Fiscal Dominance, the War in Ukraine's Actual Cost, and Fact Checking Rich Men North of Richmond
Noah Smith and Erik Torenberg discuss how today\u2019s economy compares to the Reagan-era, cheap oil geopolitics, how much the war in Ukraine is actually costing the US, and the economics of the populist anthem Rich Men North of Richmond. If you\u2019re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/102\n\nWe're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.\n--\nSponsors: GIVEWELL | DAFFY | NETSUITE\xa0\nHave you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they\u2019ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you\u2019ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick \u201cPodcast\u201d and enter Econ 102 at checkout.\xa0\n\nDaffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don\u2019t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It\u2019s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102\xa0\n\nNetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you\u2019re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist.\n--\nEcon 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co\n\U0001f3a7 You can also listen to Econ 102 on the podcast platform of your choice: https://link.chtbl.com/Econ102\n--\nTimestamps:\n(01:13) What would a better US economy look like?\n(05:59) Debt gets inflated away\n(09:02) Fiscal Dominance\n(09:59) Age of cheap oil\n(19:05) Noah vs. Balaji Srinivasan\u2019s bearish case that the US financial system is vulnerable.\n(27:25) How the Reagan Era Compares to Today\n(32:28) Economic attribution for presidents\n(43:12) The surplus war in Ukraine\n(49:05) Fact checking the economics of Rich Men North of Richmond\n(57:47) Is the age of the nerd over?\n\nThis show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture \u2014 all from the perspective of industry insiders and experts. We\u2019re launching new shows every week, and we\u2019re looking for industry-leading sponsors \u2014 if you think that might be you and your company, email us at erik@turpentine.co.