Steph McGovern

speaker

4,471 appearances 51 recordings 6 series first heard Nov 2025 last heard 9 Sep

Steph McGovern’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 51 in all, peaking in Aug 2026 with 9.

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The Rest Is Money · 311. Why is the US debt crisis a big problem for Burnham? · 6 Sep 2026 podcast

The other interesting thing is is if you look at what like Scott Besson is doing, who is obviously the US Treasury Secretary, and um you know there's been a lot of speculation about why he why the Treasury have been buying back some of the bonds. matched

And obviously this d you know, people are saying this is because this is their attempt to try and bring down uh the yields, the the cost of borrowing, if they buy some of the matched

back then this will help to bring down the cost. matched

But obviously now everyone's going, Well hang on a minute, the markets are like, Why why is you know, how are they try what are they doing to what's going on here? matched

Then tr they're trying to control this. matched

And then on top of that you've got matched

you know, what we're seeing happening with Japan as well and um and what's happening there in terms of how the US Treasury have been involved in trying to control the the price of of the yen as well. matched

And, you know, Japan in itself, I mean we can do a whole episode on Japan, which we probably should, about what's going on there and how Japan has been used for a long time because it's got this uh uh low interest rates or people have been matched

You know, borrowing cheaply in its currency and then buying you know higher yielding assets elsewhere. matched

Uh, but that's all looks like it's starting to fall apart. matched

It's called the yen carry trade. matched

That looks like it's starting to fall apart because of the weakening yen and the rise in inflation in Japan, and you know, the fact that they uh a bit like us at the minute have got these plans to spend, but there's questions around how they're going to fund that, and that's then matched

putting pressure uh on the central bank there to put up rates which then will obviously impact this yen carry trade because it will mean it's not as cheap to borrow money from uh Japan in order to buy these high yield assets. matched

So there's there's so much to this isn't there and and the US is not painting itself in a good picture because it looks like it is concerned with all of these things it's doing trying to control the price of the yen, trying to buy back bonds. matched

And as you say, deal with the Iranian crisis and deal with what's going uh what you know, the the the the fact that so they're so impacted by what's happening in AI, which we've often talked about as that, you know, how what are the US doing right? matched

How can we beat the US? matched

But it could all come tumbling down if things change on what actually is the money that's gonna come from from AI. matched

And obviously that means there's a really complex picture across the world. matched

There's so much to this. matched

And so obviously we need to talk about what this means for Burnham. matched

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