Disorder

Hard Times in the 21st Century

By: Helen Thompson

Narrated by: Kitty Kelly

Length: 11 hrs and 39 mins

Publisher's summary

Getting to grips with the overlapping geopolitical, economic, and political crises faced by Western democratic societies in the 2020s.

The twenty-first century has brought a powerful tide of geopolitical, economic, and democratic shocks. Their fallout has led central banks to create over $25 trillion of new money, brought about a new age of geopolitical competition, destabilized the Middle East, ruptured the European Union, and exposed old political fault lines in the United States.

Disorder: Hard Times in the 21st Century is a long history of this present political moment. It recounts three histories—one about geopolitics, one about the world economy, and one about western democracies—and explains how in the years of political disorder prior to the pandemic, the disruption in each became one big story. It shows how much of this turbulence originated in problems generated by fossil-fuel energies, and it explains why, as the green transition takes place, the longstanding predicaments energy invariably shapes will remain in place.

©2022 Helen Thompson (P)2022 Tantor

Comprehensive assimilation of foreign & domestic policy and events

A detailed recounting of pivotal policy decisions and economic factors told with a political bias. Establishes a foundational knowledge of the complexity of international relations and briefly provides insight into potential headwinds for policy makers or their constituents.

Narration?!

The story is fascinating, if somewhat hard to follow without the text in front of you. The narration, however, is extremely irritating. The voice narrator has no sense whatsoever for the pronunciation of foreign names/terms.

Disordered

Some interesting facts and thoughts, but the book's disorganized structure really took away from whatever was gained. Events were described and then redescribed multiple times, and the discussion jumped forward and back in time in a confusing way. There was also too much rehashing of the blow by blow recent political and financial events without much analysis connected to all the detail. I thought the narrator did a fine job with the dry material.

Energy; Central Banks and Geo Politics - linkages

Listened via Audible.

Three threads - Geo Politics around the world; Energy; Power of the Central Banks (U.S. Federal Reserve in particular) - are discussed in great detail with extraordinary insight. The biggest 'take-away' is that we've traditionally looked at each of these three threads - as separate 'silos' to be studied. Thompson makes the point that these three threads are interrelated - and should be thought of as impacting one another.

Empires have been; now are; and will be made by their access to energy. Thompson mentions Winston Churchill's (then controversial) decision to move the U.K. Navy from Coal-fired to Oil-fired warships - giving the U.K. Navy an advantage over their principal adversary (Germany) - but also inheriting some responsibility about maintaining supplies of Oil within the Middle East (Countries and protection of the Suez Canal; protection of their Empire).

Likewise if and when there is another Energy transition - to renewables - the U.S. and China will contest for dominance in that age - Geo politics/alliances will change as appropriate.

Rise of Central Banks - U.S. Fed's Rate decisions impact the entire world - with the U.S. Dollar as the World's Reserve Currency. The U.S. Fed is now the 'lender of last resort' - for COVID related payments and other stimulus. The U.S. Fed's low borrowing rates for such a long time - has made the U.S. dollar stronger - and caused some issues with our allies.

Geo Politics - much discussion about Europe - the difference between the European Union (a political alignment) - and the Euro Zone countries that have adopted the Euro as the currency. Thompson indicates that this will be an ongoing Economic Problem for this region - citing the difference between the Nationalist viewpoint and the European wide viewpoint on who pays what level of tax to whom.

Back to Energy - Thompson feels that the upcoming decade will continue to be one of disorder - with an 'expensive' transition to a new Energy System which may keep inflation high; with the Central Banks trying to eliminate inflation - but perhaps may switch to jump starting Economic Growth (lower rates rather than higher interest rates) - and finally the U.S.- China competition - with the extension of the Belt & Road Initiative - and the 'West' not totally sure of its strategy versus China - much less towards Russia and then Iran.

Interesting - complex writing - but 'worth it'.
Should be of interest to those who read current affairs.

Carl Gallozzi
[e-mail]

Good read

I loved the history of energy and geopolitics parts. I found the commentary on current American politics a bit simplistic. IE I think HT just regurgitated back what she read in the liberal biased media articles she read and thought she was dealing in reality.

lost in the weeds

too much detail. impossible to follow on audio. needs better perspective and insights. could have been goid.