Chapter 1: What is the main topic discussed in this episode?
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All right, we're going to stay on global relationships, the economies that drive them, and turn on over to Dr. Adam Posen. He's president of the Peterson Institute for International Economics. He joins us from, I believe, the nation's capital on this Tuesday. Yes, Washington, D.C. Dr. Posen, good to have you here. Back here on Bloomberg and on Bloomberg Businessweek Daily.
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Chapter 2: What is the significance of the U.S.-Saudi relationship?
It will divide the world. It will increase instability in investment markets. It will waste public money. It's bad in a lot of ways. I just merely want to be very clear that though it's unusual for the U.S.
in the last 100 plus years to behave this way in our long ago history and in other countries around the world, this has taken place and that there have been much smaller, much less overt examples of this. by previous US administrations.
Well, and you know, just thinking about all you've just said, Dr. Posen, and then kind of squaring that with the recent government shutdown and the domestic issues that kind of came to the forefront, you know, the one in eight Americans who are on some kind of food assistance or food stamps.
you know, the amount of Americans that are just struggling to put food on their table, a roof over their head. I want to bring it down then with so much focus on global issues. And some would say when you're president, you have to look beyond the U.S. borders as well as within the U.S. borders.
But having said that, what is it that, you know, is maybe being ignored in your view domestically that's really got to be addressed?
And you're asking very profound questions. I'll just say that in an enlightened administration, the reason you get involved in the rest of the world is because it ultimately is to if you set up a rest of the world that feels safer and less corrupt and more stable and less subject to disease and refugee flows and wars, that's ultimately to the benefit of the average American.
And if you have open and free commerce on a rules-based basis, that raises American opportunities and American citizens' purchasing power. So I agree with you. There's a question of how you prioritize.
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Chapter 3: How is Saudi Arabia transitioning its economy away from fossil fuels?
And this goes to the point with Saudi. I'm not sure that that should be the biggest priority of an American administration right now. It's fine. You can walk and chew gum. It can be one of the things. So when you say what's in the domestic front, I think the removal of health care support
subsidies and access to Medicaid and to all these Obamacare related things is going to materially affect the health and well being of millions of human beings in the US. And that is bad economically, but it's bad in human terms.
I think the reduction of options through the anti-migration policies, through other policies that make it so more people, mostly women in late middle age, have to stay home to be caregivers to elders and to children and to disabled people is materially bad for humans and is a huge pressure on people. And I think the combination of anti-migration policy, attacks on the Fed, tariffs,
deal making, some of which looks corrupt, all adds to a more inflationary environment, which reduces real incomes for people. So there's a whole bunch of things on the domestic front. But I just want to say that it's not about choosing the global versus domestic. It's about choosing the self-interested versus the public welfare.
I think we need to leave it there. I got to say, sometimes I'm in awe of our guests, and I certainly am on this Tuesday. Dr. Posen, thank you so much. Really appreciate all we could.
Thank you for having me.
Same here. Thank you for joining us. Dr. Adam Posen, president of the Peterson Institute for International Economics.
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