The Moral Case for Finance. He speaks around the world on a variety of topics including the morality of capitalism, Ayn Rand and her philosophy, finance and economics, and the value of inequality.

Elena Medo, M.B.A. is an entrepreneur, researcher, and inventor who has spent nearly 40 years transforming neonatal care through leadership and innovation. She has secured numerous patents, raised over $40 million across four companies, and built a legacy of firsts, including the first commercially available shelf-stable donor breast milk product; the first milk bank owned exclusively by nursing mothers; and the first medical device designed to analyze human milk. Today, as CEO and co-founder of Leonie Health PBC, established in 2023 with her daughter, Adrianne Weir, Elena is developing a revolutionary product that replicates the immune properties of colostrum to protect preterm infants against the three deadliest neonatal infections—necrotizing enterocolitis (NEC), ventilator-associated pneumonia (VAC), and sepsis—which together claim the lives of more than 30,000 hospitalized infants per year. Elena's work is driven by an unwavering commitment to ensure that human milk's unparalleled bioactive benefits reach the world's most vulnerable patients. Companies she has founded—including Prolacta Bioscience, Medolac Laboratories, North American Instruments, and White River Concepts—have applied disruptive technologies to serve the 15 million preterm infants born each year. A frequent speaker at neonatal, women's health, and leadership conferences, Elena holds an M.B.A. degree in Healthcare Management from the University of California, Irvine's Paul Merage School of Business and is widely recognized for assembling world-class teams to solve critical challenges in infant health. In this episode of Food Safety Matters, we speak with Elena [38:58] about: Her work in human milk science and the founding of Leonie Health, which offers bioactive infant nutritional products mimicking colostrum to support neonatal health and early development Reflections on the recent global infant formula recall due to cereulide contamination, which affected 99 countries and multiple brands Why U.S. disease surveillance systems might miss or misclassify infant foodborne illness cases What the cereulide incident reveals about risks for infants in neonatal intensive care (NICU) and donor milk settings Improvements to public health and laboratory systems that would enable earlier detection and response to infant formula contamination incidents and related illnesses The importance of infant-specific toxicological reference values for contaminants like cereulide, such as those recently established in the EU, and how the EU's response could influence regulatory approaches to other emerging hazards in infant foods Leonie Health's process for verifying the safety of donor milk Key principles for clinicians, hospitals, and parents to consider when making decisions about infant feeding when contamination events affect commercial formula products. News and Resources News U.S. Cyclosporiasis outbreak [2:46]: Experts Set Record Straight on FoodNet, CDC Cuts as Senators Press RFK Jr. for Answers Amid Cyclospora Outbreak Michigan, Ohio Together Report More than 9,000 Cyclosporiasis Cases; CDC Outbreak Count Exceeds 4,000 Taylor Farms Lettuce Named as Source of U.S. Cyclospora Outbreak How the U.S. Cyclospora Outbreak Reflects a Strained National Foodborne Illness Surveillance System Senator Klobuchar Urges CDC, FDA to Restore Food Safety Programs Amid Cyclosporiasis Outbreak CDC Reports Up to 7,000 Cyclosporiasis Cases Across U.S., Identifies Large Midwestern Outbreak Cluster Cyclospora Cases Climb, But Actual Number Unclear as CDC Reporting Lags Behind States Foodborne Parasite Cyclospora Sickens Thousands Across U.S. Codex Alimentarius news [28:30] Codex Publishes Strategic Plan for 2026–2031 Codex Adopts Internationally Harmonized Precautionary Allergen Labeling at CAC49 Following Infant Formula Incidents, FDA Urges Manufacturers to Implement Stronger, Substantive Supplier Oversight [29:53] USDA-FSIS to Expand Testing for Metals in RTE Foods Under National Residue Program [33:59] Resources Infant formula cereulide contamination incident: EFSA Reviews Cereulide Infant Formula Incident, Says Likelihood of Exposure is Low EFSA Sets Safety Thresholds for Cereulide Toxin in Infant Formula EFSA to Advise on Cereulide Levels in Infant Formula Following Global Recall U.S. Cyclosporiasis outbreak: "Cyclospora cayetanensis: An Emergent Public Health Threat and an Enigma for Traceback Investigation," Food Safety Magazine "Please Don't Stop Eating Vegetables and Fruits Because of Cyclospora," The Washington Post "Cyclospora Spreads Through Human Feces. How Did it Get Into Our Food Supply?" The New York Times "Publisher's Platform: The Traceability Rule was Supposed to be Law in January. This Cyclospora Outbreak Started in May." Food Safety News We Want to Hear from You! Please send us your questions and suggestions to podcast@food-safety.com

On this Summer Friday, we've put together some of our favorite recent interviews, including: The U.S. fertility rate dropped to another record low in 2025, according to provisional CDC data, marking a 23% drop since 2007. Jill Filipovic, attorney and author of several books, including OK Boomer, Let's Talk: How My Generation Got Left Behind (Atria/One Signal Publishers, 2020),  and Karen Guzzo, director of the Carolina Population Center and a sociology professor at the University of North Carolina at Chapel Hill, explain what's behind the decline, the current Republican and far-right conservative policy plans to try and reverse those trends and what actually works to incentivize a growing population. Alex Mayyasi, a longtime contributor to Planet Money and the author of Planet Money: A Guide to the Economic Forces That Shape Your Life (W. W. Norton & Company, 2026), and Mary Childs, a co-host of NPR's Planet Money, offers insight into making decisions on getting and spending money and why markets work the way they do. Manoush Zomorodi, host of NPR's TED Radio Hour and author of Body Electric: The Hidden Health Costs of the Digital Age and New Science to Reclaim Your Well-Being (Flatiron, 2026), talks about the impact on our bodies of our interactions with our phones and other tech -- and how to stay healthy and stay connected. Stephanie Coontz, director of research and public education at the Council on Contemporary Families and the author of The Way We Never Were; Marriage, a History; and now, For Better and Worse: The Complicated Past and Challenging Future of Marriage (Viking, May 26, 2026), offers historical context for the institution of marriage and examines the attitudes and policies that can strengthen it. Martha Nussbaum, professor of law and ethics at the University of Chicago and the author of The Republic of Love: Opera & Political Freedom (Oxford University Press, 2026), offers her analysis of opera as an arm of the Enlightenment, from Mozart to today.   These interviews were lightly polished up and edited for time, the original versions are available here: Why U.S. Birth Rates Are Dropping Planet Money: The Book Our Bodies & Our Tech Marriage in Context Opera and Democracy   Photo: Labor Day weekend crowds at Rockaway Beach, Queens, New York, September 2020. (Andre Carrotflower, CC BY-SA 4.0, via Wikimedia Commons). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Keir Starmer is facing intensifying calls to resign as a political scandal deepens around his decision to appoint Peter Mandelson as the UK's ambassador to the United States, despite serious concerns raised during the security vetting process. The controversy centers on revelations that Mandelson failed key vetting checks tied in part to his past association with Jeffrey Epstein, raising questions about judgment, oversight, and whether warnings were ignored or overridden. Starmer has acknowledged the appointment was a mistake but maintains he was not informed of the failed vetting at the time, a claim that critics—both political opponents and figures within his own party—have openly challenged.The growing pressure is not just about the appointment itself, but about credibility and accountability. Critics argue that either Starmer knew about the risks and proceeded anyway, or he failed to maintain control over a critical national security decision—both scenarios fueling demands for his resignation. The issue has been compounded by internal turmoil, including firings, conflicting testimony from officials, and broader political setbacks facing his government. With elections looming and party support showing signs of strain, the scandal has evolved into a direct threat to his leadership, with opponents framing it as a defining test of trust and competence at the highest level of government.to contact me:bobbycapucci@protonmail.comsource:Why U.K. Prime Minister Keir Starmer Is Facing Growing Calls to ResignBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

U.S.-India relations have struggled despite U.S. President Donald Trump and Indian Prime Minister Narendra Modi's close personal relationship. This episode unpacks why tariffs, security concerns, and a détente with China has reframed the importance of the relationship, and what it could take to put it back on track.    Host: James M. Lindsay, Mary and David Boies Distinguished Senior Fellow in U.S. Foreign Policy, CFR   Guest:   Sadanand Dhume, Senior Fellow for India, Pakistan, and South Asia, CFR   We Discuss: Why U.S.-India relations have been uncertain since mid-2025 after having slowly strengthened over many years. How the second Trump administration's early actions and India's multipolar diplomacy forced substantive confrontations thatTrump and  Modi's personal relationship could not overcome. Why U.S.-India trade negotiations stalled and the Trump administration imposed tariffs, despite India repeatedly offering concessions. How the May 2025 India-Pakistan conflict and Trump's claim of forcing a ceasefire put Modi in a domestic political bind. How Pakistan's prominent role in brokering the U.S.-Iran ceasefire has amplified Indian anxieties about a U.S.-Pakistan thaw. Why Trump's talk of a Group of Two with China undermines its strategic desire to strengthen India as a counterweight to Chinese power. What the state of the Quad—an informal security dialogue among the United States, Australia, India, and Japan—and the United States' de-emphasis of the Indo-Pacific framework reveal about U.S. strategy in Asia. How Modi is normalizing ties with China and whether there is a limit to normalization given the Himalayan border dispute and China's efforts to constrain India's growth. How India's dependence on Russian arms has fallen over time, and why India is increasingly skeptical that Russia can act independently of China. Why Modi has resisted domestic political pressure to challenge Trump, and what that restraint reveals about India's calculation of its long-term national interest. Where the greatest opportunity lies to rebuild the U.S.-India relationship, and why tech cooperation and Silicon Valley represent the most natural and promising place to start.   Mentioned in the Episode:   “How People in 24 Countries View India,” Pew Research Center   Mathew George, Katarina Djokic, Zain Hussain, Pieter D. Wezeman, and Siemon T. Wezeman, “Trends In International Arms Transfers, 2024,” Stockholm International Peace Research Institute   For an episode transcript and show notes, visit The President's Inbox at https://www.cfr.org/podcasts/presidents-inbox   Opinions expressed on The President's Inbox are solely those of the host or guests, not of CFR, which takes no institutional positions on matters of policy.

