Should the U.S. Treasury Be an Agency of National Security?

What Does the New Federal Reserve Mean for Business?

The Federal Open Market Committee, the rate-setting body at our central bank, recently convened with Kevin Warsh as the new Chairman. He takes the helm as U.S. inflation is running between 3-to-4% and Washington is running annual deficits just shy of $2 trillion. Abroad, the Fed has become something akin to the world’s lender of last resort, offering emergency dollar liquidity to foreign central banks. The demands, at home and abroad, raise questions about Fed independence, a principle promoted by both Warsh and his former colleague - and our guest on today - Thomas Hoenig, who has long argued that the Fed has drifted from a guardian of price stability into a provider of liquidity for both Washington and the global financial system. We  focus on the stakes in whether the ‘New Fed’ will find a way to resist the pressure of recent years to open the taps and instead, to establish more independence. For businesses, the outcome of this challenge will determine bond yields, the costs of capital and how much we all pay in interest. So we ask: What does the new Fed mean for business? - The Call is a series of live video conversations featuring expert guests from the U.S. Chamber's Global Intelligence Desk. Live access to The Call is a benefit to the Chamber’s members; however, we are pleased to provide recordings of the calls for wider listening thereafter. Learn more about the Global Intelligence Desk: https://globalintelligencedesk.com/ [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbHFBQjk2NTRXV2dlYlRFckhpRFlqNktDMnlLd3xBQ3Jtc0trblVxb1ZyNnpNU0lmSVZWZWVuNzhCMG5oYXk1MEcySnFSV3dsbXd1RXJIT1FPUWtFZzRUbjJhRHV1aDQyTVBGMF83Z2pvTTNWdFRsV1poNFIxTDVod1dHbTBSZVRCcnRFS0tEMGRCWjJGNmZndWhnZw&q=https%3A%2F%2Fglobalintelligencedesk.com%2F&v=XW27HiAov8E] Join the conversation on LinkedIn:   / global-intelligence-desk   [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa3Y2XzY5NUN6UzQ3VGlwQlMyLWE1bWViSjVBZ3xBQ3Jtc0ttTkgwZEJWWDUybjZXWGtuNWVybHFDckVMM3lHSGtadDQ3bG5kbld6SkZGT2dLQmF2SzRpc09fcWRWa1I2ZjF6aW1pSUg4ZkFkVW55TXZDNi1WR2tJZW5fZEViVFpwcGVpT3BZaWdKSmp3N1dGcTJPUQ&q=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fglobal-intelligence-desk%2F&v=XW27HiAov8E]

Has the U.S. Overused Sanctions?

“Since 2000, the number of sanctioned individuals and entities worldwide has increased tenfold. Tariffs and trade barriers have quintupled globally…more than 90 percent of advanced economies now screen foreign investment in sensitive sectors, up from less than one-third a decade ago.” The author of those lines in Foreign Affairs, sanctions expert Daleep Singh, today issues a warning with implications for multinationals. Economic coercion is needed, but overuse can fracture markets, fuel rivalries, and cause instability. When the dollar looks like a weapon, the world builds around it. Trade relations splinter. Allies drift apart on enforcement. Singh joined Jay Sapford to discuss, among other things:, whether has America overused the tools in its economic arsenal. Singh lays out what the answer means for companies caught in the compliance crossfire, and for the line between defending national security and eroding the very system that gives sanctions their bite. - The Call is a series of live video conversations featuring expert guests from the U.S. Chamber's Global Intelligence Desk. Live access to The Call is a benefit to the Chamber’s members; however, we are pleased to provide recordings of the calls for wider listening thereafter. Learn more about the Global Intelligence Desk: https://globalintelligencedesk.com/ [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbHFBQjk2NTRXV2dlYlRFckhpRFlqNktDMnlLd3xBQ3Jtc0trblVxb1ZyNnpNU0lmSVZWZWVuNzhCMG5oYXk1MEcySnFSV3dsbXd1RXJIT1FPUWtFZzRUbjJhRHV1aDQyTVBGMF83Z2pvTTNWdFRsV1poNFIxTDVod1dHbTBSZVRCcnRFS0tEMGRCWjJGNmZndWhnZw&q=https%3A%2F%2Fglobalintelligencedesk.com%2F&v=XW27HiAov8E] Join the conversation on LinkedIn:   / global-intelligence-desk   [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa3Y2XzY5NUN6UzQ3VGlwQlMyLWE1bWViSjVBZ3xBQ3Jtc0ttTkgwZEJWWDUybjZXWGtuNWVybHFDckVMM3lHSGtadDQ3bG5kbld6SkZGT2dLQmF2SzRpc09fcWRWa1I2ZjF6aW1pSUg4ZkFkVW55TXZDNi1WR2tJZW5fZEViVFpwcGVpT3BZaWdKSmp3N1dGcTJPUQ&q=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fglobal-intelligence-desk%2F&v=XW27HiAov8E]

