In mid-December, we published our geopolitical outlook for 2021. In this podcast episode, Phil Adler, our host, interviews Bill O’Grady and Patrick Fearon-Hernandez as they examine the five areas of concern discussed in the report. These issues are the return of the establishment, the anti-China alliance project, the Middle East, North Korea, and the return of inflation. In addition, we talk about the factors that failed to make the cut for the written report, such as Russia, the pandemic, and climate change.