Economics Explored

Gene Tunny and John Humphreys dissect the causes behind Australia's productivity slump, analysing recent GDP data, labour market policies, and regulatory constraints. They debate whether tax cuts should precede spending cuts and question the effectiveness of central planning and government intervention (i.e. ‘picking winners’) in driving innovation. John is Chief Economist at the Australian Taxpayers’ Alliance (ATA). This episode is the audio of an ATA livestream on 12 June 2025.Please email Gene your thoughts on this episode via contact@economicsexplored.com.TimestampsNational Accounts and Productivity Concerns (0:00)Government's Productivity Roundtable and Regulatory Reforms (4:34)Economic Policy and Institutional Reforms (8:19)Challenges in Private Investment and Productivity Measures (13:56)Industrial Relations and Labour Market Reforms (18:14)Housing Market and Regulatory Barriers (22:56)Tax Reforms and Fiscal Responsibility (29:59)Superannuation Tax Changes and Political Implications (47:15)Conclusion and Future Prospects (57:22)TakeawaysAustralia is in an 8-year productivity slump, with minimal growth in GDP per hour worked and GDP per capita declining in most recent quarters.The Albanese Government’s proposed productivity roundtable is met with scepticism, particularly due to its unwillingness to touch industrial relations.Private investment remains weak, threatening future economic growth despite government spending and immigration-fueled expansion.Superannuation changes are controversial, especially the proposal to tax unrealised gains and the lack of indexation, prompting fears of unfair treatment of self-managed funds.Regulation, housing policy, and taxation are significant barriers to productivity; both speakers call for serious reform and question whether centralisation in Canberra helps or hinders progress.Links relevant to the conversationATA livestream (i.e. video of this episode):https://www.youtube.com/live/lDlner_PHc0?si=1M9krIiPwvIcFxLsATA website:https://www.taxpayers.org.au/Australia’s National Accounts:https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/latest-releaseLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Gene Tunny and Darren Brady Nelson delve into the gold reserves at Fort Knox, exploring whether the gold is as pure as expected and what the implications might be for the U.S. dollar if it's not. They cover the history of gold confiscation, central bank policies, and the enduring allure of gold in uncertain economic times. This episode was inspired by a question Gene received at a talk he gave to the AusIMM Sydney branch in April 2025. Darren is currently the Chief Economist at Fisher Liberty Gold. This episode contains general information only, and nothing in this episode should be considered as investment or financial advice.  Please email Gene your thoughts on this episode via contact@economicsexplored.com.TimestampsDarren Brady Nelson's Role at Fisher Liberty Gold (0:00)Investing in Gold Through Fisher Liberty Gold (3:00)The Gold in Fort Knox: Historical Context and Implications (5:11)The Quality and Purity of Gold in Fort Knox (7:58)The Role of Gold in Economic Uncertainty and Impact of Tariffs (28:57)Central Banks’ Role in Gold Markets (34:08)The Future of Gold and Monetary Policy (38:37)The Independence of Central Banks (40:53)The Role of Government in Economic Growth (48:46)Final Thoughts and Future Topics (53:41)TakeawaysFort Knox's Gold Purity Questioned: Much of the U.S. gold reserve came from coin melts, meaning it may fall short of the “Good Delivery” standard of 99.5% purity.Audit Calls from High Places: Figures like Trump, Elon Musk, and Rand Paul have recently advocated for a Fort Knox audit.Central Banks Stockpile Gold: Global central banks are shifting reserves from U.S. dollars to gold, with 1,000 metric tons of gold purchases expected in 2025.Gold as Growth, Not Just Protection: Darren's modelling shows gold may outperform the S&P 500 over the long term.Audit the Fed?: The episode concludes with a discussion on Ron Paul's push to audit the Federal Reserve and whether central banks should remain as independent as they are.Links relevant to the conversationFisher Liberty Gold:https://www.fisherlibertygold.com/Mises Institute article “The Gold at Fort Knox Was Stolen from Americans”:https://mises.org/mises-wire/gold-fort-knox-was-stolen-americansMises Institute article “How Much Gold Does the US Government Own, and Where Is It?”:https://mises.org/power-market/how-much-gold-does-us-government-own-and-where-itReuters report on central bank gold purchases:https://www.reuters.com/world/india/central-banks-track-4th-year-massive-gold-purchases-metals-focus-says-2025-06-05/Bernanke’s apology for Great Depression on behalf of the Fed to Milton Friedman:https://www.federalreserve.gov/boarddocs/speeches/2002/20021108/Perth Mint:https://www.perthmint.com/In Gold We Trust report:https://ingoldwetrust.report/?lang=en   Peter Bernstein’s book “The Power of Gold”:https://www.amazon.com.au/Power-Gold-New-Foreword-Obsession/dp/111827010XLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED 