Is the Rule of Law Becoming a Core Business Risk?

The Rule of Law shapes where companies invest, how they manage risk, whether contracts are enforced, intellectual property is protected, and whether a business can execute long-term business planning. On June 11, our Coalition for the Rule of Law will release the 6th Edition of its Global Rule of Law Dashboard, which scores 149 countries across five conditions that shape commercial confidence. Among the big findings: Transparency improved, but stability, accountability, and predictability have all declined. So, the rulebook looks great - until you need it to work. The Chamber's Neil Herrington helps us unpack the data and offer members a foretaste ahead of the official release where conditions are improving, where they are not, and what this means for companies operating across borders. - The Call is a series of live video conversations featuring expert guests from the U.S. Chamber's Global Intelligence Desk. Live access to The Call is a benefit to the Chamber’s members; however, we are pleased to provide recordings of the calls for wider listening thereafter. Learn more about the Global Intelligence Desk: https://globalintelligencedesk.com/ [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbHFBQjk2NTRXV2dlYlRFckhpRFlqNktDMnlLd3xBQ3Jtc0trblVxb1ZyNnpNU0lmSVZWZWVuNzhCMG5oYXk1MEcySnFSV3dsbXd1RXJIT1FPUWtFZzRUbjJhRHV1aDQyTVBGMF83Z2pvTTNWdFRsV1poNFIxTDVod1dHbTBSZVRCcnRFS0tEMGRCWjJGNmZndWhnZw&q=https%3A%2F%2Fglobalintelligencedesk.com%2F&v=XW27HiAov8E] Join the conversation on LinkedIn:   / global-intelligence-desk   [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa3Y2XzY5NUN6UzQ3VGlwQlMyLWE1bWViSjVBZ3xBQ3Jtc0ttTkgwZEJWWDUybjZXWGtuNWVybHFDckVMM3lHSGtadDQ3bG5kbld6SkZGT2dLQmF2SzRpc09fcWRWa1I2ZjF6aW1pSUg4ZkFkVW55TXZDNi1WR2tJZW5fZEViVFpwcGVpT3BZaWdKSmp3N1dGcTJPUQ&q=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fglobal-intelligence-desk%2F&v=XW27HiAov8E]

Will the Future of Warfare Still Depend on Humans?

