The Big View
Reuters Breakingviews columnists tap their best contacts to explore the biggest issues driving business and markets today. Every Tuesday, Global Editor Peter Thal Larsen and his team tackle a pressing question with a senior executive, financier, policymaker, or other expert. The Big View helps you understand what is going on, explore all sides of the argument, and think about what happens next.[For previous The Exchange podcast users, we didn't want to leave you hanging so we've decided to repurpose this feed for the launch of The Big View podcast. You can still find the legacy episodes below marked under t...
What the EU-China car quota means for world trade
Brussels persuaded Beijing to cap exports of hybrid autos at 350,000, easing pressure on a key industry. Is it a model for future deals? On this episode of The Big View, Sam Lowe of Flint Global tells Peter Thal Larsen why Chinese negotiators have good reasons to seem reasonable.
Substack: Most Favoured Nation
Viewsroom: China-EU auto wars drive to in-Seine level
The Big View: Why trade flows are so enduring and hard to stop
The Big View: Trump’s biggest trade shock is yet to come
The Bi...
The silver lining in Europe’s dark economic clouds
Ageing workers, high debt, obsolete tech and polarised politics weigh on the continent’s prospects. But is the gloom excessive? In this episode of The Big View, ING Chief Economist Marieke Blom tells Peter Thal Larsen some flaws are exaggerated and others a chance to catch up.
Marieke Blom: Europe’s Pitch Book
Mario Draghi: The Draghi report on EU competitiveness
Breakingviews: Why Europe could be the real winner of the AI boom
The Big View: Why central bankers face an inflation reckoning
The Big View: How...
Why the Everything Bubble keeps on inflating
Stock markets are flashing familiar warnings: abundant liquidity, high leverage, frantic trading, and exuberant retail investors. In this episode of The Big View, the financial historian Edward Chancellor tells Peter Thal Larsen why this market may be the most speculative ever.
Edward Chancellor: “The Everything Bubble is back and bigger than ever”
Edward Chancellor: “China’s slow bull market is poised to take off”
The Big View: “A stock market veteran’s view on the AI bubble”
The Big View: “How AI shockwaves ripple through financial markets”
The Big View: “Wha...
The fragile undersea cables that connect the world
Global data traffic depends on a 1.4 mln-kilometre underwater network that has become a geopolitical battleground. On this episode of The Big View Katja Bego, author of ‘Deep Connections’, tells Peter Thal Larsen why the cables are vulnerable, and whether they can become less so.
Katja Bego: Deep Connections: The Hidden Battles to Control Subsea Cables
The Big View: Why trade flows are so enduring and hard to stop
The Big View: How the Strait of Hormuz changes economic warfare
The Big View: The perks and penalties of waging econ...
How financial markets became even more manic
The notion that stocks and bonds follow a rational path has been widely debunked. But are idiosyncrasies becoming more visible? In this episode of The Big View Peter Thal Larsen and Alex Edmans, author of ‘The Madness of Markets’, debate how the rules of investing have changed.
Alex Edmans: “The Madness of Markets: Why Smart Investors Make Crazy Decisions and How to Exploit Them”
The Big View: A stock market veteran’s view of the AI bubble
The Big View: Bond markets are cause for concern and celebratio...
The right way to prepare future workers for AI
Teaching kids to code was supposed to equip them for tomorrow. Then artificial intelligence came along. In this episode of The Big View, academic and author Daniel Susskind tells Peter Thal Larsen why predicting future jobs is folly and why critical thinking will matter more.
Daniel Susskind: “What Should My Children Do? A Human’s Guide to the Age of AI”
Daniel Susskind: “A World Without Work: Technology, Automation, and How We Should Respond”
The Big View: McKinsey’s CFO on the benefits and costs of AI
The Big View: A...
Bond markets are cause for concern and celebration
With US debt at $40 trln and yields near two-decade highs, government bonds are causing economic jitters. On this episode of The Big View, financial journalist Robin Wigglesworth tells Peter Thal Larsen how state borrowing built the modern world – with many bumps along the way.
Robin Wigglesworth: “A Fabulous Debt: The Epic Story of How Bonds Built the Modern World”
The Big View: Why central bankers face an inflation reckoning
The Big View: Global currencies have a rich past and poor future
...
How CEOs are adapting to new rules of power
Today’s business leaders spent most of their careers in an era of relative stability. In this episode of The Big View, strategist Tina Fordham tells Peter Thal Larsen why geopolitical uncertainty is here to stay – and what unexpected shocks companies should be preparing for.