Meb Faber, cofounder and chief investment officer of Cambria Investment Management, breaks down his new book on the rise of the 250-year bull market… and how much longer it can last. Plus, why U.S. investors should look abroad. In this episode: Welcome back, Meb Faber, cofounder of Cambria Investment Management [0:01] How long can this bull market last? [2:16] Why U.S. investors should look abroad [11:30] How Cambria navigates the market for investors [16:21] The power of networking [27:26] Meb's new book breaks down America's 250-year bull run [28:47] Did you like this episode? Get more Wall Street Unplugged FREE each week in your inbox. Sign up here: https://curzio.me/syn_wsu Find Wall Street Unplugged podcast… --Curzio Research App: https://curzio.me/syn_app --iTunes: https://curzio.me/syn_wsu_i --Stitcher: https://curzio.me/syn_wsu_s --Website: https://curzio.me/syn_wsu_cat Follow Frank… X: https://curzio.me/syn_twt Facebook: https://curzio.me/syn_fb LinkedIn: https://curzio.me/syn_li

To get exclusive access to my quarterly webinar, sign up for my newsletter here.  -----  Markets have been stronger than many investors expected in 2026, but the story beneath the surface is more complicated than the headline returns suggest.  Listen now and learn: ► Why U.S. stocks have held up despite geopolitical shocks, energy concerns, and higher bond yields ► How the AI buildout is influencing earnings growth—and why expectations matter from here ► What developed international and emerging markets are adding to the 2026 market story ► How long-term investors can think about diversification, bonds, and portfolio discipline heading into the second half of the year   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)     Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Meb Faber, co-founder and CIO of Cambria Investment Management, joins Excess Returns to discuss his new book, Investing in America: The Rise of a 250 Year Bull Market.We explore why the United States became one of the greatest long-term compounding stories in market history, what investors can learn from 250 years of booms and busts, and why Meb can be optimistic about America while still cautious on today's expensive market-cap-weighted S&P 500.Investing in America: The Rise of a 250 Year Bull Markethttps://amzn.to/4f1H5AwMeb Faber on Xhttps://x.com/MebFaberMain topics coveredWhy America can be viewed as the ultimate venture capital success storyHow joint stock companies, risk-taking and ownership helped shape the U.S. economyWhy studying 250 years of market history changes how investors think about volatilityThe long-term case for stocks and why the time horizon matters so muchWhy bear markets are a natural part of capitalism and long-term compoundingHow U.S. market dominance happened and why it was not preordainedWhy expensive valuations, low dividend yields and new supply may matter todayThe role of dividends, buybacks, shareholder yield and reinvestment in long-term returnsWhy diversification across global stocks, bonds and real assets can help investors stay investedWhat gold, REITs and foreign stocks teach us about starting points and narrativesWhy early investing, child investment accounts and compounding can change investor behaviorHow creative destruction reshapes sectors, companies and the market leaders of each eraWhy Meb remains optimistic about America while still cautious on parts of the U.S. marketTimestamps00:00 Why America was not guaranteed to become the market winner01:15 Meb Faber on writing Investing in America02:25 America as the ultimate venture capital success story06:22 How a culture of ownership helped the U.S. stock market compound09:19 Why studying 250 years of market history matters12:00 Why ownership is the core investing lesson15:14 Bear markets, recessions and the danger of recent history18:16 Why U.S. stocks beat the rest of the world by so much22:20 Lessons from financial history that surprised Meb27:05 Why stocks can lose for long periods and bonds can win30:00 Why investors need to get used to being in a drawdown33:24 Dividends, buybacks and the importance of reinvestment37:27 Why gold and REITs beat the S&P 500 after 200040:55 How balanced portfolios survive different market regimes43:03 The power of starting early and letting compounding work48:16 Why global diversification matters outside the U.S.50:40 Creative destruction, sector change and market leadership55:20 Why Meb is still optimistic about investing in America59:33 Where to find the book, Cambria and Meb online

Why have positions about Israel and Jews become a defining fault line in American politics? In part two of their conversation, Dan is joined by Jonah Goldberg, editor-in-chief of The Dispatch, and John Podhoretz, editor-in-chief of Commentary Magazine, to discuss what the victories of Zohran Mamdani and other Democratic Socialists reveal about the radicalization of politics of the American left. From the rise of anti-Zionist candidates to the weakening of political parties and norms, they explore why antisemitic or anti-Israel positions have become litmus tests in the transformation of American politics. Read the open letter from American Rabbis to Zohran Mamdani here. ____ Call Me Back is made possible by our subscribers. If these conversations are where you turn to understand Israel and the Jewish world, consider joining them. It's what keeps this show going. Become a Subscriber - Inside Call me Back ____ In this episode: - Why both political parties are losing control - What Zohran Mamdani and DSA victories really represent - Is anti-Zionism the primary driving force on the left? - Are elected leaders more focused on culture wars than helping constituents? - Why U.S.politicians turned against  Israel, which is now a political fault line - How technology is reshaping America despite politics - Have decades of crisis broken public trust? - Can America's political institutions recover? - Why Jonah and John have some hope about America's future More Ark Media: Want to join Ark Media? Check out our careers page for new openings. Explore Israel Votes Listen to Ark News Daily Listen to For Heaven's Sake Listen to What's Your Number? Newsletters | Ark Media | Amit Segal | Nadav Eyal Instagram | Ark Media | Dan X | Dan Dan Senor & Saul Singer's book, The Genius of Israel Get in touch Credits: Ilan Benatar, Beth Pearlman, Brittany Cohen, Ava Weiner, Martin Huergo, Mariangeles Burgos, and Yuval Semo

With U.S. debt now exceeding 100% of GDP, Senator Cynthia Lummis argues the country can't afford to ignore Bitcoin. In this Bitcoin Magazine podcast conversation with host Spencer Nichols, she lays out why a strategic Bitcoin reserve could be America's "Louisiana Purchase moment" and how holding it long term might meaningfully reduce the national debt. She also breaks down the Clarity Act timeline and the legislation racing through Congress.

Send us Fan MailAre you overwhelmed by the "biotic" buzzwords? From probiotics and prebiotics to the newer post-biotics and syn-biotics, the world of gut health supplements can feel like the Wild West. For many IBS warriors, the question remains: are these products life-changing medicine or just expensive, overhyped supplements?In this episode, host Jessie Wong, RD, is joined by global probiotic expert Dragana Skokovic-Sunji and Mayo Clinic gastroenterology fellow Dr. John Damianos. Together, they strip away the marketing jargon to reveal the actual science behind gut microbiota. You will learn why the term "probiotic" is legally unregulated in the U.S. and why taking the wrong strain could not only waste your money but potentially worsen your symptoms.What you will learn in this episode:The difference between Probiotics (live bacteria) and Prebiotics (food for bacteria).Why U.S. regulation considers probiotics "supplements," allowing for major labeling discrepancies.The importance of Strain Specificity: Why one Lactobacillus isn't the same as another.How to access the Clinical Guide to Probiotic Products to see which brands have actual human evidence.Tune in to discover the "first, middle, and last name" of bacteria and how to use the Clinical Guide to Probiotic Products to find a strain tailored specifically to your IBS symptoms.Resources Mentioned:Clinical Guide to Probiotic Products: usprobioticguide.comAlliance for Education on Probiotics: aeprobio.comTimestamps00:00 – Introduction: Navigating the complex world of IBS03:59 – Defining the "Biotics": Probiotics, Prebiotics, Synbiotics, and Postbiotics06:08 – Prebiotics 101: It's more than just fiber08:44 – Postbiotics: The science of bacterial metabolites12:16 – The "Wild West": A frightening lack of regulation in the U.S.16:02 – Labeling Loopholes: Why your probiotic might not contain what it claims18:20 – Understanding Strains: Genus, Species, and the "Social Security Number" of bacteria21:54 – How to use the Clinical Guide to Probiotic Products23:58 – U.S. vs. Global Guidelines: Why recommendations for IBS vary30:37 – Long-term Safety: Immunocompromised risks and the "black box" of chronic use37:02 – Clinical Stories: From "giving life back" to dangerous reactions45:46 – Emerging Research: Probiotics for Bile Acid MalabsorptionGet our help:

Alex Gurevich talks about the next perfect trade! We discuss major shifts in the macro investing landscape, including the breakdown of the traditional stock-bond relationship, why U.S. Treasuries no longer act as a reliable flight-to-safety asset, and how inflation, fiscal policy, and changing market regimes are reshaping investment strategies. Alex shares his framework for identifying high-probability trades, explains why he believes interest rates could ultimately return to zero if the labor market weakens, and discusses opportunities and risks in global markets, currencies, gold, emerging markets, and China. We also explore the long-term impact of artificial intelligence on productivity, employment, and economic growth and more! We discuss...  The breakdown of the traditional stock-bond relationship and how it is changing portfolio diversification strategies. Why U.S. Treasuries are no longer acting as a reliable flight-to-safety asset and what that means for investors. The impact of inflation, fiscal policy, and shifting market regimes on the macroeconomic outlook. Why labor market trends remain the most important factor influencing future Federal Reserve decisions. The possibility that interest rates could eventually return to zero if economic growth and employment weaken. Investment opportunities and risks across currencies, bonds, emerging markets, and international equities. The relative attractiveness of gold, U.S. Treasuries, and other hard assets in the current environment. China's economic challenges, AI ambitions, and its position in the global race for technological leadership. How artificial intelligence is driving investment, productivity gains, and economic growth across multiple sectors. The potential for AI-driven job displacement and a temporary economic adjustment period before larger long-term benefits emerge. Key market risks stemming from geopolitical conflict, energy prices, and evolving global economic dynamics. Today's Panelists: Kirk Chisholm | Innovative Wealth Barbara Friedberg | Barbara Friedberg Personal Finance Phil Weiss | Apprise Wealth Management Follow on Facebook: https://www.facebook.com/moneytreepodcast Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast Follow on Twitter/X: https://x.com/MTIPodcast For more information, visit the full show notes at https://moneytreepodcast.com/next-perfect-trade-alex-gurevich-824 

Fertilizer may be one of the most overlooked pressure points in the global economy — and Josh Linville says the current crisis is already hitting farmers hard. Josh Linville, Vice President of Fertilizer at StoneX Financial, joins Maggie Lake to explain why the feared “global famine” headlines may be overstated, but the fertilizer supply shock is very real. He breaks down why farmers are bearing the brunt of higher costs, how China's fertilizer export restrictions are reshaping the market, and why pricing and supply problems could stretch into 2027. Linville also explains why the Strait of Hormuz disruption, Russia/Ukraine fertilizer flows, urea shortages, and rising protectionism could create longer-term risks for food prices, supply chains, and investors watching real assets.

