"Upstream" with Erik Torenberg

• E135: The Problem With Reserve Currencies and Switching to Crypto w/ Lyn Alden [From the Archives]

  This week on Upstream, we’re sharing Erik Torenberg’s 2024 interview with Lyn Alden. Lyn discusses her book 'Broken Money', the impact of the global reserve currency, inflation, interest rates, and provides advice for navigating an uncertain economic future. — 📰 Be notified early when Turpentine's drops new publication: https://www.turpentine.co/exclusiveaccess — SPONSORS: ☁️ Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at https://oracle.com/turpentine 🕵️‍♂️ Take your personal data back with Incogni! Use code UPSTREAM at the link below and get 60% off an annual plan: https://incogni.com/upstream 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/  and mention “Turpentine” to skip the waitlist. — LINKS: Broken Money: https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR  Lyn’s website: https://www.lynalden.com/ — X / TWITTER: @LynAldenContact @eriktorenberg @turpentinemedia — HIGHLIGHTS FROM THE EPISODE: Lyn explains her book "Broken Money" provides a comprehensive global view of the 160 different currencies and monetary systems worldwide. She argues all monetary systems are essentially "ledger money" rather than just commodity or credit money. Lyn emphasizes how technology permanently shapes monetary systems, a perspective underexplored in academia. The telegraph was a crucial turning point, allowing information to move at the speed of light and shifting power toward centralized banks. Bitcoin and cryptocurrencies enable peer-to-peer value transfer without centralized institutions. Crypto continues to challenge currency monopolies by letting people circumvent capital controls and save in alternatives to local currencies. The US dollar's reserve status creates structural trade deficits and contributes to deindustrialization. Reshoring manufacturing remains difficult while maintaining reserve currency status. Raising interest rates to combat inflation has become less effective as higher rates increase government interest expenses. With high debt-to-GDP ratios, fiscal deficits drive money supply growth more than bank lending. Future inflation depends on technological growth rates relative to money supply growth. Lyn advises owning real, scarce assets rather than treasury bonds. She warns that fighting technological disruption ultimately proves ineffective for governments.

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• E134: Atheism’s Decline, Consciousness, and The New Right w/ Ross Douthat

  Today on Upstream, Ross Douthat joins Erik Torenberg to discuss his new book 'Believe: Why Everyone Should Be Religious,' exploring the decline of new atheism, the intellectual defense of institutional religion, and the intersection between traditional Christianity, Silicon Valley, and modern materialism. This episode originally aired on Moment of Zen (April 12, 2025). — 📰Be notified early when Turpentine's drops new publication: https://www.turpentine.co/exclusiveaccess  — RECOMMENDED PODCASTS:  🎙️Moment of Zen Every week, Erik Torenberg, Dan Romero, Antonio Garcia Martinez and frequent special guests discuss what's happening in technology, business, politics, and beyond. Subscribe on Spotify: https://open.spotify.com/show/15KYOzvDzAQvqX0z0SpHEJ  Apple: https://podcasts.apple.com/us/podcast/moment-of-zen/id1661672738 — SPONSORS: ☁️ Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at https://oracle.com/turpentine  🎯 Say goodbye to the headaches of out-of-home advertising. AdQuick combines technology, OOH expertise, and data to enable efficient, seamless ad buying across the globe. Visit https://adquick.com/ to start reaching your customers in the real world. 🕵️‍♂️ Take your personal data back with Incogni! Use code UPSTREAM at the link below and get 60% off an annual plan: https://incogni.com/upstream 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/  and mention “Turpentine” to skip the waitlist. — LINKS: Ross Douthat: https://www.nytimes.com/column/ross-douthat  Believe: Why Everyone Should Be Religious: https://www.zondervan.com/p/believe/ — X / TWITTER: @DouthatNYT @eriktorenberg @turpentinemedia — HIGHLIGHTS FROM THE EPISODE: Ross explains we're at a cultural inflection point where secularization has plateaued and there's evidence of religious revival. New atheism has declined as the world hasn't become more reasonable despite becoming less religious. Ross argues religion is intellectually defensible based on fine-tuning of the universe and the hard problem of consciousness. He contends that merely appreciating religion's social benefits isn't enough—genuine belief is necessary. The AI discussion explores whether consciousness might exist beyond materialist explanations. They examine tensions in the "New Right" between tech-optimists and religious traditionalists.

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• E133: China’s Energy Problem w/ Samo Burja

  Today on Upstream, we’re releasing a 2024 conversation between Erik Torenberg and Samo Burja. They discuss China's approach to energy security, exploring why China isn't pursuing energy independence despite significant oil production capability and the potential for further development. — 📰 Be notified early when Turpentine's drops new publication: https://www.turpentine.co/exclusiveaccess  — RECOMMENDED PODCASTS:  🎙️Live Players Samo Burja and Erik Torenberg provide analysis of the news and case studies of Live Players, as well as key institutions and technologies that make up the global power landscape. Apple: https://podcasts.apple.com/us/podcast/live-players-with-samo-burja-and-erik-torenberg/id1718925188    Spotify: https://open.spotify.com/show/5fbMTkHBnom1JIBWYNVBK1?si=01ed191c74264f55   Youtube: https://www.youtube.com/@LivePlayerswithSamoBurja  — SPONSORS: ☁️ Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at https://oracle.com/turpentine  🎯 Say goodbye to the headaches of out-of-home advertising. AdQuick combines technology, OOH expertise, and data to enable efficient, seamless ad buying across the globe. Visit https://adquick.com/ to start reaching your customers in the real world. 🕵️‍♂️ Take your personal data back with Incogni! Use code UPSTREAM at the link below and get 60% off an annual plan: https://incogni.com/upstream 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/  and mention “Turpentine” to skip the waitlist. — LINKS: Bismark Analysis: https://brief.bismarckanalysis.com/ China Isn’t Pursuing Energy Independence: https://brief.bismarckanalysis.com/p/china-isnt-pursuing-energy-independence — X / TWITTER: @samoburja @eriktorenberg @turpentinemedia

