Episode summary: Helen Thompson and Adam Tooze take us beyond Brexit to look at the global situation and the bigger threats we face. Italy, Germany, Iran, Saudi Arabia, Argentina, Russia, Trump vs. the Fed, the US vs. China, Hong Kong, the dollar, the euro, climate change, oil: an amazingly wide-ranging conversation that somehow manages to connect it all up. Talking Points: Christine Lagarde will take up her post at the ECB relatively soon. Does her most recent speech fit into a narrative of a French victory in the euro struggles? - Lagarde has clearly asserted the necessity of continuing the Draghi agenda, but augmenting it with fiscal action. That’s the big question mark. - There are still fundamental, unresolved issues: banking union and Italy’s sovereign debt. The condition for making Italian fiscal activism safe would be some agreement to collectivize a large portion of Italy’s sovereign debt. How that’s accounted for, and whose balance sheet it would fall onto is the real issue. - Do you really want to activate a major…
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