The Global Economy Is Splitting Into Spheres | Eric Wallerstein
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I think, like, the world is going into spheres, whether you like it or not. We're going back to, like, natural resources matter. It's, a tangible story. I don't know who the next president is, but if it's a Republican, I think it'll be Don Roe doctrine for another four years. Sell America, I never really bought into, but buy the Americas, I really buy into. I don't think, like, China is our equal, so to speak, or has the same geoeconomic leverage. I think Venezuela and Iran proved they clearly don't have the same leverage as us. I think markets don't really know what they're doing in terms of
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Yeah. Thank you for having me, Felix. It certainly has been quite a year, for me and and for all of us, really. But it's great to be back here, and I'm looking looking forward to, you know, sharing some of my thoughts.
Yeah. Yeah. Absolutely. Yeah. So walk me through the last year. You were you're, again, at the Council of Economic Advisors. You're you're pretty closely tied to Stephen Moran there and giving different policy recommendations to the White House and the Trump administration, and then also spent recent months at the Federal Reserve where you returned to. And before that, you were also at the Federal Reserve, the Bank of, at the Federal Reserve in New York as well on that desk. So yeah, you have a lot of interesting three lines here to dig into. So I'd just love to hear about like, over the past
Yeah. Yeah. No. So I joined CEA a couple weeks after Liberation Day. So a very hectic time in the White House, in the markets, and in CEA as well. And so kind of I was in the front office, so I was a senior adviser to the chairman, which is kind of an an in between between, like, the economists on staff who are frequently professors at universities or economists at other agencies, and then, like, the chairman, the two other council members, the chief of staff, and you're kind of doing, you know, half economic analysis and, like, you know, framing and communication and also just, like, internal
Yeah. Yeah. I I I can't that's just a wild perspective. And I agree. You know, a lot of I think a lot of folks really discredited Moran off off the off the bat. And, obviously, you know, he's you know, gives some pretty out of consensus views. But, yeah, I would say that there's probably some some pretty good lessons learned there overall in terms of, you know, he was probably, I'd say, more pragmatic and data driven than the average person. You know, you can debate the warrants of the data that he was deriving it from, but at least there's data to back it up and reasoning. So I definitely res
Yeah. So on the first, I mean, I think there were myriad goals, with tariffs and ultimately, like, depending on what your preference is. And I think different people within the administration probably had different things they were looking towards. It might have been deficit reduction. It might have been, you know, altering the trade deficit and balance of payments. It might have
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