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• E132: AI Managers, US vs China Analysis, and AI Art w/ Byrne Hobart

  Today on Upstream, we’re sharing an episode of The Riff (originally aired on April 1, 2025). Erik Torenberg and Byrne Hobart explore the shifting dynamics of global trade between China and the US, the potential for AI to replace senior rather than junior roles in the workplace, and the economic structure of live entertainment markets like StubHub. — 📰 Be notified early when Turpentine's drops new publication: https://www.turpentine.co/exclusiveaccess    — RECOMMENDED PODCASTS:  🎙️Investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future.  Apple: https://podcasts.apple.com/us/podcast/the-riff-with-byrne-hobart-and-erik-torenberg/id1716646486  Spotify: https://open.spotify.com/show/6rANlV54GCARLgMOtpkzKt  YouTube: https://www.youtube.com/@TheRiffPodcast — SPONSORS: ☁️ Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at https://oracle.com/turpentine  🎯 Say goodbye to the headaches of out-of-home advertising. AdQuick combines technology, OOH expertise, and data to enable efficient, seamless ad buying across the globe. Visit https://adquick.com/ to start reaching your customers in the real world. 🕵️‍♂️ Take your personal data back with Incogni! Use code UPSTREAM at the link below and get 60% off an annual plan: https://incogni.com/upstream 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/  and mention “Turpentine” to skip the waitlist. — LINKS: Byrne’s writing: https://thediff.co — X / TWITTER: @byrnehobart @eriktorenberg @turpentinemedia — HIGHLIGHTS FROM THE EPISODE: US-China Trade Relations: There's an interesting role reversal where China is now championing free trade while the US has become more protectionist. China's Economic Challenges: Demographics are a crucial factor affecting China's economy - an aging population creates financial imbalances. AI's Impact on Work Hierarchy: Contrary to common assumptions, AI might replace senior rather than junior roles. While AI isn't a perfect substitute for mentorship, it provides "synthetic wisdom" without requiring equity stakes. StubHub and Pricing Dynamics: Entertainment businesses operate as "stacks of monopolies" (artists, venues) monetizing layers of perfect competition. AI-Generated Art ("Ghibli-fication"): The massive popularity of Studio Ghibli-style AI image generation demonstrated unexpected demand for AI services.

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• E131: Abundance Agenda, The New Right, and 2008 Retrospective w/ Noah Smith

  Today on Upstream, Erik Torenberg and Noah Smith discuss the Abundance Agenda by Ezra Klein and Derek Thompson, the impact of the 2008 recession, Obama's presidency, and shifts in political ideology, focusing on the 'New Right' and its cultural and economic implications, while also touching upon the economic recovery strategies post-2008. This episode originally aired on Econ102 (April 1, 2025) — 📰Be notified early when Turpentine's drops new publication: https://www.turpentine.co/exclusiveaccess  🙏Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse    — RECOMMENDED PODCASTS:  🎙️Econ102 with Noah Smith Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056  Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs Youtube: https://www.youtube.com/@ECON102Podcast — SPONSORS: ☁️ Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at https://oracle.com/turpentine  🎯Say goodbye to the headaches of out-of-home advertising. AdQuick combines technology, OOH expertise, and data to enable efficient, seamless ad buying across the globe. Visit https://adquick.com/ to start reaching your customers in the real world. 🕵️‍♂️Take your personal data back with Incogni! Use code UPSTREAM at the link below and get 60% off an annual plan: https://incogni.com/upstream 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/  and mention “Turpentine” to skip the waitlist. — LINKS: Noahpinion: https://www.noahpinion.blog/ Abundance (by Ezra Klein and Derek Thompson): https://www.amazon.com/Abundance-Progress-Takes-Ezra-Klein/dp/1668023482  The Clash of Civilizations (by Samuel Huntington): https://www.amazon.com/Clash-Civilizations-Remaking-World-Order/dp/1451628978  Revolt of the Public (by Martin Gurri): https://www.amazon.com/Revolt-Public-Crisis-Authority-Millennium/dp/1732265143  Understanding America's New Right: https://www.noahpinion.blog/p/understanding-americas-new-right  American Factory: https://www.netflix.com/title/81090071  — X / TWITTER: @Noahpinion @eriktorenberg @turpentinemedia — HIGHLIGHTS FROM THE EPISODE: The "abundance agenda" is gaining unexpected traction among Democrats who see it as a unifying message rather than class warfare. Noah views the abundance agenda as appealing because it promises prosperity for all Americans regardless of political beliefs. Noah considers Obama underrated, highlighting his stimulus package, Dodd-Frank regulations, Iraq War withdrawal, and Obamacare. Obama's immigration policy focused on deporting criminal elements, reducing the illegal immigrant population by about a million. The 2008 financial crisis was a "liquidity preference shock" where fear caused everyone to hold cash rather than spend. During demand-side crises, the government acts as "spender of last resort" to jumpstart economic activity. Infrastructure spending during the Obama era wasn't efficient, creating problems for future building initiatives. Post-2008 policies increased US debt from 60% to 100% of GDP during Obama's administration. Higher inflation under Biden has actually decreased the debt-to-GDP ratio despite increased spending. The "new right" ideology focuses on "Western civilization" - not racial nationalism but reverence for traditional European/Christian heritage. New right politicians like JD Vance care more about "meme wars" and online status than practical policy solutions. Social media has empowered a small percentage of politically active "shouting class" with outsized influence.

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