In April, Ukrainian President Volodymyr Zelenskyy announced his forces captured Russian positions using only ground robots and drones. No infantry. No losses. Kyiv’s success, however, disguises the role of human capital behind the machinery deployed in these attacks, and countless others. The next military advantage may belong not to the country with the flashiest drone, but to the country that best combines machines with people — coders with soldiers, manufacturers with operators, engineers with commanders, private-sector innovation with public-sector urgency. The stakes reach right to the heart of American business: Drone warfare is not just a defense story. It is a supply-chain story, a manufacturing story, a software story, an energy story, and a China story. Our guest Eliot Cohen, author of the new book "The Strategist: How to think about war & politics"  has spent his career on the questions that matter when the character of war changes: why armies win, why they lose, and how leaders make the decisions that decide wars. Jay Sapsford puts those questions to him now at a time when the soldier on the front line may no longer be a person at all. - The Call is a series of live video conversations featuring expert guests from the U.S. Chamber's Global Intelligence Desk. Live access to The Call is a benefit to the Chamber’s members; however, we are pleased to provide recordings of the calls for wider listening thereafter. Learn more about the Global Intelligence Desk: https://globalintelligencedesk.com/ [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbHFBQjk2NTRXV2dlYlRFckhpRFlqNktDMnlLd3xBQ3Jtc0trblVxb1ZyNnpNU0lmSVZWZWVuNzhCMG5oYXk1MEcySnFSV3dsbXd1RXJIT1FPUWtFZzRUbjJhRHV1aDQyTVBGMF83Z2pvTTNWdFRsV1poNFIxTDVod1dHbTBSZVRCcnRFS0tEMGRCWjJGNmZndWhnZw&q=https%3A%2F%2Fglobalintelligencedesk.com%2F&v=XW27HiAov8E] Join the conversation on LinkedIn:   / global-intelligence-desk   [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa3Y2XzY5NUN6UzQ3VGlwQlMyLWE1bWViSjVBZ3xBQ3Jtc0ttTkgwZEJWWDUybjZXWGtuNWVybHFDckVMM3lHSGtadDQ3bG5kbld6SkZGT2dLQmF2SzRpc09fcWRWa1I2ZjF6aW1pSUg4ZkFkVW55TXZDNi1WR2tJZW5fZEViVFpwcGVpT3BZaWdKSmp3N1dGcTJPUQ&q=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fglobal-intelligence-desk%2F&v=XW27HiAov8E]

Are We Ready for an Era of Higher Interest Rates?

The world is aging. For our lifetimes, that has meant low interest rates, as limited demand, high savings and a flexible global workforce created favorable conditions for easy money. Our guest today, Manoj Pradhan, founder of Talking Heads Macro, argues that over time, aging will result in something completely different: higher wages for a shrinking workforce, more retirement benefits, more public debt – and higher interest rates to attract enough investors to fund it all. Pradhan says Japan is going through that transition right now. If he is right, it will mean a tougher funding environment for business. Higher rates makes corporate debt more expensive to service, forcing companies to rethink capital allocation, pricing, labor, and supply chains. - The Call is a series of live video conversations featuring expert guests from the U.S. Chamber's Global Intelligence Desk. Live access to The Call is a benefit to the Chamber’s members; however, we are pleased to provide recordings of the calls for wider listening thereafter. Learn more about the Global Intelligence Desk: https://globalintelligencedesk.com/ [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbHFBQjk2NTRXV2dlYlRFckhpRFlqNktDMnlLd3xBQ3Jtc0trblVxb1ZyNnpNU0lmSVZWZWVuNzhCMG5oYXk1MEcySnFSV3dsbXd1RXJIT1FPUWtFZzRUbjJhRHV1aDQyTVBGMF83Z2pvTTNWdFRsV1poNFIxTDVod1dHbTBSZVRCcnRFS0tEMGRCWjJGNmZndWhnZw&q=https%3A%2F%2Fglobalintelligencedesk.com%2F&v=XW27HiAov8E] Join the conversation on LinkedIn:   / global-intelligence-desk   [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa3Y2XzY5NUN6UzQ3VGlwQlMyLWE1bWViSjVBZ3xBQ3Jtc0ttTkgwZEJWWDUybjZXWGtuNWVybHFDckVMM3lHSGtadDQ3bG5kbld6SkZGT2dLQmF2SzRpc09fcWRWa1I2ZjF6aW1pSUg4ZkFkVW55TXZDNi1WR2tJZW5fZEViVFpwcGVpT3BZaWdKSmp3N1dGcTJPUQ&q=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fglobal-intelligence-desk%2F&v=XW27HiAov8E]