Tyler Cowen: belief

Transcript context

…Interesting. That’s very tricky. Again, I think we need to think through other parts of the global economy. Economic growth in China right now almost certainly is negative. They are bouncing back, but the Chinese economy has been sustained by momentum. They’re kind of off-balance sheet — municipal debts are very, very high. That’s a major problem for them. I know our economy is not so closely tied to the Chinese economy, but European economies are. Many European governments seem to be managing this worse than the United States, certainly worse than East Asia. This is likely more of a correlated global event than, in fact, 2008, 2009 was, though that had a fairly high degree of correlation. Now that too is a concern, and there’s much less, what you might call, organizational or cooperative capital internationally now than there was in 2008, 2009. Right? Far more nationalism, countries not being nice to each other. The European Union has been, in my opinion, highly ineffective in doing much. Everything has happened at the national level, for better or worse. Leadership in the United States, again, I view that as not having been high quality as of late. I think there are many things to be concerned about, but I think that the view it’s all Trump’s fault, that’s very dangerous, and it’s important to combat that. Trump was very late to the party showing up to do anything, but if you look at Western European governments, if you look at a lot of governors, a lot of private businesses… At China.…

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