Podcast Summary: The Globalist – Can Trump win the fight against Federal Reserve chair Jerome Powell? Plus: Finnish technology
Monocle, January 14, 2026
Host: Emma Nelson

Overview

This episode of The Globalist centers on two major themes: the escalating confrontation between U.S. President Donald Trump and Federal Reserve Chairman Jerome Powell, and the debut of a Finnish technological innovation—autofocus spectacles. Hosted by Emma Nelson, the show unpacks the politics, economics, and global reverberations of the Trump-Powell standoff, explores Russia’s intensifying attacks on Ukraine’s infrastructure, covers breaking news from South Korea, and delves into design-led innovation from the Nordics. The episode’s tone is measured but incisive, with expert commentary, personal accounts, and lively world news analysis.

Key Discussion Points and Insights

1. Trump Administration vs. Federal Reserve Chair Jerome Powell

[03:14 – 12:10]

• Background: The Trump White House has launched a criminal investigation into Fed Chair Jay Powell, citing alleged noncompliance over congressional inquiries into Federal Reserve building renovations. This is widely perceived as political theater designed to undermine the Fed's independence and push Powell out before his term ends.
• Analysis by Kalyn Birch, global economist and geopolitical expert:
  • The investigation’s pretext—cost overruns during Fed headquarters renovations—is “mundane” and suspect, as Powell had already testified and provided extensive documentation.
  • Birch characterizes Trump’s move as “the most kind of bald attempt” yet to curtail Fed autonomy, noting that Powell responded unusually forcefully via a direct public video address.
  • Quote [05:20]: “The statement that we had from Powell... was unbelievably direct and really took the administration head on. I just can't emphasize enough how much of a departure that is from his approach so far.” – Kalyn Birch
• Public & Market Response:
  • While the banking world, including figures like Christine Lagarde, has rallied around Powell, sharp responses from both Senate and former Fed officials have calmed markets for now.
  • Birch points to Congress, specifically the Senate Banking Committee, as blocking new Fed nominations until the investigation’s resolved—a rare check on the executive branch.
  • “So the response has been overwhelming and has been not in the White House's favor. So this says to markets, okay, that they can relax a little bit and it probably isn't going to go down kind of the worst case scenario.” – Birch [08:37]
• Long-Term Impacts:
  • Powell’s term ends in May; the fight may be intended to intimidate his potential successors, with Trump’s team hoping for a Fed Chair more amenable to lowering rates.
  • The process to nominate replacements is now fraught, raising the bar for candidates and legislative approval.
  • “It probably is a message being sent to his prospective replacements... to say that the White House expects to see lower interest rates and they're willing to use every power in their arsenal to make sure that happens.” – Birch [10:55]

2. Russia’s Targeting of Ukraine’s Power Grid

[12:10 – 19:02]

• Report from Julia Jen, Monocle researcher in Kyiv:
  • Russian attacks on substations and power plants have left thousands without electricity or heat in sub-zero conditions. Jen recounts first-hand family accounts of missile strikes and infrastructure chaos.
  • Quote [14:26]: “The images we see from inside those power plants after the attacks are done… are absolutely sort of apocalyptic. We see... frozen water bursting out of tanks and... electricians... trying to thaw some of the ice that's surrounding the pipes.” – Julia Jen
  • The humanitarian toll is rising, with vulnerable populations—elderly, infants—at increasing risk.
• Strategic Aim: To disconnect and isolate major cities like Kyiv, eroding civilian morale and complicating daily life on a massive scale.
• Public Response: Ukrainians remain determined, viewing the alternative (“living under Russian occupation”) as far worse. But resentment grows over Western framing of aid, as Ukrainians see themselves as “a wall of resilience between Russia and Europe.”
• Political Consequences: President Zelensky faces parliamentary challenges in appointing a new energy minister amid a crisis, affecting his ability to govern effectively.

3. European Front Pages and Global News Roundup

[20:02 – 29:25]

• With Jack Dickens, journalist and historian:
  • Greenland & Denmark: Danish and Greenlandic PMs present a united front against any moves by the Trump administration regarding U.S. interest in Greenland.
    • “Greenland should not be a part of the United States and that Greenland stands with Denmark.” – Dickens [20:20]
  • Chechnya: Reports of Kadyrov’s grave illness throw succession into uncertainty, a dilemma for Putin’s Kremlin.
  • Israel & Trump/Iran: Israeli officials anticipate U.S. airstrikes on Iranian targets following Trump’s vocal support for Iranian protesters.
  • Malaga’s Statues: Lively discussion about controversial new public artworks that locals deride as “superhero kitsch.”