Emmanuel Daniel, founder of the Asian Banker, explains how global economic dynamics are shifting. The discussion covers the decline of multilateral trade arrangements, the strategic blunders in U.S. tariff policy, why a BRICS currency won’t replace the US dollar as the global reserve currency, and the rise of domestic fintech infrastructures that challenge Western dominance in financial services. For example, the challenges Visa and Mastercard face in Indonesia are explored. Emmanuel Daniel, founder of the Asian Banker, explains how global economic dynamics are shifting. The discussion covers the decline of multilateral trade arrangements, the strategic blunders in U.S. tariff policy, why a BRICS currency won’t replace the US dollar as the global reserve currency, and the rise of domestic fintech infrastructures that challenge Western dominance in financial services. For example, the challenges Visa and Mastercard face in Indonesia are explored. Please email Gene your thoughts on this episode via contact@economicsexplored.com.TimestampsGlobal Economic Trends and Trade Wars (0:00)Impact of Trump's Trade Policies on the US (3:11)Evolution of the US Economy and Services Industry (6:19)Concerns About US Recession and Consumption (11:53)Reactions from Exporting Countries (14:56)Challenges for US Corporations in Emerging Markets (22:37)BRICS and the Future of the US Dollar (27:55)Geopolitical Implications of Trade Policies (39:12)Long-Term Economic Trends and AI (39:33)Final Thoughts and Future Prospects (42:18)How would you rate this summary?TakeawaysCapital Flows Over Trade: The U.S.'s remaining global leverage lies in capital flows—not trade—due to its deep, open financial markets and dominance in dollar-based transactions.Tariff Tactics Are Backfiring: Trump’s tariff policies lack coherence and are harming U.S. markets and consumers. There's no clear playbook, only reactionary moves.BRICS Currency Is a Mirage: Internal distrust among BRICS nations and incompatible fiscal policies make a unified currency unfeasible, at least in the near future.Global Shift in Financial Services: Countries like Indonesia and India are creating their own payment systems, sidelining U.S. giants like Visa and MasterCard in favor of local fintech solutions. We’re in a New Multipolar Era: Similar to pre-WWI geopolitics, the world is entering a new phase of power realignment—this time driven by technology, information, and AI.Links relevant to the conversationAbout this episode’s guest Emmanuel Daniel:https://www.emmanueldaniel.com/biography-and-contact/Previous episode on real time payments featuring World Bank expert:https://economicsexplored.com/2025/04/03/inside-project-fastt-real-time-payments-for-all-ep278/Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Kim Flynn, President of XA Investments, discusses her 25-year career in asset management, focusing on alternative investments. She highlights the challenges faced during the 2008 financial crisis at Nuveen Investments, where she refinanced $15 billion in frozen auction rate securities. Flynn explains the structure and benefits of closed-end funds, particularly interval funds, which offer periodic liquidity. She details XA Investments' three SEC-registered closed-end funds with $900 million in assets, emphasizing private credit strategies with yields ranging from 9% to 15%. Flynn also explores the potential of alternative investments like farmland, infrastructure, and crypto, noting their role in portfolio diversification and income generation. Note: this episode contains general information only and is not financial or investment advice. Please let Gene know your thoughts on this episode by emailing him at contact@economicsexplored.com.About Kimberly Ann FlynnKimberly Ann Flynn is a President at XA Investments. She is a partner in the firm and responsible for all product and business development activities. Kim is responsible for the firm's proprietary fund platform and consulting practice. Kim has developed an expertise in closed-end fund product development and is a frequent contributor to media and industry events on topics including interval funds, alternative investments and London-listed investment companies. Kim has earned the CFA designation and is a member of the CFA Institute and CFA Society Chicago. She is also Series 7, 63 and 24 licensed.Previously, Kim was Senior Vice President and Head of Product Development for Nuveen Investments' Global Structured Products