Former Acting Director of the Defense Intelligence Agency David Shedd joins hosts Ray Powell and Jim Carouso to discuss his bestselling book “The Great Heist: China’s Epic Campaign to Steal America’s Secrets.” Shedd reveals how China has executed the largest illicit wealth transfer in history - an estimated $600 billion per year in stolen Intellectual Property - and why it matters to everyone from Main Street workers to Indo-Pacific allies.

In Ep. 138, Shedd breaks down China’s “capture, cage, and kill” strategy that lures Western companies with market access, traps them with restrictive laws, then undercuts them with cheaper copies of their own technology. He traces the campaign from Deng Xiaoping’s 1984 vision through Made in China 2025 and explains how two false Western assumptions - that China would play by WTO rules and eventually democratize - left the door wide open.

The conversation covers the Tesla-to-BYD pipeline, the sale of advanced Nvidia chips, China’s hypersonic breakthroughs built on stolen stealth technology, Salt Typhoon and Volt Typhoon cyber intrusions embedded in critical infrastructure, and what allies like Japan, South Korea, Australia, and the Philippines are doing - or not doing - to respond. Shedd also delivers a direct simulated intelligence briefing to U.S. President Donald Trump ahead of his planned Beijing summit, warning that China’s Ministry of State Security now fields over 300,000 operatives with a dedicated bureau targeting the United States.

This podcast is essential listening for policymakers, business leaders, academics, and anyone concerned about the intersection of economic security, technology competition, and the future of the Indo-Pacific.

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Despite sweeping US tariffs, a landmark Supreme Court ruling, and ongoing trade policy uncertainty, businesses in Southeast Asia are holding firm. In this episode, hosts Ray Powell and Jim Carouso sit down with retired Ambassador Brian McFeeters, President and CEO of the US-ASEAN Business Council, to explore what shifting US trade policies mean for companies operating across the region.

Brian reveals why Southeast Asia remains a compelling destination for business investment. The region is now the world’s fourth largest economy, growing 25% faster than most other regions, with a young, digitally savvy population driving explosive growth in technology, financial services and healthcare. Vietnam, Indonesia and the Philippines - the “VIP” countries - are leading the charge.

The conversation digs into the real impact of tariffs and the Supreme Court decision that struck them down, why non-tariff barriers like local content requirements matter more to companies than headline tariff rates, how Indonesia’s new trade agreement with the US could reshape market access, and whether Chinese competitors are gaining an edge in cloud services and infrastructure.

Brian also discusses ASEAN’s promising digital economic framework agreement, which could codify free data flows across the region, and explains why Southeast Asia is seen as the most fertile ground in the world for deploying artificial intelligence - with welcoming government policies and none of the regulatory friction seen in Europe.

Whether you follow trade policy, supply chain strategy, or emerging market opportunities, this episode offers a ground-level view of how business actually gets done in one of the world’s fastest-growing regions.

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The war in Iran has sent shockwaves through global energy markets - and no region feels it more acutely than the Indo-Pacific. In this episode, co-hosts Ray Powell and Nydia Ngiow sit down with Paul Everingham, CEO of the Asia Natural Gas & Energy Association (ANGEA), who joins after spending two days at the Indo-Pacific Energy Security Ministerial in Tokyo.

​With the Persian Gulf’s Strait of Hormuz effectively closed, roughly 20% of the world’s oil supply and a significant share of global liquid natural gas (LNG) exports are blocked. Paul explains that 70% of Asia’s oil originates in the Middle East, meaning every country in the region is exposed. On the natural gas side, South Asian nations - India, Pakistan, and Bangladesh - face the sharpest pain, as they depend heavily on Qatari LNG, while North Asian buyers like Japan and Korea are somewhat shielded by receiving Australian and US supply.

The conversation covers Qatar’s shutdown of its LNG processing facilities and why a full restart could take six months if hydrocarbons are stripped from the plants. Paul unpacks the potential role of Russian oil and gas if sanctions are eased, the limits of pipeline alternatives from Saudi Arabia, and why coal use - already at record highs - is likely to climb further in 2026 as countries seek cheaper and more abundant alternatives.

​On nuclear energy, Paul is clear: it should be part of every country’s portfolio, but with a 10–20 year development timeline, it is a medium-term solution, not an immediate fix. His core advice to Indo-Pacific policymakers: diversify energy sources and lock in long-term contracts to hedge against price shocks.