Tina Fordham: “Mad World: A Geostrategy Survival Guide for Leaders”
Liaquat Ahamed: “1873: The First Great Depression and the Making of the Modern World”
The Big View: How the US election affects the rest of the world
The Big View: The Gulf energy crisis and the US-C...
How Apollo rewrote the rules of Wall Street
The private equity and credit firm elbowed aside big banks to amass $1 trln of assets. In this episode of The Big View, William D. Cohan, author of ‘Money to Burn’, and Peter Thal Larsen discuss how Apollo rose from the 1990s junk bond wreck and whether its new model will endure.
William Cohan, “Money to Burn: The Unvarnished Truth About Leon Black, Apollo, and the Rise of a New Wall Street”
The Big View: Private equity sets its sights on the little guy
The Big View...
Why trade flows are so enduring and hard to stop
Donald Trump’s tariffs and Chinese rare earths have scrambled global commerce. Yet as Ed Conway describes in ‘Trade World’, rulers have wielded chokepoints for centuries, with mixed results. In this episode of The Big View, he tells Peter Thal Larsen that advantages rarely last.
Ed Conway: “Trade World: The Ties that Bound Our Past and Could Unravel Our Future”
Leonard Read: “I, Pencil”
The Big View: How the Strait of Hormuz changes economic warfare
The Big View: The power and peri...
An economist’s plan to salvage liberal democracy
Daron Acemoglu has spent years studying the origins of prosperity. Now he says the institutions, laws and freedoms that made the West rich are under threat. On this episode of The Big View, the Nobel laureate tells Peter Thal Larsen why any solution starts with the working class.
Daron Acemoglu: What Happened to Liberal Democracy?
Nobel Lecture
Daron Acemoglu, David Autor and Simon Johnson: Building Pro-Worker Artificial Intelligence
The Big View: Carl Benedikt Frey
The Big View: Mariana Mazzucato
The Big View: Branko Milanovic<...
The cause and effects of China’s slow-motion crash
The world’s second-largest economy experienced the largest credit boom and bust in recent history. On this episode of The Big View, Logan Wright of Rhodium Group explains why debt, deflation, slow growth and industrial overcapacity will be hard to shift in the People’s Republic.
Logan Wright: “Broken China: How the Economic Miracle Shattered and What it Means for the World”
Rhodium Group: China’s “New” Strategic Industries Will Not Produce 5% GDP Growth
The Big View: Making sense of China’s big economic reboot
Visi...
Why battling climate change can be good for growth
It’s 20 years since the economist Nicholas Stern made the financial case for stopping global warming. Though temperatures have risen, green energy is cheaper. In this episode of The Big View, he tells Peter Thal Larsen that needed investments can boost the economy and the planet.
Nicholas Stern: “The Growth Story of the 21st Century: The Economics and Opportunity of Climate Action”
The Big View: Peering behind the dark clouds of climate change
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McKinsey’s CFO on the benefits and costs of AI
The global consulting firm is using artificial intelligence while advising clients on rolling it out. In this episode of The Big View, finance chief Yuval Atsmon talks to Peter Thal Larsen about taming token bills, the threat to jobs, and the new appeal of generalists.
The Big View: OpenAI’s curious business conundrum
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How a French building giant tackled fragmentation
The €40 bln Saint-Gobain counters geopolitical divisions by emphasising local management and production. In this episode of The Big View, CEO Benoît Bazin tells Peter Thal Larsen why the 361-year-old company can keep expanding, and which countries he is targeting next.
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Why central banks are key to electronic money
Technology true believers argue digital cash does not need an institutional backstop. In this episode of The Big View, Gaston Gelos of the Bank for International Settlements tells Peter Thal Larsen why stablecoins and other tokens still need central banks to work smoothly.
Bank for International Settlements: Anchoring trust in money: innovation beyond stablecoins
Bank of England: Sterling-denominated systemic stablecoins
The Big View: The wobbly foundations of the stablecoin boom
The Big View: The coming battle over the future of money
Visit the...
Does Elon Musk represent a new form of capitalism?
The SpaceX boss became the first trillionaire by defying business wisdom, upending financial standards and embracing far-right politics. On The Big View this week Peter Thal Larsen asks Quinn Slobodian, co-author of “Muskism”, whether Musk is a one-off or a model of the future.
Quinn Slobodian and Ben Tarnoff: "Muskism: A Guide for the Perplexed"
The Big View: Separating science fiction from fact at SpaceX
Breakingviews: SpaceX IPO riches would make robber barons blush
Breakingviews: SpaceX's $1.75 trln hope rests on Musk imagination
<...Why central bankers face an inflation reckoning
Ageing populations, indebted governments and geopolitical splits undermine price stability. That leaves independent central banks unanchored, say Charles Goodhart and Manoj Pradhan. On this episode of The Big View, the economists tell Peter Thal Larsen the status quo cannot last.