In early May 2026, transport vans rolled out of Ridglan Farms in Blue Mounds, Wisconsin, carrying beagles toward new lives—grass under their paws, sunlight on their faces, and homes instead of stacked wire cages. Nearly 1,500 beagles were purchased by rescue organizations like Big Dog Ranch Rescue and the Beagle Freedom Project after years of documented suffering at one of the nation's largest commercial beagle breeders for biomedical research. This outcome marks a rare, tangible win for animal advocates. But it came only after daring direct-action raids, mass protests met with tear gas and rubber bullets, a special prosecutor's investigation, and persistent legal pressure. Even now, roughly 500 dogs may remain behind as Ridglan winds down its commercial breeding operations by July 1, 2026. The Ridglan story is not just about one facility. It exposes deep, systemic failures in U.S. law that leave millions of animals in laboratories with minimal protections—and even those “covered” by federal rules often receive little meaningful relief. The Raids That Forced Change On March 15, 2026, activists from groups linked to the Coalition to Save the Ridglan Dogs breached fences and buildings at Ridglan Farms. They removed around 22–30 beagles. Some were successfully rehomed; others were recovered by police. However, an estimated 2000 beagles remained in captivity, potentially subject to additional horrific experimentation. Our guest, Dean Guzman Wyrzykowski, was one of these activists. A second, larger action on April 18 drew roughly 1,000 protesters to rescue the remaining beagles. Law enforcement responded with tear gas, pepper spray, and rubber bullets. No additional dogs could be rescued that day. Dozens of protesters were arrested, including our guest on The Breggin Hour, Dean Guzman Wyrzykowski, a San Francisco Bay Area-based animal rights activist and political organizer. He is co-founder of The Simple Heart Initiative—a nonprofit dedicated to advancing species equality through open rescue, impact litigation, undercover investigations, and activist training. With over eight years in nonprofit advocacy, Dean has recruited and trained hundreds of activists and is one of the lead organizers of the Ridglan campaign. He now faces serious felony burglary charges—potentially up to 12 years in prison—along with several co-defendants for the first March 15, 2026, rescue effort. Further charges may be pending. As a top priority, we urge that the charges be reduced or dropped to reflect the vastly important ethical basis of the actions of these animal advocates. How to Help Dean Dean reports that the best way to assist him with legal costs is to become a paid subscriber to his Substack at Urbananimal.substack.com. To support ending the breeding of dogs for lab testing, go to Save the Dogs, make a donation, and join over 111,581 others who have already signed the petition to end breeding of dogs for laboratory use. These weren't the first efforts to expose and stop the abuses of these dogs. Ridglan had faced scrutiny for years, including earlier investigations. The raids amplified public outrage and accelerated negotiations between rescuers and Ridglan Farms. In late April, rescue groups announced they had reached a deal to acquire ~1,500 dogs. Transports began in early May, with many “frosted face” seniors (older dogs with graying muzzles) now adjusting to life outside the facility—initially flinching at touch but quickly learning to wag tails and play. Decades of Alleged Cruelty at Ridglan — and Why It Is Winding Down Ridglan Farms operated for decades as a major supplier of beagles for testing. Former employees and state inspections described windowless warehouses, stacked cages over waste pits, high ammonia levels, rusted wires causing injuries, and routine surgeries (including eye procedures and devocalizations) performed without anesthesia or proper pain relief—sometimes by non-veterinarians. In 2025, Wisconsin's Department of Agriculture, Trade and Consumer Protection (DATCP) cited Ridglan for hundreds of violations. A judge found probable cause for animal cruelty. Special Prosecutor Tim Gruenke was appointed to investigate. Rather than face criminal charges, Ridglan chose to wind down. In a negotiated settlement in late 2025, the company agreed to surrender its Wisconsin commercial dog-breeding license by July 1, 2026. This effectively ends its large-scale commercial breeding and sales of beagles to external laboratories. In exchange, the state dropped the threat of felony animal cruelty prosecutions. This agreement was driven by years of accumulated citations, whistleblower testimony, undercover investigations, and intense public and activist pressure. While Ridglan can still conduct limited on-site research under its federal USDA licenses, its days as a major commercial beagle supplier are over. Parallels with Envigo and Other Scandals Ridglan is far from isolated. In 2022, a major scandal erupted at Envigo's breeding facility in Cumberland, Virginia. PETA's undercover investigation revealed severe neglect: inadequate food, veterinary care, housing, and staffing; dead puppies were left among litters; and unqualified staff performed invasive procedures. The U.S. Department of Justice intervened, leading to the rescue of over 4,000 beagles—the largest such seizure in U.S. history. Envigo (and its parent company Inotiv) later pleaded guilty to conspiring to violate the Animal Welfare Act and the Clean Water Act, agreeing to pay a record $35 million+ in fines and shutting down the breeding operation. From the Beagles to the Breggins, Senator Bill Stanley Sought Justice for the Underdog At a state level, key Virginia state legislators were involved in advocating for stronger animal welfare regulations in response to documented Animal Welfare Act violations, poor conditions, and high puppy mortality in the facility. Sen. Bill Stanley (R-Franklin County) was a leading champion at the state level. He visited the facility multiple times, co-sponsored several “Beagle Bills” in 2022 (e.g., SB 87, SB 88, SB 90, SB 604) to increase oversight, close loopholes for research animals, require adoption offers before euthanasia, and penalize repeat violators. He adopted two Envigo beagles (Daisy and Dixie) and worked on adoptions/rescues. We are especially happy to acknowledge Sen. Stanley's contributions because, among several attorneys we contacted to defend us against Robert Malone's lawfare defamation suit against us for $25 million, Bill was the first attorney willing to seriously pursue our case, which ended in the presiding judge throwing Malone's case out of court. From the beagles to the Breggins, Senator Stanley has sought justice for the underdog. The Sand Fly Experiments and High-Profile Scandals Public outrage over government-funded beagle suffering peaked in the early 2020s with revelations about NIH-funded experiments under Dr. Anthony Fauci's National Institute of Allergy and Infectious Diseases (NIAID). One widely criticized study involved beagle puppies in Tunisia exposed to sand flies carrying parasites (to study leishmaniasis). Reports described dogs having their heads locked in mesh cages filled with infected sand flies, being used as live bait in desert cages overnight, and in some cases undergoing cordectomies (vocal cord removal) to silence barking. The experiments sparked bipartisan congressional criticism and intense media coverage. The Nonhuman Rights Project (NhRP) and partners filed habeas corpus petitions seeking court recognition of the Ridglan dogs' right to freedom from cruelty and immediate remedies. While initial petitions faced dismissal, appeals continue for the remaining animals. Why U.S. Law Fails Experimental Animals The core federal statute is the Animal Welfare Act (AWA) of 1966 (and its amendments), enforced by the USDA's Animal and Plant Health Inspection Service (APHIS). It sets minimum standards for housing, feeding, veterinary care, and handling of certain animals. Critical Limitations Include: Massive Species Exclusions: Rats, mice, and birds bred for research—accounting for roughly 95% of lab animals—are explicitly excluded. Cold-blooded animals and others also fall outside coverage. Weak Standards for Covered Species: Even for dogs, cats, primates, etc., the AWA permits painful procedures if deemed “scientifically necessary.” There is no outright ban on specific types of experiments. Self-Regulation via IACUCs: Institutional Animal Care and Use Committees—dominated by researchers at the institutions they oversee—review protocols. Approval rates hover near 98%, with limited external oversight. Enforcement Gaps: Under-resourced inspections, reliance on self-reporting, and modest penalties limit impact. Ridglan itself had passed many USDA inspections despite state-level findings of serious issues. Property Status: Animals remain legal property. Novel habeas efforts like the Nonhuman Rights Project (NhRP) challenge this but face significant judicial hurdles, as courts have historically rejected animal “personhood” claims. For those of us who learned in childhood about unconditional love from our dogs, they are not only of equal value to people, but they seem on a higher spiritual level in the love they have given to us. Other frameworks, such as the Public Health Service Policy, apply only to federally funded research and offer even less robust enforcement. The 2022 FDA Modernization Act opened doors to non-animal alternatives, but broader statutory mandates for the “3Rs” (Replacement, Reduction, Refinement) remain limited. Reform efforts often stall due to powerful research lobbies, congressional agriculture committees' oversight, and public support for medical research that can overshadow welfare concerns. Broader Context and the Path Forward Ridglan and Envigo show that systemic problems persist despite occasional rescues and fines. Millions of animals continue to be used annually in U.S. labs, yet positive developments exist: growing adoption of alternatives (organ-on-chip, AI modeling, human cell cultures), increased rehoming programs, and shifting public opinion favoring stronger protections. The Ridglan victory shows that sustained pressure—investigations, lawsuits, public protest, and direct rescue—can force change where law falls short. Yet relying on activists risking felony charges is not sustainable. Meaningful reform requires: Expanding Animal Welfare Act coverage to all vertebrates. Stronger, independent oversight and enforcement with real penalties. Mandatory consideration and funding for non-animal methods. Judicial tools (like effective habeas relief) to address cruelty in licensed facilities promptly. A Call to Readers The beagles now tasting freedom represent hope—but hundreds may still face uncertainty, and systemic issues persist for countless others. Share their stories. Support reputable rescues and organizations like The Simple Heart Initiative, the Nonhuman Rights Project, Beagle Freedom Project, and others working on legal and legislative fronts. Contact your representatives and demand real modernization of the Animal Welfare Act. Persistence works. Now we must translate outrage into lasting legal change—so no more facilities like this exist in the first place. What are your thoughts on balancing research needs with animal welfare? Have you followed the Ridglan story, the Envigo case, Dean's work, or the earlier sand fly scandals? Drop a comment or share this post. References / Endnotes Wisconsin Examiner / Milwaukee Journal Sentinel coverage of Ridglan rescues and settlement (2026). Nonhuman Rights Project – Ridglan Beagles case page. U.S. Department of Justice – Envigo sentencing and $35M+ resolution (2024). Bipartisan congressional letters on NIAID/Tunisia sand fly experiments (2021). Dean Guzman Wyrzykowski / The Simple Heart Initiative statements (2026). USDA Animal Welfare Act overview and limitations. Additional reporting from WPR, Right to Rescue, and related investigations.   ______   Learn more about Dr. Peter Breggin's work: https://breggin.com/   See more from Dr. Breggin's long history of being a reformer in psychiatry: https://breggin.com/Psychiatry-as-an-Instrument-of-Social-and-Political-Control   Psychiatric Drug Withdrawal, the how-to manual @ https://breggin.com/a-guide-for-prescribers-therapists-patients-and-their-families/   Get a copy of Dr. Breggin's latest book: WHO ARE THE “THEY” - THESE GLOBAL PREDATORS? WHAT ARE THEIR MOTIVES AND THEIR PLANS FOR US? HOW CAN WE DEFEND AGAINST THEM? Covid-19 and the Global Predators: We are the Prey Get a copy: https://www.wearetheprey.com/   “No other book so comprehensively covers the details of COVID-19 criminal conduct as well as its origins in a network of global predators seeking wealth and power at the expense of human freedom and prosperity, under cover of false public health policies.”   ~ Robert F Kennedy, Jr Author of #1 bestseller The Real Anthony Fauci and Founder, Chairman and Chief Legal Counsel for Children's Health Defense.