4. South Korea: Prosecutors Seek Death Penalty for Ex-President

[33:11 – 38:36]

• With Rafael Rashid, Seoul-based journalist:
  • South Korean prosecutors are seeking the death penalty for former President Yoon Suk Yeol, convicted on insurrection-related charges following his brief imposition of martial law in 2024.
  • “It's a shocking concept... but I think it's more of a symbolic gesture. In reality, Korea hasn’t executed anyone since 1997.” – Rashid [33:48]
  • The event has deeply divided public opinion across partisan lines and embarrassed the nation internationally; most expect his sentence will be commuted to life imprisonment or, eventually, a presidential pardon.

5. Finnish Technology: Autofocus Glasses by ixi

[46:23 – 51:27]

• Report by Petri Burzoff, Monocle Helsinki Correspondent:
  • ixi, a Helsinki startup, unveils the world’s first consumer-ready spectacles that automatically adjust focus based on where users look.
  • CEO Niko Aydin explains the tech: miniaturized liquid crystal lenses paired with ultra-low-power eye tracking, all hidden inside regular-looking acetate frames.
  • Quote [46:48]: “You point and shoot, and then the camera adjusts automatically. We are doing glasses that do exactly the same. So whatever you're looking at, the glasses provide you the right focus...” – Niko Aydin
  • Chief Design Officer Timo Uliluwona emphasizes “iconic, timeless and hidden technology in plain sight.” Comfort and fit were identified as the primary user demands, addressed through adjustable frames.
  • Scaling up manufacturing and distribution remains the next hurdle.

6. Japan Update

[51:29 – 58:45]

• With Fiona Wilson, Tokyo Bureau Chief:
  • Japan is poised for an early general election, with the newly popular PM Sanae Takeichi likely to capitalize on high ratings.
  • Exceptionally quirky soft-power moment: Takeichi (a former heavy metal drummer) jams on stage with South Korean President Lee to BTS songs, a moment widely shared on social media.
  • The Oxford English Dictionary has added a wave of Japanese loanwords, some culinary (“washlet”) and some cultural (“yokai”, “ekiden”).

Notable Quotes & Memorable Moments

• On Trump v. Powell:
  “This is where we see the most bald attempt at removing the Fed’s autonomy... Powell’s response was unbelievably direct and really took the administration head on.”
  – Kalyn Birch (Economist), [05:20]

• On Russian attacks in Ukraine:
  “The images we see from inside those power plants... are absolutely sort of apocalyptic.”
  – Julia Jen (Monocle), [14:26]

• On Finnish innovative eyewear:
  “It all starts with integrating the technology so deep inside the product that it’s actually becoming almost invisible... This is iconic, timeless and hidden technology in plain sight.”
  – Timo Uliluwona (ixi), [47:34]

• On bizarre soft power in Japan-Korea relations:
  “The two of them sat down and bashed their way through a BTS song... I thought, what a moment of soft power. I just could not imagine Xi Jinping pulling off the same thing.”
  – Fiona Wilson (Tokyo), [56:04]

Timestamps for Key Segments

• Trump vs. Powell investigation begins: [03:14]
• Analysis: Fed independence, Powell’s response: [05:09]
• Markets and political response: [08:16]
• Strategic implications, confirmation fight: [10:26]
• Russia targets Ukrainian infrastructure: [12:10]
• Ukrainians under missile threat, social effects: [13:06]
• Political fallout in Ukraine: [18:01]
• European press round-up: [20:02]
• South Korea: Death penalty for ex-president: [33:11]
• Finnish tech: ixi smart glasses launch: [46:23]
• Update from Japan, OED Japanese words, soft power moments: [51:29]

Final Thoughts

This episode of The Globalist offers a panoramic yet detailed look at the intersection of politics, economics, and innovation through some of the world’s biggest stories, from the tumult between the White House and the Fed, to resilience on Ukraine’s freezing frontlines, to a quiet revolution in adaptive eyewear. Reporting is incisive, with guests providing clarity and firsthand perspectives on the shifting global landscape.