economic stability

On today's podcast:

1) Several previously confidential documents related to Jeffrey Epstein were made public in federal court in New York after a yearslong battle over their release.

2) The US Supreme Court will chart the nation’s political future as it confronts a potentially stark choice over efforts to remove Donald Trump from this year’s presidential ballot for trying to overturn his 2020 election loss.

3) Iran said blasts that killed almost 100 people in a central province were aimed at punishing its stance against Israel’s invasion of Gaza, building on signs the war against Hamas could tip into a broader regional conflict.

Full Transcript: 
Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with previously confidential documents related to Jeffrey Epstein, now made public in federal court in New York. This follows a year's long battle over their release. The documents were part of a twenty fifteen lawsuit against Epstein associate Glene Maxwell, who's serving a twenty year sentence for sex trafficking. Bloomberg editor Tony Aaron says, most of these documents have been seen, but there'd been redactions. A lot of people had thought there'd be some massive client list or a nice list of names that would be easy for them to follow. It wasn't anything like that. We've been getting about so far, about forty of what's probably going to be hundreds of documents, and in those we've seen names like Bill Clinton, Prince Andrew Britain, and a few others that are all very very familiar and Bloomberg's Tony Aaron says former President Clinton Andrev denied knowing about or participating in Epstein's appropriate conduct. Well, Nathan. Ties to Epstein have led to career downfalls for former Barclay CEO Jess Staley and Apollo Global Management co founder Leon Black, and they've harnished reputations of other high profile figures like Bill Gates and Leslie Wexner, though all have denied knowing about or participating in an inappropriate conduct with Epstein. Virginia Juphrey is the Epstein victim who sued to have these documents released. Paul Pelletier is a former federal prosecutor who's been following the case. Part of the reason why Jeffrey Epstein was prosecuted in New York, or at least was indicted in New York, was because Virginia Giffrey would not stop and former federal prosecutor Paul Pelletier was speaking there. Jeffrey Epstein was charged with sex trafficking in July twenty nineteen, but died by suicide in a Manhattan prison cell before he could stand trial. Okay, Karen, Let's turn to politics in the US now. Former President Donald Trump is now asking the Supreme Court to overturn the ruling and Colorado that has kicked him off that state's primary ballot. Bloomberg Legal editor Eric Latterson says this appeal has a number of possible outcomes. The court could rule, for example, that the Colorado Supreme Court didn't give Trump to process. That's another argument that Trump is making. He's also arguing Detection three of the Fourteenth amend that which you borrow's insurrectionist from holding office federal office, doesn't apply to the office of the presidency, and the Supreme Court could overturn that Colorado decision based only on those findings that they wished, without weighing in on whether Trump was an insurrection In Bloomberg's Eric Larson says the former president faces many ongoing legal cases, but he is still the front runner for the Republican presidential nomination. Now Nathan to an issue that's expected to weigh heavily on voters' minds in the twenty twenty four presidential election. Immigration at the southern border. Republican House Speaker Mike Johnson is pushing for a GOP only border bill, Democrats argue goes too far in securing the US border with Mexico. Johnson led a GOP delegation into the border yesterday as Republicans look to pressure Democrats on border policy changes. The impassover immigration has complicated congressional talks to avert a partial government shut down later this month, and puts more than fifty billion dollars in military at Ukraine at risk should talks collapse. As for rising tensions in the Middle East, care and authorities in Iran say two deadly explosions in a central province our retaliation for its stance against Israel. The US says it has nothing to do with the attacks. Bloomberg's Ed Baxter has the details, and it says neither did Israel. Iran is characterizing them as terror attacks. More than one hundred people killed. The blastnare the grave of Iranian commander Solomane. US State Department quick to respond, spokesman Matthew Miller, I do want to address some of the irresponsible claims that I have seen circulate and say that number one, the United States was not involved in any way, and any suggestion to the contrary is ridiculous, and number two, we have no reason to believe that Israel was involved. Miller says it's in no one's interest to see the conflict escalate, and note it comes a day after an attack in Beyrout that killed in Iran backed Hamas militant leader Ed Baxter Bloomberg Radio, all right, ed, thank you well. Separately, more than a dozen countries we're in the around backed Houthi group in Yemen against continuing their attacks on shipping in the Red Sea. The attacks have disrupted global commerce and triggered a build up of Western naval power in the area. Sources say the US and its allies are considering possible strikes against the Houthis. I'm a concern that the maritime task force launched by