What would it take to make California a place where more people can afford to build a good life? I sit down with Republican gubernatorial candidate Steve Hilton to discuss his path from advising British Prime Minister David Cameron to running for office in California, our shared love of the American promise, and why he believes the state is falling short. We explore how good intentions can produce unintended consequences, the pressures facing small businesses, and his critique of how regulation, litigation, and special interests shape California politics.

Steve lays out his proposal to eliminate state income tax on the first $150,000 earned, with an 8% flat rate above that, and explains what he would need from a Democratic-led legislature to enact it. We also discuss why efforts to cut bureaucracy failed under Britain’s Conservative government, what he learned from that experience, and his vision for a “new decade of building”—housing, nuclear power, water infrastructure, and new cities. Throughout, we return to a question central to Due Diligence: how can we move beyond partisan loyalties to examine ideas and find common ground around making people’s lives better?

Find Steve Hilton:

Official campaign website

Policy platform

Instagram

X

What exactly is “macro” and how does it affect ordinary Americans?

In this episode I sit down with Eric Wallerstein, Chief Macro Strategist at Clocktower Group, to explore the machinery beneath the economy and financial markets.

Eric brings an unusually wide-ranging perspective. He began his career at the New York Fed, reported on markets for The Wall Street Journal, served as Chief Markets Strategist at Yardeni Research, and advised both the White House Council of Economic Advisers and the Federal Reserve Board.

We discuss:

• What macro strategists actually do

• How banks create money

• What people mean when they say the Fed “prints money”

• The Fed’s role beyond changing interest rates

• Why financial stability depends on largely invisible market “plumbing”

• How political bias and popular narratives distort economic analysis

• What reindustrialization, tariffs, AI, and government debt could mean for the economy

• Why developments in China and Japan affect Americans

• Which economic indicators ordinary people should follow

  
  

  
  

Timestamps

(00:00) Show Mission Setup
(00:37) Meet Eric Wallerstein
(01:55) Macro Investing Basics
(02:47) Finding a Macro Lane
(03:42) New York Fed Money Plumbing
(05:28) Career Tour Across Institutions
(09:16) Why Communication Matters
(11:28) Fast Pace Crisis Work
(13:49) Inside the White House CEA
(16:45) How the Fed Really Works
(23:32) Money Creation Explained
(26:56) Limits of Monetary Policy
(31:38) Decoding Fed Speak
(33:10) Narratives Drive Volatility
(33:53) Fed Guidance Pullback
(34:33) Why Strategists Disagree
(34:59) Bull Case Then Slowdown
(37:31) Tuning Out Loud Voices
(38:18) Journalism As Edge
(39:33) Markets Versus Politics
(42:17) Rigor Versus Virality
(44:54) Underrated Smart Voices
(46:44) Becoming A Macro Pro
(49:07) Macro Makes A Comeback
(49:48) Creativity And Writing
(51:56) Big Themes Clients Ask
(55:54) Why China And Japan Matter
(59:24) What He Tracks Weekly
(01:01:12) Macro Basics And Resources
(01:05:08) Books And Where To Follow

Eric's recommended reading

Safe Haven by Mark Spitznagel

Karthik Sankaran

Shahin Vallée

Brad Setser

Find Eric

Eric’s Substack
X: @EricWallerstein
Clocktower Group: clocktowergroup.com

This conversation is for educational purposes only and should not be considered financial or investment advice.

I speak with Jamie Joyce—a researcher, civic technologist, nonprofit founder of The Society Library, former Internet Archive project lead, and Democratic candidate for California’s 12th Congressional District—about what pushed her to run, including threats and local political “blacklisting.” We discuss how political incentives reward “gangster” tactics, why media literacy matters (informal logic, cognitive biases, and comfort with complexity), and how misinformation spreads through saturation rather than accuracy. Jamie explains dark money mechanics (Citizens United, SpeechNow, super PACs, and 501(c)(4)/(c)(6) disclosure loopholes) and outlines parts of her 750-page MAD Act covering campaign finance transparency, surveillance, AI governance, and expanded Epstein-file disclosures via NARA with strict chain-of-custody and whistleblower protections. We also cover distrust in political appointees versus civil servants, Curtis Yarvin’s “RAGE” idea, Democratic Party coordination failures, her “Just 12” congressional voting-bloc strategy, and lessons from Thomas Massie’s costly primary defeat.(01:55) Why Run for Office