https://youtu.be/50CmjzaZzHM Recorded: Friday, May 22, 2026, and Tuesday, March 17, 2026 In Episode 157 of the PetroNerds Podcast, Trisha Curtis, host of the PetroNerds podcast and CEO of PetroNerds, sits down with Leen Weijers, former Senior VP of Engineering at Liberty Energy and one of the most respected minds in hydraulic fracturing, for an in-depth technical discussion on hydraulic fracturing, U.S. shale resilience, natural gas, and the future of energy production. Recorded during a period of elevated geopolitical tensions and rising oil prices, the conversation examines the operational and technological forces that continue to drive American energy production forward. With oil prices near $96 per barrel and Brent crude surpassing $100, Trisha and Leen step back from short-term market headlines to focus on the engineering innovations reshaping the shale patch. From frac fleets and longer laterals to proppant logistics, simulfracs, natural gas-powered equipment, distributed power generation, and geothermal lessons for shale recovery, the episode explores why U.S. shale continues to outperform expectations. Why U.S. Shale Continues to Surprise the Market One of the central themes of the episode is the continued resilience of U.S. shale production. While many analysts have repeatedly predicted shale production slowdowns or peaks, Leen explains that the flexibility of the U.S. frac industry allows operators to respond rapidly to changing price signals and market conditions. Importantly, both Trisha and Leen emphasize that traditional indicators like rig counts and frac fleet totals no longer tell the full story. Today's frac crews are significantly larger, more efficient, and more productive than they were just a decade ago. Operational improvements such as: Longer laterals Higher-intensity completions Improved perforation cluster efficiency Better well spacing strategies Simulfrac operations Enhanced proppant logistics Faster pumping rates Better frac distribution have allowed operators to continue increasing production despite fewer rigs and fewer frac fleets. Efficiency Gains Are Outpacing Reservoir Challenges The conversation also addresses some of the real challenges facing unconventional oil and gas development, including: Parent-child well relationships Lower reservoir pressure Infill drilling complications Potential declines in productivity per foot in certain regions Despite these challenges, Leen explains that engineering innovation and operational execution continue to offset many of the headwinds facing the industry. The discussion highlights how the shale industry has effectively turned efficiency gains into a competitive advantage, enabling the U.S. to approach nearly 14 million barrels per day of crude oil production. Natural Gas Is Reshaping the Future of Frac Operations A major portion of the episode focuses on the growing role of natural gas in frac operations and power generation. Leen discusses Liberty Energy's DigiFrac and DigiPrime technologies and explains how the industry is steadily moving away from diesel-powered systems toward natural gas-powered frac fleets. The conversation also explores how oilfield power technology is increasingly being adapted for mobile and distributed power applications, including support for rapidly growing AI and data center energy demand. Trisha and Leen also discuss: LNG export growth Reliability challenges with wind and solar Distributed power generation Propane and NGLs in global development Energy poverty and energy abundance Nuclear power Geothermal innovation and its lessons for shale recovery Looking Ahead The episode closes with a broader discussion about the future of energy development and the importance of maintaining reliable, scalable, and affordable energy systems. As the energy landscape evolves, Trisha and Leen argue that innovation within the shale patch continues to position the United States as one of the world's most resilient and adaptable energy producers. For listeners interested in the technical side of oil and gas, hydraulic fracturing, energy infrastructure, and the future of global energy markets, Episode 157 offers an exceptionally detailed and insightful conversation.

Why are Americans going broke trying to stay healthy? The real question is why is healthcare in America so expensive in the first place — and who profits from it?On this episode of the Lean to the Left podcast, Bob Gatty talks with Dr. Adam Cunningham, founder of Sylk Health, about the hidden costs of healthcare, the medical debt crisis, and why millions of Americans are struggling to afford treatment.They discuss:• Why hospital pricing is intentionally hidden• How medical debt drives bankruptcy in America• Why healthcare has become a social justice issue• The shocking cost differences between U.S. and overseas treatment• Medical tourism and affordable care abroad• Insurance companies, hospital lobbying, and pharmaceutical profits• Medicare, supplemental insurance, and rising costs for seniors• Alzheimer's care and the crushing financial burden on families• Why meaningful healthcare reform remains so difficultDr. Cunningham explains how Sylk Health compares medical procedure costs between the U.S. and accredited hospitals in China, giving patients new options when facing massive medical bills.This conversation goes beyond politics and gets to the heart of a broken healthcare system that leaves working families drowning in debt while corporations profit.

Headlines:  – Welcome To Mo News + Pickle Smoothie (02:00) – Court Overturns Alex Murdaugh's Murder Convictions In Deaths Of Wife, Son (05:30) – Why U.S. Test Scores Are in a ‘Generation-Long Decline' (10:20) – Trump Gets Red-Carpet Welcome In China: What's On The Agenda (18:30) – U.S. Intelligence Shows Iran Retains Substantial Missile Capabilities (22:00) – Pentagon Seeks Cheaper Cruise Missiles After Iran War Drain (22:45) – P.C.O.S. To Become P.M.O.S.: Doctors Hope It Will Improve Care for Millions (23:40) – Corleone Crime Family Returns In A New ‘Godfather' Novel For 2027 Release By Random House (26:00) – On This Day In History (28:00)  Thanks To Our Sponsors:  – ⁠Boll & Branch⁠ – 15% off first order, plus free shipping | Code: MONEWS – Incogni - 60% off an annual plan| Code: MONEWS – Monarch - 50% off your first year | Code: MONEWS – Factor - 50% off your first box | Code: monews50off – ShipStation - Try for free for 60 days | Code: MONEWS – Shopify – $1 per-month trial | Code: MONEWS –⁠ Industrious⁠ - Coworking office. 50% off day pass | Code: MONEWS50 – LMNT | Free Sample Pack with any LMNT drink mix or 12oz cans purchase – Aura Frames | $25 dollars off the Carver Mat frame | Code: MONEWS

Don and Tom take aim at the booming annuity industry, arguing that most annuities are sold through fear, confusion, and unrealistic promises rather than honest financial planning. They explain why indexed annuities are especially problematic, why annuities should be viewed strictly as income tools rather than investments, and how even “good” annuities often return your own money back to you first. The episode also covers smarter retirement income strategies, including maximizing Social Security benefits, plus listener questions on “Trump accounts” and youth retirement accounts, taxable investing with DFAW vs. VT, factor investing, and whether U.S. government bonds remain safe despite soaring national debt. Along the way, the hosts detour into a spirited discussion about Pacific Northwest town pronunciations and Sacagawea.0:14 Why annuities are booming as baby boomers retire0:38 The illusion of “market returns with no risk”2:11 How annuities are actually sold through fear and seminars3:22 Why annuities should be viewed as income products, not investments4:17 Immediate vs. deferred vs. variable vs. indexed annuities5:03 Indexed annuities and the “no risk, stock market returns” pitch5:36 What people really want from annuities: guaranteed income6:17 Liquidity, guarantees, and the hidden costs of annuities6:50 Why single premium immediate annuities can disappoint7:29 How SPIAs often return your own principal first8:03 Inflation riders, survivor benefits, and reduced payouts9:13 Longevity fears and unrealistic retirement assumptions9:47 Social Security as the best inflation-adjusted annuity most people underuse10:13 How to submit questions to Talking Real Money10:45 Listener question: “Trump accounts” and YRAs explained11:57 Why YRAs are not especially tax-advantaged12:40 529 plans vs. youth retirement accounts14:25 Listener question: DFAW vs. VT in taxable accounts15:47 Foreign tax credits and overthinking portfolio optimization16:17 Factor investing, Dimensional, Avantis, and small value tilts17:38 Listener question: Are U.S. bonds safe with $39 trillion in debt?18:31 Why U.S. Treasury bonds remain highly secure19:10 Who actually owns most U.S. government debt20:36 The origin and pronunciation battle over Sedro-Woolley21:33 Lewis and Clark, Sacagawea, and Pacific Northwest pronunciationsQuestions? Comments? Click!

The global oil system is running out of room, and the consequences could start accelerating later this year.Chuck Zodda and Marc Fandetti break down the rapidly shrinking margin for error in global energy markets as continued disruptions in the Strait of Hormuz drain inventories and push oil prices above $100 per barrel again.Also covered:Why U.S. oil inventories are falling at one of the fastest rates on recordThe growing risk of supply shortages by late summer or early fallWhy gas tax holidays could actually make the problem worseHow rising fuel prices are reshaping consumer behavior and inflation expectationsWhat President Trump hopes to accomplish during his summit with Xi JinpingWhy NVIDIA CEO Jensen Huang unexpectedly joined the Beijing delegationThe latest warning signs from inflation and bond marketsWhy Walmart is cutting or relocating corporate employeesHow tomato prices became the latest inflation headache for consumers and restaurantsWhy the next phase of the energy crisis may be far more disruptive than markets currently expect.

In this episode of Impact Farming, Tracy sits down with agricultural economist and strategist Michelle Klieger to unpack a question many producers are quietly asking: Can U.S. soybeans still compete in the global market? As farmers head into another planting season facing tight margins, uncertain demand, and rising costs, the global soybean market continues to shift. From China's buying decisions to the growing influence of Brazil, the competitive landscape is changing rapidly. Michelle shares insights from her recent article on the "Brazil Factor" and explores what's really driving global soybean competitiveness—and what it means for producers in North America. Episode Highlights • Why global demand—especially from China—remains a key driver for soybean markets • How geopolitics and trade negotiations are affecting farm families and rural economies • The rise of Brazil as a global agricultural powerhouse • The role of land costs, seed pricing, and regulation in shaping global competitiveness • How Brazil's ability to expand farmland and double crop gives it an edge • Why U.S. farmers may need a different strategy to stay competitive • Key signals producers should watch as global soybean markets evolve Global agriculture is evolving quickly, and the soybean market is a powerful example of how economics, geopolitics, and innovation intersect. As Brazil continues to expand production and global trade dynamics shift, producers in North America face new challenges—but also opportunities. Understanding the forces shaping global markets can help farmers make informed decisions and remain competitive in a rapidly changing agricultural landscape. Thanks for tuning in, Tracy  ============================= Resources • Stratagerm Consulting – The consulting firm founded by Michelle Klieger that focuses on agricultural economics, market drivers, and global food systems. • Previous Impact Farming episode: "The Demise of Free Trade: What the U.S.–China Trade War Means for North American Farmers" featuring Michelle Klieger  https://youtu.be/OKs2dtGTAI8 ============================= ✅ About The Impact Farming Show: Produced by Farm Marketer. Farm Marketer is a Canadian digital media company specializing in publishing agriculture content that matters most to Canadian farmers: news, commodities, agriculture events, agriculture real estate for sale, and much more.  Farm Marketer is also the proud producer of the award-winning agriculture show The Impact Farming Show. This weekly video and podcast show is dedicated to introducing farmers to the people and ideas that will impact their farming operations. Join show host Tracy Brunet as she speaks to top minds and change makers about what's currently IMPACTING agriculture.    =================================