Group. In her 11 years at Nuveen, she helped develop over 40 closed-end funds, raising approximately $13 billion in capital. In her leadership role at Nuveen, Kim was responsible for asset-raising activities through the development of new, traditional and alternative investment funds, including CEFs, ETFs, UITs and commodity pools.Kim received her MBA degree from Harvard University, where she was a William J. Carey scholar and President of the HBS Volunteers. Before attending Harvard Business School, Kim spent three years working in Morgan Stanley's Investment Banking Division (1999-2002) in their Chicago office. She earned her BBA in Finance and Business Economics, summa cum laude, from the University of Notre Dame in 1999 where she was a valedictorian candidate, Rhodes Scholar finalist and the first recipient of the Paul F. Conway Award, given to a senior in the Department of Finance who embodies Notre Dame's tradition of excellence and who enriches the ideals of the university.Kim was recently selected to serve on the Notre Dame Wall Street leadership committee. She also serves on the board of the Women in ETFs Chicago chapter as Head of the Mentorship Committee and on the advisory board of Youth Guidance's Becoming A Man program. She is an active member of the University Club of Chicago and the Harvard Club of New York City, where she conducts regular business. Kim and her family - husband, Leo; son, Teddy; and daughter, Rose - live in Lincoln Park.TimestampsIntroduction (0:00)Kim Flynn's Career Journey (3:09)Experience During the 2008 Financial Crisis (4:41)Development of New Financial Products Post-Crisis (7:17)Understanding Closed-End Funds and Interval Funds (8:48)Investment Strategies and Alternative Assets (21:01)Energy Investments and ESG Considerations (29:02)Gold, Crypto, and the Role of FinTech (31:36)Evaluating Asset Managers and Investment Strategies (35:03)Investment Outlook and Market Dynamics (47:07)TakeawaysAlternative Investments Offer Diversification: Kim Flynn explains that alternative investments, including real estate, private credit, and farmland, provide diversification benefits, reducing reliance on traditional stocks and bonds.Liquidity Management is Crucial: Interval funds allow limited liquidity for investors, making them suitable for illiquid asset classes like private equity and real estate.Lessons from the 2008 Crisis: Kim shares her experience during the financial crisis, where she managed funds impacted by frozen liquidity, highlighting the importance of flexibility and innovation.Private Credit and Farmland Are Popular: Kim notes that private credit and farmland investments have seen significant interest due to their yield potential and inflation protection.Understanding Liquidity Premiums: Kim emphasizes that investors should seek a 300-400 basis point premium for illiquid investments compared to equivalent public market assets.Links relevant to the conversationKim’s bio on the XA Investments website:https://xainvestments.com/team/US Treasury webpage on the Troubled Asset Relief Program (TARP):https://home.treasury.gov/data/troubled-asset-relief-programLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Gene Tunny interviews William ‘Bill’ Welser IV, the visionary behind Lotic, an AI startup designed to transform personal data into actionable insights while protecting user privacy. Bill discusses how Lotic’s AI-powered digital companion is designed to help users make better decisions, improve mental health, and understand their behavior patterns. The episode dives into ethical considerations, data security, and the economic implications of widespread AI adoption.Please let Gene know your thoughts on this episode by emailing him at contact@economicsexplored.com.TimestampsIntroduction (0:00)Bill Welser's Vision for Lotic AI (3:14)Data Collection and User Interaction (6:18)Behavioral Insights and Health Applications (14:20)Privacy and Legal Considerations (32:51)User Demographics and Market Reach (34:58)Startup Journey and Future Plans (44:12)TakeawaysPersonalized AI as a Digital Companion: Lotic aims to transform individuals from passive data subjects into active agents by providing personalized insights. The AI helps users understand themselves better, make small behavioral changes, and potentially improve mental health, relationships, and job satisfaction.Privacy and Ethical Data Collection: Bill Welser emphasizes a deliberate, privacy-first approach to data collection. Lotic uses advanced cryptography, blockchain technology, and user-controlled data sharing to protect personal information, ensuring users have agency over their data and insights.Potential Economic Impact of AI: Welser suggests that as AI disrupts traditional job markets, individuals could leverage their personal data as a