Washington may not eliminate this threat to the vital waterway, which normally handles about twelve percent of global commerce. Let's turn out to the economy, Karen and the release of the December FED minutes. Officials expect rates to remain in restrictive territory for some time, but they acknowledge those rates have probably peaked, and Richmond FED President Thomas Barkin says a soft landing is not inevitable. I'd caution you to focus less on the rate path and more on the flight path. Is inflation continuing its descent and is the broader economy continuing to fly smoothly? Conviction on both questions will determine the pace and timing of any change in rates. Richmond Fed president Thomas bark And also did not rule out a March interest rate cut. And in corporate news, Nathan's social media giant TikTok's looking to grow the size of its US e commerce business tenfold to as much as seventeen point five billion dollars this year. Bloombergy tech reporter Alex Spirinka says TikTok's ambitious target may pose a bigger spread to Amazon. Where TikTok is winning is on the fees they're imposing on verchips. They will be raising those fees to six percent in April eight percent in July, but those fees are still lower than Amazon seller fees. On TikTok, They're hoping that you're so engaged in trance and have an emotional connection to the people who are posting these videos that you trust them when they say they like a product, and that makes you want to buy it. And that's Bloomberg's Alex Spirenka. Now for a look at some of the other stories making news around the world, and for that we're joined by Bloomberg's Amy Morris. Samy. Good morning, Good morning, Karen. We're watching a winter storm that's expected to bring snow, rain, and wind to the East this weekend. Bloomberg meteorologist Rob Carolyn has details first significant storm of the season looks like it's headed towards the Northeast and mid Atlantic this weekend. Now, the major cities are probably going to be spared heavy snowfall due to the fact the ocean's still warm, and there'll probably be some mixing with rain and d C Baltimore, also in the New York and Boston area, but north and west of I ninety five, that's where heavier snowfall is likely and less mixing or no mixing at all, and that's going to result in probably a three to six inch snowfall, if not more, north and west of Boston, New York City, and d C and Baltimore. The cities, though d C, Baltimore, New York, and Boston should only end up with about one to three inches as it looks like right now. Now. If this does materialize, it would be the first measurable snow in two years for DC, Baltimore, Philadelphia, and New York. A bomb thread email to officials several states yesterday briefly disrupted government affairs and prompted some state capital evacuations, but the FBI quickly dismissed the threats as a hoax. Connecticut, Georgia, Hawaii, Kentucky, Maine, Michigan, Minnesota, Mississippi, and Montana all the some of the states that evacuated state houses or buildings. Kay Kirkpatrick is a state senator in Georgia. I'm not even sure what would motivate somebody to do something like that that could potential result in loss of life. The FBI says it takes hoax threats very seriously and that investigation is ongoing. We told you how Donald Trump's legal team is appealing to ruling by the main Democratic secretary of State that he is ineligible to appear on the state's GOP primary ballot. Will Fellow GOP presidential candidates have called for that band to be reversed, including former South Carolina Governor Nikki Haley, who says taking Trump off the ballot will lead to more problems. Don't open a door you can't close, and this is a dangerous store to open, and we need the Supreme Court to s been quickly before we have too many states do this still. Haley says she's not surprised to see Trump in a new legal struggle. Scientists say they've developed a new kind of antibiotic to treat dangerous bacteria resistant to most current medicines. The researchers from Harvard University in Hoffman Laroach say the new antibiotic can effectively kill bacteria that cause serious long urinary tract and blood infections. Global news twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Amy Morris, and this is Bloomberg Karen right, Amy, Thank you well. As Amy said, we do bring in the news throughout the day here on Bloomberg Radio. But now you can get the latest news on demand, and that means whenever you want it. Just subscribed to Bloomberg News Now. You can get the latest headlines at the click of a button. Get informed right on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com, plus apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update. Here's John Stanshower. John Canon, the Lakers have hoisted a Championship enner this season. They won that NBA in season tournament, but overall they're under five hundred. Lost at home to Miami one ten to ninety six. Quiet night for Lebron James only twelve points. He shot six of eighteen. The Lakers have lost three in a row eight of their last ten. The Clippers, meanwhile, have won thirteen their last fifteen point thirty one one twenty two at Phoenix, Paul George scored thirty three points cow while Leonards scored thirty. Look at Gonson's went for forty one. Dallas blew out Portland by twenty nine. New Orleans won at Minnesota. That's the first two game losing streak of the season for the Timberwolves. Two top twenty five teams played. They