Joe Weisenthal

I love my job.

And I'm going to leave it at that.

It would be nice to one day just like have an office with a door and all that stuff.

I think she made a really good point, which is it does seem at least theoretically possible to truly have

one supply shock after another, and they really are just independent supply shocks, right?

At least it's conceivably possible.

A pandemic is not the same thing as a war here, as a war there, and so forth.

They could be discrete events.

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.