Get $200 after making your first $500 payment with Melio! (affiliate) https://www.milestomemories.com/go/melio Spirit Airlines is gone, and even travelers who avoided Spirit may feel it in their wallets. Shawn and Mark talk through the fallout for cheap flights, the JetBlue and Frontier merger mess, and why low-cost carriers have such a hard time making the model work in the U.S. They also get into JetBlue's pricing lawsuit, data tracking worries, a robot that bought its own Southwest seat, and the cheap travel items that actually earn space in the bag. Yes, that includes Benji's forever stamp. What we cover: Spirit Airlines disappearing and what it means for airfare Why JetBlue, Frontier and Spirit all ended up tied together in this story The difference between Ryanair, Allegiant and the U.S. low-cost model JetBlue's lawsuit over pricing, cookies and tracking claims Whether airline pricing algorithms and shared pricing data hurt consumers A robot flying Southwest with its own seat Cheap and free travel items worth packing, from plastic bags to backup headphones Episode Guide: 0:00 - Welcome to MTM Travel 0:20 - Spirit Airlines disappears 3:06 - The JetBlue and Frontier merger fallout 5:02 - Why U.S. low-cost carriers struggle 7:45 - What losing Spirit means for fares 10:38 - Low-cost carriers need a new plan 12:30 - JetBlue lawsuit and pricing tracking claims 15:47 - A robot gets its own Southwest seat 17:06 - Cheap and free travel items worth packing 21:00 - The travel gear we actually keep packed 24:10 - Freebies, bottle openers and fancy hotel pens Track your travel credit cards for free Free newsletter Join our free Facebook group Diamond Patreon - bonus shows + Slack community Gold Membership Subscribe on Apple Podcasts Miles to Memories website

Australia is installing solar and batteries for about $2 a watt.In the U.S., it's closer to $5.50.So why do we still have this huge gap?Barry Cinnamon went to Australia to find out. What he discovered challenges one of the industry's favorite explanations. Even if you remove permitting delays and other “soft costs,” the U.S. still doesn't come close.Today's Tactical Tuesday breaks down the real drivers behind [residential] solar pricing, from federal manufacturing policy and tariffs to financing structures and regulatory friction. Then we take it a step further, exploring a new hypothesis Barry has been modeling: using data center demand to help fund rooftop solar and storage.Expect to learn:

As part of the Future of Texas series in partnership with Texas 2036, this episode tackles one of the most urgent and personal challenges facing Texans today: the rising cost of healthcare. Through the Future of Texas podcast series, Texas 2036 brings together diverse perspectives as we explore the opportunities and challenges facing our state over the next ten years. The views expressed in this program are those of the individual speakers and do not necessarily reflect the views of Texas 2036, its staff or its Board of Directors. Host Brad Swail is joined by Avik Roy, Co-Founder and Chairman of FREOPP, and Charles Miller, Director of Health and Economic Mobility Policy at Texas 2036, for a deep dive into why healthcare costs keep rising — and what Texas can actually do about it. The conversation begins with a stark reality: healthcare affordability has become a top concern for voters, even surpassing issues like property taxes. With employer-sponsored family coverage approaching $27,000 per year and out-of-pocket costs averaging around $10,000 annually for Texas families, the financial strain is reshaping both household budgets and business decisions. A major theme is how the current system distorts incentives. Rather than functioning as a true free market, U.S. healthcare operates as a heavily subsidized system where consumers often lack visibility into prices — and have little control over spending decisions. The discussion covers: • Why healthcare costs are rising faster than wages and inflation • How employer-based insurance distorts consumer incentives • The role of federal tax policy in shaping today's system • Why “free market vs government” is a false choice • The importance of competition, transparency, and aligned incentives • How monopoly power among hospitals and providers drives prices higher • Why past reforms — like surprise billing laws — sometimes backfire • The impact of vertical and horizontal consolidation in healthcare • How anti-competitive contracting limits consumer choice • Why Texas has made progress on transparency — but more is needed The episode also explores solutions that could reshape the Texas healthcare landscape. These include expanding price transparency, tackling provider monopolies, enabling more consumer-driven insurance models, and supporting innovative alternatives like direct payment systems and healthcare sharing models. Roy and Miller highlight promising developments already underway in Texas, including efforts to improve data transparency through all-payer claims databases and reforms targeting anti-competitive practices in provider contracts. Looking ahead, the goal isn't perfection — it's progress. Both guests emphasize that simply slowing the growth of healthcare costs to match inflation would represent a major win for Texas families and businesses. The takeaway is clear: the tools to fix healthcare affordability exist — but meaningful reform will require aligning incentives, increasing competition, and taking on entrenched interests within the system. 00:00 — Intro + Future of Texas series overview 00:30 — Why healthcare affordability matters now 01:13 — Cost of employer-sponsored coverage explained 02:00 — National vs Texas-specific cost challenges 03:12 — Texas vs California healthcare cost comparison 04:21 — Why affordability is now a top voter issue 05:21 — 53% cost increase over the past decade 06:41 — Why Texas policy drives higher costs 07:28 — Surprise billing reform and unintended consequences 08:24 — Incentives that drive price inflation 09:53 — Free market vs government: a false debate 10:14 — Why U.S. healthcare isn't truly a free market 11:17 — Employer-based insurance and tax distortions 12:23 — Why consumers don't behave like shoppers 13:23 — What a “healthy market” actually requires 14:17 — Transparency, competition, and incentives explained 15:25 — How subsidies can increase costs 16:09 — Insurance incentives and rising premiums 17:19 — Lack of price transparency in real-world care 17:58 — Switzerland as a model system 19:10 — Competition vs monopoly power in healthcare 20:29 — Real-world example: pricing distortions 21:42 — Hospital consolidation and market power 23:04 — Hospital Competition Act explained 25:02 — Why regulators struggle to fix consolidation 27:08 — Federal vs local enforcement gaps 29:33 — What Texas has done right so far 30:13 — Transparency reforms and data systems 31:05 — Anti-competitive contracting reforms 32:33 — Vertical integration and its risks 34:07 — What Texas still needs to fix 35:14 — Consumer-driven insurance models (ICHRA) 36:01 — Alternatives to traditional insurance 37:26 — Cash pricing and cost savings 38:04 — State employee health plans as a reform lever 40:31 — What success looks like by 2036 42:10 — Slowing cost growth as the first win 43:18 — Final thoughts + closing Watch Full-Length Interviews: https://www.youtube.com/@TexasTalks

US Healthcare Crisis: Why are Americans sicker—and dying younger—despite spending more on healthcare than any country in the world?In this eye-opening episode of Lean to the Left, Bob Gatty interviews physician and author Steven Bezruchka, whose new book Born Sick in the USA exposes the real reasons behind America's declining health.

This week, Tim Cook announced he would step down as chief executive of Apple. We discuss what he got right and what he got wrong, and we offer some unsolicited advice for his replacement, John Ternus. Then, Andrew Yang joins us to discuss A.I.-powered job automation and why universal basic income may be making a comeback. And finally, we catch up on more recent tech news with a round of HatGPT.   Guest: Andrew Yang, chief executive of Noble Mobile and author of “Hey Yang, Where's My Thousand Bucks?”   Additional Reading: Tim Cook Will Step Down as Apple C.E.O. Who Is John Ternus, Apple's Low-Profile Leader? Why U.B.I. Is Making a Comeback His 2020 Campaign Message: The Robots Are Coming This Pasta Sauce Wants to Record Your Family Chinese Robot Beats Human Best Time in Half-Marathon, After a Stumble What Happens When A.I. Runs a Store in San Francisco? Meta to Start Capturing Employee Mouse Movements, Keystrokes for A.I. Training Data SpaceX Strikes Deal With Cursor for $60 Billion OpenAI Beefs Up ChatGPT's Image Generation Model   We want to hear from you. Email us at hardfork@nytimes.com. Find “Hard Fork” on YouTube and TikTok. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Keir Starmer is facing intensifying calls to resign as a political scandal deepens around his decision to appoint Peter Mandelson as the UK's ambassador to the United States, despite serious concerns raised during the security vetting process. The controversy centers on revelations that Mandelson failed key vetting checks tied in part to his past association with Jeffrey Epstein, raising questions about judgment, oversight, and whether warnings were ignored or overridden. Starmer has acknowledged the appointment was a mistake but maintains he was not informed of the failed vetting at the time, a claim that critics—both political opponents and figures within his own party—have openly challenged.The growing pressure is not just about the appointment itself, but about credibility and accountability. Critics argue that either Starmer knew about the risks and proceeded anyway, or he failed to maintain control over a critical national security decision—both scenarios fueling demands for his resignation. The issue has been compounded by internal turmoil, including firings, conflicting testimony from officials, and broader political setbacks facing his government. With elections looming and party support showing signs of strain, the scandal has evolved into a direct threat to his leadership, with opponents framing it as a defining test of trust and competence at the highest level of government.to contact me:bobbycapucci@protonmail.comsource:Why U.K. Prime Minister Keir Starmer Is Facing Growing Calls to Resign

Keir Starmer is facing intensifying calls to resign as a political scandal deepens around his decision to appoint Peter Mandelson as the UK's ambassador to the United States, despite serious concerns raised during the security vetting process. The controversy centers on revelations that Mandelson failed key vetting checks tied in part to his past association with Jeffrey Epstein, raising questions about judgment, oversight, and whether warnings were ignored or overridden. Starmer has acknowledged the appointment was a mistake but maintains he was not informed of the failed vetting at the time, a claim that critics—both political opponents and figures within his own party—have openly challenged.The growing pressure is not just about the appointment itself, but about credibility and accountability. Critics argue that either Starmer knew about the risks and proceeded anyway, or he failed to maintain control over a critical national security decision—both scenarios fueling demands for his resignation. The issue has been compounded by internal turmoil, including firings, conflicting testimony from officials, and broader political setbacks facing his government. With elections looming and party support showing signs of strain, the scandal has evolved into a direct threat to his leadership, with opponents framing it as a defining test of trust and competence at the highest level of government.to contact me:bobbycapucci@protonmail.comsource:Why U.K. Prime Minister Keir Starmer Is Facing Growing Calls to ResignBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-moscow-murders-and-more--5852883/support.

