Political Currency
EMQs: How should PMs behave after they leave No 10?
Apr 14, 2025
The podcast dives into the ramifications of the U.S. potentially defaulting on its debts to China, with stark warnings of economic fallout. It introduces 'patrimonalism,' linking it to Trump's style of governance, and examines how personal loyalties shape political power. By reflecting on the lives and legacies of former British Prime Ministers, the hosts explore who managed to adapt post-office and who didn’t. Humorous anecdotes and real listener stories add a lively touch to the discussion on infrastructure lobbying and political influence.
34:13
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Quick takeaways
- The potential default on U.S. treasury bonds owned by China could severely impact the U.S. economy and global lending perceptions.
- The behavior of former prime ministers varies significantly, with some remaining actively engaged in politics while others choose a more reserved approach.
Deep dives
Understanding U.S. Treasuries and China
The implications of U.S. decisions regarding treasury bonds owned by China are critically examined. If the U.S. were to invalidate these treasuries, the immediate consequence would likely damage its own financial standing rather than punitive measures against China. Such an action could lead to a global perception of the U.S. as unreliable, raising borrowing costs for future debt as potential lenders would demand higher interest rates to mitigate risk. Thus, the economic ramifications could plunge the U.S. into a recession, adversely affecting its fiscal stability.
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