↪ re: Summer in the City

This process of Creative Destruction is the essential fact about capitalism. — Joseph Schumpeter

Jul 30, 2024

∙ Paid

^→^econ^Vuere:Vue ↪ July 30, 2024

Rendering of the proposed $7 billion mixed-use development that would surround the United Center. If approved, the 10-year project — called The 1901 Project — would start in spring 2025. — A rendering of the proposed $7 billion United Center Development in Chicago

In less than three weeks, the Democratic National Convention will be held in Chicago, only a few blocks away from me. It is bound to be chaotic for everyone in my neighborhood. At the same time however, there are two large scale development projects happening nearby. A new $7 billion dollar redevelopment project has been announced for 2025 in the area around the United Center, where the convention is taking place. Further south on the lakefront, ground breaking has already begun for a massive investment in a quantum computing campus, the largest in the country. The Illinois Quantum and Microelectronics Park will be developed at the former US Steel South Works site. So my point is yes, we will see a lot of turbulence short term. But longer term, follow the money, and technology always wins in the end. The “perennial gale of creative destruction” continues at full force.

It has been a busy summer for US politics, but also for our editorial team at econVue. In this re:Vue you will find overviews of three Hale Report® podcasts, articles, and Vuepoints by old and new contributors. In addition we hosted two expert panels this summer. The first was a discussion on virtual payments and digital currencies. The second covered the Indian election results. We plan to continue sharing content related to geopolitics and technologies that impact the global economy.

Our readers have no doubt noticed our increased focus on South Asia. There has been an avalanche of commentary on China’s Third Plenum, the meeting that lays out the central government’s plans for economic growth and development. However, none of the hoped for fiscal and political reforms were announced—and none are on the horizon. Moreover, regardless of which party wins the US elections in November, Beijing is facing stormy weather ahead.

*Washington Post: How Four US Presidents Unleashed Unprecedented Economic Warfare Across the Globe*

While China will obviously not disappear, India’s population will have exceeded the population of China and the US combined by 2040. And India is just one country in South Asia. However demographics alone will not drive economic growth, especially if job creation does not keep pace. Investment, technology, and innovation are also critical, which brings me back to geopolitics.

My article The Hard Limits of Economic Statecraft received a lot of feedback. One response posed the question, will unprecedented levels of US and EU sanctions motivate China to not only develop its own trade bloc and alternative financial infrastructure, but spur it to create brand new technologies along a path disconnected from the G7 countries? The answer is clearly yes, that is already happening. Even though global trade flows are, for now, continuing apace.

–𝓁𝓎𝓇𝒾𝒸 💬

Editor-in-Chief

Lyric Hughes Hale

January 2, 2012

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↪`:` `Now on econVue` 🔈

1 .:

🎧 THE HALE REPORT ^® ⸱ Episode 58
David Sanger—Washington Struggle Sessions and the New Cold Wars →
▶ Listen now (1:04:02)
Hosted by LYRIC HUGHES HALE ⸱ JUL 12, 2024

My guest for the 58th episode of The Hale Report™ is journalist David E. Sanger. His new book New Cold Wars, China’s Rise, Russian’s Invasion and America’s Struggle to Defend the West is an insider narrative of how we got from the end of one Cold War, to the beginning of another. It’s not just about policy, but about how policy is made. 💬

2 .:

🎧 THE HALE REPORT ^® ⸱ Episode 57
Yohan Iddawela—Our Big Blue Marble: Geospatial Data and Economics →
▶ Listen now (48:52)
Hosted by LYRIC HUGHES HALE ⸱ JUN 26, 2024

My guest for our 57^th episode is Yohan Iddawela, data scientist and LSE-trained economist. Yohan brings a wealth of experience from his time at the World Bank and his current research at the Asian Development Bank in Manila. An Australian who has lived around the world, Yohan offers unique insights into the intersection of geospatial data science and economics. This technology represents a revolution in economic science. 💬

3 .:

🎧 THE HALE REPORT ^® ⸱ Episode 56
David Malpass—Can Better Policies Mitigate Risks to Global Growth? →
▶ Listen now (1:02:44)
Hosted by LYRIC HUGHES HALE ⸱ JUN 26, 2024