Keir Starmer is facing intensifying calls to resign as a political scandal deepens around his decision to appoint Peter Mandelson as the UK's ambassador to the United States, despite serious concerns raised during the security vetting process. The controversy centers on revelations that Mandelson failed key vetting checks tied in part to his past association with Jeffrey Epstein, raising questions about judgment, oversight, and whether warnings were ignored or overridden. Starmer has acknowledged the appointment was a mistake but maintains he was not informed of the failed vetting at the time, a claim that critics—both political opponents and figures within his own party—have openly challenged.The growing pressure is not just about the appointment itself, but about credibility and accountability. Critics argue that either Starmer knew about the risks and proceeded anyway, or he failed to maintain control over a critical national security decision—both scenarios fueling demands for his resignation. The issue has been compounded by internal turmoil, including firings, conflicting testimony from officials, and broader political setbacks facing his government. With elections looming and party support showing signs of strain, the scandal has evolved into a direct threat to his leadership, with opponents framing it as a defining test of trust and competence at the highest level of government.to contact me:bobbycapucci@protonmail.comsource:Why U.K. Prime Minister Keir Starmer Is Facing Growing Calls to ResignBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Atenção (disclaimer): Os dados aqui apresentados representam minha opinião pessoal.Não são de forma alguma indicações de compra ou venda de ativos no mercado financeiro.Oncoclínicas aprova proposta de MAK Capital e Lumina de até R$150 mi para viabilizar compra de medicamentoshttps://br.investing.com/news/stock-market-news/oncoclinicas-aprova-proposta-de-mak-capital-e-lumina-de-ate-r150-mi-para-viabilizar-compra-de-medicamentos-1899830Raízen (RAIZ4): Credores querem 90% da empresa em troca de dívidahttps://www.moneytimes.com.br/credores-querem-90-da-raizen-raiz4-divida-bilionaria-vira-disputa-por-controle-ceci/Exclusivo: Carol Bassi e diretora da Maria Filó deixam marcas na Azzashttps://valor.globo.com/empresas/noticia/2026/04/16/carol-bassi-e-diretora-da-maria-filo-deixam-marcas-na-azzas.ghtmlGPA ajusta linha de frente e traz trio do varejo para tentar uma guinada na operaçãohttps://neofeed.com.br/negocios/gpa-ajusta-linha-de-frente-e-traz-trio-do-varejo-para-tentar-uma-guinada-na-operacao/Why U.S.-Iran Negotiations Failedhttps://podcasts.apple.com/br/podcast/why-u-s-iran-negotiations-failed/id1200361736?i=1000761073217&l=en-GBInside the war on Trump's new MAGA (with Marjorie Taylor Greene)https://podcasts.apple.com/br/podcast/inside-the-war-on-trumps-new-maga-with-marjorie/id1111319839?i=1000760596138&l=en-GBAmerica's Limits, Iran's Leverage, Pakistan's Moment: Maleeha Lodhi on a Shifting Orderhttps://podcasts.apple.com/br/podcast/americas-limits-irans-leverage-pakistans-moment-maleeha/id1845840408?i=1000760502885&l=en-GBHow Hungary's vote to oust Viktor Orbán could have global implicationshttps://podcasts.apple.com/br/podcast/how-hungarys-vote-to-oust-viktor-orb%C3%A1n-could-have-global/id78304589?i=1000761186495&l=en-GBTrump's Risky Strategy to Blockade Iran's Blockadehttps://podcasts.apple.com/br/podcast/trumps-risky-strategy-to-blockade-irans-blockade/id1200361736?i=1000761507943&l=en-GBTrump's Plan to Open the Strait of Hormuz? Close Ithttps://podcasts.apple.com/br/podcast/trumps-plan-to-open-the-strait-of-hormuz-close-it/id1578096201?i=1000761392434&l=en-GBWhat Orbán's Loss Means for Hungary, Russia and Trumphttps://podcasts.apple.com/br/podcast/what-orb%C3%A1ns-loss-means-for-hungary-russia-and-trump/id1578096201?i=1000761178511&l=en-GBThe Hitchhiking Microbe's Guide to the Galaxyhttps://podcasts.apple.com/br/podcast/the-hitchhiking-microbes-guide-to-the-galaxy/id1554578197?i=1000761489292&l=en-GBEx-presidente do BRB teria recebido imóveis como propina de Vorcarohttps://podcasts.apple.com/br/podcast/ex-presidente-do-brb-teria-recebido-im%C3%B3veis-como-propina/id203963267?i=1000761804509&l=en-GBLula diz que 'taxa das blusinhas' foi aplicada por 'pressão do comércio brasileiro' na épocahttps://podcasts.apple.com/br/podcast/lula-diz-que-taxa-das-blusinhas-foi-aplicada-por-press%C3%A3o/id203963267?i=1000761806560&l=en-GB‘Alguns ministros do STF perderam a postura e a compostura'https://podcasts.apple.com/br/podcast/alguns-ministros-do-stf-perderam-a-postura-e-a-compostura/id203963267?i=1000761809974&l=en-GBIf Hungary Can Do Ithttps://podcasts.apple.com/br/podcast/if-hungary-can-do-it/id1258635512?i=1000761793078&l=en-GBThe Great Fusion Debate: How Far Away Are We Really?https://podcasts.apple.com/br/podcast/the-great-fusion-debate-how-far-away-are-we-really/id1602541473?i=1000760359191&l=en-GB‘Na democracia não tem ninguém que seja intocável'https://podcasts.apple.com/br/podcast/na-democracia-n%C3%A3o-tem-ningu%C3%A9m-que-seja-intoc%C3%A1vel/id203963267?i=1000761840129&l=en-GB

The United States is rapidly approaching $40 trillion in national debt—and there's no sign of slowing down.In this episode, Jerry Robinson takes a hard look at America's growing debt crisis and what it really means beneath the surface.From exploding deficits to trillion-dollar interest payments, the numbers are becoming impossible to ignore. And yet, Washington continues spending with little restraint.In this episode:• Why U.S. debt has surged from $9T to nearly $40T• How interest payments are becoming one of the largest federal expenses• The real cost of empire and global military spending• Why inflation is the hidden consequence of runaway debt• Signs that global confidence in the U.S. financial system may be shiftingPlus, Jerry shares his latest market insights, including:• S&P 500 and Nasdaq 100 trends• Gold and silver outlook• Bitcoin and crypto sentiment• Oil and U.S. dollar movementsThis episode closes with a sobering reminder about debt, currency, and long-term stability.

Taiwan is often framed as a binary choice: surrender it to China or risk World War III. But is that really the full picture? In this episode of The China Desk, host Steve Yates is joined by Eyck Freymann, Hoover Fellow at Stanford University and author of Defending Taiwan: A Strategy to Prevent War with China, to break down a more realistic — and more strategic — approach to one of the most dangerous flashpoints in the world today. Freymann explains why the traditional debate around Taiwan is deeply flawed, arguing that the real challenge is not choosing between peace and war, but building a credible strategy that prevents conflict altogether while protecting core U.S. interests. Drawing from his research and global experience, Freymann outlines how the Chinese Communist Party approaches power differently than Western governments — integrating military, economic, technological, and political tools into a single, coordinated strategy. He argues that the United States must respond in kind, or risk being outmaneuvered without a shot being fired. A central focus of the conversation is deterrence — and why military strength alone is no longer enough. Freymann lays out a broader framework that includes political alignment, technological leadership, economic strategy, and alliance coordination as essential pillars for preventing conflict. The conversation also covers: • Why Taiwan is the “keystone” in China's global ambitions • The difference between the Chinese people and the CCP • How China uses gray-zone tactics short of war (quarantine, coercion) • Why military deterrence alone is no longer sufficient • The role of alliances in shaping China's decision-making • How AI and semiconductor dominance factor into national security • Why U.S. technological leadership is critical to deterrence • The risks of economic “mutually assured destruction” with China • What “avalanche decoupling” means — and why gradual separation matters • How global perception and international opinion shape outcomes • The importance of preparing for a post-crisis global order Freymann also challenges the assumption that economic interdependence will prevent conflict, warning that it may actually deter the United States more than China if policymakers are unprepared for the consequences of escalation. The discussion ultimately points to a narrow but critical path forward: maintaining deterrence through strength, coordination, and strategic clarity — while avoiding unnecessary provocation that could accelerate conflict. 00:00 — Intro + Eyck Freymann joins the China Desk 00:31 — Background, education, and early interest in China 03:15 — First-hand experience in China and CCP vs Chinese people 08:05 — How the CCP approaches strategy and power differently 09:48 — The flawed “war vs surrender” Taiwan debate 11:47 — Why Freymann wrote Defending Taiwan 13:49 — U.S. strategic interests at stake in Taiwan 16:31 — Why Taiwan is the “keystone” in China's ambitions 17:34 — Rethinking deterrence beyond military power 19:17 — Political deterrence explained 20:45 — China's “gray zone” tactics: quarantine and coercion 23:13 — Why global opinion and allies matter in a crisis 27:09 — Technological leadership, AI, and strategic competition 31:55 — Strategic stability: nuclear, cyber, and space domains 33:18 — Why economic deterrence may fail 35:01 — “Avalanche decoupling” and supply chain strategy 37:15 — Why economic interdependence can deter the U.S. 40:25 — Rebuilding a stronger global economic system 41:15 — Freymann's 60-second strategy for U.S. leadership 43:26 — Where to find the book + closing Watch Full-Length Interviews: https://www.youtube.com/@ChinaDeskFNW

Get updates for my new book: https://Theperfectportfoliobook.com  -----  Sam Ro returns to The Long Term Investor to help make sense of the headlines, valuations, and market narratives that so often distract investors from what matters most. This conversation is a timely reminder that while the story changes every week, the long-term drivers of returns—especially earnings and business fundamentals—still do most of the heavy lifting. Listen now and learn: ► Why earnings remain the most important long-term driver of stock prices ► What elevated valuations do and do not tell us about future returns ► Why U.S. stocks have outperformed and what could shift that leadership ► How to separate hard data, soft data, and media narratives when evaluating markets   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Rob Arnott returns to Excess Returns to discuss the biggest questions facing investors today, including the impact of geopolitical conflict, the valuation gap between U.S. and international markets, the long-term investment implications of artificial intelligence, and why extreme spreads between growth and value may present major opportunities. Arnott, founder of Research Affiliates and pioneer of fundamental indexing, explains why AI itself is not necessarily a bubble but many AI stocks may be priced for implausible growth. He also discusses why small cap and value stocks may offer some of the most compelling long-term opportunities in decades, how market narratives drive valuations, and why diversification beyond the U.S. could be critical for investors. Throughout the conversation, Arnott draws on decades of market history to explain how bubbles form, why profit margins tend to mean revert, and how investors should think about positioning portfolios for the next market cycle.Topics covered in this episode:• Why Rob Arnott believes AI is real but many AI stocks may be in a bubble• How market narratives can push valuations far beyond fundamentals• Why U.S. stocks trade at roughly twice the valuation multiples of international markets• The widening valuation gap between growth and value stocks• Why small cap stocks may be one of the most attractive opportunities today• The massive capital spending required to build the AI ecosystem• How technological revolutions historically destroy jobs but create new opportunities• Why investors should learn to use AI tools to remain competitive• The definition of a market bubble based on implausible growth expectations• Lessons from the dot-com bubble and the history of dominant technology companies• Why profit margins tend to mean revert over time• The long-term outlook for international stocks and diversification• How fundamental indexing works and why it can create rebalancing alpha• The concept of the “Trifecta” approach combining value, core indexing, and growth• The risks of conglomerate premiums and the diversification discount• Why the largest companies in the market rarely remain dominant over long periods• How investors should think about balancing growth exposure with cheaper opportunitiesTimestamps:00:00 AI vs AI Stocks: Why Arnott Sees a Bubble00:01 Introduction to Rob Arnott and Research Affiliates02:13 The Iran Conflict and How War Impacts Markets06:41 U.S. Valuations vs International Opportunities08:50 The Extreme Spread Between Growth and Value10:00 The Small Cap Opportunity and Index Effects13:08 The Citrini AI Paper and Long-Term Technology Shifts14:09 How Technological Revolutions Destroy and Create Jobs16:00 How AI Is Already Changing Investment Research20:00 Why AI Tools Are Still Losing Money23:40 How Investors Should Think About AI Exposure25:21 Arnott's Definition of a Market Bubble27:41 Lessons from the Dot-Com Bubble28:34 Profit Margins and Mean Reversion30:34 Technology Moats and Competitive Disruption32:12 Will Mean Reversion Still Work in Markets?36:02 The Case for International Stocks41:39 The Trifecta: A New Framework for Indexing51:15 Why Expensive Slow-Growth Companies Underperform56:25 Conglomerate Premiums and Mega Cap Tech57:00 The Long-Term Case for Value and Small Caps01:00:00 Why Market Leaders Rarely Stay on Top