Charles Goodhart and Manoj Pradhan: “The Unanchored Central Banker: Demography, Fiscal Instability, and an Erosion of the Central Bank’s Inflation-Fighting Ability”
Charles Goodhart and Manoj Pradhan: “The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival”
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One way to rethink economics for the better
Diagnosing malaise is easy; coming up with solutions is harder. Mariana Mazzucato, the academic and author of ‘The Common Good Economy’, argues for a wider approach to economic purpose. In this episode of The Big View, she tells Peter Thal Larsen how the discipline can improve.
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A stock market veteran’s view on the AI bubble
Jeremy Grantham’s investment firm GMO made its name betting against the mania of the late 1990s and the mid-2000s housing boom. In this episode of The Big View, he tells Peter Thal Larsen how artificial intelligence has forced Big Tech firms into a fight to the death.
Jeremy Grantham and Edward Chancellor: The Making of a Permabear: The Perils of Long-term Investing in a Short-term World
Breakingviews: Why investors can still believe in mean reversion
Breakingviews: Victorian real mania has lessons for AI investors
...
Buyout barons weather private turbulence
Breakneck growth for private equity and credit has led to worries of overheated dealmaking. In this episode of The Big View, Bain Capital Managing Partner David Gross tells Jonathan Guilford about what the industry did right and wrong, and where it might go next around the globe.
The Exchange, January 2024: Bain is keeping the private in private equity
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L...
Separating science fiction from fact at SpaceX
Elon Musk’s rockets-to-AI venture is getting closer to a $1.8 trln IPO. In this episode of The Big View, astrophysicist Adam Becker, author of ‘More Everything Forever,’ tells Jeff Goldfarb about the folly of ascribing value to plans to put data centers in space or colonize Mars.
Adam Becker: More Everything Forever
Breakingviews: SpaceX’s $1.75 trln hope rests on Musk imagination
Podcast: Dreaming Against the Machine
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Why rich societies became prosperous and anxious
In the developed world, many people are both better off and unsatisfied. On this episode of The Big View, Peter Thal Larsen talks to Ryan Avent, author of ‘In Good Faith’, about the eroding beliefs underpinning growth, and whether AI will force us to confront what progress means.
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Why the dollar could outlast the United States
The US inherited rather than invented its currency, argues Brendan Greeley, author of ‘The Almighty Dollar’. In this episode of The Big View he tells Peter Thal Larsen about the greenback’s origins and why its global appeal might survive American fiscal and military recklessness.
“The Almighty Dollar: 500 Years of the World’s Most Powerful Money”, by Brendan Greeley
The Big View: Global currencies have a rich past and poor future
The Big View: What could knock King Dollar off its throne
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Securing joined-up markets in a fractured world
Great power rivalry and upstart technology are testing financial infrastructure. In this episode of The Big View, Stephan Leithner, CEO of Deutsche Boerse, tells Peter Thal Larsen how the $58 bln exchange group is coping with volatility, and how the EU can become more autonomous.
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The Gulf energy crisis and the US-China showdown
Donald Trump’s war with Iran has exposed how much countries depend on oil and gas imports. In this episode of The Big View, Helen Thompson of Cambridge University tells Peter Thal Larsen how energy rivalry is shaping US foreign policy – and why the fault line runs through Europe.
Helen Thompson: “Disorder: Hard Times in the 21st Century”
The Big View: How the Strait of Hormuz changes economic warfare
Breakingviews: Oil shock will speed electric cars’ comeback
Reuters: Iran attacks wi...
How the Strait of Hormuz changes economic warfare
By strangling the waterway, Iran retaliated against the US and eased some financial sanctions. In this episode of The Big View Edward Fishman, senior fellow of the Council on Foreign Relations, tells Peter Thal Larsen how American economic weapons have been turned against it.
The Big View, March 2025: Why financial warfare could backfire on the US
Edward Fishman: Iran is Using America’s Playbook Against Us, New York Times, March 2026
Benjamin Alter and Edward Fishman: The Dark Side of Energy Independence, New York Times, 2013
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How ransomware took the world economy hostage
Online extortion has exploded into a multibillion-dollar global industry. On this episode of The Big View, Peter Thal Larsen talks to Anja Shortland of King’s College London about its rapid growth, fresh threats from AI, and the blurry line between cyber crime and cyber warfare.
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OpenAI’s curious business conundrum
The ChatGPT creator has 900 mln users and an $840 bln valuation, yet its financial future is unsure. On this episode of The Big View, Peter Thal Larsen and tech analyst Benedict Evans discuss why scale does not guarantee profit, and how previous breakthroughs captured value. How will OpenAI compete? OpenAI announcement Breakingviews: What happens if OpenAI or Anthropic fail?
