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This week, Noah Smith and Erik Torenberg discuss the implications of Tim Walz as Kamala Harris' VP pick, the stock market chaos of Monday August 5th, the state of the U.S. economy, the economic collapse of Venezuela, and the growth of East Asian countries.\xa0\n\n\U0001f525 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj\n\n--\nRECOMMENDED PODCASTS:\n\n\U0001f399\ufe0f This Won't Last\xa0- Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics.\nApple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937\nSpotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz\nYouTube: https://www.youtube.com/@ThisWontLastpodcast\n\n--\nSPONSORS: BABBEL | WORKOS\n\n\U0001f310 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/econ102\n\n\U0001f6e0\ufe0f Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-TCR\n\n--\nSEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co\n--\nLINKS:\n\nNoahpinion: https://www.noahpinion.blog/\nWho's "weird"?: https://www.noahpinion.blog/p/whos-weird\n_\nTIMESTAMPS:\n(00:00) Intro\n(00:27) Discussion on the VP pick\n(08:49) Democrats and the strategy of 'Return to Normalcy'\n(09:56) The Weirdness Discourse\n(17:11) Sponsors: Babbel | WorkOS\n(19:38) \u2018Weirdness\u2019 in politics\n(23:44) Kamala's inconsistency\n(26:16) Economic updates and market sentiment\n(32:54) Economic indicators and unemployment trends\n(36:23) Concerns about national debt\n(40:00) The dollar milkshake theory\n(42:07) Venezuela's economic collapse\n(51:04) East Asian economic success stories\n(01:00:01) China's growth and success\n(01:03:44) Wrap