Joe Weisenthal

The sort of money line for me when she said was,

the rise of economic statecraft.

And if once governments start using economic tools as foreign policy ends, and once that cycle gets going, then there begin to be reasons to think that these discrete one-off supply shocks are not just going to be things that are one and done, but that are part of a sustained new part of the world that consistent.

And you see this.

Obviously, I mean, the tariffs are one part of it, but all of the moves that we talked to about

reshoring and strategic domestic investments for backup capacity, et cetera.

This is like what constitutes a sustained trend.

And so I thought it was really just overall very interesting to hear someone like really wrestle with the reality of conducting monetary policy in a period of sustained supply side degradation, shocks, what have you.

Yeah.

And also, again, but it really does cut straight to the core of what we want in a democratic society.

You could say, you know what?

Part of the reason we have declining productivity is because regulations on setting up a new factory are burdensome.

Do we want non-elected officials deciding, oh, you know what?

We're going to change environmental regulations.

We're going to change the minimum wage.

We're going to change the protected habitat speed.

Like most people would be very uncomfortable with the, we're going to change household zoning so that there could be more construction in London.

Most people would get really uncomfortable about what it would mean for the central bank to have the capacity to address supply side problems.

Let's get on that.

Let's get up and work on that.