Policy Punchline

It’s been ten years since the 2008 financial crisis, and scholars and policy makers are still reflecting on its causes and effects. The world has gone through a series of tightening regulations and de-risking; the transparency and interdependence of the financial sector have improved… But is the crisis truly over? In 2018, 10 years after the crisis, a compelling analysis of what really happened was published –– "Crashed: How a Decade of Financial Crises Changed the World."

Prof. Tooze teaches and researches widely in the fields of twentieth-century and contemporary history. From a start in modern German history with a special focus on the history of economics and economic history his interests have widened to take in a range of themes in political, intellectual and military history, across a canvass stretching from Europe across the Atlantic.

A few punchlines?

Using the national economic paradigm from the 20th century to explain the financial crisis is outdated. The “macrofinancial” revolution tries to re-map the global economy through interlocking corporate balance sheets and cash flows, and that’s a much more novel perspective.

The only place that we’re seeing growth dynamic enough and credit building up rapid enough to see anything remotely like the 2008 crisis would be China, though we’re not sure about its whiplash effects.

When you say “too big to fail” nowadays, you probably don’t even think of the banks anymore, and the attention has shifted to big techs and many other corporations.

In our last episode, Dr. Celeste Wallander discussed Putin’s Revisionist vision, Russia’s micro-aggression in Eastern Europe, the effect of American sanctions, and the possibility of a nuclear escalation among many other topics… In this episode, we continue our conversation with her. She will explain why military technology could be a "human construct," how the current discourse on Russia is too politicized, and how policy making differs from academia...

Dr. Wallander is the President of the U.S.-Russian Foundation and former Deputy Assistant Secretary of Defense for Russia/Ukraine/Eurasia (2009-2012).

She served as Special Assistant to the President and Senior Director for Russia/Eurasia on the National Security Council (2013-2017), professor at American University (2009-2013), visiting professor at Georgetown University (2006-2008), Director for Russia/Eurasia at the Center for Strategic and International Studies (2001-2006), Senior Fellow at the Council on Foreign Relations (2000- 2001), and professor of Government at Harvard (1989-2000). She is a member of the Council on Foreign Relations, the Atlantic Council of the United States, and the International Institute for Strategic Studies.

US-Russia Relations After the Mueller Report: Revisionism, Salami Tactics, and Nuclear Escalation

On March 24th, special counsel Robert Mueller released his report that the Trump campaign did not collude with Russia during the 2016 election. Russia is now urging President Trump to reset relations, but will the two countries ever return to a more normalized dynamic?

Here to provide her insights on US-Russia relations is Dr. Celeste Wallander, President of the U.S.-Russian Foundation and former Deputy Assistant Secretary of Defense for Russia/Ukraine/Eurasia (2009-2012). She will discuss Putin’s Revisionist vision, Russia’s micro-aggression in Eastern Europe, the effect of American sanctions, and the possibility of a nuclear escalation among many other topics…

Dr. Wallander served as Special Assistant to the President and Senior Director for Russia/Eurasia on the National Security Council (2013-2017), professor at American University (2009-2013), visiting professor at Georgetown University (2006-2008), Director for Russia/Eurasia at the Center for Strategic and International Studies (2001-2006), Senior Fellow at the Council on Foreign Relations (2000- 2001), and professor of Government at Harvard (1989-2000). She is a member of the Council on Foreign Relations, the Atlantic Council of the United States, and the International Institute for Strategic Studies.

“Cautiously optimistic” — that’s the punchline Deutsche Bank Chief Economist Torsten Slok gave for the world economic outlook. Why is there so much angst for a potential recession? How should we react to all the different opinions and reach our own thesis on the economy? How do investment bank economists produce their forecasts?…… All those questions will be answered in this interview.

Dr. Slok joined Deutsche Bank Securities in the fall of 2005. Dr. Slok’s Economics team has been top-ranked by Institutional Investor in fixed income and equities for the past five years. Dr. Slok currently serves as a member of the Economic Club of New York.

Prior to joining the firm, Dr. Slok worked at the OECD in Paris in the Money and Finance Division and the Structural Policy Analysis Division. Before joining the OECD he worked for four years at the IMF in the Division responsible for writing the World Economic Outlook and the Division responsible for China, Hong Kong, and Mongolia.

Dr. Slok studied at University of Copenhagen and Princeton University. He has published numerous journal articles and reviews on economics and policy analysis, including in Journal of International Economics, Journal of International Money and Finance, and The Econometric Journal.

What's the next step for North Korea's denuclearization after President Trump and Kim Jong Un failed to reach a deal in Vietnam? Would the U.N. Security Council be a viable approach for finding solutions? How does the Security Council work and how do different major players exert their influences?

As a real expert on the U.N., China, and global security issues, Prof. Courtney Fung is here to answer those questions. She’s an Assistant Professor of International Relations in the Department of Politics and Public Administration at the University of Hong Kong. Her forthcoming book, “China and Intervention at the UN Security Council: Reconciling Status”, will be published by Oxford University Press in fall 2019.

We’d like to especially thank Princeton’s Center on Contemporary China for sponsoring this episode and for connecting us with Prof. Fung.

