currency management

On this podcast, Stig Brodersen talks with Leland Miller who's an investment expert on the Chinese economy.   IN THIS EPISODE, YOU'LL LEARN: How the Chinese central bank operates, and which interests they have in manipulating their interest rate. What the real drivers behind the trade war are. How to understand the Chinese economy and the impact of the US and the rest of the world. Why China will soon grow only 1-2% annually. Why the Chinese banking system prevents acute crises, but also limits growth. How to invest in China and to capture the premium from uncertainties. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Tweet directly to China Beige Book. Connect with China Beige Book on LinkedIn. China Beige Book website. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts.  SPONSORS Support our free podcast by supporting our sponsors: River Toyota Linkedin Marketing Solutions Fidelity Efani Shopify NDTCO Fundrise Wise NetSuite TurboTax Vacasa NerdWallet Babbel HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices

There’s a lot of backstory to this podcast, most of which is covered in this piece. The short version is that Sam Harris, the host of the Waking Up podcast, and I have been going back and forth over an interview Harris did with The Bell Curve author Charles Murray about a year ago. In that interview, the two argued that African-Americans are, for a combination of genetic and environmental reasons, intrinsically and immutably less intelligent than white Americans, and Murray argued that the implications of this “forbidden knowledge” should shape social policy. In response, Vox published a piece by three respected academic specialists on genes and IQ who argued Murray and Harris got both the science and its implications very wrong. Harris felt slandered by the piece we published and publicly demanded I debate him. After failing to get Harris to debate the authors of the Vox piece instead, I agreed. Over email, he then revoked his invitation to debate me. Harris’s defenders published a few pieces, our authors published a second piece, and everyone moved on. That’s where things sat for months. Then, a few weeks ago, Harris reopened the discussion with me on Twitter, I published a piece on the subject in response, and he published all the private emails we’d sent each other along the way. As you’ll hear him say, that backfired, so he decided, at last, to debate me. Whew. So here we are. For all that, I think this discussion — which is also being released on Harris’ podcast — is worth listening to. Harris’s view is that the criticism he and Murray have received is a moral panic driven by identity politics and political correctness. My view is that these IQ tests are inseparable from both the past and present of racism in America, and to conduct this conversation without voices who are expert on that subject and who hail from the affected communities is to miss the point from the outset. So that’s where we begin. Where we go, I think, is worthwhile: these hypotheses about biological racial difference are now, and have alway been, used to advance clear political agendas — in Murray’s case, an end to programs meant to redress racial inequality, and in Harris’s case, a counterstrike against identitarian concerns he sees as a threat to his own career. Yes, identity politics are at play in this conversation, but that includes white identity politics. To Harris, and you’ll hear this explicitly, identity politics is something others do. To me, it’s something we all do, and that he and many others simply refuse to admit they’re doing. This is one of the advantages of being the majority group: your concerns get coded as concerns, it’s everyone else who is playing identity politics. Even if you’re not interested in the specifics of our debate, I think this discussion goes to some important questions in American life — questions that drive our culture and politics today. I hope you enjoy it. A few links mentioned in the discussion: My piece on this whole debate, which links all the relevant articles. Harris and Murray's original podcast Vox's original response piece The Haier piece Harris wanted us to publish defending him Our authors' response to various criticisms The emails between me and Harris Learn more about your ad choices. Visit podcastchoices.com/adchoices

There is no budget wonk in Washington with a resume as thick as Alice Rivlin's. She was the founding director of the Congressional Budget Office. She was the director of President Bill Clinton's Office of Management and Budget. She was vice chair of the Federal Reserve Board. She was a member of the Simpson-Bowles Commission. She's co-authored policies with Paul Ryan, served as president of the American Economic Association, and, in 2008, was named as one of the greatest public servants of the last 25 years by the Council for Excellence in Government.It's a helluva career.In this podcast, I talk with her about that career, including:- Why she became an economist in the first place- How economists think about problems- How a sexist senator almost blocked her appointment to the Congressional Budget Office, and how an angry stripper saved her nomination- What the Congressional Budget Office does, and why it's so quietly powerful- What she's learned working with Bill Clinton, Hillary Clinton, Barack Obama, and Paul Ryan- Why Washington's policy discussion has become more sophisticated in recent decades, and whether that's even a good thingAnd, as always, much more. If you're interested in how policy is really made in Washington, you should listen to this interview.  Learn more about your ad choices. Visit podcastchoices.com/adchoices