Mark Sobel, US chairman at Official Monetary and Financial Institutions Forum (OMFIF) and former US Treasury deputy assistant secretary for international monetary and financial policy, returns to Kopi Time for a deep dive into global macro and international finance. We begin by going over the US, from the present state of the economy to Fed policy, risk of inflation and aggressive policy, and the outlook for further fiscal effort. Mark has a broadly glass half-full perspective on these matters. We touch on the Biden administration’s take on global trade, on which Mark focuses on the shift in tone between this and the previous administration. We then move on to his recent article, provocatively titled “German and Chinese growth models are outdated.” Mark feels that the economies of Germany and China, short of new growth models, will continue to slow down, dragging the rest of the world with them. We conclude by discussing the IMF’s mandate and focus in the period ahead. Chock-full of insights.