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Welcome to the weekend! What inanimate theater object did Senator Elizabeth Warren suggest Kevin Warsh would be to President Trump if confirmed as Fed Chair? Test your knowledge with this week’s Pointed quiz. This weekend we’re bringing you Stephen King versus Shakespeare, Trump’s economic brinkmanship, billionaire-backed babies and the precarious Pokémon card boom. Live coverage on Bloomberg This Weekend airs from 7-10 a.m. ET on Bloomberg TV, YouTube and wherever you get your podcasts. Train your brain with today’s Alphadots and don’t miss tomorrow’s Forecast with both “digital Darwinism” and the “coffee test” in robotics. For unlimited access to our stories, please subscribe! Ripple EffectsSometimes actions produce the opposite of the desired outcome. In this weekend’s interview Wendy Sherman tells Bloomberg’s Mishal Husain that Trump’s attempted displays of American strength have actually cost the country its strongest alliances. She warns the conflict has pushed the UK and Canada to hedge toward China, and will increase Iranian defiance while reducing pressure on Russia. One anxiety of Sherman’s is how Trump has weakened himself in China’s eyes. The US president has once again misjudged his leverage over an adversary, and now, China may be the geopolitical and economic beneficiary of Trump’s actions in Iran, says Bloomberg’s Jenni Marsh. And recent confrontations may have another unintended consequence – teaching weaker powers that even a small amount of leverage in global trade can be a powerful weapon, if wielded correctly. The most visible unintended consequences often come from disrupting large, complex systems. Climate change brings obvious ripple effects — storms, heatwaves, fires — but the next capillary wave reshapes daily life. In the summer of 2022, a heatwave in Spain hit olive oil production, an everyday staple. In the UK, extreme heat reduced chicken output by 9%, pushing up the cost of the traditional Sunday roast. Meanwhile, northern Italy faced its worst drought in 70 years, leading to a shortage of risotto rice – and central bankers are taking note. Sometimes ripple effects prompt unexpected interventions. In parts of Asia where birthrates are falling, billionaires are stepping in with subsidies to encourage people to have children, echoing pro-natalist voices like Elon Musk and Peter Thiel in the US. But the efforts can be targeted, with some of the subsidies only available to Ph.D. students or similar. “You want educated people who understand the world, technology and ethics,” says billionaire James Liang. Spring Sale: Save 60% on your first year Get the numbers behind the narratives. Enjoy unlimited access to Bloomberg.com and the Bloomberg app, plus market tools, expert analysis, live updates and more. Offer ends soon. Unlock 60% offOn the ground with...The Multibillion-Dollar Pokémon Card Boom 
Brain Scanners in the ‘Middle of Nowhere’ 
Illustration by Ramon Keimig for Bloomberg
The Bard and The King (of Horror) 
Credit: Illustration by Chris W. Kim for Bloomberg
Conversation StartersWho is calling the shots, really? A quiet shift in US economic policy is already underway, with the US Treasury subtly taking on decisions historically made by the Federal Reserve. What some are calling the “stealth accord” could increase risks in the US financial system if, and when, volatility returns. Shifts are the name of the game these days – and in the EU, the shift is away from the neoliberal model, characterized by the free markets and globalization that shaped the last few decades of policy. But that could mean the EU is also about to get more interesting. Carney, Canada’s CEO:“The people looking for a globalist elite aren’t entirely wrong, right?” — Michael Wernick, former government worker Mark Carney’s C-Suite Inner Circle Is Selling the World on Canada Facing economic strains and tensions with the US, the prime minister is relying on a tight-knit group of allies to make trade deals and streamline government. Is It Worth It?A $700 bottle of American Whiskey that cost $1,600 a mere 2 years ago: Wait for a better deal! There’s a glut, so (selectively) buy the dip, our writer argues, focusing on bottles you’d actually like to drink. A $325, 23-course tasting menu in rural Spain: Do you like to be happy? Spain-loving tourists, fatigued by hordes of summer visitors, are turning to Extramadura for a slower pace of life. With a reputation for being “dry, flat and desolate,” where a few years ago “you were less likely to encounter a tour group than a troop of pigs eating acorns,” the region is gaining popularity as a glimpse into unspoilt, classic Spanish culture. Canada: Yes! Americans are heading to visit their northern neighbor at an astounding rate, attracted by its peaceful non-US vibe, Heated Rivalry-cottage adjacency, and epic wilderness. 
Two people enjoying a surf lesson with the Pacific Surf Company in Tofino.
Photographer: Jordan Dyck/Destination BC
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