"Econ 102" with Noah Smith and Erik Torenberg Turpentine

In today's episode of Econ 102, Noah Smith and Erik Torenberg tackle more listener questions: the Fed's impact on inflation and the economy, theories behind interest rates' unexpected effects, and 'greedflation'. The discussion also extends to shifts in Japan's economic policies amid currency valuation concerns, housing price disparities between the US and Canada, gentrification, balanced budget amendments, and the geopolitical dynamics between Saudi Arabia and Iran, finishing with thoughts on TikTok. Thank you to everyone who sent in questions. Keep 'em coming: Econ102@turpentine.co
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SPONSORS: BEEHIIV | WARP | HARMONIC
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🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.)

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Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ
Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197

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SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co
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LINKS:
Noahpinion: https://www.noahpinion.blog/
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TIMESTAMPS:
(00:00) Intro
(00:53) What if the dollar was no longer the world’s reserve currency?
(04:50) Fair taxation
(08:20) Level of redistribution in the US
(10:30) Lowering inequality by increasing economic growth
(18:26) Sponsor: Beehiiv | Harmonic
(20:26) Education reform
(30:07) Fixing rising costs in healthcare
(34:12) Limitations of UBI
(39:09) Massive gap between US and China’s manufacturing capacity
(46:25) US potential gateway to Africa
(54:28) Impact of foreign aid
(59:20) Revitalizing small US cities
(01:04:58) Wrap

In today's episode, Noah Smith and Erik Torenberg answer listeners' questions in rapid fire format, over topics such as the global reserve currency, fair taxation, wealth redistribution, education reform, healthcare, US manufacturing, how to revitalize cities, and more. Thanks to all our listeners who continue to write in with big meaty questions!

This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co
_
SPONSORS: BEEHIIV | HARMONIC
Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 to https://Beehiiv.com and use code “MOZ” for 20% off your first three months.

🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.
_
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co
_
Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify
Apple
_
LINKS:
Noahpinion: https://www.noahpinion.blog/
_
X / TWITTER:
@noahpinion (Noah)
@eriktorenberg (Erik)
@TurpentineMedia (Turpentine)
_
TIMESTAMPS:
(00:00) Intro
(00:53) What if the dollar was no longer the world’s reserve currency?
(04:50) Fair taxation
(08:20) Level of redistribution in the US
(10:30) Lowering inequality by increasing economic growth
(18:26) Sponsor: Beehiiv | Harmonic
(20:26) Education reform
(30:07) Fixing rising costs in healthcare
(34:12) Limitations of UBI
(39:09) Massive gap between US and China’s manufacturing capacity
(46:25) US potential gateway to Africa
(54:28) Impact of foreign aid
(59:20) Revitalizing small US cities
(01:04:58) Wrap

In this week’s episode, Noah Smith and Erik Torenberg tackle more listeners' questions focused on conflicts and war. They cover various defense strategies, emphasizing the urgency of revitalizing the U.S. defense industrial base to prepare for potential conflicts. They discuss the differences between authoritarian and democratic powers, highlighting the significant risk of World War III and the importance of alliance building, particularly with countries like Japan, India, and European nations to counterbalance China's growing influence and the new ‘Axis’. Happy birthday Noah!

This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
_
SPONSOR: HARMONIC
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.
_
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co
_
Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ
Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197
_
LINKS:
Noahpinion: https://www.noahpinion.blog/
WW3? : https://www.noahpinion.blog/p/americans-are-still-not-worried-enough
_
X / TWITTER:
@noahpinion (Noah)
@eriktorenberg (Erik)
@TurpentineMedia (Turpentine)
_
TIMESTAMPS:
(00:00) Episode Preview
(01:57) The defense industrial base
(08:17) Precedents of wars leading to World War II and the Cold War
(14:57) Contrast of Xi Jinping and Putin
(21:46) Sponsor: Turpentine
(22:33) China's production advantage
(27:54) Evaluating the new axis of power
(33:51) Complexities of manufacturing and warfare
(41:02) Impact of war on economies
(44:13) Exploring the Israel-Palestine conflict
(49:41) Potential for peace in the Middle East
(55:28) Wrap

In this week’s episode, Noah Smith and Erik Torenberg dive into various econ topics and tackle listener questions! They cover: government spending and the national debt, discussion on taxation, wealth taxes and economic outcome of the next U.S. election, as well as differences in respect and status in the United States and Japan, and lessons learned from deficit spending.

This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
_
SPONSOR: HARMONIC
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.
_
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co
_
Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ
Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197

_
Links:
Noah Smith's Noahpinion https://www.noahpinion.blog

_
 X / TWITTER:
@noahpinion (Noah)
@eriktorenberg (Erik)
@TurpentineMedia (Turpentine)

_
Timestamps:
(00:00) Episode Preview
(01:02) Noah’s Japan trip
(02:33) Why is the U.S. doing so much deficit spending?
(08:04) Post-COVID economic response
(14:52) Levers of dealing with the National debt
(21:27) 2024 Election Speculations: Economic outcomes of Trump vs. Biden
(25:26) Pros and cons of a Wealth tax
(30:35) Sponsor: Turpentine
(32:34) Impact of Funding the IRS and repealing Trump's tax cuts
(33:01) Reducing government spending
(41:11) Addressing economic inequality in the U.S.
(51:26) Wrap

This episode is a continuation of analyzing the economies around the world, with Noah Smith and Erik Torenberg focusing on the Middle East, Africa, South America, and North America. They discuss the economic challenges and solutions in Egypt and Saudi Arabia, as well as Latin America’s drug problem and Canada’s economic stagnation.

This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
_
SPONSOR: HARMONIC
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.
_
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co
_
Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify
Apple
_
Links:
Noah Smith's Noahpinion https://www.noahpinion.blog
_
 X / TWITTER:
@noahpinion (Noah)
@eriktorenberg (Erik)
@TurpentineMedia (Turpentine)
_
TIMESTAMPS:
(00:00) Intro
(00:32) Egypt's economic challenges
(05:25) How rich is Saudi Arabia
(13:57) Sponsor: Turpentine
(15:13) Africa’s population growth and demographic dynamics
(32:49) Africa’s economic potential
(38:58) Mexico's manufacturing and security woes
(43:48) Brazil's potential in South American manufacturing
(48:01) Latin America's fight against inequality
(55:12) Dominican Republic's economic success
(01:00:51) Canada's economic stagnation
(01:05:33) Wrap
 

In our second installment of Analyzing the Economies Around the World, Noah Smith and Erik Torenberg cover Europe and Turkey. They discuss the UK's productivity issues, France's nuclear energy investments, Germany's weaknesses, Poland's economic success, Turkey's economic policies, and immigration challenges across the EU and Europe.
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
_
SPONSOR: HARMONIC
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.
_
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co
_
Recommended Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify
Apple
_
Links:
Noah Smith's Noahpinion https://www.noahpinion.blog
_
 X / TWITTER:
@noahpinion (Noah)
@eriktorenberg (Erik)
@TurpentineMedia (Turpentine)
_
TIMESTAMPS:
(00:00) Intro
(00:30) UK's economic challenges
(07:25) France's nuclear power success
(12:02) Germany’s trust problem
(24:28) Sponsor: Turpentine
(25:36) Italy’s stagnant and declining economy
(26:33) Poland's economic rise
(31:24) Poland responding to external threats
(32:25) Europe's immigration challenges
(45:13) EU's future despite economic and regulatory obstacles.
(52:34) Turkey's economic landscape and prospects
(58:17) Wrap