The Tariff Week From Hell. Plus, the Bluesky CEO Reimagines Social Media.
Apr 12, 2025
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Douglas Rushkoff, a Professor of digital economics and author of 'Survival of the Richest,' dives into the wild world of tech billionaires' survival fantasies and their implications for society. Meanwhile, Jay Graber, CEO of Bluesky, shares her vision for a decentralized social platform that champions user autonomy over traditional profit models. The discussion highlights the tumultuous effects of presidential tariffs on the economy and examines the evolving social media landscape in the wake of major shifts like Musk's Twitter acquisition.
The chaotic economic landscape resulting from fluctuating tariffs reflects the media's significant influence on market perceptions and investor confidence.
Bluesky’s CEO articulates a vision for decentralized social media that emphasizes user empowerment and reduces reliance on tech monopolies.
The widening wealth gap and the increasing influence of billionaires in government raise ethical concerns about their responsibilities toward society.
Deep dives
Economic Turmoil and Tariff Controversies
The recent economic turmoil is largely attributed to the implementation of tariffs under the previous administration, which supporters claim are intended to protect American jobs. However, critics argue that increasing import costs do not necessarily lead to an increase in domestic manufacturing jobs, as evidenced by the struggling stock markets this week following exacerbated trade tensions. The episode illustrates how misleading statements from political figures led to erratic market behavior, highlighting a volatile economic landscape. Despite claims of creating a fair trade environment, the disparity in tariff rates indicates a significant impact on the American consumer, raising concerns about the effectiveness of such policies.
Misinterpretations and Market Reactions
An incident involving a misinterpretation of comments made by a key economic adviser led to a dramatic rise in the stock market, showcasing the influence of media and social media interpretations on economic perceptions. Initially, the market reacted positively to speculative reports suggesting tariff pauses, leading to significant stock gains. However, when the clarification proved to be unfounded, the market plummeted, illustrating the fragility of investor confidence. This chain of events underscores the chaotic environment surrounding economic policies and the rapid shifts in market sentiment influenced by press coverage and social media announcements.
The Impact of Wealth Inequality
The podcast highlights the stark increase in wealth among billionaires, emphasizing the growing divide between the rich and the average American. Billionaires are now more influential, with increasing numbers occupying significant governmental roles, prompting discussion on their motivations and the consequences of their wealth. As the wealth gap widens, the complexities of these billionaires' escape plans from societal issues become evident, prompting skepticism about their ability to address the challenges faced by everyday citizens. This dynamic raises ethical questions about wealth accumulation and the responsibilities of the ultra-wealthy toward society.
The Rise of Alternative Digital Spaces
Discussions around creating alternative digital platforms, like Blue Sky, emphasize a shift away from centralized control by tech oligarchs. The CEO introduces ideas for a decentralized social media environment designed to empower users by allowing them greater control over their online experiences. By implementing an open protocol, users are encouraged to customize their digital interactions, diverging from the current models that monetize user data through ads. This initiative reflects a broader desire to reclaim digital spaces from monopolistic tech companies and foster a more democratic online environment.
Redefining Communication and the Future of Democracy
The conversation around the centralization of social media highlights its potential threat to democracy by consolidating control over information dissemination. It is suggested that diversifying communication platforms could protect democratic values by allowing for a broader range of voices and viewpoints. Advocating for decentralized systems could lead to a more resilient public discourse that better reflects societal diversity. The implications of this approach suggest that the future of democracy may depend on developing a digital ecosystem that fosters collaboration and empowerment among users rather than supporting monopolistic practices.
The president’s on-again, off-again tariffs are wreaking havoc on the economy. On this week’s On the Media, how the press is struggling to keep up with covering the chaos. Plus, the CEO of Bluesky, an alternative to Twitter, shares her vision for a better internet.
[00:00] Host Micah Loewinger breaks down a wild week in the economy–why the press can’t keep up, and what we can learn from the rollercoaster of tariffs the Trump administration has implemented.
[00:00] Host Micah Loewinger speaks with Jay Graber, the CEO of Bluesky, a competitor to Twitter/X that’s seen massive growth recently, about how Bluesky is structured in a fundamentally different way than other social media platforms, and why that might make it “billionaire-proof.” Plus, TechDirt founder and editor Mike Masnick documents the surprising role that his wonky paper played in the founding of Bluesky.
[00:00] Host Brooke Gladstone sits down with Douglas Rushkoff, whose many books probe the practice and philosophy of digital technology, about whether the apocalypse survival fantasies of tech billionaires are actually viable.
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