Derek Thompson

But in a world of rolling energy shocks, the Ukraine war, the Iran war, who knows what kind of drone nonsense comes next?

The Houthis.

It doesn't seem like the Federal Reserve, just by like raising interest rates,

is a very good medicine for the disease of these energy shocks.

And I know that you've worked with my friend Arnab Dada on coming up with a new policy response to this new age of energy shocks.

In addition to just asking the Federal Reserve to raise interest rates a little bit, what else can we do to dampen the inflation bite of these kind of conflicts?

Some people might not know what the Strategic Petroleum Reserve is, but let's make sure they really understand.

It's sort of right there in the word, but I want people to understand how this works.

Are these policies pushing against globalization or pushing for globalization?

Because I can imagine an answer to both.

That on the one hand, if the US is exporting less of commodities that we produce here, well, we're trading less with the world in order to fortify our position in the event of a crisis.

But also, if countries that aren't

producers of that commodity want to build their own strategic reserve, well, then they have to trade more to get more of that commodity.

And so I guess that is, theoretically, trade.

That's globalization.

Do you, Arnab, folks at Employee America, have a view on whether these policies, the necessity of these strategic reserve policies, are fundamentally anti-globalization or pro-globalization?

Alex, I'm going to let you go because I know it's late where you are, but it occurs to me that I'd be remiss to not mention that one of the most famous and commonly discussed

aftershocks of this war is whether this war could decimate the artificial intelligence industry.

We've already seen an enormous price shock in the manufacturing of memory chips.

And I would love for you to just take this final beat to the interview to explain, as you see it, how this war exactly could raise the cost of, or is already raising the cost