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Global currencies have a rich past and poor future
The Roman denarius and Florentine florin rose and fell with economic and military power. Will the US dollar face the same fate? In this episode of The Big View, Berkeley economist Barry Eichengreen tells Peter Thal Larsen why history suggests the greenback’s prospects are weak.
Money Beyond Borders: Global Currencies from Croesus to Crypto
The Big View: What could knock King Dollar off its throne
The Big View: Why financial warfare could backfire on the US
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Donald Trump’s biggest trade shock is yet to come
The year since the US president’s ‘Liberation Day’ tariff war has produced many surprises. In this episode of The Big View, Peter Thal Larsen and IMD Business School’s Simon Evenett discuss why dire forecasts fizzled, how China levies fell to 26%, and why a larger jolt looms.
The Supreme Court Rules, Uncertainty by Design Remains – Global Trade Alert
Trade Redirection of Chinese Exports During 2025: Evidence from Full-Year Data – Global Trade Alert
The Big View: What Trump’s tariff tantrum will do to world trade
The Big View: Why Trump’s trade assault wi...
Why Africa’s growth prospects may be looking up
It’s easy to be glum about a continent grappling with US tariffs, cuts to aid, and climate change. Yet Joe Studwell, author of ‘How Africa Works’, says the conditions for development are in place. In this episode of The Big View, he tells Peter Thal Larsen why he’s optimistic. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.
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Why Japan’s revitalisation can overcome high debt
Prime Minister Sanae Takaichi’s new government can curb excess competition and speed industrial consolidation. On this episode of The Big View, Monex’s Jesper Koll tells Una Galani that borrowing will not rise, while higher interest rates will reshape equity markets. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.
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How AI shockwaves ripple through financial markets
Big Tech is splurging around $700 bln on artificial intelligence investments this year, while others are braced for disruption. In this episode of The Big View, Peter Thal Larsen talks to Andrew Sheets, Morgan Stanley’s head of fixed income research, about what happens next.
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Why the world economy will keep on fragmenting
Decades of economic cooperation are under threat from political division and military rivalry. In this episode of The Big View, Peter Thal Larsen talks to Eswar Prasad, author of ‘The Doom Loop’, about why integration went into reverse and whether the old system can be salvaged.
The Doom Loop: Why the World Economic Order is Spiraling into Disorder
Davos 2026: Special address by Mark Carney, Prime Minister of Canada
How globalisation set the stage for new strongmen
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How to loosen China’s chokehold on rare earths
The People’s Republic dominates the supply of materials used in magnets, lasers and other high-tech products. In this episode of The Big View, Peter Thal Larsen talks to Mel Sanderson, a director of American Rare Earths, about how other governments can kick-start production.
IEA Global Critical Minerals Outlook 2025
Every mineral is critical in the new metals age
Trump admin to take 10% stake in USA Rare Earth in $1.6 bln deal, sources say. MP Materials seals mega rare-earths deal with US to break China’s grip US rare earth chokepoint is a big little prob...
How a Detroit firm is dealing with tariff turmoil
It’s almost 10 months since Donald Trump launched his trade war. In this episode of The Big View, Peter Thal Larsen talks to Mike Musheinesh, CEO of Detroit Axle, about how the auto parts distributor is coping with import uncertainty – and his decision to sue the US government. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.
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The murky economics and politics of Venezuelan oil
The US has long been interested in the South American country’s resources. Abducting its president opens a new and turbulent chapter. In this episode of The Big View Peter Thal Larsen talks to Ed Crooks, vice chair of energy research firm Wood Mackenzie, about what happens next.
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What investors can expect from markets in 2026
Stocks, bonds and commodities absorbed many shocks in 2025. Will they show the same resilience in the year ahead? In this episode of The Big View, Peter Thal Larsen and Anna Szymanski, editor-in-charge of Reuters Open Interest, debate inflation, AI, and the buy-the-dip mindset.
ROI: Reuters Open Interest.
Morning Bid podcast
Andy Home: Every mineral is critical in the new metals age.
Ron Bousso: Oil's geopolitical premium vanished in 2025 - and may not return.
Reuters: Investors dumped cash, bought stocks in December - BofA
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Private equity’s not-quite return to normality
Buyout barons suffered the whiplash of a post-pandemic boom and subsequent liquidity crunch. In this episode of The Big View, Jonathan Guilford talks to Thoma Bravo Managing Partner Seth Boro about how the firm is dealing with the fallout, even as AI once again upends the market. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.
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