(04:47) Threats and Pushback

(06:45) Gangster Politics Explained

(10:23) Truth Mapping to Soundbites

(15:56) Media Literacy Essentials

(20:02) Engineering Better Culture

(21:50) Dark Money and Super PACs

(27:38) Epstein Files Expansion Plan

(34:51) Deep State Narrative and Yarvin

(39:52) Silicon Valley Boy Kings

(42:35) Politics and Inner Wounds

(45:05) Building Truth Seeking Skills

(46:53) Glasses and Sun Epiphany

(50:35) Education and Democracy Levers

(01:00:02) Democracy vs Republic Explained

(01:03:24) Democrats Strategy and Reform

(01:10:07) Just 12 Voting Bloc Plan

(01:12:02) Massie Defeat and Dark Money

(01:16:51) Benjamin Franklin and Elders

(01:20:29) Closing and Where to Follow

Learn more about Jamie's campaign

Brad Stulberg is a bestselling author, performance coach to founders & elite athletes, and researcher on sustainable excellence, well-being, and behavior change. His new book, The Way of Excellence: A Guide to True Greatness and Deep Satisfaction in a Chaotic World, is a New York Times and USA Today bestseller. He's also the author of The Practice of Groundedness and Master of Change, and co-author of Peak Performance — books that have sold more than 500,000 copies and been translated into 20+ languages. He's on faculty at the University of Michigan, co-hosts the podcast excellence, actually, and writes regularly for the New York Times, with additional work in The Wall Street Journal and The Atlantic. He coaches founders, executives, and elite athletes — and has spent over a decade studying what actually separates world-class performers from people who just perform intensity.

(02:00) Untangling worth from work(03:18) Mountains and passion(05:47) Clean fuel vs dirty(07:17) Simplicity over optimization(10:01) Stress rest growth cycle(11:14) Rest as the work(15:10) Digital Sabbath reset(18:33) Reclaiming focus(23:27) Dopamine fast reality(25:52) Excellence requires intimacy(29:15) Attention and mastery(32:57) Progress plateaus and curiosity(36:26) Learning mindset in sports(37:58) Steve Kerr values and perspective(40:50) Identity house minimum dose(45:15) Mental toughness responding(48:08) Nature nurture fit grit(51:39) Testosterone status and masculinity(56:05) Closing thanks and where to find

Brad's website

Brad's Instagram, Twitter, and Substack

The Jitterbug phone

Today I speak with Dr. Nina Schwalbe, a public health scientist and former senior leader at UNICEF and Gavi who helped lead a Biden-appointed $7B global COVID vaccine effort, about why she's running for Congress in New York's District 12 in a crowded, money-dominated primary (June 23). We unpack how fundraising, media coverage, Democratic club endorsements, and super PACs shaped by Citizens United create a self-fulfilling "arms race," and she proposes reforms like campaign finance limits, matching funds, and equal-time standards. We also discuss evidence-based, systems-oriented policy priorities: expanding community health centers, lowering drug prices via pooled purchasing and single-payer, restoring CDC/FDA capacity, strengthening Medicare/Medicaid/ACA, investing in public housing, improving transparency and constituent services, and rebuilding trust in science through listening and primary care.

(01:59) Why She Ran(05:55) Money And Primaries(08:26) Minimum Viable Campaign(12:08) Machine And Super PACs(16:13) Fixing Campaign Finance(17:06) Public Health Mindset(20:52) Transparency And Accountability(23:45) Street Level Messaging(26:08) NYC Infrastructure Priorities(27:49) Hyperlocal Transit Problems(28:06) What Congress Controls(30:46) Abundance Agenda Debate(32:46) Fixing Public Housing(33:23) Trust in Institutions(35:38) Rebuilding Health Trust(37:12) Community Health Centers(38:13) Why Drugs Cost More(39:42) Restore Public Health Agencies(41:35) Economics Shapes Health(43:39) Single Payer and Prevention(45:58) Chronic Illness Care Gaps(48:58) Working With Paul Farmer(52:23) Vision for Healthcare Justice

Nina's campaign

Follow Nina on Instagram

I interview Canadian political scientist Daniel A. Bell (University of Hong Kong) about his latest book Why Ancient Chinese Political Thought Matters and how Chinese political theory broadens a West-centric Anglophone canon. Bell explains major pre-unification traditions—Confucianism (graded love, harmony, ritual, soft power, political meritocracy), Legalism (state-strengthening through uniform, ruthless law and fear), Mohism (populist focus on material welfare and opposition to state-funded ritual/music), and Taoism (skepticism of social engineering and preference for limited state action)—and notes their modern revival after 20th-century anti-traditionalism and the Cultural Revolution. We discuss timeless debates on corruption, family law, culture funding, just war, and idealism vs. realism (including Xunzi vs. Legalists), Bell's argument in The China Model for legitimate variation beyond "one person, one vote," sources of legitimacy in China, Xi's role versus structural pressures, and the need for more people-to-people engagement to reduce demonization and improve US–China understanding.