both lost. Number twenty three Providence beaten by Seaton Hall, sixteenths Bank Clemson lost at Miami. It's week eighteen. A lot of the teams, already knowing that they're going to the playoffs, cannot move up in the seedings, so not surprisingly will not play their starting quarterback this weekend. No Lamar Jackson for the Ravens will be replaced by Tyler Hunley. Joe Flacco will sit out for the Browns. It will be Jeff Driscoll no Patrick Mahomes with a Chiefs Blaine Gabbertt replaces him. Carson Wentz fills in for Matthew Stafford on the Rams, and the forty nine Ers will go with Sam Darnold and sit out Rock part Perty who's going to the Pro Bowl. The forty nine Ers lead the way with nine Pro Bowl players, seven from the Cowboys and Ravens, six from the Dolphins and the Eagles. Trevor Lawrence will play for Jacksonville. The Jaguars, with a win will win the AFC South. He missed last week's game and Josh Allen's got the stinger, but he will play for the Bills in a big game at Miami. John Stashley that we're Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Sirius Exam, the Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager on a morning of busy news flow. Jeffrey Epstein's ties to politics and Wall Street are back in the spotlight with the release of dozens of formerly sealed documents. Donald Trump is taking his fight to stay eligible to run in twenty twenty four to the US Supreme Court, and border politics could run up against Congress's effort to keep the government from starting to shut down in a little more than two weeks. Lots to discuss this morning, and here to do that with us now is Bloomberg News correspondent Bruce Einhorn. Bruce, thanks for being with us. Let's start off with the revelations, if any, that we got from these documents that were in the Jeffrey Epstein case that had really been a year's long effort to get them out. Did they shed any new light on Jeffrey Epstein's crimes, Well, so far there aren't too many surprises. So these are the first of what are expected to be hundreds of documents identifying more than one hundred and fifty people. These are documents that had been filed and redacted as part of a twenty fifteen lawsuit against just Laying Ma Well. She, of course, was an associate of Jeffrey Epstein. She was convicted in twenty twenty one of participating in his crimes. He himself died in prison before he ever went to trial. So some of the names that were in the unsealed documents included former President Bill Clinton, Prince Andrew Written. These are names that had already been out there. Former President Trump not mentioned in these documents, but had been identified in testimony in this case, along with former President Clinton as some of the people who had flown on Jeffrey Epstein's plane. So there's maybe more news, more revelations as more of the documents are unsealed, but for now, no big surprises. Yeah, a lot of people have been following this case. Bruce had been expecting or speculating at least that there might be some kind of client list that's been under seal in New York Federal Court. Do we have any indication at this point that such a list exists and could be unveiled at some point. It's possible. At the moment, we don't know about a client list. No, Okay, let's turn to what might have been the other major story otherwise, former President Trump taking his fight to stay on the ballot at least in Colorado to the United States Supreme Court. This is a notable moment in the twenty twenty four rays yes, and the arguments that former President Trump makes are interesting. He has a couple of different arguments that he makes on why the Colorado Supreme Court aired. First of all, he said that one that it would move would unconstitutionally disenfranchised voters in Colorado and potentially disenfranchised voters elsewhere. He said that his lawyers say that in the filing that that insurrection UH was understood by the framers of the Fourteenth Amendment to mean something very specific. According to form President Trump s luers, it meant taking up arms and waging war against the United States, and that's the way that the fourteenth Amendment should be read now, and therefore it doesn't apply to him. This is his argument. He also argued that the fourteenth Amendment, which says very specifically that this that an officer of the United States who UH engaged in an insurrection is ineligible, that that does not include President of the United States and therefore again shouldn't apply to him. And then he also UH criticized the Supreme the Colorado Supreme Court for relying on evidence from the January fourth Select Committee. He said that that's inadmissible and then also said that the insurrection clause in the fourteenth Amendment isn't self executing. This is an argument that constitutional experts have been having about whether or not it is self executing. That is to say that does Congress need to do anything set up procedures for determining whether someone's violated, or can the court just make that decision itself. These are all the arguments that Trump's making, and you know next step is for to hear with the Supreme Court system. This is Bloomberg day Break Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one Ishington, Bloomberg one oh sixty one in Boston, and Bloomberg nine sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus listen coast to coast on the Bloomberg Business app, SERRIUSXM, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak

