Byrne Hobart (@ByrneHobart), creator of The Diff (diff.substack.com), joins Erik on this episode.

They discuss:

- How have the past few months changed our understanding of institutions and our trust in them
- Is the current environment a win for modern monetary theorists?
- Is the current environment a win or loss for bitcoin maximalists that see the Fed as a huge liability?
- What should the Fed and Congress have done differently?
- Is the government running on autopilot?
- How do we make sense of what’s happening in the stock market?
- Is the stock market dominated by institutional or retail investor sentiment? How should we think about bailouts and stock buybacks?
- Future of Journalism and thoughts on Citizen Journalism
- How will China’s brand evolve over time?
- Byrne’s thoughts on “It’s Time to Build”
- What’s happening with pensions and how do we make sense of it?
- Has COVID accelerated the decline of traditional universities?
- How do we think about the oil markets right now, especially during the asme time as COVID?
- What are the second order effects of COVID?
- Is the stock market pricing in a recession?

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