The Big View

Reuters

Reuters Breakingviews columnists tap their best contacts to explore the biggest issues driving business and markets today. Every Tuesday, Global Editor Peter Thal Larsen and his team tackle a pressing question with a senior executive, financier, policymaker, or other expert. The Big View helps you understand what is going on, explore all sides of the argument, and think about what happens next.

[For previous The Exchange podcast users, we didn't want to leave you hanging so we've decided to repurpose this feed for the launch of The Big View podcast. You can still find the legacy episodes below marked under the old title]

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Yesterday · 41 min
Why the Everything Bubble keeps on inflating
Stock markets are flashing familiar warnings: abundant liquidity, high leverage, frantic trading, and exuberant retail investors. In this episode of The Big View, the financial historian Edward Chancellor tells Peter Thal Larsen why this market may be the most speculative ever. Edward Chancellor: “The Everything Bubble is back and bigger than ever” Edward Chancellor: “China’s slow bull market is poised to take off” The Big View: “A stock market veteran’s view on the AI bubble” The Big View: “How AI shockwaves ripple through financial markets” The Big View: “What financial history tells us about the AI boom” Sign up to The Week in Breakingviews 📲 Podcasts, breaking news, and video analysis from the source. Download the Reuters app here. Visit the ⁠Thomson Reuters Privacy Statement⁠ for information on our privacy and data protection practices. You may also visit ⁠megaphone.fm/adchoices⁠ to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
October 13 · 42 min
The fragile undersea cables that connect the world
Global data traffic depends on a 1.4 mln-kilometre underwater network that has become a geopolitical battleground. On this episode of The Big View Katja Bego, author of ‘Deep Connections’, tells Peter Thal Larsen why the cables are vulnerable, and whether they can become less so. Katja Bego: Deep Connections: The Hidden Battles to Control Subsea Cables The Big View: Why trade flows are so enduring and hard to stop The Big View: How the Strait of Hormuz changes economic warfare The Big View: The perks and penalties of waging economic war The Big View: The power and peril of American economic warfare Sign up to The Week in Breakingviews 📲 Podcasts, breaking news, and video analysis from the source. Download the Reuters app here. Visit the ⁠Thomson Reuters Privacy Statement⁠ for information on our privacy and data protection practices. You may also visit ⁠megaphone.fm/adchoices⁠ to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
October 6 · 33 min
How financial markets became even more manic
The notion that stocks and bonds follow a rational path has been widely debunked. But are idiosyncrasies becoming more visible? In this episode of The Big View Peter Thal Larsen and Alex Edmans, author of ‘The Madness of Markets’, debate how the rules of investing have changed. Alex Edmans: “The Madness of Markets: Why Smart Investors Make Crazy Decisions and How to Exploit Them” The Big View: A stock market veteran’s view of the AI bubble The Big View: Bond markets are cause for concern and celebration The Big View: Does Elon Musk represent a new form of capitalism? Sign up to The Week in Breakingviews 📲 Podcasts, breaking news, and video analysis from the source. Download the Reuters app here. Visit the ⁠Thomson Reuters Privacy Statement⁠ for information on our privacy and data protection practices. You may also visit ⁠megaphone.fm/adchoices⁠ to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
September 29 · 45 min
The right way to prepare future workers for AI
Teaching kids to code was supposed to equip them for tomorrow. Then artificial intelligence came along. In this episode of The Big View, academic and author Daniel Susskind tells Peter Thal Larsen why predicting future jobs is folly and why critical thinking will matter more. Daniel Susskind: “What Should My Children Do? A Human’s Guide to the Age of AI” Daniel Susskind: “A World Without Work: Technology, Automation, and How We Should Respond” The Big View: McKinsey’s CFO on the benefits and costs of AI The Big View: A stock market veteran’s view on the AI bubble The Big View: OpenAI’s curious business conundrum Sign up to The Week in Breakingviews 📲 Podcasts, breaking news, and video analysis from the source. Download the Reuters app here. Visit the ⁠Thomson Reuters Privacy Statement⁠ for information on our privacy and data protection practices. You may also visit ⁠megaphone.fm/adchoices⁠ to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
September 22 · 45 min
Bond markets are cause for concern and celebration
