Saleha Mohsin is a senior Washington correspondent for Bloomberg News, where she covers policy, politics, and power in Washington, DC. Saleha is also the author of a new book titled,&nbsp;*Paper Soldiers: How the Weaponization of the Dollar Changed the World Order,* and she joins David on Macro Musings to talk about it. Specifically, David and Saleha also discuss the intelligence and enforcement tools of the US Treasury, the basics and importance of SWIFT, the effectiveness of US sanctions, and a lot more. &nbsp; Transcript for this week’s  &nbsp; Saleha’s Twitter:  Saleha’s Bloomberg  &nbsp; David Beckworth’s Twitter:&nbsp; Follow us on Twitter:&nbsp; &nbsp; Check out our new AI chatbot: the ! Join the new Macro Musings ! &nbsp; Join the Macro Musings&nbsp; Check out our Macro Musings  &nbsp; Related Links: &nbsp;  by Saleha Mohsin &nbsp;  hosted by Saleha Mohsin &nbsp; Timestamps: &nbsp; (00:00:00) – Intro &nbsp; (00:03:43) – The Weaponization of the Dollar on the Global Stage &nbsp; (00:08:55) – The Intelligence and Enforcement Tools of the US Treasury Department &nbsp; (00:13:10) – Breaking Down SWIFT and Its Importance &nbsp; (00:18:27) – Sanctioning Russian Oligarchs &nbsp; (00:22:42) – The Importance and Significance of Robert Rubin &nbsp; (00:25:29) – The George W. Bush of the Treasury Department &nbsp; (00:37:42) – Breaking Down the Joint Comprehensive Plan of Action &nbsp; (00:41:06) – The Trump Administration, China, and the Rise of Populism &nbsp; (00:45:30) – Evaluating the Effectiveness of the Russia Sanctions &nbsp; (00:51:18) – Threats to the US in the Future &nbsp;  (00:52:48) – Outro

Saleha Mohsin on *Paper Soldiers: How the Weaponization of the Dollar Changed the World Order*

What led to the demise of foot-binding?

Richard Clarida is a well-known academic and policymaker who most recently was the Vice Chair of the Federal Reserve Board of Governors. Richard is currently a professor of economics at Columbia university and is also a managing director at PIMCO. Richard joins David on Macro Musings to talk about his academic and policy work, as well as his outlook for FAIT, the Fed’s framework review, the future of R-Star, and more. &nbsp; Transcript for this week’s  &nbsp; Richard’s Federal Reserve  Richard’s PIMCO  &nbsp; David Beckworth’s Twitter:&nbsp; Follow us on Twitter:&nbsp; &nbsp; Check out our new AI chatbot: the ! Join the new Macro Musings ! &nbsp; Join the Macro Musings&nbsp; Check out our Macro Musings  &nbsp; Related Links: &nbsp;  by Richard Clarida and Mark Gertler &nbsp;  by Richard Clarida, Jordi Gali, and Mark Gertler &nbsp;  by Richard Clarida, Jordi Gali, and Mark Gertler &nbsp;  by Richard Clarida, Jordi Gali, and Mark Gertler &nbsp; Timestamps: &nbsp; (00:00:00) – Intro &nbsp; (00:03:04) – Richard Clarida’s Background &nbsp; (00:11:37) – Bridging the Gap Between Academic Economics and Real-World Markets &nbsp; (00:21:50) – Richard’s Journey Through the Policy World &nbsp; (00:36:29) – Constructing the Fed’s FAIT Framework &nbsp; (00:40:53) – Evaluating the Results of the FAIT Framework &nbsp; (00:54:17) – The Future of the Fed’s Framework &nbsp; (00:57:08) – The Future of R-Star &nbsp;  (01:00:50) – Outro