See omnystudio.com/listener for privacy information.

Day 621.

Today, we bring you the latest updates from Ukraine, discuss the news that Ukraine has been formally recommended for EU membership and we deep-dive into Ukraine’s war time budget. 

Contributors:

David Knowles (Host). @djknowles22 on Twitter.

Dominic Nicholls (Associate Editor, Defence). @DomNicholls on Twitter.

Francis Dearnley (Assistant Comment Editor). @FrancisDearnley on Twitter.

Joe Barnes (Brussels Correspondent). @Barnes_Joe Twitter.

With thanks to Yurii Gaidai, Senior Economist at the Centre for Economic Strategy.

Read more: https://www.hudson.org/foreign-policy/fourteen-facts-about-us-aid-support-cost-ukraine-luke-coffey

Find out more: 

Subscribe to The Telegraph: telegraph.co.uk/ukrainethelatest

Email: ukrainepod@telegraph.co.uk

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Hosted on Acast. See acast.com/privacy for more information.

Pierre Thiam is a renowned chef, restaurant owner, cookbook author, and co-founder of Yolélé – a company working to introduce the world to fonio, an ancient West African grain built for climate change.

But it hasn't been all sunshine and good harvests for Pierre. In fact, he was robbed just days after he first arrived in New York City from Senegal.

It was 1989, and he had just traveled to the U.S. to study chemistry and physics. This chance incident, however, set Pierre’s life on an entirely different course.

This week on How I Built This Lab, Pierre talks with Guy about his company’s work circulating fonio, a nutrient-dense and drought-resistant food source. Pierre also shares how he overcame cultural norms to embrace his cooking career, and his take on the connection between colonization and the vulnerability of our global food systems.

This episode was produced by Katherine Sypher and edited by John Isabella, with music by Ramtin Arablouei. Our audio engineer was Gilly Moon.

You can follow HIBT on Twitter & Instagram, and email us at hibt@id.wondery.com.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Chinese economy is in a slump. Industrial production is down. Retail sales are down. The property industry continues to struggle. The People's Bank of China just did a surprise rate cut. So what's driving the decline and what can the government do about it? On this episode of the podcast we speak with Zongyuan Zoe Liu, the Maurice R. Greenberg Fellow for China Studies at the Council on Foreign Relations and the author of the new book Sovereign Funds: How the Communist Party of China Finances Its Global Ambitions. She explains how the "four Ds" — demand, debt, demographics and decoupling — are acting as a persistent drag on the Chinese economy right now. We discuss possible policy responses and how China's war chest of financial assets plays into the government's strategy.

See omnystudio.com/listener for privacy information.

Your morning briefing. The news you need in just 15 minutes.
On today's podcast:

1) Fed Ready to Raise Rates

2) Former Dallas Fed President Kaplan Urges Pause

3) US Regional Banks Come Under Pressure  

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There are bank runs and also rumors of more bank runs on the horizon. One side says, “the banks are insolvent, get to the lifeboats.” Another side says, “the banks are going to be fine…we’re sick and tired of doomers pulling the fire alarm.” Who’s right?

This is our third episode in a series of conversations. To get the full debate you’ll need to listen to the last two episodes with Balaji Srinivasan and Arthur Hayes.

In this episode, we’re speaking with Ben Hunt who lays out the counterpoint details on why banks are going to be fine. He believes Balaji and Arthur are dangerously wrong. Tune in to hear why!  

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👻 PHANTOM | FRIENDLY MULTICHAIN WALLET
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Timestamps

0:00 Intro
6:55 Ben’s Crypto Credentials 
10:36 Critiques of the Fed
16:55 Ben’s Understanding of Balaji’s Thesis
24:33 What Ben Believes is Untrue
33:42 Treasuries Are the Safest Assets?
43:34 Ben’s Objection
45:55 Icebergs
50:52 Fiat is Better? 
57:45 Step Back for Society? 
1:02:26 Checks on Power
1:07:39 Rules-Based Monetary Policy 
1:12:30 How to Fix the Fed
1:15:35 Closing & Disclaimers 

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Resources:

Previous Debates 
https://www.bankless.com/balaji-bets-the-dollar-will-hyperinflate-to-zero-not-a-drill  
https://www.bankless.com/arthur-hayes-says-get-your-bitcoin-and-get-out 

Ben Hunt
https://twitter.com/EpsilonTheory 

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures 

In the short term, the Federal Reserve's job is straightforward. Raise or lower interest rates in order to meet its employment and inflation targets. But over the years, it has evolved to do a lot more than just set the price of short-term bank borrowing. With each successive crisis, the Fed has taken on new powers and responsibilities to stabilize finance, markets and the broader economy. And with Washington characterized by partisan gridlock, the Fed is seen as the one entity that can actually move with some agility when it's needed. On this episode, we speak with Jeanna Smialek, a Fed reporter at the New York Times, and the author of the new book Limitless: The Federal Reserve Takes on a New Age of Crisis, about the history of the Fed and how it became so powerful.

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In economics, there tends to be two dominant ways of thinking about inflation. Either you agree with Milton Friedman, who described inflation as always and everywhere a monetary phenomenon (the result of too much money printing). Or you're more of a New Keynesian who thinks that higher prices are all about the relationship between demand and capacity. In a new paper inspired by Odd Lots and the series of disruptions that have rocked the economy since the global pandemic, UMass Amherst Economics Professor Isabella Weber describes a potential third way of thinking about inflation. She identifies systemically significant sources of inflation, or industries that could end up having a broader impact on a wide variety of prices. The hope is that by identifying these important sources of inflation early, policymakers can put in place measures to make sure price increases don't get out of hand. 

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