Welcome to PGX: Raw & RealPGX: Raw & Real is simple. I sit with people who've lived through something and/or made it big.This isn't meant to be inspiration or a template for life (for that, you can check out PGX Ideas).This space is different. It's their story, as they experienced it.In this episode, I spoke to Ankit Avasthi — educator & news analyst (ex-civil servant, IIT Kanpur alum)Timestamps:00:00 - Intro01:01 - Why Is Iran Getting Bombed04:45 - Downfall of Iran06:31 - Mastermind of Gaza Conflict07:59 - Trump's Real Estate11:43 - Strategic Islands Of The World13:32 - Why U.S.A Wants Greenland6:13 - Fake Students Revolutions19:51 - Who Was Epstein21:28 - NRI Workforce = Glorified Labour26:54 - Narrative War29:06 - U.S.A Is The Only Superpower33:29 - Secrets Of Aliens & Area 5143:04 - Israel = Extended USA45:52 - P.M Modi's role in Israel V/S Iran54:46 - Who Will Replace Khamenei59:08 - Indian Soft Power1:02:58 - Afghanistan V/S Pakistan1:12:08 - MOSSAD's Surgical Strike1:18:17 - Epstein Files1:23:47 - Thank YouEnjoy.— Prakhar

Jimmy Obleda on Keeping Your Coaching Values, Restoring Competitiveness, and Why U.S. Soccer Is Soft In episode 416, we talk with nationally renowned Uruguayan American coach Jimmy Obleda about staying true to your values, refusing to compromise standards, and not “selling your soul” to parents, players, clubs, or owners. Using Tab Ramos's comparison of Uruguay […]

In this episode of Excess Returns, Jason Hsu returns for a wide-ranging conversation on China's economy, the global AI race, emerging markets, factor investing, and what the next phase of globalization could mean for U.S. investors. We explore how China's fiercely competitive domestic capitalism contrasts with common Western narratives, why AI could reshape professional services the way globalization reshaped manufacturing, and how investors should think about portfolio allocation in a shifting G2 world.This discussion covers China manufacturing dominance, Chinese EV competition, U.S. vs. China AI strategy, emerging markets investing, factor investing in inefficient markets, and how machine learning is changing quantitative portfolio management.Main topics coveredWhy U.S. investors misunderstand China's economic system and the role of competition inside its domestic marketHow China became the world's manufacturing powerhouse and what that means for tariffs and trade warsThe Chinese government's role as a venture-style capital allocator rather than a central plannerThe real estate reset in China and the shift toward technology, AI, and advanced manufacturingAI as the next wave of globalization and its impact on professional services and labor marketsWhether the U.S. vs. China AI competition is truly winner-take-allCapital expenditure intensity in the U.S. vs. capital efficiency and open-source innovation in ChinaU.S. exceptionalism, G2 geopolitics, and portfolio diversification beyond a U.S.-centric allocationWhy emerging markets ex-China may differ from China tech exposureThe case for separating China from emerging markets in asset allocationThe concept of China as an alpha reservoir due to retail-driven market inefficienciesWhy traditional value and factor strategies have struggled in the U.S. but still work in ChinaHow machine learning and AI are changing quantitative investing and factor constructionThe launch of CNQQ and accessing large-cap China technology exposureTimestamps00:00 China as the world's factory and the role of fierce internal competition01:02 Why U.S. investors misunderstand China's economy03:48 Is China capitalist despite the Communist Party label05:33 The government as a VC-style investor rather than central planner07:45 China EV competition and manufacturing dominance09:23 Tariffs, trade leverage, and manufacturing monopoly dynamics12:18 China's bear market and valuation opportunity13:59 The real estate reset and shift toward productive capital16:00 AI as the next wave of globalization18:01 Labor force participation and economic disruption from AI19:46 Jobs that may survive in an AI-dominated world22:00 Is U.S. vs. China AI a winner-take-all battle24:13 Chip restrictions and long-term innovation incentives26:54 Capital efficiency in China vs. heavy AI capex in the U.S.29:27 Rebalancing away from U.S.-centric portfolios31:18 The end of U.S. exceptionalism and the move toward a G2 world34:00 How endowments approach U.S., developed, and emerging markets36:35 CNQQ and accessing China large-cap technology40:45 China as the great alpha reservoir45:49 The future of factor investing in efficient vs. inefficient markets49:06 Machine learning, factor decay, and next-generation quant strategies55:17 Can AI replace active portfolio managersIf you enjoy deep conversations on global markets, AI investing, China technology, emerging markets, and quantitative strategies, make sure to subscribe to Excess Returns for more interviews with leading investors and thinkers.

The United States and China are pursuing sharply different strategies in a region that is no longer best understood as the "Middle East," but as part of a broader Asian-centered geopolitical system historically described as "West Asia." This vast region stretches from countries along the Western Pacific and the Indian Ocean, all the way to the Eastern Mediterranean. While the U.S. remains the undisputed military hegemon in this theater, China is steadily becoming the indispensable economic power, providing access to vast pools of capital, new technology, and expanding trade. Mohammed Soliman, a senior fellow at the Middle East Institute and a director at the geopolitical advisory firm McLarty Associates, joins Eric from Washington, D.C., to discuss his new book that explores how the U.S., China, and other powers are adapting to this new expanded view of the Middle East known as "West Asia." Purchase the book: West Asia: A New American Grand Strategy in the Middle East by Mohammed Soliman

Breaking this hour: The New York Fed publishing its most recent report, showing the nation's household debt jumped in Q4 to $191B. Student loans playing a large part of the equation. Then the CEO of Hasbro joins the show with his first interview post-earnings, the stock doubling over the past two years. And a look at the tale of two AI markets. Why U.S. and Chinese markets have been having very different reactions to the latest AI advancements. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Why are banks fighting stablecoin yield and why does it matter for Bitcoin? Zack Shapiro, Ken Egan, and Zack Cohen, break down the political battle unfolding in the U.S. Senate and why Coinbase's opposition could derail market structure reform in the latest Senate bill. From developer protections to self-custody rights, this episode explores what's at stake for the future of Bitcoin in the United States.

In this week's episode of Retire in Texas, Darryl Lyons, CEO and Co-Founder of PAX Financial Group, breaks down what Wall Street's biggest firms are predicting for 2026 - and what it could mean for your portfolio. After reviewing market outlooks from BlackRock, Goldman Sachs, Schwab, Pimco, and more, Darryl shares a curated summary of the trends shaping the year ahead. From stock valuations and artificial intelligence to bonds, global markets, inflation, and alternative investments, this episode cuts through the noise to highlight key points that could matter for long-term investors. Drawing from industry research and real-world context, Darryl walks through where opportunity may exist, where risks are building, and why diversification and thoughtful strategy matter more than ever in today's market environment. Key highlights of the episode include: ·       Why U.S. stocks are historically expensive - and what that means for future returns. ·       How artificial intelligence is driving massive investment and reshaping global markets. ·       What falling interest rates could mean for bonds and fixed income strategies. ·       Why international markets like Japan and Germany are gaining renewed attention. ·       How inflation, tariffs, and policy decisions may influence market stability. ·       The growing role of real assets, infrastructure, and alternative investments. If you've been wondering how to position your portfolio for 2026, this episode offers a clear framework for thinking through risk, opportunity, and long-term strategy. Whether you're concerned about market volatility, curious about AI's impact, or simply want a better understanding of what's ahead, Darryl provides perspective to help you make more informed decisions. For more insights and to connect with a PAX Financial Group advisor, visit www.PAXFinancialGroup.com. If you found this episode helpful, consider sharing it with someone who's thinking about their financial strategy for the year ahead. Resources:  www.blackrock.com/corporate/literature/whitepaper/bii-global-outlook-2026.pdf www.pimco.com/us/en/insights/charting-the-year-ahead-investment-ideas-for-2026 https://www.schwab.com/learn/story/stock-market-outlook https://am.gs.com/en-us/advisors/insights/article/investment-outlook www.capitalgroup.com/advisor/pdf/shareholder/MFCPBR-099-1046320.pdf

Never has so much been misunderstood by so many. In this episode, we break down what President Trump is actually doing in Venezuela—and why claims of “war” completely miss the point. From legally enforced sanctions and naval blockades to collapsing Venezuelan oil production and China's growing energy crisis, this may be one of the most consequential geopolitical maneuvers of our lifetime. This isn't regime change by bombs. It's power through courts, sanctions, energy leverage, and economic reality—executed entirely within the law. Is Trump building his own version of OPEC? Is China being economically cornered? And why does Venezuela suddenly have no choice but to comply? This is next-level strategy—and almost nobody is explaining it correctly.

As we close out the year and head into the holidays, we're revisiting some of the most impactful conversations from Wealthion in 2025. Whether you're watching for the first time or revisiting it with fresh perspective, we hope you enjoy. All the best for a happy, healthy, and prosperous New Year!