Richard Clarida on FAIT, R-Star, and the Future of the Fed’s Framework

Richard Clarida is a professor of economics at Columbia University, a managing director at PIMCO, and was most recently the Vice Chair of the Federal Reserve Board of Governors. Richard rejoins David for this special bonus segment to talk about his interest in music and his first studio album, *Time No Changes.* &nbsp; Richard’s Federal Reserve&nbsp; Richard’s PIMCO&nbsp; &nbsp; David Beckworth’s Twitter:&nbsp; Follow us on Twitter:&nbsp; &nbsp; Check out our new AI chatbot: the&nbsp;! Join the new Macro Musings&nbsp;! &nbsp; Join the Macro Musings&nbsp; Check out our Macro Musings&nbsp; &nbsp; Related Links: &nbsp;  by Richard Clarida &nbsp;   by Macro Musings

BONUS: Richard Clarida on His Musical Interests and *Time No Changes*

Dan Katz and Stephen Miran are former senior advisors for the US Treasury Department and are currently adjunct fellows at the Manhattan Institute. Dan and Stephen have also written a new paper titled, *Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes,* and they join Macro Musings to talk about this paper and the proposed reforms for the Federal Reserve outlined in it. Specifically, Dan, Steve, and David discuss the ever-expanding reach of the Fed, its role as debt manager and bank regulator, the current issue with the central bank’s personnel, and a lot more. &nbsp; Transcript for this week’s  &nbsp; Stephen’s Twitter:  Stephen’s Manhattan Institute  &nbsp; Dan’s Twitter:  Dan’s Manhattan Institute  &nbsp; David Beckworth’s Twitter:&nbsp; Follow us on Twitter:&nbsp; &nbsp; Check out our new AI chatbot: the ! Join the new Macro Musings ! &nbsp; Join the Macro Musings&nbsp; Check out our Macro Musings  &nbsp; Related Links: &nbsp;  by Dan Katz and Stephen Miran &nbsp; Timestamps: &nbsp; (00:00:00) – Intro &nbsp; (00:04:20) – The Fed’s Issue of Picking Winners and Losers &nbsp; (00:09:17) – The Fed’s Role as Bank Regulator &nbsp; (00:12:53) – The Ever-Expanding Reach of the Fed &nbsp; (00:17:50) – The Fed as a Debt Manager &nbsp; (00:23:33) – What Should the Fed Do in a Zero Lower Bound Environment &nbsp; (00:27:26) – Personnel is Policy: The Issue with Fed Personnel &nbsp; (00:29:55) – Options for Personnel Reform at the Fed &nbsp; (00:38:22) – Making the Fed President Selection Process More Robust &nbsp; (00:47:28) – The Nature of Debate at the Fed &nbsp; (00:50:53) – The Scope for Change at the Fed &nbsp;  (00:53:21) – Outro

Dan Katz and Stephen Miran on Reforming the Federal Reserve’s Governance

Trust is down, worldwide. In India, Iran, Indonesia and Nigeria, less than 15% say that ‘most people can be trusted’. What’s going on? I suggest several likely mechanisms:

1) Generalised distrust is correlated with strong family bonds
2) Poorer countries have rapidly urbanised at a lower level of income
3) Rule of law varies worldwide
4) Political contestation and growing polarisation
5) Online connectivity has boomed, and is increasingly negative

My Substack has graphs, data and further resources: https://www.ggd.world/p/whats-driving-the-global-decline

What's Driving the Global Decline in Trust?

Michael Cook's "A History of the Muslim World" is my favourite book of 2024. Together, we discussed:

- Did Islamic science weaken due to religious authoritarianism?
- Why, in the Middle East and North Africa, were there so few peasant rebellions?
- Theologically, how important was Ghazali? 
- What determined the rate at which people converted to Islam?
- Why was there so much religious syncretism and diversity in the Ottoman Empire?
- Why did the Muslim world fall behind economically?
- Did the Ottoman Empire ban the printing press? 
- Why is South Asia the only place where Muslims ruled for hundreds of years yet remained a minority? 
- When you study the global history of Islam, what is the best indicator of how Muslim they really were?
- Did colonialism trigger an Islamic backlash?
- Why do Muslim countries often have weak state capacity? Timur Kuran blames waqfs. Do you agree?

