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By Council on Foreign Relations
How do critical international developments shape economic and financial markets worldwide? Each week, The Spillover examines the ripple effects of global events across policy, geopolitics, economic
... moreThe podcast currently has 37 episodes available.
The most played episodes among Podcast App listeners.

This week, hosts Sebastian Mallaby and Rebecca Patterson unpack Nvidia’s deal to purchase Hugging Face, the leading platform for open-weight AI models. The acquisition, they argue, highlights a battle between two visions of how the AI industry will develop, as well as concerns about safety and oligopoly. Hosts: Sebastian Mallaby, Paul A. Volcker Senior Fellow for International Economics, Council on Foreign Relations (CFR) Rebecca Patterson, Senior Fellow, Council on Foreign Relations (CFR) Mentioned on the Episode: Aditya Soni, Anhata Rooprai, and Harshita Mary Varghese, “Nvidia Bets $13 Billion on Open AI Models With Hugging Face Deal,” Reuters Sebastian Mallaby and Sebastian Elbaum, “The AI Trilemma,” Foreign Affairs Want to keep up with The Spillover? Sign up to receive an email alert when new episodes are released. The Spillover is a production of the Council on Foreign Relations. The opinions expressed on the show are solely those of the hosts and guests, not of the Council, which takes no institutional positions on matters of policy.

This week, host Rebecca Patterson sits down with energy and climate expert Vijay Vaitheeswaran to discuss the U.S. government's acquisition of 35 percent equity stake in a Venezuelan oil company and how managing demand and boosting efficiency are critical for long-term energy security and climate progress. Host: Rebecca Patterson, Senior Fellow, Council on Foreign Relations (CFR) Guest: Vijay V. Vaitheeswaran, Philip D. Reed Senior Fellow and Director of the Energy Security and Climate Change Program, Council on Foreign Relations (CFR) Mentioned on the Episode: Vijay V. Vaitheeswaran, “Why Nuclear Energy Is Making a Global Comeback,” CFR.org Vijay V. Vaitheeswaran, “Crude Calculations: Why the Iran War Hasn’t Yet Caused an Oil Shock,” CFR.org Vijay V. Vaitheeswaran, “Geothermal’s Time Has Finally Come,” The Economist Vijay V. Vaitheeswaran, “Americans’ Electricity Bills Are Up. Don’t Blame AI,” The Economist Want to keep up with The Spillover? Sign up to receive an email alert when new episodes are released. The Spillover is a production of the Council on Foreign Relations. The opinions expressed on the show are solely those of the hosts and guests, not of the Council, which takes no institutional positions on matters of policy.

This week on The Spillover, hosts Sebastian Mallaby and Rebecca Patterson sit down with author and historian Anne Applebaum to discuss Europe, the ongoing war in Ukraine, and the escalating geopolitical headwinds the region faces. Hosts: Sebastian Mallaby, Paul A. Volcker Senior Fellow for International Economics, Council on Foreign Relations (CFR) Rebecca Patterson, Senior Fellow, Council on Foreign Relations (CFR) Guest: Anne Applebaum, Pulitzer Prize–winning author; staff writer, The Atlantic; Senior Fellow, Johns Hopkins University Mentioned on the Episode: Anne Applebaum, “MAGA Is Making the World Safe for Corruption,” The Atlantic Want to keep up with The Spillover? Sign up to receive an email alert when new episodes are released. The Spillover is a production of the Council on Foreign Relations. The opinions expressed on the show are solely those of the hosts and guests, not of the Council, which takes no institutional positions on matters of policy.

This week, host Rebecca Patterson speaks with Natasha Sarin, law professor and cofounder of the Yale Budget Lab, to unpack Treasury Secretary Scott Bessent’s claim that the United States can grow its way out of record debt, and whether AI can deliver the growth, jobs, and tax revenue needed to make that happen. Host: Rebecca Patterson, Senior Fellow, Council on Foreign Relations (CFR) Guest: Natasha Sarin, Professor of Law and Cofounder, The Yale Budget Lab Mentioned on the Episode: Natasha Sarin, “No Wonder Everyone’s Rallying Around This Terrible Idea,” New York Times “Scott Bessent Says US Can ‘Grow Our Way Out’ of $40 Trillion Debt—Economist Says ‘Not Feasible’,” TradingView “The Budget and Economic Outlook: 2026 to 2036,” Congressional Budget Office Rebecca Patterson, “What the Treasury’s Buyback Surprise Says About the Bond Market,” CFR.org Want to keep up with The Spillover? Sign up to receive an email alert when new episodes are released. The Spillover is a production of the Council on Foreign Relations. The opinions expressed on the show are solely those of the hosts and guests, not of the Council, which takes no institutional positions on matters of policy.

The financing behind the AI boom has grown so large that treasury bond yields are approaching levels not seen since the leadup to the 2008 financial crisis. But is the risk to the financial market overblown? This week, Rebecca Patterson and Sebastian Mallaby are joined by Torsten Slok, chief economist at Apollo, to discuss the threat AI debt poses to the U.S. bond market. Hosts: Sebastian Mallaby, Paul A. Volcker Senior Fellow for International Economics, Council on Foreign Relations (CFR) Rebecca Patterson, Senior Fellow, Council on Foreign Relations (CFR) Guest: Torsten Slok, Partner and Chief Economist at Apollo Mentioned on the Episode: Torsten Slok, “A Slower AI Payoff Would Be Everyone's Problem,” Apollo Torsten Slok, “Monitoring the AI Trade: How Growing Debt Issuance Is Reshaping the Landscape,” Apollo Want to keep up with The Spillover? Sign up to receive an email alert when new episodes are released. The Spillover is a production of the Council on Foreign Relations. The opinions expressed on the show are solely those of the hosts and guests, not of the Council, which takes no institutional positions on matters of policy.
The podcast currently has 37 episodes available.