Inside the Coming Inflation Crisis with Minouche Shafik

The Bunker – News without the nonsense

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News, Society & Culture, Politics, Government

4.6 • 1K Ratings

🗓️ 3 August 2022

⏱️ 27 minutes

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Summary

Thatcher famously proclaimed that inflation is the parent of unemployment. But as shop prices soar, energy bills rocket, and interest rates rise, we’ve all become more aware of the everyday impacts of inflation. So how unique is the crisis we face now? Director of the LSE and former vice-president of the World Bank Baroness Minouche Shafik joins Ros Taylor to unpack inflation. Complete our listener survey for a chance to win a Bunker t-shirt: https://bit.ly/3zFSySB “COVID has caused upward inflation because of how it has affected global supply chains.” “The Bank of England can only control the demand, not supply, side of the economy.” “To get inflation under control, you have to have a period of restraint.” “Inflation is a regressive tax on the population that hurts the poor most.” “There's more room to grow in encouraging women in work.” “Rich countries spend 10% of their income on food. Poorer countries spend as much as 75%.” “The last time we had an economic crisis, we saw mass unrest.” “The term recession is used very loosely. But regardless, we have a difficult year ahead.” https://www.patreon.com/bunkercast Written and presented by Ros Taylor. Producers: Jacob Archbold, Jelena Sofronijevic and Alex Rees. Assistant Producer: Kasia Tomasiewicz. Music by Kenny Dickinson. Audio production: Robin Leeburn. Lead Producer: Jacob Jarvis. Group Editor: Andrew Harrison. THE BUNKER is a Podmasters Production Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	My name is Stan. I'm at. Nice to meet you. So you took up photography where? I've always loved
0:05.5	photography but I turn it into earning a living at 60. I enrolled on a day course.
0:11.8	Well college. I loved going to college. It's good you can retry. I'm enrolled on the day course. But college?
0:13.0	I loved going to college.
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0:55.9	theirs with dental life. Pick up dental life in the pet food aisle. Hello and welcome to the bunker I'm Ros Taylor. Inflation is a parent of unemployment and the unseen robber of those who have saved.
1:17.0	That's a quote from Margaret Thatcher, who saw it as her mission to tame inflation.
1:21.0	9.7 percent. Over the the past year we've all noticed prices creeping up, when it comes to energy bills,
1:27.6	rocketing up. But why does inflation rise? What comes next? And what can policy makers do about it? With me to talk about inflation
1:36.2	is Baroness Minus Schaffique. She's the director of the London School of Economics and eminently
1:41.2	qualified to tell us about this topic.
1:43.0	She's been Vice President of the World Bank, Deputy Governor of the Bank of England
1:47.0	between 2014 and 2017, and is now a cross-bench pier in the House of Lords.
1:52.0	Welcome to the bunker, Baroness Chavik.
1:54.3	Well very nice to be here, Ross. The first thing to say about inflation is that this is not
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