International Development, The Reserve Currency, and Xi Jinping’s Legacy

This week, Noah Smith and Erik Torenberg unpack China's economic strategies under Xi Jinping, from the controversial tech crackdown to the ambitious Belt and Road Initiative. They explore the intricacies of international currency dynamics, dissect Ben Bernanke's pivotal role in the 2008 financial crisis, and examine the complex effects of brain drain on developing nations. -- 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ -- RECOMMENDED PODCAST:  🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- SPONSORS: GiveWell GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit https://www.givewell.org to find out more or make a donation. Select PODCAST and enter Econ 102 at checkout to make sure they know you heard about them from us. Weights & Biases Weights & Biases Weave is a lightweight AI developer toolkit designed to simplify your LLM app development. With Weave, you can trace and debug input, metadata and output with just 2 lines of code. Make real progress on your LLM development and visit the following link to get started with Weave today: https://wandb.me/cr Altea 🚀Elevate your investment game with Altea by Alts.co. Discover vetted deals in unconventional asset classes, network with captivating individuals, and indulge in exclusive travel experiences. Ready to invest in pro sports teams or film financing? Apply now at www.alts.co/102 and redefine your investment journey. Dealcraft 🎙️ Dealcraft: Insights from Great Negotiators is the brand new weekly podcast that features interviews with world’s greatest dealmakers and diplomats, including Former Secretary of State Henry Kissinger, Blackstone CEO Steve Schwarzman, and music industry super-lawyer John Branca, on their most challenging negotiations. Each episode, host Jim Sebenius (Harvard Business School professor and renowned negotiation expert) relates fascinating deal stories and distills useful insights for listeners to apply in their toughest deals and disputes. Apple: https://link.chtbl.com/3CG3TbHY?sid=Turpentine -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia -- LINKS: Noahpinion: https://www.noahpinion.blog/ -- TIMESTAMPS: (00:00) Intro (01:02) Japan's economic revival (03:18) Foreign Direct Investment (FDI) insights (11:27) Brain drain vs. Brain gain (18:30) Sponsors: GiveWell | Weights & Biases (20:38) Impact of U.S. inflation on global economies (24:26) Countries reliance of dollar (28:22) Future of the US dollar as a reserve currency (30:58) China's economic stimulus and bank bailouts (35:23) Sponsors: Alts | Dealcraft (37:16) 2008 bank bailout (39:02) Xi Jinping's economic and political missteps (44:37) Belt and Road initiative (47:15) China's internal struggles and leadership (49:42) Strategies for China's future success (53:25) Wrap