​The episode closes with a sobering warning: if the disruption drags on, the world faces potential rationing, surging inflation and a severe global recession.

👉 Follow Paul Everingham at ANGEA and Nydia Ngiow at BowerGroupAsia.

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Thailand's February 2026 snap election produced a result almost nobody predicted. The conservative Bhumjaithai Party, led by Prime Minister Anutin Charnvirakul and openly backed by the military and monarchy, won a commanding victory, defeating the reformist People's Party by over 70 seats. The once-dominant Shinawatra-linked Pheu Thai party collapsed to its worst showing ever. What happened?

In this episode, Dr. Thitinan Pongsudhirak, senior advisor for BowerGroupAsia and professor of international relations at Chulalongkorn University in Bangkok, breaks down how Thailand's political system works and why it seems to keep producing the same outcome lately. He explains the cycle of reform movements rising, winning elections, and then being dissolved by the courts or overthrown by military coups. After 13 coups and 20 constitutions in under a century, voter fatigue finally set in: turnout dropped to 65% and many young voters stayed home.

Thitinan explores how the Thailand-Cambodia border conflict - the worst military clash between ASEAN member states in nearly 60 years - fueled nationalist sentiment that Bhumjaithai weaponized on the campaign trail. He also unpacks a striking contradiction: two-thirds of voters approved a referendum to rewrite the military-era constitution, yet handed power to the very establishment that wrote it.

The conversation covers Thailand's economic challenges (92% household debt-to-GDP, stagnant growth, disruption from electric vehicles and AI), the transformation of the US-Thailand alliance from Cold War treaty to transactional trade relationship, and mainland Southeast Asia's growing "arc of instability" - from Myanmar's civil war to cross-border scam networks.

Will the old guard finally deliver growth and stability, or is a reckoning on the horizon? Thitinan says the pressure is immense, and if the new government doesn't perform, the next wave of instability could be even bigger.

👉 Follow Thitinan Pongsudhirak at BowerGroupAsia

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👉 Sponsored by BowerGroupAsia, a strategic advisory firm that specializes in the Indo-Pacific

When the U.S. recently launched strikes on Iran, the world’s attention turned to Diego Garcia, a vital military base in the Indian Ocean. Known as the “footprint of freedom,” this isolated atoll allows the U.S. to port Navy ships, resupply nuclear submarines, and launch strategic bombers. However, its future is in serious jeopardy.

During the conflict, the UK initially withheld permission for the U.S. to launch strikes from the island. Beyond that, the UK has been pushing a highly controversial deal to transfer sovereignty of the Chagos Archipelago, which includes Diego Garcia, to Mauritius.

In this episode, hosts Ray Powell and Jim Carouso are joined by Cleo Paskal, Senior Fellow at the Foundation for Defense of Democracies and a leading expert on Chinese political warfare. Cleo unpacks the dangerous implications of the Chagos handover, warning it could allow Chinese maritime assets to operate dangerously close to U.S. forces, threatening American power projection.

Cleo unpacks the uncertain prospects for the deal, and then proposes instead giving the Chagossian people a democratic vote in their future, and suggests they may very well prefer the status quo or even a U.S. affiliation to any handover to Mauritius.

The conversation then pivots to the Pacific Islands, where China is quietly expanding its influence through political and gray zone warfare. Cleo details how a Chinese state-owned company secured a foothold in Yap (Federated States of Micronesia) by building a remote runway, gaining political leverage and physical presence right next to planned U.S. defense infrastructure.

Cleo also sounds the alarm on the U.S. territory of the Commonwealth of the Northern Mariana Islands (CNMI). Located on the Second Island Chain, CNMI currently allows Chinese tourists to arrive without a visa, leading to massive local corruption, intelligence risks, and illegal maritime crossings into the highly secure military hubs of Guam.

Tune in to discover why Cleo believes the transfer of Diego Garcia would be a “colossal strategic blunder,” how China is co-opting U.S. funds for its own Belt and Road projects, and why the frontline of Indo-Pacific security is much closer to home than we realize.

👉 Follow Cleo Paskal at FDD, on X at @CleoPaskal, or on LinkedIn.

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👉 Sponsored by BowerGroupAsia, a strategic advisory firm that specializes in the Indo-Pacific

In December 2025, a four-ship People’s Liberation Army Navy task group - including an amphibious assault ship capable of carrying 1,000 Marines and 30 helicopters - tracked southeast through the Western Pacific, passing through waters near Palau, Micronesia, and the Marshall Islands. Australia scrambled surveillance aircraft. Pacific Island leaders said almost nothing publicly. Most of the world barely noticed.

