TALKING POLITICS

Adam Tooze/Shockwave


Listen Later

David and Helen talk to Adam Tooze about what we know about the crisis that we didn't know a month ago, and what we still don't have much of a clue about. From fights inside the French government to the fate of the planet, from shale gas to corona bonds, we try to join up the dots. Plus a small update recorded after news of the oil price-drop. Read 'Shockwave' by Adam Tooze in the LRB https://www.lrb.co.uk/the-paper/v42/n08/adam-tooze/shockwave.


Talking Points:


The dominant reality is the scale of the unemployment rate, especially in the U.S.

  • Michigan’s unemployment rate soared to 25% in a single month.
  • We have often seen an extraordinary policy response. 


The Fed’s initial policy response was a failure: they didn’t stabilize share and bond markets. But it has now, at least in part, succeeded.

  • It also seems to have stabilized dollar funding markets.
  • The Fed did in about 3 days what took roughly a year in ‘07/’08.
  • Will these actions make democratic politics more difficult in the medium term?


The Fed’s ability to act in certain ways has depended on congressional cooperation. 

  • This could change if Biden were elected. Trump’s presidency enables the GOP to behave more pragmatically.
  • The shale industry is being bailed out—this is a tricky issue for the Democratic party.


Is data the new oil?

  • The tensions between Russia and Saudi crashed into the virus. 
  • It’s hard to see how oil prices will recover any time soon.
  • Are we entering the oil endgame? If so, seizing market share immediately is much more important.  
  • The oil and the financial elements of this crisis are closely connected.


Has anyone moved the dial on corona bonds?

  • The Germans didn’t want the question to be put, but the French went ahead and did it.
  • But Macron’s recent interview with the Financial Times was vague. How serious are they?
  • How does the Eurozone engage in common borrowing without engaging in common taxation?


Mentioned in this Episode:

  • Our last episode with Adam
  • David and Helen talking to Nate Silver
  • Adam’s piece for the LRB on COVID and the global economy 
  • Macron’s interview with the Financial Times… on YouTube
  • The transcript of Macron’s FT interview


Further Learning: 

  • 538 on American unemployment numbers
  • More on ‘coronabonds’


And as ever, recommended reading curated by our friends at the LRB can be found here: lrb.co.uk/talking

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

...more
View all episodesView all episodes
Download on the App Store

TALKING POLITICSBy David Runciman and Catherine Carr

  • 4.7
  • 4.7
  • 4.7
  • 4.7
  • 4.7

4.7

622 ratings


More shows like TALKING POLITICS

View all
The LRB Podcast by The London Review of Books

The LRB Podcast

311 Listeners

In Our Time by BBC Radio 4

In Our Time

5,534 Listeners

Page 94: The Private Eye Podcast by Page 94: The Private Eye Podcast

Page 94: The Private Eye Podcast

417 Listeners

Daily Politics from the New Statesman by The New Statesman

Daily Politics from the New Statesman

154 Listeners

Best of the Spectator by The Spectator

Best of the Spectator

185 Listeners

Coffee House Shots by The Spectator

Coffee House Shots

173 Listeners

The Briefing Room by BBC Radio 4

The Briefing Room

68 Listeners

Oh God, What Now? by Podmasters

Oh God, What Now?

193 Listeners

Rock & Roll Politics with Steve Richards by Steve Richards

Rock & Roll Politics with Steve Richards

56 Listeners

Talking Politics: HISTORY OF IDEAS by Talking Politics

Talking Politics: HISTORY OF IDEAS

482 Listeners

Westminster Insider by POLITICO

Westminster Insider

42 Listeners

The Rest Is Politics by Goalhanger

The Rest Is Politics

3,568 Listeners

The Rest Is Politics: Leading by Goalhanger

The Rest Is Politics: Leading

806 Listeners

Past Present Future by David Runciman

Past Present Future

355 Listeners

The Econoclasts by UnHerd

The Econoclasts

127 Listeners

Not Another One by Steve Richards, Miranda Green, Tim Montgomerie and Iain Martin

Not Another One

27 Listeners