(02:43) West Centric Theory(04:29) Writing The Book(05:59) Schools Of Thought(06:49) Confucians Explained(08:35) Legalists And Power(10:07) Mohists And Populism(10:56) Taoism And Withdrawal(11:56) Ancient Debates Today(15:08) Idealism Versus Realism(18:49) Confucianism Endures(23:02) Traditions In The 1900s(29:29) Lessons For Western Leaders(30:18) Ritual Music And Order(31:40) Just War And Intervention(32:55) Harmony Not Conformity(33:56) Confucian Harmony Not Sameness(35:44) Just War and Tyranny(37:04) Questioning One Person One Vote(39:17) Why Meritocracy Fits China(43:03) Cultural Fit and Export Failures(46:42) Western Thinkers in China(48:03) Censorship and Reform Prospects(49:38) Xi Versus Structural Forces(52:54) Legitimacy Performance and Trust(56:03) Taiwan Prosperity and AI Optimism(58:30) More Participation Not Elections(59:46) Meritocracy Weak Spots and Dialogue

Read Daniel A. Bell's books

Conversation with Washington Post columnist and political scientist Shadi Hamid on American power, democracy, and the case for hegemony in the 21st century

Is America a force for good in the world? It's a question that has become increasingly uncomfortable to ask—and even more uncomfortable to answer. In this episode of Due Diligence, I sit down with political scientist, columnist, and author Shadi Hamid to explore one of the central tensions of modern politics: how should we think about American power in a world where power is unavoidable? Drawing from his new book, The Case for American Power, Shadi argues that while America has often fallen short of its ideals, it remains the least bad option in a world where someone will inevitably wield power.

Throughout the conversation, we wrestle with a question that sits at the heart of Due Diligence: How do we hold America accountable for its failures without losing sight of what makes the American project worth preserving? Whether you're skeptical of American power, broadly supportive of it, or deeply conflicted about both, this conversation offers a thoughtful exploration of democracy, empire, idealism, realism, and the future of the international order.

(00:43) Meet Shadi Hamid

(01:56) Why power must be embraced

(04:14) Why America is morally superior among great powers

(05:28) The Nirvana fallacy

(09:28) Is American foreign policy responsive to democracy?

(12:09) How Gaza became a progressive litmus test

(15:13) James Baldwin's argument

(17:37) Why Democratic pride in America collapsed

(20:44) Pride in country vs. love of country

(25:17) Why American hypocrisy is a feature, not a bug

(33:50) Sincerity vs. propaganda

(36:21) Why having ideals makes America different

(37:53) Why presidents fold on their foreign policy promises

(41:15) The Obama tragedy & disappointment

(42:59) How Obama obstructed Arab democracy

(45:37) The uncomfortable reason America doesn't support Arab democracy

(48:02) When America chose the moral path

(51:23) Why supporting democracy is in America's self-interest

(54:27) Why China's rise has been overstated

(59:43) The role of cultural values in democracy

(01:03:50) Idealism vs. realism

(01:06:35) The challenge of writing this book

(01:08:54) Why America's advantage is immigration

About Shadi Hamid

Shadi Hamid is a columnist at The Washington Post, where he focuses on culture, religion and foreign policy. He is also a senior fellow at Georgetown University’s Center for Muslim-Christian Understanding. Previously, he was a senior fellow at the Brookings Institution and a contributing writer at The Atlantic. Hamid is the author of several books, including most recently, “The Case For American Power.”

In 2019, Hamid was named one of the world’s top 50 thinkers by Prospect magazine. He is also the co-founder of “Wisdom of Crowds,” a podcast, newsletter and debate platform. Hamid received his B.S. and M.A. from Georgetown University’s School of Foreign Service and his PhD in political science from Oxford University, where he was a Marshall Scholar.

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This is a solo episode on how AI may reshape the infrastructure of our economy and how it is forcing us to reckon with our values across economics, culture, and policy at a historical inflection point. This crisis is our opportunity to reshape our economic system to work for everyone — and ask ourselves how we might steer towards a post-scarcity future oriented around unlocking greater individual human potential at scale.

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