form of currency. He believes creating comprehensive, discrete personal data sets could help mitigate potential unemployment waves and provide new economic opportunities for people.Links relevant to the conversationLotic website:https://www.lotic.ai/CEO Magazine profile of Bill Welser IV:https://digitalmag.theceomagazine.com/william-welser-iv/?r=globalEverybody Lies: Big Data, New Data, and What the Internet Can Tell Us about Who We Really Arehttps://www.amazon.com.au/Everybody-Lies-Internet-About-Really/dp/0062390856Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Kevin Kennon, an award-winning architect, discusses the future of cities, housing affordability, and the role of architecture in urban life. He emphasizes the importance of smarter density, mixed-use developments, and integrating residential, commercial, and community spaces. Kennon highlights the impact of tariffs on housing costs and the need for free trade. He also discusses the benefits of prefabricated components over modular housing and the role of urban transport in housing affordability. Kennon advocates for architects to have a greater role in shaping public policy to improve livability and economic vitality in cities.Please let Gene know your thoughts on Trump’s tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.About Kevin KennonKevin Kennon is an internationally renowned architect with over 40 years of experience, specializing in environmentally sustainable and innovative design. As the founder and CEO of Beyond Zero DDC Inc., Kevin leads the development of zero-carbon emission luxury eco-resorts in remote wilderness locations worldwide, merging design excellence with ecological responsibility. His extensive portfolio includes projects like the 1.5 million square foot Barclays North American Headquarters, the Rodin Museum in Seoul, and multiple award-winning Bloomingdale’s stores. Additionally, he led United Architects, a finalist in the prestigious World Trade Center design competition, further solidifying his impact on architectural innovation.  Kevin’s expertise spans adaptive reuse, urban planning, and large-scale developments, with projects featured in the permanent collection of MoMA, New York. He has earned over 40 international design awards and is a sought-after thought leader, contributing to discussions on urban development, climate change, and sustainable architecture. His work extends beyond architecture; as an expert witness and lecturer at leading institutions like Yale and Columbia, he brings a multidisciplinary approach to his craft. TimestampsIntroduction (0:00)Kevin Kennon's Journey into Architecture (2:53)Economic Considerations in Architecture (7:13)Impact of Tariffs on Housing Affordability (11:22)Challenges in Housing Development (15:53)NIMBY Issues and Urban Development (18:19)Principles of Better Urban Design (21:00)Social Housing and Public Investment (33:01)Role of Urban Transport in Housing Development (38:05)Modular Housing and Productivity (44:12)TakeawaysSmarter Density is Key: Cities should move away from rigid zoning that separates residential and commercial spaces, instead creating mixed-use developments that blend different functions and create more vibrant, integrated neighborhoods.Architecture is About Imagining the Future: Architects are not just solving spatial problems, but are critical thinkers who can help design more livable, affordable, and sustainable urban environments that address complex social and economic challenges.Economic Considerations Drive Urban Design: Real estate development is deeply influenced by economic factors like tariffs, interest rates, and investment strategies, which significantly impact housing affordability and urban development.User Control Enhances Productivity: Workplace design should focus on giving people greater control over their environment, including temperature, lighting, and space configuration, which can improve overall productivity and satisfaction.Modular Housing Has Limitations: While prefabricated housing components show promise for reducing construction costs, they are not a magic bullet for housing affordability. Successful solutions require a holistic approach considering local conditions, transportation, and community needs.Links relevant to the conversationKevin’s Wikipedia entry:https://en.wikipedia.org/wiki/Kevin_KennonEconomics Explored episode w/ Natalie Rayment, YIMBY QLD on the Missing Middle in housing:https://economics-explained.simplecast.com/episodes/missing-middle-housing-other-urban-planning-issuesLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Nineteenth-century American economist Henry George blamed poverty and depressions on landlords. George argued that their rents were associated mainly with public investments and should be shared with the