Slate Money — “100 More Years of Google”

Date: February 14, 2026
Host: Felix Salmon (Bloomberg)
Co-hosts: Elizabeth Spires (New York Times) & Emily Peck (Axios)

Episode Overview

This episode dives deep into the financial, business, and cultural stories of the week, with a special focus on Google’s surprising new 100-year bond issuance in the UK. Felix, Elizabeth, and Emily also discuss the ongoing debate over tariffs as de facto tax hikes in the US, and unpack the enduring questions around copyright, trademark, and “dupe” culture. The hosts' signature blend of economic insight, wit, and nostalgia make this a highly engaging and informative discussion.

Key Discussion Points & Insights

1. Google’s 100-Year Bond: Why Issue a UK "Century Bond"?

(03:00 - 20:06)

• What Happened:
  Google (Alphabet) issued a 100-year bond in sterling (£) in the UK, alongside a large US dollar bond deal.

• Quirk in Pricing:
  Despite Google’s better credit rating than the UK government, its century bond yields over a full percentage point more than UK gilts.

  • "Normally, if you have a better credit, you can borrow at a cheaper rate. In this case, the bond came quite wide... more than a percentage point higher than the UK government, even though Google has a better credit." — Felix (04:34)

• Why Did Google Do This?:

  • Demand from a specific subset of UK investors—mainly insurance companies and pension funds—seeking ultra-long, high-duration assets.
  • These investors want to match their long-term liabilities with long-term assets and speculate on future interest rate drops.
  • Issuing century bonds is relatively rare; such demand hasn't appeared since the late 1990s.

• Bonds, Duration, and Convexity:

  • Explanation of why century bonds can be very volatile in price (duration ≠ maturity; high duration means higher sensitivity to interest rates).
  • Opportunity for mark-to-market profits:
    • If interest rates drop, bond prices soar; investors can cash out early.
  • Example: Austria’s 100-year bond fell from 100 cents to 30 cents as rates rose; reflects rate risk, not credit trouble.
  • "One of the interesting quirks about century bonds is they have very high duration... small movements in rates result in large price moves." — Felix (12:44)

• Why Issue Debt at All?

  • Tech giants want "hyperscale" investment in data centers and AI infrastructure, which requires massive funding beyond existing free cash flow.
  • Traditionally, some of this was structured off-balance-sheet (through private credit and data center leases), but now, with strong credit ratings and modest leverage, big tech can issue direct debt cheaply.
  • "There's a lot of Google has a lot of capacity to borrow... so it could borrow a bunch of money and the bond markets wouldn't blink." — Felix (10:06)

2. Tariffs: The Unintentional "Tax Hike" on Americans

(24:56 - 33:12)

• Economic Reality of Tariffs:

  • Recent Fed analyses agree: Most tariffs' burden falls on American consumers and businesses, not foreign exporters.
  • Estimated to cost $1,000 per US household in 2025, rising to $1,300 in 2026.
  • "Tariffs are basically a tax hike on consumers and American businesses, which is the opposite of what the administration says." — Elizabeth (25:12)

• Political Acceptance and Revenue:

  • Emily's "hot take": Tariffs have become one of the only tax increases Republicans have tolerated, raising almost $200 billion in a year—modest compared to needed revenue, but notable.
  • "We need this money... There was no other feasible, politically feasible way to do it, except for the wild way President Trump did it or the way President Biden did it." — Emily (26:12)
  • Felix: It's the only tax that gets through a gridlocked, tax-averse Congress because it can be imposed by the president without legislation.

• Critique and Regressivity:

  • Elizabeth objects: It's a regressive tax, hurting low-income consumers most, and won't make up for simultaneous tax cuts benefiting the wealthy.
  • "It's kind of like saying, okay, I need some surgery, and then somebody amputates my arm. It's like, yes, I did need surgery, but not just any surgery." — Elizabeth (28:15)
  • Emily: In the absence of other options, tariffs were, practically, the path of least resistance for raising revenue; not ideal, but better than nothing.