In this episode of Excess Returns, Graeme Forster of Orbis joins us to discuss two major research papers: Six Courageous Questions for 2026 and Sunrise on Venus. We explore how long-running global trends may be reversing, what that means for U.S. dominance, the future of international and emerging markets, the risks and opportunities created by AI and massive CapEx spending, the dollar's shifting role, and how investors should think about valuation, humility, and navigating a world where the economic “water” is changing. This conversation is packed with global macro insight, long-term investing lessons, and practical frameworks for building more resilient portfolios. Topics Covered:• Why long-term market “water” becomes invisible to investors• Self-reinforcing global cycles and how China's WTO entry reshaped the world• Signs the 25-year U.S. outperformance cycle may be breaking• How tariffs, political shifts, and corporate reforms change the global landscape• Why international and emerging markets may now offer better expected returns• Why U.S. large caps are not the entire story of American exceptionalism• How to think about valuation, margins, and discounted cash flow models across markets• The AI boom, bubbles, capital cycles, and asymmetric outcomes• How AI CapEx constraints influence winners and losers• The shifting role of the U.S. dollar and why market shocks may behave differently• Maslow's hierarchy, needs vs. wants, and the return of state-driven capital investment• Deglobalization, reshoring, and the national-security lens for investing• How to evaluate China and Taiwan inside emerging markets• Why humility is an investor's greatest edgeTimestamps:00:00 Introduction01:02 Why Orbis wrote Six Courageous Questions for 202603:44 The David Foster Wallace “water” analogy and investing06:12 How a 25-year self-reinforcing cycle powered U.S. outperformance10:12 Signs the cycle may be breaking12:00 Corporate reform and opportunity in Asia13:55 Why active share, benchmarking, and incentives distort investor behavior17:31 Decomposing S&P 500 returns: margins, valuations, fundamentals20:20 Expected returns inside and outside the U.S.22:34 Why international stocks offer richer opportunity sets24:25 Currency implications and weakening dollar dynamics26:18 American exceptionalism beyond the top 10 mega caps28:49 Where Orbis is finding value today30:25 Biotech, healthcare, and post-COVID dislocation31:05 How Orbis thinks about valuation in an intangible-heavy world32:09 Is AI a bubble or the beginning of something bigger?34:30 Game theory of AI CapEx and right-tail outcomes36:00 CapEx cycles, history, and who benefits38:00 Indirect AI beneficiaries and the SK Square example40:35 Maslow's hierarchy and the shift from wants to needs42:32 Deglobalization, national security, and domestic reinvestment44:00 Capital returning to home markets and strategic industries46:00 Can anything reverse these structural trends?48:00 Balancing bottom-up investing with macro awareness49:45 The deeper risk in emerging markets: owning vs. avoiding51:00 Valuation still matters for long-term returns52:29 Corporate behavior, dividends, and re-rating cycles53:52 How Orbis views China vs. bottom-up opportunity55:34 Why great investors must be right 90–95% of the time in decision quality58:00 One lesson Graeme would teach the average investor

【聊了什么】 特朗普总统的第二任期已经过去了一年，在这一年之中，美国政治是一如既往的精彩。特别是特朗普本人，不管是在内政还是外交上，都以一种不可置疑的方式，不停地发出各种指令，改变着美国。更重要的是这一系列的操作似乎并没有受到太大的阻力。如今他看起来并不是民选国家的领导人，更像是一个专制独裁国家的君主，不受到任何的约束。 为什么会出现这样的情况？这是只会发生在特朗普身上的个例，还是背后有着更深层次的原因。为什么美国总统们的权力会越来越大，民主党和共和党对于总统制的理解有何不同。为什么对于特朗普的反制措施都没有取得效果。本期节目，我们从小阿瑟•M.施莱辛格《帝王总统》出发，来试图给这一系列的问题作出解答。 本期节目为talich在《以读攻读》的串台，欢迎在各平台关注《以读攻读》。 【支持我们】 如果喜欢这期节目并希望支持我们将节目继续做下去： 也欢迎加入我们的会员计划： https://theamericanroulette.com/paid-membership/ 会员可以收到每周2-5封newsletter，可以加入会员社群，参加会员活动，并享受更多福利。 合作投稿邮箱：american.roulette.pod@gmail.com 【时间轴】 04:39 今天有多少美国人觉得特朗普的权力过大了 05:59 美国国父们设计总统制的初衷 09:37 总统制与当时其他国家领袖制度的对比 13:14 美国制宪会议上如何划分总统的权力 19:03 美国总统为什么想要扩张自己的权力 22:20 为什么外交领域成为了总统扩权的突破口 26:54 20世纪，美国成为行政国家的过程 33:18 行政国家的形成为什么给了总统更大的权力 37:32 总统竞选模式的改变导致了总统候选人有了更大的话语权 42:08 罗斯福和尼克松是如何扩张总统的权力 54:15 总统如何通过任命政务官加强自己权力 58:12 美国各界对于总统扩权的态度 1:01:05 Loper 案推翻 Chevron Deference 1:02:00 政治科学家对于总统权力的看法 1:11:45 70年代开始，共和党开始推行的“单一行政权理论” 1:16:33 法律上的原教旨主义如何支持“单一行政权理论” 1:30:19 美国政治中的总统周期理论 1:36:36 特朗普政府如何通过实践扩大自己的权力（针对法院的策略等） 1:40:05 “帝王总统制”的未来走向 1:51:01 选民认知对未来美国政治走势的影响 【我们是谁】 美轮美换是一档深入探讨当今美国政治的中文播客。 我们的主播和嘉宾： Talich：美国政治和文化历史爱好者 《以读攻读》主播： 黄哲成：《现代主义文学百年》《深焦 DeepFocus Radio》《以读攻读》主播 【 What We Talked About】 It has been one year since the start of President Trump's second term, and American politics has been as dramatic as ever. Trump himself, in particular, has been reshaping the United States—both domestically and internationally—by issuing directives with an air of absolute authority. More importantly, these actions seem to have met with little significant resistance. Today, he appears less like the leader of a democracy and more like the monarch of an autocratic regime, operating without restraint. Why is this happening? Is this a phenomenon unique to Trump, or are there deeper underlying causes? Why has the power of the U.S. presidency continued to expand? How do Democrats and Republicans differ in their understanding of the presidential system? And why have all attempts to check Trump's power failed to result in any change? In this episode, taking Arthur M. Schlesinger Jr.'s The Imperial Presidency as our starting point, we attempt to answer these questions. Note: This is a crossover episode featuring talich on Yi Du Gong Du. Please follow "Yi Du Gong Du" on your favorite podcast platforms. 【Support Us】 If you like our show and want to support us, please consider the following: Join our membership program: https://theamericanroulette.com/paid-membership/ Support us on Patreon: www.patreon.com/americanroulette Business Inquiries and fan mail: american.roulette.pod@gmail.com 【Timeline】 04:39 How many Americans today believe Trump has too much power? 05:59 The Founding Fathers' original intent in designing the presidency. 09:37 Comparing the presidency to other leadership systems of that era. 13:14 How presidential powers were defined at the Constitutional Convention. 19:03 Why U.S. presidents seek to expand their power. 22:20 Why foreign policy became the gateway for expanding presidential authority. 26:54 The 20th Century: The process of America becoming an "Administrative State." 33:18 Why the rise of the Administrative State empowered the presidency. 37:32 How changes in campaigning increased the influence of presidential candidates. 42:08 How Roosevelt and Nixon expanded presidential power. 54:15 Strengthening power through political appointments. 58:12 Reactions across various sectors to the expansion of executive power. 1:01:05 Loper Bright and the overturning of Chevron deference. 1:02:00 Political scientists' views on presidential power. 1:11:45 The "Unitary Executive Theory" pushed by the Republican Party since the 1970s. 1:16:33 How legal Originalism supports the "Unitary Executive Theory." 1:30:19 The theory of presidential cycles in American politics. 1:36:36 How the Trump administration expanded power through practice (strategies against the courts, etc.). 1:40:05 The future trajectory of the "Imperial Presidency." 1:51:01 The impact of voter perception on the future of U.S. politics. 【Who We Are】 The American Roulette is a podcast dedicated to helping the Chinese-speaking community understand fast-changing U.S. politics. Our Hosts and Guests: Talich：Aficionado of American politics, culture, and history Host of Yi Du Gong Du: Huang Zhecheng: An interesting but useless person, doing interesting but useless things. (Douban: @hzcneo)

The future of supply chain is accelerating, and on today's episode of Supply Chain Now, hosts Scott Luton and Allison Giddens are unpacking the global trends, disruptions, and economic shifts shaping what's next for leaders everywhere. From declining imports to AI's growing pains, this episode cuts through the noise to bring clarity to fast-moving industry headlines. Welcome to The Buzz, powered by OMP!Scott and Allison dive into the biggest stories impacting supply chains today — and the ripple effects businesses need to prepare for.Together, they discuss:

Ben Horowitz is the co-founder of Andreessen Horowitz, Silicon Valley's largest and most influential venture capital firm, with over $46B in committed capital across multiple funds. He took Loudcloud public with just $2 million in revenue (dubbed “the IPO from hell”), sold it for $1.6 billion, and has backed companies from Facebook to Stripe to Airbnb to OpenAI to Databricks (now worth more than $100 billion). His management philosophy—forged through near-death experiences and refined through coaching hundreds of CEOs—contradicts most conventional startup wisdom.In our conversation, Ben shares:1. Why “founder mode” is half right and half dangerously wrong2. The story behind “Good Product Manager/Bad Product Manager” and why it went viral despite being written in anger3. Where the biggest AI startup opportunities remain4. Why you need to run toward fear, never away5. The one trait that predicts that a founder will fail as CEO6. Inside Paid in Full, Ben's nonprofit awarding pensions to pioneering hip-hop artists—Brought to you by:DX—The developer intelligence platform designed by leading researchers: http://getdx.com/lennyBasecamp—The famously straightforward project management system from 37signals: https://www.basecamp.com/lennyMiro—A collaborative visual platform where your best work comes to life: https://miro.com/lenny—Transcript: https://www.lennysnewsletter.com/p/46b-of-hard-truths-from-ben-horowitz—My biggest takeaways (for paid newsletter subscribers): ⁠https://www.lennysnewsletter.com/i/172439345/my-biggest-takeaways-from-this-conversation—Where to find Ben Horowitz:• X: https://x.com/bhorowitz• LinkedIn: https://www.linkedin.com/in/behorowitz/• Website: https://benhorowitz.com/• Andreessen Horowitz's website: https://a16z.com/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Introduction to Ben Horowitz(04:09) Important leadership lessons from Shaka Senghor(10:15) Running toward fear and why hesitation kills companies(19:35) Who shouldn't start a company(22:36) The Databricks story: thinking bigger(24:54) Managerial leverage and CEO psychology(28:06) When founders should be replaced as CEOs(31:20) Normalizing failure for CEOs(37:57) Counterintuitive lessons about building companies(42:31) “Good Product Manager/Bad Product Manager”(48:21) Product managers as leaders(51:16) Why a16z invested in Adam Neumann after WeWork(56:23) Is AI in a bubble?(01:02:43) The biggest opportunities in AI(01:12:51) Why U.S. leadership in AI matters(01:18:53) The Paid in Full Foundation for hip-hop pioneers(01:23:18) Lightning round: book recommendations, products, and life mottos—References: https://www.lennysnewsletter.com/p/46b-of-hard-truths-from-ben-horowitz—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.Lenny may be an investor in the companies discussed. To hear more, visit www.lennysnewsletter.com