Our guest noticed - because she was there. Ambassador Laura Stone just retired as the US Ambassador to the Republic of the Marshall Islands, capping a distinguished Foreign Service career that included multiple tours in Beijing and serving as Acting Deputy Assistant Secretary of State for China. She joins hosts Ray Powell and Jim Carouso to explain why this naval activity matters far more than the headlines suggest.

In this episode: What is China’s “second island cloud” strategy, and why does the Marshall Islands sit at its center? What is the Compact of Free Association, and why does it make the Marshall Islands far more than just a remote atoll? What is Kwajalein Atoll, and why should you Google it right now? How is China using economic influence, bribery, and Belt and Road investment to gain a foothold in the Pacific - and what’s working (and not working) in the US response? What does the gutting of USAID mean for the Pacific Islands? And what does the nuclear legacy of US atomic testing still mean for Marshallese people today?

Ambassador Stone also paints a frank picture of the Marshall Islands’ future - a country losing 3–5% of its population per year to outward migration, sitting just six feet above sea level, facing an existential climate threat that Washington is no longer prioritizing.

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On February 20th, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize President Donald Trump to impose tariffs - a landmark decision that immediately scrambled U.S. trade policy and sent governments and businesses across the Indo-Pacific into a scramble to figure out what it means for them.

Co-hosts Ray Powell and Jim Carouso are joined by two of the sharpest minds in U.S. trade and Asia-Pacific economic policy: Bill Reinsch, Senior Adviser at the Center for Strategic and International Studies and co-host of the Trade Guys podcast, and Nydia Ngiow, Managing Director for Global Trade and Economics at BowerGroupAsia in Singapore.

In Episode 132 we break down:

• What IEEPA is, how it became a tariff weapon, and why the Court said “no”

• Trump’s immediate Plan B - a 15% global tariff under Section 122 of the Trade Act of 1974, and why that will almost certainly be challenged in court too

• What Section 301, Section 232, and other alternative trade tools mean for countries in the region - and why they may be slower, narrower, and harder to wield

• Whether countries like Indonesia, Malaysia, and Cambodia that negotiated trade deals under the IEEPA tariff threat got a raw deal - and what happens to those agreements now

• The potential for domestic political backlash against leaders seen as having made too many concessions to Washington

• Why the ruling may not have handcuffed Trump as much as the headlines suggest

• And what the real-world economic impact of tariffs has - and hasn’t - been over the past year

If you follow U.S.-China trade tensions, Indo-Pacific economics and geopolitics, or global supply chains, this episode is essential listening.

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👉 Sponsored by BowerGroupAsia, a strategic advisory firm that specializes in the Indo-Pacific

Myanmar just held its latest round of so-called elections - but the military's proxy party won over 85% of seats after banning the country's most popular opposition party and imprisoning its leaders, including Nobel laureate Aung San Suu Kyi. Voting couldn't even take place across large portions of the country because resistance forces control the territory. So why do these sham elections matter to the rest of the world?

In this episode, hosts Ray Powell and Jim Carouso sit down with retired three-time U.S. Ambassador and author Scot Marciel to unpack what these elections really mean, and why the stakes reach far beyond Southeast Asia.

Myanmar has become the world's largest source of methamphetamines and a booming hub for cyber scam operations that bilk victims worldwide out of billions of dollars annually. China is simultaneously deepening its strategic footprint in the country, building ports and pipelines from its southern provinces to the Indian Ocean - a critical geopolitical waterway - while Chinese companies extract rare earth minerals from Myanmar's north that barely benefit the country's own people.

Ambassador Marciel explains why the military held elections at all - not out of any democratic impulse, but to manufacture legitimacy and give countries like China, India, and Russia a convenient excuse to re-engage. He also breaks down why ASEAN, despite refusing to certify the results, remains largely paralyzed: constrained by its own consensus rules and non-interference norms, while watching China's influence expand with little competition.

On the outlook, Marciel is candid: there is no magic bullet, no easy diplomatic compromise, and the most likely near-term scenario is more of the same - a grinding civil war fading into the background while a fatigued world looks away. But he closes with one reason for hope: the extraordinary, unbreakable resilience of the Myanmar people themselves.

👉 Read Ambassador Marciel’s book, Imperfect Partners: The United States and Southeast Asia

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