Why the Next Age of Globalization Will Be Awesome, a Cheaper US Dollar, and Reducing the Deficit

Economist Noah Smith and Erik Torenberg discuss Noah's Substack essays about a possible age of Austerity, and moving away from China for the US's next age of globalization. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join: https://www.daffy.org/econ102 We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | DAFFY | NETSUITE  Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout.  Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102  NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co -- LINKS: “An Age of Austerity is probably on the way” : https://www.noahpinion.blog/p/an-age-of-austerity-is-probably-on “No one knows how much the government can borrow” : https://www.noahpinion.blog/p/no-one-knows-how-much-the-government “The next phase of globalization is going to be awesome” : https://www.noahpinion.blog/p/the-next-phase-of-globalization-is -- Timestamps: (00:00) Episode Preview (01:24 - 23:48) Age of Austerity (04:27) Reducing the deficit (02:47) What spending cuts will we see? (06:10) What’s the bottom line for growth? (18:38) Sponsors: Daffy and Netsuite (23:49) Adjust your graphs for inflation! (25:22) Why a cheaper US dollar is actually a weapon (26:55) Chinese “dumping” (29:42) The next wave of globalization is going to be awesome (32:29) China is a nuts country (33:35) Are we deglobalizing? (35:51) South and Southeast Asia (43:19) Economic Nationalism is here to stay (46:57) Globalization moving forward is about reducing our dependency on China -- X / TWITTER:  @noahpinion (Noah) @eriktorenberg (Erik)