community. Show host Gene Tunny speaks with returning guest John August about Georgism—the economic philosophy of Henry George that advocates for a single tax on land value. They explore the ethical and economic arguments behind taxing land, its historical popularity, and how it is perceived today. The discussion covers economic rent, speculation, tax distortions, and housing policy, critically examining Georgism's assumptions and limitations. John is the Fusion Party candidate for Bennelong in the upcoming Australian federal election. Please let Gene know your thoughts on Trump’s tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.TimestampsIntroduction (0:00)John August’s Background and Campaign (4:19)Georgism and Its Influence (7:25)Economic Theory and Georgism (11:35)Critique of Georgism (16:19)Land Value Taxation and Economic Rent (23:15)Impact of Georgism on Economic Policy (31:54)Conclusion and Future Discussion (49:33)TakeawaysGeorgism, developed by Henry George in the 19th century, proposes a radical approach to taxation by advocating for a single tax on land values to address economic inequality and reduce speculation.While most economists reject Georgism, the theory continues to have passionate advocates who argue that land value taxation could create a more productive and just economic system.The Georgist perspective highlights how public infrastructure and community development can increase land values, creating unearned income for property owners without compensating the broader community.Modern Georgists have moved away from the original concept of a 100% land value tax, instead advocating for a significant increase in land value taxation as part of a broader tax reform strategy.The theory raises important questions about property speculation, economic rent, and the potential for less distortionary forms of taxation that could promote more equitable economic development.Links relevant to the conversationJohn’s federal election campaign website: John August for Bennelonghttps://www.fusionparty.org.au/john_august_bennelongGrand Pursuit: The Story of Economic Genius - Nasar, Sylviahttps://www.amazon.com.au/Grand-Pursuit-Story-Economic-Genius/dp/0684872986Fixing Australia’s Housing Crisis: Fusion’s Plan w/ Owen Miller – EP277https://economicsexplored.com/2025/03/27/fixing-australias-housing-crisis-fusions-plan-w-owen-miller-ep277/Trent Saunders and Peter Tulip’s RBA Discussion Paper “A Model of the Australian Housing Market”:https://www.rba.gov.au/publications/rdp/2019/2019-01/Lumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Gene Tunny and Nicholas Gruen dive deep into the economic implications of Trump's sweeping tariffs. They explore the micro and macroeconomic dimensions—from optimal tariff theory to trade deficits and geopolitical fallout. With humour, clarity, and urgency, they unpack why these tariffs will do more harm than good, both economically and politically. A video version of this episode will appear as an episode of the Uncomfortable Collisions with Reality podcast on Nicholas’s YouTube channel. Please let Gene know your thoughts on Trump’s tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.Update: As of Friday morning (GMT+10), 11 April 2025, Trump’s reciprocal tariffs on countries other than China have been delayed 90 days. TimestampsIntroduction and Purpose of the Podcast (0:00)Micro and Macroeconomics of Tariffs (3:17)Optimal Tariff and Economic Models (6:30)Challenges of Tariffs and Adjustment Costs (49:45)International Macroeconomic Implications (50:06)Historical Context and Policy Responses (1:06:52)Conclusion and Future Outlook (1:10:22)TakeawaysTariffs Are a Tax—Mostly Paid by Domestic Consumers: While Trump claims foreigners pay, economic models show that domestic consumers typically bear the burden.Optimal Tariff Theory Has Limits: While large economies might, in theory, benefit from some tariffs, real-world retaliation, adjustment costs, and supply chain complexities negate most benefits.Rule of Law Undermined: Trump's unilateral imposition of tariffs under national security justifications breaks trust in U.S. international agreements and damages credibility.Macroeconomic Drivers Are Key to Trade Deficits: Tariffs are a microeconomic tool used to address a macroeconomic problem—high consumption and low savings—which misses the real issue.Supply Chains Suffer from Tariff Shock: Modern manufacturing depends on intricate global supply chains. Tariffs disrupt production and create uncertainty for businesses.Links relevant to the conversationNicholas Gruen and Gene Tunny’s article “Why Trump’s tariffs are better than you think — and much worse”:https://www.crikey.com.au/2025/03/06/donald-trump-tariffs-impact-global-economy/Nicholas’s YouTube channel which hosts his Uncomfortable Collisions