Slate Money: "The Burger CEOs Are Beefing"

Date: March 7, 2026
Host: Felix Salmon (Bloomberg)
Co-hosts: Emily Peck (Axios), Elizabeth Spiers (New York Times)

Episode Overview

This week’s Slate Money dives into a whirlwind of global events: the new war in the Middle East, the resulting economic and energy market impacts, and the shakeup in Dubai’s status as a financial hub. The trio discusses the role of AI in modern warfare and the public spat between the US Department of War and Anthropic, maker of Claude AI. Closing on a lighter (and saltier) note, the hosts break down the viral burger wars between US fast food giants, fueled by CEO social media stunts and a very hands-on taste test by the hosts themselves.

Key Discussion Points & Insights

1. War in the Strait of Hormuz: Oil and Energy Shock

[02:43]

• Significance: The Strait of Hormuz is a small but rarefied channel through which a significant portion (about 20%) of the world’s oil, and much of its LNG from Qatar, must travel. Current conflict is blocking this critical chokepoint.
• US Domestic Impact:
  • American refined oil supplies come chiefly from local/domestic sources, Canada, and Venezuela, making the US less exposed than prior decades.
  • Despite this, oil is priced on global markets, so even minor disruptions overseas can push up domestic prices.
• Quote:
  • Emily Peck: "The spike is pricing in the supply shock a little before the supply shock happens, because this is moving so fast." [04:04]
  • Felix Salmon: "Americans, they see those gas prices on those big billboards on the road, and like, we don’t tolerate that stuff." [07:18]
• Broader Impact:
  • Gasoline (“petrol”) prices in the US are climbing but remain in a familiar range.
  • US LNG markets are shielded, but Europe and Asia see spiking prices.

2. Currency Movements: Why War Strengthens the Dollar

[08:44]

• Pattern: When global uncertainty spikes, investors often rush to dollars, selling international stock holdings.
• Analysis:
  • Emily Peck: "They sell out of international stock markets and...out into dollars. So there’s suddenly more demand for dollars, so the dollar strengthens." [09:44]
• Political Context:
  • The dollar was weak before the war; it’s now rebounded but not enough to alarm markets.
  • Trump’s timing for military action—while US energy supplies and the dollar were favorable—may have been politically “good.”

3. Dubai, Risk Perception, and the Financial Center Debate

[10:13] - [16:03]

• The Situation: Dubai, Abu Dhabi, and Doha have marketed themselves as expat-friendly, low-risk cities—but missile attacks this week have shaken expat confidence.
• Discussion:
  • Risk tolerance is deeply personal and culturally conditioned. Americans, for example, may overreact to risks in Dubai compared to higher baseline urban violence at home.
  • Felix Salmon: "There is nowhere that is free of any kind of safety risk...Dubai...is much, much safer on non-bomb related risk metrics." [15:19]
• Financial Center Status:
  • Salmon believes Dubai’s reputation will bounce back, comparing it to New York post-9/11 and Hong Kong post-protests.
  • Others note that for some, the psychological shift will have longer-term effects ("Geography is the original risk model." [13:53])

4. AI in Warfare: Anthropic, Claude, and Pentagon Politics

[21:05] onwards

• Backstory: Anthropic’s Claude AI is integral to US military operations. Tensions erupted between CEO Dario Amodei and the Department of War over safety, ethics, and “wokeness” in their AI systems.
• Key Events:
  • Trump publicly attacks Anthropic as “radical leftist.”
  • DoW labels Anthropic a “supply chain risk,” threatening to cut it out, but full divestment is unlikely due to system entrenchment.
• Quotes:
  • Elizabeth Spiers: "I do think there are big cultural differences between OpenAI and Anthropic...Altman and Amodei are two very different leaders." [23:47]
  • Felix Salmon: "Ripping out one (AI model) and replacing it with another is extraordinarily difficult." [25:54]
• Outcome:
  • Despite social media drama, practicalities will keep Claude in use.
  • The incident reflects how AI companies and models are being sorted along partisan lines (Anthropic = blue, OpenAI/XAI = red) [27:01].