My guest for the 56th episode of the Hale Report is David Malpass, Former President of the World Bank Group, Under Secretary of the US Treasury, and leading Wall Street economist. He is an advocate for equitable development and sustainable global growth. He sees two obstacles to achieving a more prosperous world: poorly thought-out policies, and misallocation of capital. His strong view is that recent policy choices in Washington do not favor growth—and that we could be facing a fiscal cliff in 2025. 💬

4 .:

**Panelists Dante Disparte (Circle) and Collin Canright (Fintech Rising)**

👥 PANELS
Recap: The Future of Money →
^{The impact of new financial technologies and digital payment regulations}
COLLIN CANRIGHT AND DANTE DISPARTE • JUL 16, 2024

If you missed our discussion on July 16^th, we invite you to listen to our panel on digital payment systems and cryptocurrencies. The panel featured econVue contributor Collin Canright and special guest Dante Disparte, CSO of Circle. 💬

5 .:

Supporters of Bharatiya Janata Party (BJP) cheer after India’s Prime Minister Narendra Modi’s roadshow in Ayodhya, Uttar Pradesh, India.

👥 PANELS
Recap: The Indian Election →
^{Implications for global investors and policymakers}
MARSHA VANDE BERG AND SALIYA WEERAKOON ⸱ JUN 7, 2024

More than 640 million people voted in the Indian election over a period of 40 days in record-breaking heat. That is an incredible number for a system that requires voter identification. The results surprised most observers, but not our panelist Saliya Weerakoon, who spent two weeks in India prior to the polls. He was joined by fellow econVue contributor Marsha Vande Berg, who explained why she thinks the results represent a positive income for India, and for foreign investors. 💬

↪`:` `Latest articles`

6 .:

§ Policy & Micro
Shifting Forces Behind Yen Depreciation: From Jay Powell to Mrs. Watanabe →
^{Why some experts predict the yen could weaken to 170}
RICHARD KATZ ⸱ JUL 19, 2024

“In recent months, the driving force behind the weakening yen has shifted from Fed Chairman Jerome Powell to “Mrs. Watanabe.” The latter is the nickname given by traders to the proverbial Japanese housewife who oversees the family budget and manages its investments. And quite a shift it is.”

7 .:

*FDI is a bridge to India’s future: Bandra-Worli Sea Link in Mumbai at dusk (Shutterstock)*

§ Regional
India’s Dynamic Growth Story →
^{The importance of Foreign Direct Investment to realizing economic potential}
MARSHA VANDE BERG ⸱ JUL 15, 2024

“Can India’s dynamic growth story turbo-charge critical inflows of foreign investment needed to fuel development, create quality jobs, and boost a green transition, in a region that has already had this year record high temperatures and some of the world’s worst air quality?

Recent indicators suggest the answer may well be a resounding yes despite the mixed picture painted for foreign direct investment (FDI) and foreign portfolio inflows (FPI) over the last two fiscal years.”

8 .:

Treaty-of-Versailles — *Reevaluating the Treaty of Versailles by Nathan Goldwag*

§ Conflict
The Hard Limits of Economic Statecraft →
^{The economic intersection of the world}
LYRIC HUGHES HALE ⸱ JUN 30, 2024

“Economic statecraft is just another name for economic warfare, which has seldom been a viable policy to prevent conflict. Sometimes, there are no substitutes for diplomacy, no easy outs. A good question to ask is what a world without trade barriers would look like. What do we mean by fair trade, now that international institutions such as the World Trade Organization are not functioning as they were intended—these are all subjects worth exploring in the midst of political changes in the G7 countries in 2024.”

See all ❯

↪`:` `Who’s on econVue`

9 .:

VOICES
Collin Canright →
^{📍Chicago, IL}

Collin Canright is Editor and Publisher, FinTech Rising, Co-founder, Chicago Payments Forum, and Managing Editor of The Journal of Electronic Commerce. As principal of Canright Communications, he coordinates thought leadership, marketing communications, and software documentation projects, with an emphasis on Payments and FinTech communications.

He has worked with global financial institutions, hedge funds, FinTech startups, international IT firms, consulting firms, software developers, manufacturers, associations, and publishers. His articles and reports appear in leading financial publications, including American Banker, TabbFORUM, and Independent Banker, as well as his own FinTech Rising blog. Collin also produces payments events in Chicago through the Chicago Payments Forum.