With US debt at $40 trln and yields near two-decade highs, government bonds are causing economic jitters. On this episode of The Big View, financial journalist Robin Wigglesworth tells Peter Thal Larsen how state borrowing built the modern world – with many bumps along the way. Robin Wigglesworth: “A Fabulous Debt: The Epic Story of How Bonds Built the Modern World” The Big View: Why central bankers face an inflation reckoning The Big View: Global currencies have a rich past and poor future The Big View: How AI shockwaves ripple through financial markets Sign up to our free weekly newsletter 📲 Podcasts, breaking news, and video analysis from the source. Download the Reuters app here. Visit the ⁠Thomson Reuters Privacy Statement⁠ for information on our privacy and data protection practices. You may also visit ⁠megaphone.fm/adchoices⁠ to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
September 15 · 41 min
How CEOs are adapting to new rules of power
Today’s business leaders spent most of their careers in an era of relative stability. In this episode of The Big View, strategist Tina Fordham tells Peter Thal Larsen why geopolitical uncertainty is here to stay – and what unexpected shocks companies should be preparing for. Tina Fordham: “Mad World: A Geostrategy Survival Guide for Leaders” Liaquat Ahamed: “1873: The First Great Depression and the Making of the Modern World” The Big View: How the US election affects the rest of the world The Big View: The Gulf energy crisis and the US-China showdown The Big View: How the Strait of Hormuz changes economic warfare The Big View: The perks and penalties of waging economic war The Big View: Securing joined-up markets in a fractured world The Big View: How a French building giant tackled fragmentation Sign up to our free weekly newsletter 📲 Podcasts, breaking news, and video analysis from the source. Download the Reuters app here. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
September 8 · 49 min
How Apollo rewrote the rules of Wall Street
The private equity and credit firm elbowed aside big banks to amass $1 trln of assets. In this episode of The Big View, William D. Cohan, author of ‘Money to Burn’, and Peter Thal Larsen discuss how Apollo rose from the 1990s junk bond wreck and whether its new model will endure. William Cohan, “Money to Burn: The Unvarnished Truth About Leon Black, Apollo, and the Rise of a New Wall Street” The Big View: Private equity sets its sights on the little guy The Big View: The debit and credit of the private lending boom The Big View: Why private credit is shrinking as it booms 📲 Podcasts, breaking news, and video analysis from the source. Download the Reuters app here. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
September 1 · 45 min
Why trade flows are so enduring and hard to stop
Donald Trump’s tariffs and Chinese rare earths have scrambled global commerce. Yet as Ed Conway describes in ‘Trade World’, rulers have wielded chokepoints for centuries, with mixed results. In this episode of The Big View, he tells Peter Thal Larsen that advantages rarely last. Ed Conway: “Trade World: The Ties that Bound Our Past and Could Unravel Our Future” Leonard Read: “I, Pencil” The Big View: How the Strait of Hormuz changes economic warfare The Big View: The power and peril of American economic warfare The Big View: Donald Trump’s biggest trade shock is yet to come 📲 Podcasts, breaking news, and video analysis from the source. Download the Reuters app here. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.  Learn more about your ad choices. Visit megaphone.fm/adchoices
August 25 · 45 min
An economist’s plan to salvage liberal democracy
Daron Acemoglu has spent years studying the origins of prosperity. Now he says the institutions, laws and freedoms that made the West rich are under threat. On this episode of The Big View, the Nobel laureate tells Peter Thal Larsen why any solution starts with the working class. Daron Acemoglu: What Happened to Liberal Democracy? Nobel Lecture Daron Acemoglu, David Autor and Simon Johnson: Building Pro-Worker Artificial Intelligence The Big View: Carl Benedikt Frey The Big View: Mariana Mazzucato The Big View: Branko Milanovic 📲 Podcasts, breaking news, and video analysis from the source. Download the Reuters app here. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
July 28 · 44 min
The cause and effects of China’s slow-motion crash
The world’s second-largest economy experienced the largest credit boom and bust in recent history. On this episode of The Big View, Logan Wright of Rhodium Group explains why debt, deflation, slow growth and industrial overcapacity will be hard to shift in the People’s Republic.
July 21 · 46 min
Why battling climate change can be good for growth