The Burger Wars: Fast Food CEOs Go Viral

[33:01]

Background

• What Happened:
  • McDonald’s CEO Chris Kempczinski (Chris K) released a video eating the new flagship “Big Arch” burger, but his “dainty little bite” and use of corporate language (“the product”) became a viral punchline.
  • Competitors (Burger King, Wendy’s) upped the ante with videos taking showy, giant bites out of their respective burgers.

“On-the-Ground” Reporting

• Emily Peck’s Taste Test:

  • Drove in the rain, bought the Big Arch meal ($14.08 with tax), offers a live and brutally honest account:
    • "I'm taking a bite, but not like the McDonald's guy. More like the Burger King guy. Oh my God...It's really salty. It looks like real meat...It's not a delicious burger, but it's very tasty." [34:48]
    • "I'm essentially almost done with this gigantic burger. I'm jacked up on Diet Coke, filled with sodium...I was so thirsty all day after that." [35:07, 35:40]
  • On the sodium content: "According to the internet, that's 1,760mg of sodium in this." [35:25]
  • She admits she almost ate the whole thing: "I couldn't stop once I started." [35:44]

• Elizabeth’s Son Reviews the Big Arch:

  • Her 10-year-old gives it a “10/10” but admits: “I think all burgers are 10…There was too much sauce, too. It made the burger very messy.” [37:27–38:40]

Cultural & Marketing Analysis

• Viral Backfire Pays Off:

  • Felix Salmon notes: "If McDonald's CEO had just done a boring, like, delicious, it would have disappeared...In a weird way, this just shows how to do social media right in 2026 is by fucking it up." [39:32]

• CEO Persona Critique:

  • Emily Peck: "They look like they never eat fast food. They're very slim, wearing very nice sweaters, sharp glasses...the only place they're having burgers is at the country club." [40:12]
  • Elizabeth: "They're all identically looking white guys." [40:14]
  • A TikTok meme called Chris K "a LinkedIn guy in a TikTok world whose aura screams kale salad." [40:44]

• Burger Quality Summary:

  • “It's not a delicious burger, but it's very tasty...It was so salty and heavy...I cannot believe they sell these things on a mass scale.” – Emily [36:06]
  • For the hosts, McDonald’s fries remain the unifying winner.

Notable Quotes & Memorable Moments

• Emily on US gas prices:
  "When petrol prices soar in the US and Americans get GR. Angry, that's going to be bad for the politics." [07:55]
• Felix on risk:
  "The risk you're comfortable with is the risk you've grown up with." [16:03]
• Emily on the Big Arch burger:
  "I might eat all of it." [34:49]
• On the CEO burger videos:
  "You cannot get high in your own supply, is that how they say?" – Felix [40:41]

Timestamps of Important Segments

• Strait of Hormuz and Oil Markets: 02:43–08:44
• Currency & Dollar Strengthening: 08:44–11:19
• Dubai Financial Center Risk: 11:19–16:03
• Anthropic/AI in Warfare: 21:05–27:54
• Burger War Segment (including taste test): 33:01–41:50
• Numbers Round & Fun Ephemera: 42:27–48:08

Numbers Round & Fun Facts

[42:27] and onward

• $90: Average weekly American restaurant spend—down $25 from last year.
• $320,141: Annual household income of the average Broadway play attendee (musicals: $267,000).
• 6: Number of vests owned by featured “boy in finance” Demar Johnson, age 23, per recent Interview magazine profile.

Conclusion

The episode delivers a potent mix of current events (energy crises, risk psychology, and techno-ethics in warfare), topped with a hilarious and revealing investigation of how viral marketing, CEO culture, and American fast food trends intersect. The hosts bring their trademark irreverence and expertise, tying together geopolitics and burgers in ways only Slate Money can.

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Contact: slatemoney@slate.com