"A History of the Muslim World": https://press.princeton.edu/books/hardcover/9780691236575/a-history-of-the-muslim-world

On my Substack, you can see my earlier reviews: https://www.ggd.world/p/a-history-of-the-muslim-world-by

"A History of the Muslim World": Michael Cook

Professor Robert Hefner has a tremendous new book, “Islam and Citizenship in Indonesia: Democracy and the Quest for an Inclusive Public Ethics”. It’s one of my favourite books of the year, drawing on thirty years of ethnographic research. Today, he joins “Rocking Our Priors”. We discuss:

Indonesia’s religious history

Why have Hinduism and Buddhism have largely faded in Indonesia? 

Why were madrasas were rare until the 19th century? 

What explains the rise in normative Islam?

- Economic development and technological advances?
- Backlash against secular schooling?
- Criminality and demand for moral order?
- Saudi funding
- The Muslim Brotherhood in Egypt

"Islam And Citizenship in Indonesia": Robert Hefner

The Ten Commandments must now be displayed in all Louisiana’s public school classrooms. The law, signed by Republican Governor Jeff Landry, requires poster-sized copies with easily readable text.

Why is this happening? Is it unprecedented?

Actually, it echoes the 1970s global religious revival. Threatened by liberal modernity, conservatives worldwide leveraged new technologies and defensively mobilised to institutionalise piety.

In this podcast, I draw on my comparative research to highlight parallel trends in Uzbekistan, Kyrygzstan, Egypt, Saudi Arabia, Indonesia, Malaysia and the U.S.

Modern Threats and Religious Backlash

Aaron Rock-Singer is a fellow at the Harvard Kennedy School’s Middle East Initiative. He has published two fantastic books, “Practicing Islam: Egypt’s Islamic Revival” and “In the Shade of the Sunna: Salafi Piety in the Twentieth-Century Middle East”. 

Aaron is truly brilliant, connecting both the macro and the micro. By examining structural shifts in education and urbanisation as well as Islamic print media, he shows how modernisation triggered counter-mobilisation. 

We discuss:

How did colonialism change religiosity and religious practices in Egypt?

Why were post-independence leaders relatively secular?

What was the Islamic revival? What was new?

Did the 1970s economic downturn raise support Islamists?

Why was there a global religious revival in the 1970s?

Why was female behaviour so central to religious revival?

Would Egypt’s Islamic revival have occurred in the absence of Saudi funding and migration?

The Islamic Revival: Professor Aaron Rock-Singer

Kaum etwas macht einem Menschen so viel Angst, wie seinen Ruf zu verlieren. Das ergibt evolutionär durchaus Sinn, sagt der Verhaltensökonom Ernst Fehr. Der wichtigste Ökonom Österreichs über die Rolle von Fairness, Tratsch und Sex. 

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“Papers and Proceedings” ist die jährliche Mai-Ausgabe des American Economic Review, die zusammenfasst, was sich in der Ökonomie tut. https://is.gd/FbB43O

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Einige Fragen von Menschen auf Twitter
49:00 Verteilung der Steuerlast  und Erbschaftssteuer (Frage von @angie_kurz)
53:27 Bildungs- und Integrationspolitik (Frage von @chorherr)
56:55 Grundeinkommen (Frage von @RobertGlattau)
1:00:55 Abgabenquote (Frage von @MarioHolzner)

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1:02:40 Ein Ding, das ihn an Medien stört
1:05:47 Drei Büchertipps
* Nudge von Richard Thaler https://is.gd/5ATlWf 
* Thinking Fast and Slow von Daniel Kahneman https://is.gd/HL8Cl3 
* What Works von Iris Bohnet https://is.gd/rd5gXK

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Ihr habt Feedback zur Episode? Vorschläge für künftige Gäste? Oder wollt sonst mit mir in Kontakt treten?
Schreibt mir auf Twitter: http://twitter.com/a_sator
Ihr findet mich auch auf Facebook: http://facebook.com/andreas.sator

#11 Warum es Sinn ergibt, schlecht über andere zu reden: Ernst Fehr

Andreas Sator spricht mit klugen Menschen über Gott und die Welt. Ein Beitrag zur Entschleunigung der öffentlichen Debatte.

#11 Warum es Sinn ergibt, schlecht über andere zu reden: Ernst Fehr

Nachfrage - Der Interview-Podcast

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