
S9 Ep26: The public origins of American innovation
The standard story of American innovation features Silicon Valley, venture capital, and the heroic startup founder.When you trace the history of the internet, GPS, mass-produced penicillin, or the COV...
24 Apr 31min

S9 Ep25: Rebalancing the Chinese economy
In 2003, Premier Wen Jiabao warned that China's growth model was unbalanced between supply and demand, over-reliant on investment and exports. More than 20 years later, the imbalance is smaller — but ...
20 Apr 27min

S9 Ep24: Stablecoins and Global Imbalances
A radical macroeconomic experiment is under way at exactly the moment the US external position is showing signs of real stress.Gilles Moëc, Chief Economist at AXA, has written a chapter in the fourth ...
13 Apr 31min

S9 Ep23: Global imbalances redux
Three times since the 1970s, global imbalances have grown large. In the 1980s, the US trade deficit ballooned under Volcker's tight money and Reagan's tax cuts and military spending. In the 2000s, a g...
13 Apr 34min

S9 Ep22: World War Trade
On 2 April 2025, the United States imposed tariffs on almost every country on earth. The next day, China responded with export controls on the entire world. In the space of one week, world trade had b...
2 Apr 26min

S9 Ep21: The Bank of England's capital mistake?
"When you look at the world now, does it look more uncertain or less uncertain?" In December 2025, the Bank of England's Financial Policy Committee (FPC) answered that question by cutting the equity c...
27 Mar 24min

S9 Ep20: What triggered January 6?
Two explanations circulated immediately after the March to Save America on January 6, 2021 turned into a riot: a mob manipulated by a demagogue, or ordinary citizens defending democracy against a stol...
20 Mar 20min

S9 Ep19: Can blockchain decentralise money, contracts, and finance?
Every Bitcoin transaction needs to be verified on the blockchain. There is no central authority that does this, but Bitcoin's blockchain has run uninterrupted since 2009 and now carries a market capit...
17 Mar 33min




















