‘It’s BULLS***T’ | Justin Wolfers tears apart Trump’s latest economic plan
Summary
Host Maddy Hale and economist Justin Wolers analyze Trump’s proposal to ban US diesel exports, arguing it contradicts his trade agenda and harms energy producers. They discuss the economic rationale behind press freedom, framing a free press as essential for voters to monitor their elected officials. The episode also covers Mark Carney’s efforts to position Canada as a reliable middle power amid US instability. Finally, Wolers assesses the US-China tariff truce, noting that Trump’s inability to absorb economic pain undermines America’s leverage in negotiations with Beijing and Moscow.
Topics discussed
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Intro: Hosts and the globalization metaphor
Trump's proposal to ban diesel exports
US energy independence and global price linkage
Economic theory: Export bans and consumer discounts
Impact on US energy producers and jobs
Diesel vs. gasoline: Political reactions
International reaction and potential trade war
Comparison to sanctions on Iran
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US reliability and global partner trust
The cat metaphor: Long-term cooperation
Mark Carney and the rise of middle powers
European bureaucracy and alliance stability
NATO and the economics of defense
Trumpism as a permanent political force
Defining middle powers: Australia and UK
Assessing the state of the US economy
Press freedom and economic transparency
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Democracy as an employer-employee relationship
Sanctions on Russian energy buyers
Geopolitical leverage and pain absorption
Political incentives and diplomatic blather
Sponsor: Perk travel and spend platform
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