It’s 20 years since the economist Nicholas Stern made the financial case for stopping global warming. Though temperatures have risen, green energy is cheaper. In this episode of The Big View, he tells Peter Thal Larsen that needed investments can boost the economy and the planet. Nicholas Stern: “The Growth Story of the 21st Century: The Economics and Opportunity of Climate Action” The Big View: Peering behind the dark clouds of climate change Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
July 14 · 44 min
McKinsey’s CFO on the benefits and costs of AI
The global consulting firm is using artificial intelligence while advising clients on rolling it out. In this episode of The Big View, finance chief Yuval Atsmon talks to Peter Thal Larsen about taming token bills, the threat to jobs, and the new appeal of generalists.
July 7 · 37 min
How a French building giant tackled fragmentation
The €40 bln Saint-Gobain counters geopolitical divisions by emphasising local management and production. In this episode of The Big View, CEO Benoît Bazin tells Peter Thal Larsen why the 361-year-old company can keep expanding, and which countries he is targeting next. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
June 30 · 35 min
Why central banks are key to electronic money
Technology true believers argue digital cash does not need an institutional backstop. In this episode of The Big View, Gaston Gelos of the Bank for International Settlements tells Peter Thal Larsen why stablecoins and other tokens still need central banks to work smoothly. Bank for International Settlements: Anchoring trust in money: innovation beyond stablecoins Bank of England: Sterling-denominated systemic stablecoins The Big View: The wobbly foundations of the stablecoin boom The Big View: The coming battle over the future of money Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
June 23 · 40 min
Does Elon Musk represent a new form of capitalism?
The SpaceX boss became the first trillionaire by defying business wisdom, upending financial standards and embracing far-right politics. On The Big View this week Peter Thal Larsen asks Quinn Slobodian, co-author of “Muskism”, whether Musk is a one-off or a model of the future.
June 16 · 36 min
Why central bankers face an inflation reckoning
Ageing populations, indebted governments and geopolitical splits undermine price stability. That leaves independent central banks unanchored, say Charles Goodhart and Manoj Pradhan. On this episode of The Big View, the economists tell Peter Thal Larsen the status quo cannot last. Charles Goodhart and Manoj Pradhan: “The Unanchored Central Banker: Demography, Fiscal Instability, and an Erosion of the Central Bank’s Inflation-Fighting Ability” Charles Goodhart and Manoj Pradhan: “The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival” Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
June 9 · 40 min
One way to rethink economics for the better
Diagnosing malaise is easy; coming up with solutions is harder. Mariana Mazzucato, the academic and author of ‘The Common Good Economy’, argues for a wider approach to economic purpose. In this episode of The Big View, she tells Peter Thal Larsen how the discipline can improve. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
June 2 · 44 min
A stock market veteran’s view on the AI bubble
Jeremy Grantham’s investment firm GMO made its name betting against the mania of the late 1990s and the mid-2000s housing boom. In this episode of The Big View, he tells Peter Thal Larsen how artificial intelligence has forced Big Tech firms into a fight to the death. Jeremy Grantham and Edward Chancellor: The Making of a Permabear: The Perils of Long-term Investing in a Short-term World Breakingviews: Why investors can still believe in mean reversion Breakingviews: Victorian real mania has lessons for AI investors Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
May 26 · 41 min
Buyout barons weather private turbulence
Breakneck growth for private equity and credit has led to worries of overheated dealmaking. In this episode of The Big View, Bain Capital Managing Partner David Gross tells Jonathan Guilford about what the industry did right and wrong, and where it might go next around the globe. The Exchange, January 2024: Bain is keeping the private in private equity Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices
May 19 · 41 min
Separating science fiction from fact at SpaceX
Elon Musk’s rockets-to-AI venture is getting closer to a $1.8 trln IPO. In this episode of The Big View, astrophysicist Adam Becker, author of ‘More Everything Forever,’ tells Jeff Goldfarb about the folly of ascribing value to plans to put data centers in space or colonize Mars.

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