
Europe's Fate, Ukraine & Russia, and the Post-American Era
02/19/25 • 55 min
In this episode, Noah Smith and Erik Torenberg discuss how Ukraine has proven surprisingly resilient throughout the war by maintaining its economy and developing significant domestic drone manufacturing capabilities. He argues that "Europe is not toothless" despite America's shifting role, detailing how Europe collectively has greater manufacturing capacity than America and identifying three key reforms Europe needs: deregulating software, building energy infrastructure, and removing internal trade barriers.
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SPONSORS:
NetSuite
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SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: [email protected]
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FOLLOW ON X:
@noahpinion
@eriktorenberg
@turpentinemedia
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RECOMMENDED IN THIS EPISODE:
Noahpinion: It’s time for Europe to stand up https://www.noahpinion.blog/p/its-time-for-europe-to-stand-up
Book: Old Man’s War by John Scalzi https://www.goodreads.com/book/show/36510196-old-man-s-war
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RECOMMENDED PODCAST:
🎙️Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. This season's guests include: Delian Asparouhov & Nadia Asparouhova, Kristen Berman & Phil Levin, Rob Henderson, and Liv Boeree & Igor Kurganov.
Apple: https://podcasts.apple.com/us/podcast/id1786227593
Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg
YouTube: https://www.youtube.com/@ModernRelationshipsPod
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TAKEAWAYS
- Ukraine has shown resilience in sustaining its war efforts.
- US aid to Ukraine is becoming less crucial over time.
- Turkey's support for Ukraine is significant.
- Europe has substantial manufacturing capacity for military needs.
- Historical patterns of expansionism are relevant to current geopolitics. Putin's expansionist ambitions can be compared to Louis XIV's.
- Europe's aging population poses challenges for military readiness.
- Russia's reliance on China complicates its geopolitical stance.
- Economic reforms are crucial for Europe's resilience, including deregulation of the software industry.
- Internal trade barriers hinder European economic integration.
- America's role as a protector of Europe is diminishing.
In this episode, Noah Smith and Erik Torenberg discuss how Ukraine has proven surprisingly resilient throughout the war by maintaining its economy and developing significant domestic drone manufacturing capabilities. He argues that "Europe is not toothless" despite America's shifting role, detailing how Europe collectively has greater manufacturing capacity than America and identifying three key reforms Europe needs: deregulating software, building energy infrastructure, and removing internal trade barriers.
–
SPONSORS:
NetSuite
More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102
AdQuick
The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world.
Found
Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102
Incogni
Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: https://incogni.com/econ102
–
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: [email protected]
–
FOLLOW ON X:
@noahpinion
@eriktorenberg
@turpentinemedia
–
RECOMMENDED IN THIS EPISODE:
Noahpinion: It’s time for Europe to stand up https://www.noahpinion.blog/p/its-time-for-europe-to-stand-up
Book: Old Man’s War by John Scalzi https://www.goodreads.com/book/show/36510196-old-man-s-war
–
RECOMMENDED PODCAST:
🎙️Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. This season's guests include: Delian Asparouhov & Nadia Asparouhova, Kristen Berman & Phil Levin, Rob Henderson, and Liv Boeree & Igor Kurganov.
Apple: https://podcasts.apple.com/us/podcast/id1786227593
Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg
YouTube: https://www.youtube.com/@ModernRelationshipsPod
–
TAKEAWAYS
- Ukraine has shown resilience in sustaining its war efforts.
- US aid to Ukraine is becoming less crucial over time.
- Turkey's support for Ukraine is significant.
- Europe has substantial manufacturing capacity for military needs.
- Historical patterns of expansionism are relevant to current geopolitics. Putin's expansionist ambitions can be compared to Louis XIV's.
- Europe's aging population poses challenges for military readiness.
- Russia's reliance on China complicates its geopolitical stance.
- Economic reforms are crucial for Europe's resilience, including deregulation of the software industry.
- Internal trade barriers hinder European economic integration.
- America's role as a protector of Europe is diminishing.
Previous Episode

How the Macro, Tariffs and DOGE will Impact your Bank Account | Noah Smith on How To Money
This week, we’re bringing you an episode from the How to Money podcast, hosted by Joel Larsgaard and Matt Altmix, with special guest Noah Smith. Together, they dive into a range of topics, including the impact of tariffs, Substack’s revolutionary media model, and Noah’s unique economic philosophy. Tune in for insights on the escalating national debt, the baby bust, and the rising costs of U.S. healthcare. Noah also offers solutions, with a focus on boosting productivity and strategic immigration. Plus, don’t miss their take on Argentina’s dramatic economic decisions!