with Reality podcast:https://www.youtube.com/@NicholasGruenLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Are Trump’s tariffs a masterstroke of economic negotiation or a blunder with global consequences? Show host Gene Tunny and returning guest Darren Brady Nelson debate the rationale behind punitive tariffs, the backlash from markets, and whether this is all part of a broader deal-making strategy. They also discuss Elon Musk’s DOGE initiative and Darren’s run-in with a wild turkey on Wisconsin’s special elections campaign trail.Please let Gene know your thoughts on Trump’s tariffs and any questions or comments regarding this episode by emailing Gene at contact@economicsexplored.com.TimestampsIntroduction and Market Reaction to Trump's Tariffs (0:00)Darren Brady Nelson's Run-In with a Wild Turkey (1:45)Assessment of Trump's Tariffs (6:51)Formula for Calculating Tariffs (12:26)Impact on Consumers and Businesses (19:59)National Security Considerations (37:06)DOGE's Role in Identifying Waste and Fraud (44:07)Wisconsin Special Election and Voter ID Law (55:14)Australian Election Predictions (1:00:42)Final Thoughts and Closing Remarks (1:05:44)Links relevant to the conversationTrump’s Executive Order “Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits”:https://www.whitehouse.gov/presidential-actions/2025/04/regulating-imports-with-a-reciprocal-tariff-to-rectify-trade-practices-that-contribute-to-large-and-persistent-annual-united-states-goods-trade-deficits/Statement by IMF Managing Director Kristalina Georgieva:https://www.imf.org/en/News/Articles/2025/04/03/pr2587-statement-by-imf-managing-director-kristalina-georgievaDarren’s 2018 article “Trumpʼs tariffs: free, fair or foul trade?”, in which he discusses Adam Smith and free trade: https://drive.google.com/file/d/1xQEt4n1bJ-W3RN2-H7_0w3q6vcI3eBCc/view?usp=sharingDan Mitchell’s “Six Visuals to Understand Trump’s Suicidal Tax Increase on Trade”:https://www.imf.org/en/News/Articles/2025/04/03/pr2587-statement-by-imf-managing-director-kristalina-georgievaCNN reporting, “This is the dubious way Trump calculated his ‘reciprocal’ tariffs”:https://edition.cnn.com/2025/04/03/economy/reciprocal-tariff-math/index.htmlAxios reporting, “Trump's surprisingly simple tariff math”:https://www.axios.com/2025/04/03/how-trump-calculated-tariffs-trade-deficitCNBC reporting, “Trump open to tariff negotiations, contradicting White House aides”:https://www.cnbc.com/2025/04/03/trump-tariffs-live-updates-stock-market-trade-war.htmlNote this reporting: ‘Top Trump trade advisor Peter Navarro denied that Trump’s new tariffs are being used as a tool to negotiate better trade terms with other countries.’Great Reset discussion with Darren from 2020:https://economics-explained.simplecast.com/episodes/the-great-resetDOGE’s reported savings:https://doge.gov/savingsLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.

Show host Gene Tunny and the World Bank’s Nilima Ramteke delve into the transformative impact of fast payments. They discuss how Project FASTT (Frictionless Affordable Safe Timely Transactions) bridges financial gaps and drives inclusive economic development worldwide. For example, they cover how QR codes and mobile apps make digital payments more accessible for small merchants and rural communities.If you have any questions, comments, or suggestions for Gene, please email him at contact@economicsexplored.com.TimestampsIntroduction (0:00)Overview of Project FASTT (2:28)Benefits and Implementation of Fast Payment Systems (7:50)Challenges in Implementing Fast Payment Systems (14:51)Role of Central Banks and Trust in Fast Payment Systems (20:33)Impact of Fast Payment Systems on Cryptocurrencies (25:53)Conclusion (31:36)TakeawaysFast payments enable 24/7, low-cost, secure, real-time transactions, making them vital for financial inclusion.Project FASTT provides a toolkit and support for implementing fast payment systems globally.Central banks, in collaboration with private sectors, play a key role in designing and implementing fast payment systems.QR codes and mobile apps make digital payments more accessible for small merchants and rural communities.Fast payments offer an alternative to cryptocurrencies in emerging markets, significantly where volatility and regulatory risks hinder crypto adoption.Links relevant to the conversationWorld Bank Project FASTT website: https://fastpayments.worldbank.org/World Bank paper on “What Does Digital Money Mean for Emerging Market and Developing Economies”:https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099736004212241389/p17300602cf6160aa094db0c3b4f5b072fcLumo Coffee promotion10% of Lumo Coffee’s Seriously Healthy Organic Coffee.Website: https://www.lumocoffee.com/10EXPLOREDPromo code: 10EXPLORED Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.