In 'Why We're Polarized,' Ezra Klein argues that America’s political system is polarizing due to the merging of partisan identities with racial, religious, geographic, ideological, and cultural identities. The book explores how these merged identities have led to a dysfunctional political system and traces the feedback loops between polarized political identities and institutions. Klein also discusses the role of media and psychological factors in exacerbating polarization, providing a comprehensive analysis of the current state of American politics[2][3][5].
This book, first published in 1978, tracks various financial crises through time, from 'Tulipmania' to the global financial crisis of 2008. It disentangles the narrative of many financial disasters into their component parts and educates readers on how to identify different phases of the financial cycle. The book covers historical financial manias, typical patterns of crisis evolution, and fraudulent behaviors. Later editions, updated by Robert Z. Aliber and Robert McCauley, include new chapters on cryptocurrency, the US as the global lender of last resort, and recent financial bubbles in China and the US housing market. The book is a valuable resource for finance and economic researchers, students, practitioners, and policymakers[2][3][4].
In '1493', Charles C. Mann explores the global effects of the Columbian Exchange, which followed Columbus's first landing in the Americas. The book details how this exchange led to a global homogenization of species, diseases, and tools, significantly impacting the rise of Europe, the decline of imperial China, and the convulsion of Africa. Mann also discusses how Mexico City became a central hub where Asia, Europe, and the Americas interacted, and how these exchanges have influenced today's political disputes, trade policies, and cultural wars. The book is based on extensive research from biologists, anthropologists, archaeologists, and historians, offering a comprehensive and fascinating look at the origins of modern globalization[2][3][4].
This book provides a panoramic view of financial crises from medieval times to the modern era, highlighting patterns of government defaults, banking panics, and inflationary spikes. It argues that despite technological advancements and institutional changes, financial crises follow similar patterns due to excessive debt accumulation and systemic risks.
Ken Rogoff is the former chief economist of the IMF, a professor of Economics at Harvard, and author of the newly released Our Dollar, Your Problem and This Time is Different.
On this episode, Ken predicts that, within the next decade, the US will have a debt-induced inflation crisis, but not a Japan-type financial crisis (the latter is much worse, and can make a country poorer for generations).
Ken also explains how China is trapped: in order to solve their current problems, they’ll keep leaning on financial repression and state-directed investment, which only makes their situation worse.
We also discuss the erosion of dollar dominance, why there will be a rebalancing toward foreign equities, how AGI will impact the deficit and interest rate, and much more!
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Timestamps
(00:00:00) – China is stagnating
(00:25:46) – How the US broke Japan's economy
(00:37:06) – America's inflation crisis is coming
(01:02:20) – Will AGI solve the US deficit?
(01:07:11) – Why interest rates will go up
(01:10:55) – US equities will underperform
(01:22:24) – The erosion of dollar dominance
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