From the Treasury Department to Citi, from W.H. to Mastercard, Amb. Michael Froman has truly had such a diverse range of work experiences across the public and private sectors. In this episode, we continue our conversation with Amb. Froman and focus more on his career after W.H.

Amb. Froman served in President Barack Obama’s cabinet as the U.S. trade representative from June 2013 to January 2017. He is a distinguished fellow at the Council on Foreign Relations; vice chairman and president, strategic growth, at Mastercard; and James R. Schlesinger distinguished professor at the University of Virginia's Miller Center of Public Affairs. He worked to open foreign markets for U.S. goods and services, enforce America’s rights in the global trading system, and foster development through trade.

We also made a short video of the interview that highlights some of the most fascinating ideas Amb. Froman talked about, so make sure to check it out in addition to our full audio episode! Please visit youtu.be/ykeVmYrW6DA.

For more information, please visit policypunchline.com

Mar. 1 was the deadline for U.S.-China trade negotiations, making it so timely for us to discuss trade issues and policies. It's an honor for Policy Punchline to present our interview with Amb. Michael Froman, who will explain how trade negotiations happen, the advantages of multi-lateral trade deals, prospects of U.S.-China relations, Pres. Trump's underlying philosophy for trade...

Amb. Froman served in President Barack Obama’s cabinet as the U.S. trade representative from June 2013 to January 2017. He is a distinguished fellow at the Council on Foreign Relations; vice chairman and president, strategic growth, at Mastercard; and James R. Schlesinger distinguished professor at the University of Virginia's Miller Center of Public Affairs. He worked to open foreign markets for U.S. goods and services, enforce America’s rights in the global trading system, and foster development through trade.

We also made a short video of the interview that highlights some of the most fascinating ideas Amb. Froman talked about, so make sure to check it out in addition to our full audio episode! Please visit https://youtu.be/ykeVmYrW6DA.

For more information, please visit policypunchline.com

Prof. Glen Weyl from Princeton University discusses ideas in his new book "Radical Markets: Uprooting Capitalism and Democracy for a Just Society." The book was just listed in “The Economist’s books of the year” among many other praises. In this interview, Prof. Weyl explains how his vision could be a unique solution to many of our problems today, the role of blockchain technology in social change, and the future of Liberalism among other topics.

Prof. Weyl is now a Principal Researcher at Microsoft and the founder of the RadicalxChange movement. He graduated from Princeton in 2007 as the valedictorian of his undergraduate class, and he received his PhD degree in economics at Princeton in the following year of 2008.

Prof. Weyl is hosting the 8th Annual Conference for Julis-Rabinowitz Center for Public Policy and Finance from Feb. 21 to 22. The conference is titled "Radical Mechanisms 10 Years After the Financial Crisis." This conference explores new ideas and mechanism designs aimed at addressing some of the most pressing issues facing financial markets and the macro-economy. The conference will also feature a mix of speakers including experts on blockchain, fintech, financial decentralization, and innovative mechanism design. For more information, please visit https://jrc.princeton.edu/annual-conference/2019.

Prof. Weyl book can be purchased at: https://www.amazon.com/Radical-Markets-Uprooting-Capitalism-Democracy/dp/0691177503.

Prof. Matthias Thiemann discusses post-financial-crisis regulations in Europe and the U.S. He will introduce the shadow banking industry, explain the danger of “regulatory competition,” and provide some clarity for the future of the European Union.

Prof. Thiemann visited us at Princeton from Sciences Po, also known as the Paris Institute of Political Studies. He is both a political economist and a sociologist, and he primarily researches on post-crisis regulatory changes in the U.S. and Europe and the regulators’ attempts to control risk taking behaviors in the financial industry. Prof. Thiemann gave a lecture at Princeton titled “The Regulation of Finance in Europe after the Euro Crisis,” which will be presented in this episode as well.

Prof. Thiemann’s book "The Growth of Shadow Banking: A Comparative Institutional Analysis" was just released in May, 2018, which you may purchase on Amazon: https://www.amazon.com/Growth-Shadow-Banking-Comparative-Institutional/dp/1107161983.

As the U.S. and China engage in a trade war, what’s future for the business interactions between the two countries? How have the financial industries in the two countries responded to the changes that took place in the past few months?

In this episode, Mr. David Willard will discuss the cross-border M&A activities in U.S. and China, the outlook and challenges ahead, and his take on the trade war.

David Willard is the Founder, CEO & Managing Partner of 52 Capital Partners. The firm is an independent advisory firm that provides strategic advisory services on matters of transactions and acquisitions, especially China-related cross-border Mergers & Acquisitions transactions.

Mr. Willard is responsible for all major aspects of the firm’s executive management, strategy, client development and investment process. During his career, Mr. Willard has executed and participated in landmark M&A transactions and other transformational corporate matters in the United States, Europe and Asia, including at Goldman, Sachs & Co. and Cravath, Swaine & Moore LLP, closing 52 transactions totaling over $150 billion in aggregate deal value. An expert on strategic China matters, David is a member of the National Committee on United States-China Relations.

For more information on 52 Capital Partners L.L.C., please visit: https://www.52capitalpartners.com/