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🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.
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RECOMMENDED PODCAST:
Check out How To Money Podcast on:
Apple: https://podcasts.apple.com/us/podcast/how-to-money/id1337718773
Spotify: https://open.spotify.com/show/6i5Cau3GShqOxHkSRT5TjL
iHeart: https://www.iheart.com/podcast/1119-how-to-money-30166328/
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Highlights from the Episode: (for more head to https://www.howtomoney.com/tariffs-doge-and-your-money-w-noahpinion/)
- Trump's approach to tariffs appears to be influenced by stock market reactions.
- The main spending pressures come from healthcare programs (Medicare and Medicaid).
- Declining birth rates (around 1.5-1.6 children per woman in developed countries) pose significant economic challenges.
- Healthcare costs are primarily driven by providers such as hospitals, doctors, equipment, and pharma, while insurance companies, operating on low profit margins, mainly serve as cost pass-throughs, with recent slowdowns in cost growth potentially easing budget pressures.
- Technological advances in AI, solar, and batteries could drive future growth.
- President Milei's economic reforms, though initially painful, are showing positive results.
--
SPONSORS:
NetSuite
More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102
Found
Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102.
AdQuick
The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world.
Incogni
Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an
annual plan: http://incogni.com/econ102
--
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: [email protected]
--
FOLLOW ON X:
@HowToMoneyPod
@HowToMoneyJoel
@HowToMoneyMatt
@noahpinion
@eriktorenberg
@turpentinemedia
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RECOMMENDED IN THIS EPISODE:
Noahpinion: https://www.noahpinion.blog/
How To Money: https://www.howtomoney.com/
Tariffs, DOGE, and Your Money w/ Noahpinion – Episode 944: https://www.howtomoney.com/tariffs-doge-and-your-money-w-noahpinion/
Next Episode

Elon calls Noah a Liar, Inflation, and Changes Democrats Need to Make
This week Noah Smith and Erik Torenberg discuss three key areas where Democrats need to rethink their strategy: embracing anti-inflation policies similar to the Clinton era, focusing on genuine threats to democracy rather than partisan hobby horses, and abandoning progressive language policing that alienates voters. Noah also talks about how Elon Musk has transformed Republican effectiveness by bringing entrepreneurial talent to politics, arguing that Democrats need to stop alienating tech entrepreneurs and instead recruit similar talent to their side.
–
SPONSORS:
NetSuite
More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102
AdQuick
The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world.
Found
Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102
Incogni
Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: https://incogni.com/econ102
–
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: [email protected]
–
FOLLOW ON X:
@noahpinion
@eriktorenberg
@turpentinemedia
–
RECOMMENDED PODCAST:
🎙️ Second Opinion
Join Christina Farr, Ash Zenooz and Luba Greenwood as they bring influential entrepreneurs, experts and investors into the ring for candid conversations at the frontlines of healthcare and digital health every week.
Spotify: https://open.spotify.com/show/0A8NwQE976s32zdBbZw6bv
YouTube: https://www.youtube.com/@SecondOpinionwithChristinaFarr
–
TAKEAWAYS:
- Democrats can capitalize on the mistakes of their opponents, particularly regarding economic policies.
- The perception of inflation is a significant issue for voters, and Democrats need to address it effectively.
- Defending democracy is crucial, but Democrats must focus on the actual threats rather than long-term issues like gerrymandering.
- The Democratic Party needs to reassess its progressive ideals and messaging to resonate with a broader audience.
- Cultural shifts, such as language policing, can alienate potential supporters for the Democratic Party.
- The entrepreneurial class holds significant power and talent that Democrats should engage with.
- Democrats need to communicate a patriotic vision of America to counter negative narratives.
- The trans movement is distinct from other civil rights movements and requires a nuanced approach.
- A clear and assertive stance on America's founding principles can help Democrats regain credibility. Young people are increasingly forming situationships instead of traditional relationships.
- The Inflation Reduction Act was more about political maneuvering than actual inflation reduction.
- Biden's economic policies have effectively reduced inflation through various measures.
- Democracy is threatened not just by election denial but by the erosion of checks and balances.
- A new economic paradigm is needed that addresses modern challenges and national security.
- Deregulation is essential for economic growth and should be prioritized.
- The bureaucratic model in Japan could offer insights for improving U.S. governance.
- Elon Musk's approach to government may be influenced by right-wing media rather than policy experts.
- A pluralistic social media ecosystem is emerging as people seek alternatives to traditional platforms.
- There is potential for a smarter Democratic party in response to the changing political landscape.
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