• Constitutionality and Political Uncertainty:

  • Supreme Court is reviewing the legality of unilateral presidential tariffs; their delay suggests uncertainty.
  • "I'm coming out and saying it right now. February 23rd, the Supreme Court is going to strike down the tariffs." — Felix (33:13)

3. Copyright, Counterfeits, and “Dupe” Culture

(34:47 - 44:41)

• Felix’s Long-Standing Contrarian Take:

  • In the early 2000s, Felix wrote a much-discussed piece for Emily’s magazine (then IP Worldwide) arguing copyright is often overhyped, fakes are culturally productive, and dupe culture isn't the evil it's painted.
  • "Copyright’s kind of bullshit. Selling fakes is fine... Everything you think you know about this is completely wrong." — Emily, recalling Felix’s thesis (35:05)

• Role of Copyright and Trademark Law:

  • Felix: Over-extension of copyright harms creativity (e.g., Disney could not have produced much of its early content under today’s regime).
  • Trademark & fakes often boost, rather than harm, brands—serving as free advertising for luxury goods.
  • "All of those fakes, they act as basically free advertising for the real thing and they create demand rather than destroy demand." — Felix (39:04)

• Counterarguments and Modern “Dupes”:

  • Emily: What about “dupe” culture hurting brands like Lululemon—are fakes and lookalikes eroding legitimate business?
  • Felix: If Lululemon is losing share, it may be due to product quality or broad commoditization rather than actual counterfeits; if Amazon leggings are indistinguishable from Lululemon in quality, that's a net consumer benefit.
  • Ongoing issues where big brands legally copy small designers—an arena where IP law is often skewed towards deep-pocketed litigants.

• Cultural Anecdotes:

  • Elizabeth’s story: Wearing a copyright-infringing Kate Spade bracelet referencing the Beastie Boys, only for Mike D himself to threaten to “call her lawyers.” (42:41)

4. Numbers Round: Fun, Quirky Stats

(44:46 - 48:37)

• Felix:

  • 90%: Proportion of US cities considered less annoying than New York, according to ChatGPT.
  • "ChatGPT thinks the most annoying people are basically in New York." — Felix (45:08)

• Elizabeth:

  • 7 million: Number of Meta Ray-Ban sunglasses sold last year; Meta considered adding facial recognition because civil society was "distracted by the downfall of democracy." (45:54)

• Emily:

  • 761,719: Number of toilets flushed simultaneously in NYC after Bad Bunny’s Super Bowl halftime show, per water usage data. (46:45)

Notable Quotes & Memorable Moments

• On Google’s Bond:

  • “There was a bunch of, like, insurance companies in the UK who, for various internal technical reasons, wanted massive amounts of duration... and in the event that interest rates come down in the UK, they will be able to register a mark-to-market profit on these bonds that is much higher than they will be able to see on any other bonds.” — Felix (11:44)

• On Tariffs as a Tax:

  • "It's like, yes, I did need surgery, but not just any surgery. So this is, when you're talking about this being a tax, that's productive in the sense that, you know, we need higher taxes, it's like, well, yes, but to what end?" — Elizabeth (28:15)
  • “What if you don’t ask that question [about optimal tax policy], and instead you ask ... what is the only way that Republicans will ever vote for a tax hike? This seems to be the answer.” — Felix, summarizing Emily’s take (29:28)

• On Counterfeits:

  • “Don’t worry about buying fakes, people, because everything is fakes. Everything is remixes.” — Felix (42:16)
  • “Vibes. Can’t take your hot take all the way? What’s the point?” — Emily, challenging Felix’s lack of a policy recommendation on copyright (43:38)

• On the NY Sewer System & Bad Bunny:

  • “Good job to the New York City sewer system for holding up.” — Emily (48:33)

Timestamps for Key Segments

• [03:00 - 20:06] Google’s century bond: rationale, bond math, investor demand, risk/reward
• [24:56 - 33:12] Tariffs: economic impact, political realities, arguments for and against
• [34:47 - 44:41] Copyright, counterfeits, and dupe culture: history, economic impact, personal anecdotes
• [44:46 - 48:37] Numbers round: fun statistics and cultural data points

Tone & Style

The hosts keep the discussion nerdy yet relatable, with banter and personal reminiscence. Felix is gleefully contrarian; Emily is sharp, policy-minded, and occasionally fiery; Elizabeth is precise and incisive. All three have a knack for breaking down complex financial concepts into punchy, digestible ideas.

For Listeners Who Missed the Episode...

This installment of Slate Money is a rich primer on how financial innovation, politics, and culture collide—whether it's the esoteric world of century-long bonds, the quietly regressive effect of tariffs, or the strange virtues of counterfeits in a remix economy. The hosts keep it lively (“nerdy is fun” rules the day), and their conversations will leave you smarter—and maybe a bit more skeptical—about the forces shaping business and everyday life.