Scott is joined by David Stockman to talk about the economic issues facing the world today. To start, Stockman explains where the American economy stands today. He argues that the crash of 2020 represents the next stage in a 50-year evolution of the boom-bust cycle. They also touch on the labor markets, which Stockman argues are not doing as well as the news would have you believe. Next they turn to China, where Stockman says an accelerating slide back towards central planning that’s all built on an absurd level of debt should dispel the idea we’re headed for a world run by Beijing. He also debunks the myth that China has been waging an effective economic war on the U.S. since the 1990s. Instead, Stockman says America’s economic troubles are all the Fed’s fault. Lastly, Scott and Stockman take a step back and look at how the dollar is faring on a global scale.
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David Stockman is the ultimate Washington insider turned iconoclast. He began his career in Washington as a young man and quickly rose through the ranks of the Republican Party to become the Director of the Office of Management and Budget under President Ronald Reagan. After leaving the White House, Stockman had a 20-year career on Wall Street. He is the author of Trumped!, The Triumph of Politics, and his history of the financial crisis, The Great Deformation: The Corruption of Capitalism in America.
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